Bank Of America, Financial Institution | featured news

Bank of America has shelved plans for new fees that could have hit at least 10 million customers by the end of this year, skirting a potential replay of a 2011 uproar over consumer-banking charges.

Swiss private bank Julius Baer says it plans to cut about 1,000 jobs from Merrill Lynch's wealth management operations outside the United States following a deal to buy the unit from Bank Of America.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

The Federal Reserve also said on Tuesday that JPMorgan Chase, Wells Fargo, U.S. Bancorp and others could raise dividends or buy back stock.

Bank of America made $2 billion in the last three months of last year, reversing a loss from a year earlier. It offset legal expenses over mortgages and losses in its investment...

Since WikiLeaks threatened to “take down” a major American bank, officials at Bank of America have been hunting for any sign that its systems have been compromised.

Bank of America Corp. has joined several other financial institutions in refusing to handle payments for WikiLeaks.