Items Tagged with 'Merrill Lynch & Co.'

ARTICLES

  • Two Banks Unveil Capital-Raising Plans

    Fifth Third Bancorp [stock FITB][/stock] and Huntington Bancshares [stock HBAN][/stock] revealed late Wednesday capital-raising action plans. After failing to successfully endure the government's stress tests, meant to evaluate the potential performance of the nation's 19 largest banks under more severe economic conditions, Fifth Third was told on May 7 it must raise a capital buffer in sum of $1.1bn.
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  • It's Official: Fannie CEO to Replace Kashkari

    The search is over. The Obama administration has tapped now-former Fannie Mae [stock FNM][/stock] CEO Herb Allison to replace Neel Kashkari as head of the government's $700bn Troubled Asset Relief Program, effectively granting him the title assistant secretary for the Office of Financial Stability -- so long as he is confirmed by Congress.
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  • Thain Replaced Just Hours after Stepping Down from BofA

    In a matter of hours, John Thain -- who stepped down Thursday from his position as president of global banking and wealth-management at the newly combined Bank of America Corp. [stock BAC][/stock] and Merrill Lynch & Co. -- was replaced by Bank of America's General Counsel Brian Moynihan.
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  • Thain Steps Down from BofA

    John Thain, the former Merrill Lynch & Co. CEO, has resigned from his position as president of global banking, securities and wealth management operations at Bank of America Corp. [stock BAC][/stock] after a meeting with BofA CEO Ken Lewis, according to a breaking news bulletin Thursday by the Wall Street Journal. Spokespeople from Merrill Lynch and BofA would not return calls seeking comment before this story was published mid-Thursday.
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  • BofA Earnings Dive 95% in Q4

    Bank of America Corp. [stock BAC][/stock], the largest U.S. bank by assets, reported a fourth-quarter net loss of $1.79 billion, or 48 cents a share, Friday morning --  compared with net income of $268 million, or 5 cents a share, in the fourth-quarter last year. Results included Countrywide Financial, which Bank of America purchased on July 1, but not Merrill Lynch & Co., which was acquired on Jan. 1, 2009.
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  • Fed to the Rescue, Grants BofA $20 Billion More

    Whispers Thursday afternoon of a possible second-round injection of federal funds into Bank of America Corp. [stock BAC][/stock] were confirmed late Thursday night when the U.S. Treasury and Federal Deposit Insurance Corp. announced in a press release the government had agreed to invest an additional $20 billion into the banking giant. The $20 billion in TARP funds will be exchanged for preferred stock with an 8 percent dividend to the Treasury.
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  • BofA Treasury Aid Totals $25 Billion; More to Come?

    Unnamed sources out of Bank of America Corp. [stock BAC][/stock] spoke Wednesday to the Wall Street Journal regarding the banking giant's possible need of a multi-billion-dollar infusion from the government to bolster it after absorbing Merrill Lynch & Co. on Jan. 1 when the merger officially kicked off.
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  • Bank of America's Job Cuts Could Get Ugly: Report

    As Bank of America Corp. [stock BAC][/stock] prepares for a pending acquisition of Merrill Lynch & Co. [stock MER][/stock] later this year, news is leaking out that the job cuts involved with swallowing the operations of the world's largest retail brokerage and an additional heaping serving of bad mortgages could be far worse than the company originally suggested when the merger was first announced.
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  • Waxman Questions Use of TARP Funds

    As the U.S. Treasury begins dispersing the first $125 billion of taxpayer funds to nine key commercial banks under the TARP program, Henry Waxman (D-CA), chairman of the House Committee on Oversight and Government Reform, said Tuesday that his committee will investigate executive compensation at banks receiving federal funds.
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