Bank of America

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Bank of America Intern Dies After 3 All-Nighters: Sources

Moritz Erhardt reportedly suffered from epilepsy

(Newser) - A 21-year-old intern at Bank of America in London had reportedly worked 72 hours straight when he collapsed in the shower and died, according to the Independent and other sources , which are citing Internet chatter. Moritz Erhardt "went home at 6am three days in a row," according to...

Feds Sue BofA Over Mortgage Securities
Feds Sue BofA Over
'Jumbo' Loans
Aug 6, 2013 3:15 PM CDT

Feds Sue BofA Over 'Jumbo' Loans

Bank accused of hiding information about risky prime mortgages

(Newser) - The US Justice Department filed another lawsuit against Bank of America today—this one a civil suit claiming the bank had defrauded investors over $850 million in mortgage-backed securities. Investors lost $70 million and will lose $50 million more, the suit contends, after prime mortgages that supported the securities went...

Staffers: Bank of America Gave Us Gift Cards for Lying

Lawsuit says company cheated homeowners

(Newser) - Bank of America told employees to lie to and cheat homeowners looking for help under the government's Home Affordable Modification Program , and rewarded those employees for kicking people out of their homes, staffers allege in sworn statements attached to a recently filed lawsuit. Here are some of the most...

Feds, Banks Brace as Anonymous Vows Giant Hack Today

Hacker groups plot #OpUSA, say May 7 a 'day to remember'

(Newser) - Hackers have spent weeks warning of a giant attack on US government agencies and banks—and today is the day, they say. "Anonymous will make sure that this May 7th will be a day to remember," said the hacker group in a post, per the Huffington Post . The...

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of...

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a...

Bank of America Agrees to $10B Fannie Mae Settlement
Big Banks Agree to $8.5B
in Mortgage Settlement
UPDATED
Jan 7, 2013 10:57 AM CST

Big Banks Agree to $8.5B in Mortgage Settlement

Banks agree to $8.5B deal with regulators, as BofA gives Fannie $10B

(Newser) - A group of 10 major lenders has agreed to pay federal regulators $8.4 billion to settle claims of foreclosure "robo-signings" and other abuses, the New York Times reports. Among the lenders onboard are JPMorgan Chase, Citibank, and Bank of America. About $3.3 billion of that will go...

Bank of America Scraps Plan for New Fees

Last year's revolt might be too fresh in memory

(Newser) - Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into...

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal...

US Sues Bank of America for $1B in 'Hustle' Scheme

Prosecutors says bank foisted bum mortgages on Fannie, Freddie

(Newser) - The Justice Department has filed a $1 billion lawsuit against Bank of America over an alleged mortgage scheme known as the "Hustle" invented by its Countrywide unit. According to Manhattan US Attorney Preet Bharara, Bank of America and Countrywide developed a procedure to rapidly generate thousands of toxic loans...

Bank of America to Pay $2.43B in Merrill Lynch Settlement

Firm still denies claims it misled investors

(Newser) - Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch. The lawsuit was filed on behalf of investors that bought or held Bank of America stock when the company announced its plans to buy Merrill as...

Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,...

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive...

Big Banks Had 800K Needless Foreclosures

Study says big banks reacted sluggishly to modification program

(Newser) - The big banks moved sluggishly to implement the Obama administration's Home Affordable Modification Program, forcing hundreds of thousands of families out of their home unnecessarily, according to a new study. Office of the Comptroller of Currency data indicates that while many banks had sufficient staff and expertise to implement...

Regulators Go After US Banks on Money Laundering

JPMorgan Chase might face action soon over weak oversight

(Newser) - Big US banks are in for another round of bad publicity, this time over the good old-fashioned problem of money laundering. The New York Times reports that regulators are about to crack down on JPMorgan Chase and possibly Bank of America for failing to keep track of big transfers of...

Disgruntled Banker Moons Bosses, Loses Millions

Court decides Bank of America was right to fire cheeky exec

(Newser) - Mooning his bosses at Bank of America was no doubt a satisfying moment for disgruntled banker Jason Selch—but it ended up costing him his job and $2 million. After his employer merged with Bank of America's Columbia Asset Management and fired a friend of his for refusing to...

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,...

ATM Error Lets Man Take $1.5M, Gamble It Away

Ronald Page faces 15 months in prison

(Newser) - Ronald Page didn't have much money in his Bank of America account, but on August 1, 2009, he was able to withdraw $312,000—and then, later that day, another $51,727. By August 18, due to a bank error that allowed him to withdraw unlimited amounts of cash,...

BofA Hid Merrill Losses Before Purchase

3 years after meltdown, shareholder lawsuit pries out info

(Newser) - More than three years after Bank of America's $50 billion takeover of Merrill Lynch went horribly awry , leading to a second mammoth taxpayer bailout of $20 billion, a shareholder lawsuit against the bank is finally producing details about who knew what and when, reports the New York Times . BofA...

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