Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
Gary Lynch , the former Securities and Exchange Commission enforcement head who later helped Morgan Stanley and Credit Suisse AG tackle legal disputes, is looking to repeat his success at the biggest U.S. bank.
Bank of America Corp. hired Gary Lynch , formerly a U.S. Securities and Exchange Commission enforcement director and Morgan Stanley’s legal chief, as it seeks to resolve disputes with regulators over soured mortgages.
Bank of America Corp. agreed to pay $2.43 billion to investors who suffered losses during its acquisition of Merrill Lynch & Co. in the largest settlement yet of a class-action shareholder lawsuit stemming from 2008’s financial crisis.
Bank of America Corp.’s most richly compensated executive, Thomas K. Montag, may become a future candidate for the top job after a shakeup elevated him to co- chief operating officer at the money-losing lender.