Bank of America

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Bank of America

One of the largest banks in the United States. It traces its origins to the Bank of Italy in the early 20th century, which served immigrants in San Francisco. It grew to serve all of California and, through a number of acquisitions, spread throughout the United States. In the 1990s, while named BankAmerica, it lent a hedge fund more than $1 billion; when this hedge fund lost out in the Russian financial crisis, the bank was bought by NationsBank, which took the name Bank of America. It bought MBNA, at the time the world's largest credit card issuer, in 2005. In 2008, it acquired Merrill Lynch, which was near bankruptcy, after pressure from U.S. authorities. In 2008 and 2009 it received a federal bailout worth more than $150 billion in cash and guarantees.
References in periodicals archive ?
However, the settlement does not absolve BofA from probable criminal charges, and law enforcement agencies can also file criminal and civil charges against individual officials.
AIG filed the case against BofA accusing the US lender for selling defective mortgage-backed securities in the run-up to the financial crisis of 2008, which caused billions of dollars in losses.
Kathleen Caid said BofA said her $80,000 credit line debt is due in May.
Investors are pressing BofA to improve its performance after it lost money in four of the last six quarters and its stock has fallen by half this year.
BofA Merrill provides banknote services in more than 75 countries, with an inventory of 120 currencies and several strategically located foreign currency vaults, which are electronically connected to expedite access worldwide.
When Lewis met with Paulson and Bernanke on December 21, Lewis was told he would be replaced if BofA exercised the MAC clause.
With less time allocated to processing of traditional paper documents, BofA could allocate more time to analysis and, therefore, reduce its risks.
This fully automated and integrated offering facilitates another payment avenue for clients who use BofA Merrill's leading research, execution tools, and commission management platforms.
This move underscores our unwavering focus on clients and places us in closer proximity to those in Rio de Janeiro,' explains Rodrigo Xavier, country executive of BofA Merrill in Brazil.
As per the terms of the settlement, BofA would be compensating over $365m in direct cash payments to the RMBS Trusts, while FGIC obtained approx.
The SEC charged BofA for misleading investors while marketing and selling Octans I CDO and Norma CDO I.
A: In 2011, BofA engaged in a convergence effort to reduce the number of firms retained to handle its new defensive litigation matters.