Banks, Bank Of America | featured news

Bank of America appointed senior executive Brian Moynihan as its new chief executive officer, the company said late Wednesday, putting an end to months of ...

Bank of America trails other banks in refinancing mortgages ahead of government deadline.

The embattled chief executive, under pressure over the disclosure of losses and bonuses at Merrill Lynch, told the board on Wednesday that he planned to retire, people briefed on the situation said.

When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation's leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system. Today, the biggest of those banks are even bigger.

The Securities and Exchange Commission filed charges Monday against Bank of America for misleading investors about billions of dollars in bonuses paid to top executives at Merrill Lynch following its purchase of the brokerage giant.

BofA is operating under a secret regulatory sanction requiring it to overhaul its board and address other problems or face harsher penalties.

Bank of America and other big institutions plan to enforce a cutoff, making it harder to cash vouchers. To protect IOU holders from third-party speculators, the SEC defines the vouchers as securities.

The head of the US Federal Reserve says it acted with "integrity" in Bank of America's takeover of Merrill Lynch.

Chief executives of some banks that received federal money, including Bank of America Corp, Morgan Stanley and Regions Financial Corp, used company jets for their personal use, the Wall Street Journal reported on its website.

Bank of America Corp has been paying millions in bonuses in order to lure talent and retain investment bankers the company views as vital, the New York Post reported, citing sources.