The Dow Jones Industrial Average, for the first time, closed above the psychological threshold of 16,000, extending a stock rally that had already experienced a 22% spike so far this year.
Tags: Bank of America
Banks increasingly reliant on growing equity markets
Banks are growing more reliant on the growing market for equities as they get nearly half of their fourth quarter investment banking revenues from equity trading and underwriting, the Financial Times reported.
BofA encourage junior employees of corporate and investment bank to take weekends off
The Bank of America is discouraging its junior investment bankers from working on weekends as it seeks to promote better work-life balance for its employees, the Financial Times reported.
Indonesia's CT Corp engages 13 banks for $1.275B syndicated loan- sources
Sources told Bloomberg that CT Corp, a diversified holding company based in Indonesia, has hired 13 lenders to market a syndicated loan worth $1.275 billion.
BofA's legal costs rise because of Countrywide deal- report
The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
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Charter Communications was reportedly nearing an agreement with investment banks to borrow money for its bid for Time Warner Cable Inc. Charter has held talks with Bank of America Corp., Barclays Plc and Deutsche Bank AG.
Hedge fund firm Viking Global Investors obtained 44.9 million new shares in Bank of America in a deal worth USD 620 million near the end of September.
Top U.S. hedge fund managers in the third quarter zoned in on the consumer sector, with investment plays ranging from Sotheby's, a high-end auction house that caters to millionaires, to J.C. Penney Co, the struggling department store chain.
California-based bills payment and invoicing startup Bill.com picked up USD38 million in a new financing round led by Scale Venture partners and other former investors.
A USD1.4 billion settlement is being negotiated between Bank of America and Freddie Mac on the issues related to the repurchase of faulty mortgages sold by the bank to the mortgage lender.
The Hustle, as it was known, rewarded volume instead of quality for mortgages sold by Bank of America to Fannie Mae and Freddie Mac.
Reuters reported that the use of FIRREA in the Department of Justice's case against Bank of America could change the relationship between Wall Street and the government regulator.
More than seven banks are changing projecting that the European Central Bank would cut its interest rates after its meeting this November.
Three Federal Home Loan Banks withdrew their objections at the settlement of a New York lawsuit offered by the Bank of America for its Countrywide unit.
