Bank of America

A key General Assembly leader says North Carolina lawmakers are looking to return to Raleigh next week to take up some pending legislation. But House and Senate Republicans have agreed to nothing so far. 

Republican Paul Stam is the House's second highest-ranking member. He presided today over a skeleton meeting of the chamber to keep this year's work session going in keeping with the state constitution. 

Julie Rose / WFAE

Bank of America announced its second quarter earnings Wednesday morning. The nation’s second-largest bank returned to earning a profit, but missed analysts’ expectations, as it still feels the effect of bad mortgages.


MoneyBlogNewz / Flickr

Bank of America is laying off 540 employees in Charlotte. The company will cut employment in the city’s Legacy Asset Servicing division by more than half. 


Bank of America's annual shareholder meeting in uptown Charlotte Wednesday alternated from a love fest to a shouting match. And one issue hovered over the meeting – the announcement last week that Bank of America made a $4 billion mistake.

The meeting got off to an awkward start.

Bank of America board Chairman Chad Holliday was introducing the board members up for reelection when he was cut off by shareholder Richard Davet, who stood up far from the microphone and objected to holding a vote just a week after finding out about the bank's financial error. 

Julie Rose / WFAE

Bank of America has suspended its planned dividend increase, after the Federal Reserve found problems in data the bank reported during its most recent stress test.


A former Bank of America executive has pleaded guilty for his part in a conspiracy and fraud involving investment contracts stemming from the proceeds of municipal bonds. 


Jennifer Lang / WFAE

The U.S. Attorney General’s office is seeking to more than double the fines Bank of America faces for fraudulent mortgages that helped lead to the financial crisis.

The federal government is asking for $2.1 billion in damages, the total amount it says Bank of America’s Countrywide unit received for its defective loans from Fannie Mae and Freddie Mac in 2007 and 2008. The new number is a substantial increase from the $863 million plaintiffs had sought, representing the amount they say Fannie and Freddie lost from the loans in 2007 and 2008.

Charlotte business incubator Packard Place is launching a new program for financial tech startups. Its goal is to find innovative technologies for all aspects of the financial services industry, from consumer banking to corporate finance. WFAE’s Duncan McFadyen reports Bank of America has signed on as the program’s top sponsor.


Jennifer Lang / WFAE

Bank of America shares jumped almost 2 percent overnight, up to over $17 a share, as the company announced better-than-expected profits in its fourth quarter.


Bank of America remains in last place among big banks in a widely watched measure of customer satisfaction, and is the only one that has yet to return to the higher scores it earned before the financial crisis.

The results mark the third year in a row Bank of America has held the dubious distrinction of being at the bottom of the American Customer Satisfaction Index rankings of the four largest commercial banks.

Pages