Bank of America

Business
3:15 pm
Wed May 8, 2013

Bank Of America Shareholders Approve Executive Pay

Bank of America held its annual shareholders' meeting in Charlotte today. CEO Brian Moynihan began the meeting highlighting the company's financial gains. He says the company has seen large growth in deposits and credit card accounts and has helped close to 2 million homeowners avoid foreclosure. He says internally, the company has been able to reduce costs to more quickly increase payouts for its shareholders.

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Business
2:29 pm
Mon January 7, 2013

Latest Settlement Shows 'Light At The End Of The Tunnel' For BofA

Credit Jennifer Lang

We've already established that Bank of America's 2008 acquisition of Countrywide was a costly move – and a mistake in the view of many. The Charlotte bank has spent tens of billions of dollars on settlements and losses tied to that mountain of messed-up mortgages. On Monday, Bank of America made some important progress.

Another day, another settlement - or really two,  in the case of Bank of America. And these are far from the last we'll expect to see. 

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Business
10:10 pm
Tue January 1, 2013

BofA Stock "Most Improved" For 2012

Bank of America saw the largest stock gains in 2012 among NC's 50 largest publicly-traded companies.

One of North Carolina's most publicly-criticized companies also saw the biggest improvement in stock price during 2012.   

Bank of America's stock ended the year at $11.61 a share, which is more than double its starting price in 2012.  

Keep in mind, of course, that five years ago BofA was trading around $40 a share, so there's a good distance to go if a full rebound is in the cards.

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Charlotte Observer
3:03 pm
Wed October 24, 2012

U.S. Sues BofA For $1 Billion For Mortgage Fraud

Bank of America branch in Uptown Charlotte.
Jennifer Lang WFAE

Federal prosecutors in Manhattan sued Bank of America for $1 billion on Wednesday, alleging the bank defrauded government-sponsored mortgage giants Fannie Mae and Freddie Mac.

The lawsuit is the latest legal mire for the Charlotte-based bank, which has already agreed to pay billions of dollars to resolve other lawsuits.

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DNC 2012
6:02 am
Thu October 18, 2012

DNC Fundraisers Came Up $12.5M Short

Bobcats EVP Bill Duffy hands TWC Arena keys to DNCC CEO Steve Kerrigan. Photo: Julie Rose

The Charlotte host committee of the DNC has revealed it came up $12.5 million short of its fundraising goal for the convention and was forced to tap a line of credit guaranteed by Duke Energy. 

WFAE's Julie Rose has been pouring through documents filed with the Federal Election Commission late last night and joins All Things Considered Host Mark Rumsey to share some analysis.

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Business
6:26 am
Mon October 15, 2012

BofA Gets Praise From Housing Counselors

Bank of America's Customer Assistance Center in Northeast Charlotte opened in October 2011.
Julie Rose

When Bank of America announces quarterly earnings this week, foreclosures and defaulting loans will once again be a key part of the equation.

The Charlotte bank has spent four years wading through a sea of troubled mortgages it took on with the 2008 acquisition of Countrywide. Along the way it's become a favorite target of vitriol - often landing on lists of "most hated institutions" in America. 

But recently, WFAE's Julie Rose discovered some of the people on the front lines of the foreclosure crisis are softening toward Bank of America. 

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Local News
4:44 pm
Fri September 28, 2012

BofA Pays $2.4 Billion To Settle Lawsuit Over Merrill Lynch Deal

Bank of America

Bank of America is paying $2.4 billion to settle a lawsuit over its acquisition of Merrill Lynch. Shareholders accused the Charlotte-based bank of lying about the shape both companies were in at the time of the deal.

The bank’s then-CEO Ken Lewis raved about buying Merrill Lynch in 2008.

“Acquiring one of the premier wealth management, capital markets and advisory companies is a great opportunity for our shareholders,” Lewis said at the time.

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Business
4:53 pm
Wed September 26, 2012

Bank Websites Under Cyber Attack

The websites of several major U.S. banks, including Wells Fargo and PNC, are under cyber attack today. Reports of trouble accessing online banking are pouring into the tracking website Sitedown.co, says founder Jeff Herdell.

"They're referred to as DDoS attacks," explains Herdell. "Hackers will take over many computers and direct floods of traffic at these bank sites in hopes that the service will be disrupted and go down temporarily. So it's more of a nuisance than anything, but it's very significant right now."

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DNC 2012
5:00 am
Fri August 31, 2012

DNC Time: Protests Lead The Way

Yen Alcala
Julie Rose

Official DNC activities kick off with a street festival Monday Uptown. But protest activity will be underway even before then.  WFAE's Julie Rose will be following the action in the streets all week and joins  Morning Edition Host Duncan McFadyen for a preview.

McFadyen: When and where do we expect to see the largest protests?

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DNC
6:31 pm
Tue May 15, 2012

Anatomy Of A Protest

Protestors converge on 5th and College Streets in Charlotte last week. Photo: Julie Rose

Last week at this time, hundreds of people were gathering in Uptown Charlotte to march on the Bank of America shareholders meeting. Over the next few hours, protesters and Charlotte-Mecklenburg Police engaged in an elaborate dance, balancing safety with the right to demonstrate. Both sides saw the day as a practice-run for the Democratic National Convention, here's an inside look at how it was orchestrated.

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