Mortgage lenders including Wells Fargo & Co. and JPMorgan Chase & Co. that feasted on refinancings as interest rates reached all-time lows are now warning that the drop in demand may be steeper than expected.
Bank of America Corp., the second- largest U.S. lender, will eliminate about 2,100 jobs and shutter 16 mortgage offices as rising interest rates weaken loan demand, said two people with direct knowledge of the plans.
Kenneth Lewis, the former Bank of America Corp. chief executive officer accused of recklessness involving losses at Merrill Lynch, lost his bid to have a securities claim dismissed from a shareholder lawsuit.
Bank of America Corp. former Chief Executive Officer Kenneth Lewis last week asked a judge to throw out the New York attorney general’s lawsuit accusing him of fraud when he led the bank’s purchase of Merrill Lynch & Co.
Barclays Plc is set to defend itself against Lehman Brothers Holdings Inc. ’s claim that it should pay as much as $11 billion after allegedly making an undisclosed “windfall” on its purchase of bankrupt Lehman’s brokerage.
Warren Buffett ’s Berkshire Hathaway Inc. sold its stake in Bank of America Corp. , ending an investment that spanned three and a half years in which the lender’s stock lost more than two-thirds of its value.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon won more investor support this year than in 2012 to remain chairman, weathering a push to divide the roles after the largest U.S. bank suffered a record trading loss.