Bank of America will pay $2.4 billion to shareholders as part of a settlement announced this morning. It's compensation for maybe not sharing the whole story when B of A bought the failing brokerage Merrill Lynch in 2008.
Bank of America, bloated by national expansion and saddled with bad mortgages, is speeding up its plan to cut 30,000 jobs. The Wall Street Journal says the bank could reach its downsizing goal a year early.
Bank of America is accelerating plans to cut costs by laying off workers. According to the Wall Street Journal, the bank has set a target of cutting 16,000 jobs by the end of this year — about 6 percent of the bank's workforce.
Bank of America just reported its quarterly earnings and they're better than expected: $2.5 billion in profit. What does that mean for the U.S. economy on the whole?
The corporate earnings reports are flooding in this morning, with companies like Southwest Airlines and Verizon telling us how they did in the first part of this year. In recent quarters, companies have padded their profits by cutting costs.
Bank of America is launching a pilot program where homeowners who are at risk of foreclosure would hand over the deed to their house and then rent it back from the bank.
