Sixteen of the world’s largest banks including Bank of America and JPMorgan Chase must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them.
Bank of America is challenging a U.S. Labor Department decision that the lender discriminated against black applicants more than 20 years ago and must make about $1 million in total payments to those individuals.
Bank of America on Monday landed a rare victory in a financial crisis-era lawsuit when a federal appeals court overturned a jury’s finding that it was liable for fraud over mortgages issued by its Countrywide Financial unit.
A managing director suing Bank of America for gender discrimination by what she called an in-house “bro’s club” has set traders on Wall Street buzzing because of a host of other practices alleged in the complaint – including front- running, lying to customers and manipulating bond prices.
Charlotte-based Bank of America has been sued by a female managing director who says the company treats women in that role like “second-class citizens” and pays them substantially less than their male counterparts.
You’d think the horrors of the last financial crisis would be deeply etched into the brains of every banker in the U.S. But according to former Bank of America executive Rick Parsons, some bankers could very well have missed out on lessons of the crisis.
A Panama Papers bank venture that Wachovia launched demonstrates the worldwide ambitions the Charlotte bank had in the boom years of the housing market – just two years before it nearly failed during the financial crisis and was sold to Wells Fargo.
Since stepping down from running Bank of America’s two wealth-management units in 2011, Sallie Krawcheck has turned her focus to helping other professional women get ahead. Her latest initiative toward that goal: a digital investing platform catering to women.
Bank of America CEO Brian Moynihan said Thursday he expects the Charlotte-based bank will pass its upcoming stress test and rewrite of its “living will,” two key regulatory tests the company has stumbled on in the past.
Wells Fargo & Co., the third-biggest U.S. bank by assets, is starting a program to offer small businesses online loans in as soon as one day, targeting territory occupied by On Deck Capital Inc. and LendingClub Corp.