Credit unions hit a record number of members last year, as a growing number of consumers grew fed up with the fees at the nation's biggest banks and took their money elsewhere.
Bank of America announced plans Thursday to freeze pension plans, effective in July, and increase its 401(k) contributions instead.
Not to be outdone by the U.S. attorneys general, four other federal agencies were quick to lay claim to $2.2 billion of the massive mortgage settlement reached Thursday with five of the nation's biggest mortgage lenders.
Bank of America reported a fourth-quarter net income of $2 billion, reversing a year-earlier loss, and revenue that topped expectations.
With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences.
Big bank stocks ushered in the New Year by doing something they rarely did in 2011 ... leading the market higher.
When investors look at the change in McDonald's share price last year, they can think only one thing: "I'm lovin' it."
The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.
Bank of America's shares closed below $5 per share Monday, their lowest level since the worst of the financial crisis in March 2009.
The ratings firm Fitch downgraded a cluster of the world's largest banks Thursday, pointing to trading challenges facing international markets.
Standard and Poor's downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world's 37 largest banks.
Another trading day and another low for Bank of America's stock.
It's time for Bank of America to start wrestling with some existential questions.
As protesters find new ways to "Occupy Wall Street", major financial firms have been busy handing out pink slips this week.
Superstar investors may be scrambling to buy up shares of beaten down bank stocks. But should you?
John Paulson was once deemed one of the world's best investors, and Bank of America was the largest bank in the United States.
More than 40,000 people joined credit unions during the "Move Your Money" and "Bank Transfer Day" movements this past Saturday, continuing the exodus of customers fed up with big banks.
Credit unions and small banks say they've seen big jumps in new account openings thanks to this weekend's "Move Your Money" and "Bank Transfer Day" initiatives, but do the big banks even care?
Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday.
This week marked a watershed event in the transfer of power from large companies to everyday people.
Former Bank of America customer Molly Katchpole on how her petition helped influence the bank's decision to drop a $5 fee.
Bank of America said Tuesday it's axing its plan to charge a $5 fee for customers who use their debit cards to make purchases.
Bank of America is considering softening its controversial policy of charging some customers for making purchases with their debit cards, according to a person familiar with the bank's plans.
Many big banks are lining up to assure customers they won't impose the debit card fees that have sparked a backlash against Bank of America.
A leaner Bank of America can no longer claim the title as the United States' largest bank by total assets.
After six days of problems, Bank of America finally offered an explanation as to why its website has been sporadically unavailable to customers.
Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit."
Bank of America's website woes continued into their sixth day on Wednesday, with customers complaining that they are still sporadically unable to log into their accounts online.
In the immediate aftermath of Bank of America's new debit card fee announcement, many of the bank's customers have declared this is the last straw.
Regulators were under pressure to cut the biggest banks loose from the Wall Street bailout program, a federal watchdog said in a report issued Friday.
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
The federal government's mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general's report said Tuesday.
Halloween is still more than a month away. But if you're looking for an idea for a costume that will really scare the daylights out of trick-or-treaters, just wear a T-shirt with BAC on it. Or C. Or WFC. Or GS.
Moody's has declared the era of "too big to fail" over.
Wall Street should brace for an autumn of upward revisions among the big banks. Not for profits or revenue, but in the number of layoffs to come.
Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.
Investors are fixated Monday on Bank of America's job-cut plan and on Europe's debt woes, particularly as the Old Continent's crisis becomes more challenging by the day.
Don't expect Bank of America to be America's neighborhood bank for long.
Stocks rallied right out of the gate and picked up steam through the day to end sharply higher Wednesday. The gains came as concerns over Europe's debt crisis eased and investors geared up for President Obama's highly anticipated jobs speech Thursday evening.
Bank of America is reshaping its management team, and two big Wall Street names are out.
The federal agency overseeing Fannie Mae and Freddie Mac filed lawsuits Friday against 17 financial institutions, in an attempt to recover billions of dollars in losses from risky mortgage investments.
Bank stocks sank Friday amid reports that federal housing authorities were planning to sue several financial firms for allegedly misrepresenting the value of mortgage-backed securities. And indeed, after the market closed the government agency that oversees Fannie Mae and Freddie Mac filed suit against 17 big financial institutions.
More than a dozen banks are expected to face lawsuits from a federal housing agency accusing them of misrepresenting the value of mortgage-backed securities.
Got a partner who's constantly changing the rules, takes an eternity to reach on the phone, and lately just isn't paying you much interest?
Even with Warren Buffett in its corner, Bank of America's fight to get past the mortgage bust is far from over.
Bank of America's continued efforts to recapitalize have been able to calm investors' minds in the last few days.
U.S. stocks ended sharply lower Thursday, as investors hit the brakes following a 3-day advance, and as nervousness about Europe's debt crisis returned to the spotlight.
Bank of America CEO Brian Moynihan has a new BFF. His name is Warren Buffett. Heard of him? Shares of the bewitched, bothered and bewildered bank were up 9% in early afternoon trading Thursday after Buffett's Berkshire Hathaway announced it was investing $5 billion in preferred shares of Bank of America.
Bank of America finally caught a break.
When was the last time you made a billion dollars in five minutes? Warren Buffett just did.
Stocks kept the positive momentum going Wednesday, finishing higher for a third straight session as investors cheered a rise in durable goods orders.
I don't come to praise the big banks. But I am not here to bury them either -- even though several of the larger banks are looking suspiciously zombie-like again.
Shares of the biggest U.S. banks fell to fresh 52-week lows Tuesday following talk this week that Bank of America may need to recapitalize.
Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and "natural attrition."
