Joseph Price News
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Bank of America Corp., the second- biggest U.S. lender, said Chief Executive Officer Brian T. Moynihan’s 2011 compensation package was $7 million for 2011, a 30 percent cut, as the company’s stock slumped.
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Bank of America Corp. , the biggest U.S. lender by assets, cut Chief Executive Officer Brian T. Moynihan ’s compensation by 70 percent to $1.94 million in 2010.
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Bank of America Corp., the lender seeking to trim expenses by eliminating at least 30,000 jobs, will pay former wealth-management division head Sallie L. Krawcheck $6 million after her dismissal last month.
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Bank of America Corp., seeking to reverse a 48 percent share slide this year, named Tom Montag and David Darnell as co-chief operating officers and ousted Sallie Krawcheck and Joseph Price from its management ranks.
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Bank of America Corp.’s global banking and markets division is recovering after credit-rating downgrades ignited concern among clients and trading partners, said co-Chief Operating Officer Thomas K. Montag.
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The U.S. Justice Department sued to block AT&T Inc.’s proposed $39 billion takeover of T-Mobile USA Inc., saying the deal would “substantially lessen competition” in the wireless market.
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Charlsey Smedley, a retired schoolteacher in Orlando, Florida, started moving her checking account last month to JPMorgan Chase & Co. from Bank America Corp., where she has been a customer for more than 35 years.
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Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 4 p.m. in New York.
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Bank of America Corp., the lender struggling to contain losses from soured mortgages, will cut employees and assets to make the biggest U.S. lender easier to manage, said Chief Executive Officer Brian T. Moynihan.
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Stocks rose, rebounding from a four- day global slump that drove valuations to the lowest level since 2009, amid speculation President Barack Obama’s plan for more than $300 billion in economic stimulus will boost growth. Treasuries, German bunds and gold fell as the dollar snapped a six-day rally.
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