Bank Watch roundup: Bank of America could face second-quarter loss
04/28/2014 7:00 AM
04/28/2014 8:16 AM
BANK OF AMERICA COULD FACE SECOND-QUARTER LOSS: As the bank reportedly negotiates a massive $13 billion or so settlement with federal and state regulators over mortgage bonds, Bank of America could post another loss in the second of the year, one analyst predicts, according to Bloomberg. The bank already took a loss in the first quarter because of a big Federal Housing Finance Authority settlement.
WELLS FARGO WELCOMES PORN STARS: After word came that JPMorgan Chase was ending its relationships with porn stars because of their line of work, TMZ reports that Wells Fargo is "straight up turned on by the idea of taking on the porn stars as clients," as the infamous celebrity news site puts it.
TERRY LAUGHLIN IS NEW COST-CUTTER IN CHIEF: The Bank of America chief risk officer will now be strategic initiatives president, a position that will oversee a new bank program aiming to cut costs across the company. Known as "Simplify and Improve," it builds on the $2 billion in quarterly costs close to being eliminated as part of Project New BAC. Geoffrey Greener joins the management team as new chief risk officer.
HOUSING MARKET MIGHT NOT COME ROARING BACK: Both Wells Fargo and Bank of America pointed to hopes of a turnaround in their mortgage businesses in the coming months, but a spate of recent reports suggests that the housing market may not be on the verge of bouncing back strongly.
BIG BANKS MOVING SWAPS OFFSHORE: To avoid U.S. regulations, banks like Bank of America and Goldman Sachs are changing terms of swaps agreements to cut links to the American parent company, the Wall Street Journal reports.
BANK OF AMERICA HIRING HUNDREDS IN RHODE ISLAND: About 350 new jobs are coming to the state in a pair of call centers, the Providence Journal reports.
BANK OF NORTH CAROLINA EARNINGS JUMP: The High Point bank's profit increased 73 percent from a year ago despite weak mortgage and commercial loan performance.
BANK OF AMERICA HITS GOAL FOR DONATING HOMES TO VETERANS: The Charlotte bank has now given 1,000 foreclosed homes away to military veterans, ahead of a mid-2015 schedule.
TREE.COM STILL BATTLING TO PROTECT PATENTS: After losing a legal battle and being told its patents are no longer valid, CEO Doug Lebda and the Charlotte company think they have a strong case for appeal.
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