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Bank Of America - Page 5

BofA Fined $2.8 Million for Overbilling 95,000 Accounts:

Bank of America Corp.'s Merrill Lynch wealth-management unit was fined $2.8 million by the Financial Industry Regulatory Authority for overbilling customers by $32.2 million over an eight-year period. Ref. Source 8

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Bank of America reportedly plans to cut 16,000 jobs:

With Bank of America's cost-cutting plan, which includes the workforce reduction and closing 200 branches, it will no longer be the nation's largest bank. Ref. Source 6

Bank Of America History & Civil Business Politics

Bank of America is sued by the U.S. For $1 billion for allegedly selling bad loans to Fannie Mae and Freddie Mac.

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Judge OKs Bank of America's $2.43 billion settlement:

The bank proposed the settlement in late September. The agreement resolves allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008. Ref. Source 8

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Bank of America Profit Surges:

Bank of America reported on Wednesday that its second-quarter net income rose 63 percent to $4 billion, or 32 cents a share, compared with $2.5 billion, or 19 cents a share, in the period a year earlier. Ref. Source 2

Bank Of America

BofA Profit Drops 11% as Fixed-Income Trading Revenue Slumps:

Bank of America Corp. (BAC), the second-largest U.S. Lender, said fourth-quarter profit fell 11 percent as revenue from fixed-income trading declined. The shares fell as much as 3.9 percent, leading bank stocks lower. Ref. Source 9