Bank of America Corp., the second- largest U.S. lender, agreed to an $8 million fine and returned almost $90 million to clients of its Merrill Lynch unit who were improperly charged fees over six years.
Bank of America Corp.’s gaffe on U.S. stress tests has meant “tough consequences” for investors, Chief Executive Officer Brian T. Moynihan said today as his staff and directors regrouped to figure out what went wrong.
Brian T. Moynihan, who has compared cleaning up Bank of America Corp.’s mortgage mess to lugging a backpack up a mountain, today posted his fourth quarterly loss since he became chief executive officer.
Bank of America Corp. swayed a judge to rethink his tentative opinion that a U.S. Securities and Exchange Commission lawsuit over the issuance of $850 million in mortgage-backed securities should go forward.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan won permission last month for the firm’s first dividend increase since the financial crisis. Now he’s under pressure to salvage the payout after the company mistakenly inflated capital levels by about $4 billion.