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.
Warren Buffett, who invested $5 billion in Bank of America Corp., said he’s confident the lender will overcome an accounting mistake that forced the firm to suspend an increased payout to shareholders.
Bank of America Corp. , the largest U.S. bank by assets, earned $6.3 billion from its global banking and markets division last year, giving that business almost double the annual profit of any other segment.
Investors barely blinked yesterday when Brian T. Moynihan wrapped up his first year leading Bank of America Corp. by announcing more writedowns and a second straight quarterly loss. They may not be so forgiving for 2011.
Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined.
At Bank of America Corp. , where the company’s home-price forecasts have proved too good to be true, billions of dollars of new losses are at stake along with the credibility of Chief Executive Officer Brian T. Moynihan .
Bank of America Corp. , the biggest U.S. lender by assets, almost doubled a goodwill impairment for its credit-card unit to $20.3 billion to reflect increased defaults and an almost two-year-old change in rules.