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Stock Market & Financial Investment News

News Breaks
April 28, 2014
08:34 EDTBACBank of America announces adjustment to estimated regulatory capital ratios
Bank of America Corporation announced a downward revision to the company’s previously disclosed regulatory capital amounts and ratios due to an incorrect adjustment related to the treatment of certain structured notes assumed in the Merrill Lynch & Co., Inc. acquisition in 2009. The reduction in the regulatory capital amounts and ratios has no impact on the company’s historical consolidated financial statements or shareholders’ equity, which were properly stated in accordance with accounting principles generally accepted in the United States of America. On April 16, the company issued a press release announcing preliminary financial results for the quarter ended March 31, 2014. As part of such release, the company included estimated preliminary Basel 3 capital amounts and ratios as well as Basel 1 capital amounts and ratios for 2013. Subsequent to the press release, the company discovered an incorrect adjustment being applied in the determination of regulatory capital related to the application of the fair value option to certain legacy Merrill Lynch structured notes resulting in an overstatement of its regulatory capital amounts and ratios. The company correctly adjusted for the cumulative unrealized change on structured notes accounted for under the fair value option, but it incorrectly adjusted for cumulative realized losses on Merrill Lynch issued structured notes that had matured or were redeemed by the company subsequent to the date of the Merrill Lynch acquisition. As a result, the company is making the following adjustments to the previously announced estimated preliminary capital ratios for the first quarter ended March 31, 2014: the estimated Basel 3 Standardized transition common equity tier 1 capital ratio was revised to 11.8 percent, down 5 basis points; the estimated tier 1 capital ratio was revised to 11.9 percent, down 21 basis points; the estimated total capital ratio was revised to 14.8 percent, down 21 basis points; and the estimated tier 1 leverage ratio was revised to 7.4 percent, down 12 basis points. On a fully phased-in basis, Bank of America estimates that for the first quarter ended March 31, 2014, the common equity tier 1 capital ratio under the Basel 3 Standardized approach decreased 27 basis points to 9.0 percent from the previously reported estimated ratio, and the estimate for the common equity tier 1 capital ratio under the Basel 3 Advanced approaches decreased 29 basis points to 9.6 percent from the previously reported estimated ratio. These ratios exceed the company’s estimated 2019 minimum common equity tier 1 ratio requirement, including buffers, of 8.5 percent.
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July 16, 2014
10:14 EDTBACBofA said to offer $13B to settle mortgage-securities probe, WSJ reports
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09:37 EDTBACActive equity options trading on open
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08:51 EDTBACBank of America sees reserve releases to decline 'modestly' through rest of year
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08:47 EDTBACBofA now sees 'New BAC" cost savings of $2B to be achieved by Q4
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08:45 EDTBACBofA says balance sheet still positioned for NII benefit as rates move up
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08:36 EDTBACBofA says underlying trading business performed well despite lower volumes
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07:17 EDTBACBofA/Merrill to hold a roundtable
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07:13 EDTBACBank of America CEO says economy strengthening, customers doing more business
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07:11 EDTBACBank of America reports $21.16 book value per share at June 30
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07:08 EDTBACBofA reports Q2 provision for credit losses $411M, net charge-offs $1.1B
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07:05 EDTBACBofA sees Basel 3 common equity tier 1 ratio up to 9.5%
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07:04 EDTBACAIG to receive $650M in cash in Bank of America settlement
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07:02 EDTBACBank of America reports Q2 EPS ex-items 41c, consensus 29c
Reports Q2 revenue $21.75B, consensus $21.61B. Results include litigation expense of $4.0B pretax or approximately 22c per share after tax.
07:02 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
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July 15, 2014
15:29 EDTBACBank of America July 15.5 straddle priced for 3.1% move into Q2
15:19 EDTBACNotable companies reporting before tomorrow's open
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14:32 EDTBACEarnings Preview: Bank of America to report after peers beat expectations
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12:10 EDTBACBank of America technical comments ahead of earnings
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10:12 EDTBACBank of America reports June default rate 3.24% vs. 3.75% last month
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