As per recent reports, it has revealed that a case has been registered against Bank of America, Wells Fargo and JPMorgan Chase over the access to a mortgage database. Confirming the news, New York Attorney General Eric Schneiderman said that they have filed a case against them as they led the state in a condition, in which, they were not able to assess foreclosures.
In a recent report, the Wall Street Journal (WSJ) said that up to 40,000 jobs may likely be slashed by Bank of America (BAC) – a move that would largely be a part of a much expected round of belt-tightening by the US financial biggie.
The announcement by the European Commission to probe the operation of top banks has taken the financial market off-guard. As per reports, the European Union’s antitrust regulator is all set to nail down the spurious nexus between top banks and a London-based organization that is the leading provider information on the market for credit default swaps, Markit.
The New York’s Federal Reserve Bank united with the largest bond investors in the U. S. in looking for the force Bank of America Corp. to purchase back terrible home loans presented into securities, as the fight over who shall abide mortgage fatalities strengthen.
Beleaguered Bank of America Corp (BoA) has said that it is considering the possibility of reducing its stake in BlackRock Inc. It is the biggest asset manager in the US and the stakes in question are 34 per cent.
BoA had acquired stake through purchase of holdings through Merrill Lynch & Co last year. And while it is said that no decision is final in this regard, the deal it seems is imminent.
Bank of America Corp. has managed to begin the year on a very positive note, posting earnings of a whopping $3.2 Billion for the January-March period, a profit brought on mainly by the investment and trading desks, a large chuck of which the country's biggest bank had acquired when it purchased Merrill Lynch.