Ten of the world's largest banks, including JPMorgan Chase and Bank of America, have been sued for allegedly conspiring over nearly 14 years to rig prices in the US$9.6 trillion US corporate bond market, costing ordinary investors billions of dollars.
Argentina’s government said on Sunday it had hired Lazard as financial advisor and Bank of America and HSBC as debt placement agents for the debt restructuring process it hopes to close by the end of March.
By 2030, oil demand could hit a peak and then enter decline, according to a new report. For the next decade or so, oil demand should continue to grow, although at a slower and slower rate. According to Bank of America Merrill Lynch, the annual increase in global oil consumption slows dramatically in the years ahead. By 2024, demand growth halves, falling to just 0.6 million barrels per day (mb/d), down from 1.2 mb/d this year.
A group of nine leading retail broker-dealers, banks, financial services firms, and global market makers, have agreed to launch an equities exchange, MEMX, or Members Exchange. The new exchange will be owned entirely by its founding members and will seek to deliver benefits to retail and institutional investors by introducing greater competition to the marketplace. MEMX will file an application with the Securities and Exchange Commission in early 2019 for approval to operate as a national securities exchange.
The Bank of America announced Friday that Dublin will be the new base for its European Union operations following Britain’s decision last year to split from the EU. Brian Moynihan, CEO of the Charlotte-based bank, made the announcement during a trip to the Irish capital city. It becomes the latest large U.S. bank in recent weeks to disclose plans for continuing to serve clients in EU countries following the so-called Brexit vote in 2016.
Spain's Santander and Deutsche Bank have failed a US stress test designed to assess whether lenders can withstand another financial crisis. The review, carried out by the Federal Reserve, gauges whether the biggest banks operating in the US have the ability to lend to households and businesses even in times of stress.
Bank of America agreed to pay 9.5bn to settle charges it misled US mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008. The bank will pay 6.3bn in cash and buy back 3.2bn in mortgage securities.
US government filed two lawsuits against Bank of America relating to fraud on 850 million dollars of mortgage-backed securities. The Justice Department and the Securities and Exchange Commission filed parallel suits in North Carolina.
Bank of America has agreed to pay US government mortgage agency Fannie Mae 11.6bn dollars to settle claims relating to residential home loans. The bank will pay 10.3bn to settle claims relating to the loans and 1.3bn in compensation to the agency.
Bank of America is being sued for 1bn dollars for alleged mortgage fraud. The civil lawsuit has been brought by the US Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York.