Bank of America Corp. is paying $950 million to settle claims that its Countrywide unit pooled faulty mortgages into securities that helped hobble Financial Guaranty Insurance Co. and saddled buyers with losses.
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., the second- biggest U.S. credit-card lender, reached a $783 million accord with regulators who said the firm deceptively sold debt cancellation and identity theft-protection products to millions of consumers.
Brian T. Moynihan, who runs Bank of America Corp., the second-largest U.S. lender by assets, was among a group of underpaid chief executive officers last year, according to a study by pay expert Graef Crystal.
Goldman Sachs Group Inc. awarded Chief Executive Officer Lloyd C. Blankfein a $6 million cash bonus to be paid out in three years if he meets certain targets, on top of $23 million in 2013 compensation.
U.S. housing regulators abandoned their lawsuit against Bank of America Corp.’s Merrill Lynch unit as part of a $9.5 billion settlement resolving allegations the bank misrepresented loans packaged into bonds.