- 6:36 pm Bank of America names Geoffrey Greener Chief Risk Officer(25 Apr 2014 22:36:00)
- [video] Bank of America Facing $13B in Fines(25 Apr 2014 06:25:20)
- BofA ex-CFO agrees to settle NY lawsuit over Merrill - WSJ[Reuters] - Bank of America Corp's former finance chief, Joe Price, has agreed to pay $7.5 million to settle a lawsuit that accused the bank and its former executives of misleading investors during the lender's acquisition of Merrill Lynch, the Wall Street Journal reported. A spokesman for Charlotte, North Carolina-based Bank of America declined to comment on the Journal report. While, the New York State Attorney General Eric Schneiderman's office was not immediately available for comment outside regular U.S. business hours. Last month, Reuters reported that Kenneth Lewis, the bank's chief executive from 2001 to 2009, had agreed to pay $10 million to resolve claims by Schneiderman that Lewis misled shareholders and the government in order to complete the Merrill Lynch merger.(25 Apr 2014 06:06:25)
- Justice Dept. may seek $13B from Bank of America(25 Apr 2014 06:05:24)
- [$$] BofA Ex-CFO Settles Merrill Case With New York[at The Wall Street Journal] - Former Bank of America finance chief Joe Price agreed to pay $7.5 million under an agreement with New York state's attorney general, settling a long-running battle over the acquisition of Merrill Lynch....(25 Apr 2014 04:27:27)
- Soros Asia hedge fund spin-out hires ex-Goldman exec as CFO(25 Apr 2014 03:34:39)
- Justice Dept. Offers Bank of America a Mortgage Deal(25 Apr 2014 01:55:59)
- Allergan Leads 30 Best Value Bond Trades With Maturities Of 1 Year Or More, April 24(25 Apr 2014 01:10:18)
- Bank of America’s Latest Settlement Could Wipe Out All of This Year’s Earnings (and Then Some)(25 Apr 2014 00:18:00)
- Citigroup CEO Corbat Bows Out of Putin’s Economic Forum(25 Apr 2014 00:00:07)
The United States financial sector is the largest and most developed in the world, comprising 50% of all US profits. This industry is lead by major investment banks offering investment management, equity underwriting, and selling financial products. Other major companies offering lending, however many decline greatly during the recent housing bubble collapse.
As a result of the recent sub-prime mortgage crisis, many new regulations have been put into place to curb aggressive behaviors such as mixed risk class products, bank proprietary trading, and lending to high-risk customers. These new measures will result in lower financial sector profits, but also less risk associated too.
The US financial sector is largely based the north-eastern coast, centered in New York City’s Wall Street, housing the New York Stock Exchange and the NASDAQ stock exchange. There is also a sophisticated venture capital industry in the west coast where many high-tech and start-ups are based.