Banking

Bank of America cuts more jobs in Charlotte, elsewhere

Bank of America announced this week an unspecified number of layoffs in Charlotte and elsewhere, as the company continues to shed jobs in an effort to lower overall costs and streamline operations.

Wachovia explored an offshore in boom era

A Panama Papers bank venture that Wachovia launched demonstrates the worldwide ambitions the Charlotte bank had in the boom years of the housing market – just two years before it nearly failed during the financial crisis and was sold to Wells Fargo.

Moynihan predicts Bank of America will pass 2 upcoming regulatory tests

Bank of America CEO Brian Moynihan said Thursday he expects the Charlotte-based bank will pass its upcoming stress test and rewrite of its “living will,” two key regulatory tests the company has stumbled on in the past.

LendingTree names new chief technology officer

Charlotte-based LendingTree on Thursday announced the hiring of a new chief technology officer who will be based in the company’s headquarters city.

Daniel Tully, Merrill Ex-CEO torn by firm’s fate, dies at 84

Daniel Tully, a former Merrill Lynch & Co. chairman and chief executive officer who spoke out as both critic and cheerleader as the firm tried to weather the 2008 mortgage crisis, has died. He was 84.

Former CEOs: We’re ‘bullish’ on Merrill Lynch/Bank of America merger

This story originally ran in the Charlotte Observer on April 14, 2009.

Former Bank of America exec launches investment tool for women

Since stepping down from running Bank of America’s two wealth-management units in 2011, Sallie Krawcheck has turned her focus to helping other professional women get ahead. Her latest initiative toward that goal: a digital investing platform catering to women.

Wells Fargo’s next-day loans encroach on LendingClub’s turf

Wells Fargo & Co., the third-biggest U.S. bank by assets, is starting a program to offer small businesses online loans in as soon as one day, targeting territory occupied by On Deck Capital Inc. and LendingClub Corp.

Networking group for super-wealthy investors launches Charlotte chapter

An exclusive networking organization for super-wealthy investors announced Tuesday its entrance into North Carolina with the launch of a chapter in Charlotte.

Bank of America plans 1st new branch in Charlotte since 2012

Bank of America says it’s planning to open its first new branch in the Charlotte metro area in four years.

Wells Fargo Championship tweets, then deletes Cinco de Mayo photo

The official Twitter account for the Wells Fargo Championship on Thursday posted a photo that showed tournament attendees wearing fake mustaches and sombreros on Cinco de Mayo, before deleting the image hours later.

Regions Bank announces retirement of Charlotte market president

Regions Bank said Wednesday the president of its consumer-banking operations in the Charlotte metro area is retiring from the Alabama-based company.

MetLife’s first-quarter profit misses estimates

MetLife, the largest U.S. life insurer, posted first-quarter profit that missed analysts’ estimates as investment income declined on a slump in hedge fund holdings.

BofA, other banks pay $324M to resolve rate-rigging claims

Seven banks including Bank of America, Barclays Bank Plc and Citigroup agreed to pay $324 million to settle claims they conspired to rig the ISDAfix benchmark, which is used in the sale of interest-rate derivatives and other financial instruments.

Former Bank of America board member defends big banks

The idea of breaking up big banks continues to be a popular topic, including in the presidential race. Now, a former Bank of America board member has not only weighed in to support big financial institutions – he goes as far as to claim mega-banks will be indispensable for helping the U.S. weather its next downturn.

BofA says it settled Seattle Bank mortgage suit for $190 Million

Charlotte-based Bank of America Corp. said it reached a $190 million agreement to resolve a six-year-old legal claim from Federal Home Loan Bank of Seattle over mortgage-backed securities sold before the financial crisis.

Buffett praises Fed but warns of unintended consequences

Investor Warren Buffett said the Federal Reserve and other policymakers are generally doing a good job, but it's difficult to predict all the effects of interest rates remaining low for this long.

Survey: Bank of America still lags rivals in customer service despite gains

Bank of America has improved its standings on a closely watched annual survey of customer satisfaction with the largest U.S. banks. But the Charlotte-based bank still lags scores of some of its big peers.

CommunityOne first-quarter profit rises 55 percent

CommunityOne Bancorp said Friday its profits in the first three months of the year grew 55 percent from the same period last year, as the Charlotte-based community bank recorded higher net interest income and non-interest income.

Ally Financial adds another top exec in Charlotte

Detroit-based Ally Financial on Thursday named a new general counsel who will be based in Charlotte, adding to the list of the company’s top executives stationed here.

Park Sterling’s first-quarter profit falls 28 percent

The Charlotte-based parent company of Park Sterling Bank said Thursday its first-quarter profits fell 28 percent compared with the same period last year, as expenses rose in connection with its purchase of Virginia's First Capital Bancorp.

Bank of America CEO reiterates call for HB2 repeal at annual meeting

Bank of America CEO Brian Moynihan on Wednesday reiterated the Charlotte bank’s stance against a controversial North Carolina LGBT law at an annual shareholder meeting that saw stockholders approve executive pay packages and the company’s slate of directors.

Bank of America’s Moynihan defends his Boston residency

Bank of America CEO Brian Moynihan on Wednesday defended his decision to continue living in Boston since taking over the Charlotte-based bank in 2010.

BB&T exec Cynthia Williams to retire June 30

Cynthia Williams will retire as BB&T; Corp.’s chief corporate communications officer and senior executive vice president on June 30.