Editor’s Note: Related Tickers: Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), News Corp (NASDAQ:NWSA), MetroPCS Communications Inc (NYSE:PCS), Cisco Systems, Inc. (NASDAQ:CSCO)
More Mortgage Mayhem for Bank of America (DailyFinance)
Bank of America Corp (NYSE:BAC) certainly doesn’t need any more bad press about its mortgage practices, but the much-anticipated report from National Mortgage Settlement monitor Joseph A. Smith is delivering some anyway. In his review of how the signatory banks have been handling the terms of the $25 billion agreement inked in February of 2012, he found B of A, Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and Wells Fargo & Co (NYSE:WFC) to have less than stellar records. A black mark against all, of course, but a bit worse for B of A, with its ongoing legal morass centered around toxic mortgage loans written by Countrywide — and, currently, a rather high-profile lawsuit playing out in Boston wherein former employees claim Bank of America Corp (NYSE:BAC) rewarded workers who derailed the mortgage modification process, and fired those who refused to participate in the alleged deceit.
Attempted Robbery of Bank of America Branch in Philadelphia (7thSpace Interactive)
The Philadelphia Police Department and the FBI are seeking the public’s assistance to identify and locate the subject responsible for the attempted robbery today of the Bank of America Corp (NYSE:BAC) branch located at 1600 John F Kennedy Boulevard in Center City Philadelphia. At approximately 2:00 PM, the subject entered the bank and handed a teller a demand note. The subject eventually fled the area of the bank on foot, empty-handed. The subject is described as a black male in his 20s, approximately 5’9” tall, medium build, with a mustache and goatee; he wore a collared Polo-style short-sleeved shirt with white and dark-colored stripes, dark-colored pants, a white baseball cap, and a black bag slung over his shoulder/across his body.
Bank of America Corp Appointed JPMorgan Chase & Co’s Investment Banker as Co-Head of TMT Group (PR Carbon)
It’s been reported that Bank of America Corp (NYSE:BAC) has appointed JPMorgan Chase & Co. (NYSE:JPM)’s investment banker, Mr Anwar Zakkour as their co-head of its newly formed global technology, media and telecoms group. Mr. Anwar Zakkour, who previously worked at JPMorgan for eight years, according to an internal memo. Anwar Zakkour is an experienced investment banker, as a number of transactions occurred in past on his advises, including the acquisition by News Corp (NASDAQ:NWSA) of Dow Jones, the sale of MetroPCS Communications Inc (NYSE:PCS) to T-Mobile USA, as well as Cisco Systems, Inc. (NASDAQ:CSCO)’s purchase of NDS, it said in the memo.
BofA Turns Bearish on Corporate Bonds With Buyers Fleeing ETFs (Businessweek)
Bank of America Corp (NYSE:BAC) strategists are recommending bearish wagers on investment-grade corporate bonds as investors flee exchange-traded funds that own the debt at the fastest pace in more than four years. “We move to a tactical underweight stance on high grade by buying protection on the CDX IG,” an index of credit-default swaps pegged to investment-grade debt, according to a June 19 report from Bank of America Corp (NYSE:BAC)’s Hans Mikkelsen and Yuriy Shchuchinov. “We think that in the short term investment grade credit spreads are biased wider,” they wrote.
Why Bank of America Corp (BAC) Stock Is Stumbling (Insider Monkey)
It could be a long day for investors after stocks opened sharply lower this morning on fears that the Federal Reserve will soon begin to draw down its support for the economy. Among other sectors taking a hit are banks, as measured by the benchmark KBW Bank Index, which is off by 0.9% at the time of writing. Shares of Bank of America Corp (NYSE:BAC), the nation’s second largest bank, are down by 1.14%.