Bank of America shares fell within spitting distance of a new 52-week low Monday, fueled by investors' nervousness over the bank's balance sheet and its continued exposure to mortgage-related losses.
Bank of America is cutting 3,500 jobs, on top of thousands of job cuts that have already occurred this year, the company said Friday.
Give those credit card-loving Vikings a raise!
Bank of America and other big financials are getting tarred and feathered by investors lately. And despite a rebound Tuesday, it may not get that much better anytime soon.
Bank of America shares plunged 20% Monday, fueled in part by a steep selloff in the broader market and news that insurer American International Group is suing it for billions of dollars over alleged mortgage securities fraud.
It is a company that faces enormous legal risks. Critics claim the CEO is not the right man for the job. Its stock price has tanked.
Bank of America shares tumbled nearly 3% Wednesday after a small group of bond investors rejected the deal struck last week with larger investors who were also burned by fraudulent mortgage securities.
Bank of America's $8.5 billion settlement with angry investors in soured mortgage securities helped spark a rally in BofA and the rest of the banking sector Wednesday.
In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities.
Bank of America has secured a federal loan guarantee that will allow it to finance the world's largest single effort to put solar panels on rooftops, the company said Wednesday.
Bank of America customers who make late payments on their credit cards may soon see their interest rates jump.
So much for the notion that financial stocks need to rally in order for the entire market to head higher.
Bank of America wanted to increase its dividend to shareholders in the second half of the year, but was shot down by the Federal Reserve last week, according to an SEC filing Wednesday.
Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50.
More than a million Bank of America customers saw their credit card rates decrease last month, the nation's largest credit card issuer confirmed this week. And more cuts are coming from all the big banks.
Bank of America's online banking system went on the fritz for some users Tuesday, the second such incident this year.
Oil prices eased Monday, retreating from recent highs, as investors continue to monitor the political movement in North African and the Middle East.
Bank of America was subpoenaed Wednesday over a loan program that may have given influential people sweetheart deals on their mortgages.
Stocks closed mixed Friday, with technology shares lagging the broader market, as investors weighed strong earnings from General Electric against a quarterly loss from Bank of America.
U.S. stocks were headed for a higher open Friday, as investors continue to mull shakeups in the tech world and the latest earnings from General Electric and Bank of America.
Some Bank of America customers trying to access their online and mobile accounts were unable to get through on Friday -- an issue the bank says it is aware of and working to resolve.
It's like Night of the Living Dead: Every time the feds kill off a set of fees, they come back to life -- just in slightly different forms.
The Dow closed at a fresh two-year high Monday, getting the new year off to a strong start, after manufacturing and construction data stoked optimism about the economy.
Bank of America has reached a $3 billion agreement with Freddie Mac and Fannie Mae to resolve a faulty mortgage loan dispute involving Countrywide Financial Corp.
U.S. stocks were poised to kick off the new year with gains Monday, as investors returned from the holidays and awaited a key report on manufacturing. Dow Jones industrial average, S&P 500 and Nasdaq futures were higher ahead of the opening bell. Futures measure current index values against perceived future performance. Stocks ended a roller coaster year with a lackluster showing Friday, but all three major indexes logged double-digit percentage gains for the year. The Dow Jones industrial average finished 2010 up 11%, the S&P 500 climbed 13%, and the Nasdaq rose 17%.
The big banks are logging record profits and doling out sky-high bonuses. But celebration doesn't come free this holiday season: Some Wall Streeters must pay to attend their own holiday parties.
Bank of America said Friday it was ending its hiatus on foreclosure sales, and promised to get its act together after a series of sloppy home seizures prompted the bank to back off and re-examine its process.
Several of the big mortgage players are playing Santa Claus again this year, saying they will not evict borrowers in default during the two weeks surrounding Christmas.
There are plenty of reasons to not like bank stocks.
Bank of America has tersely dismissed speculation that it is the "big U.S. bank" that WikiLeaks founder Julian Assange told Forbes magazine will be the website's next target.
You've probably heard Kiefer Sutherland refer to Bank of America in television commercials as the bank of opportunity. But is the beaten-down stock actually a good investing opportunity?
Halted foreclosures? Robo-signers? Shoddy paperwork?
It only took him a second to sign each foreclosure document.
The foreclosure document fiasco has already caused a major headache for U.S. banks -- and that headache may soon escalate into a migraine.
Stocks fell sharply Tuesday, amid reports that a group of bondholders are trying to force Bank of America to repurchase bad mortgages. Investors also weighed a surprise rate hike by the Chinese government, and mixed data on the housing market and corporate results.
The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Bank of America reported a net loss of $7.3 billion in the third quarter on Tuesday, citing the recently passed financial reform law for a one-time charge in its credit and debit card unit.
Bank stocks have been shellacked lately as investors worry about what impact the foreclosure scandal will have on the results for the nation's largest financial institutions.
Bank of America will hire 1,000 new small business bankers by early 2012, the company announced Thursday.
Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.
Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Bank of America is the latest in a string of banks to freeze home foreclosures in 23 states as it investigates whether there were flaws in its process.
Have you looked at how big bank stocks have done in the past few months? If so, you can be forgiven if you break into a cold sweat and start worrying about a repeat of the fall of 2008.
Bank of America's fears about Wall Street reform are giving the whole banking industry a case of the jitters.
Stocks slumped Friday after financial firms Bank of America and Citigroup reported weaker quarterly revenue and a plunge in consumer sentiment revived concerns about the economic outlook.
Better-than-expected profits from Bank of America ultimately proved a major disappointment for investors Friday as its results revealed a number of festering troubles at the nation's largest bank.