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Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, "The Wall Street Journal" reported on Wednesday. Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said. The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce...

Just a vanity here... but the issue of the DNC filling the Panther's Stadium Thursday night has been rattling around my brain for a couple of days... like, what's the big whoop? It occurs to me that the DNC must present an image of the known universe being in support of Obama. But... Why? is it to stroke his image? to quell the doubts of those who voted for him but didn't get their new kitchen? to give a lolly pop to the dismayed? Probably just about anything you can come up with would be a legitimate answer to that...

A few months I was made aware of BOA support for various political issues that I disagree with via Freeper info posted by others. (Thank You) -In particular their support of efforts to curtail my 2nd amendment rights. Due to my direct deposits and automatic outgoing payments, it took me a couple of months to get setup with another institution before I could close. I personally feel that Corporations should stay out of politics. All the officers of a corporation have a right to their opinions, including what they "think is best for me". I reserve the right to make...

NEW YORK (TheStreet) -- Morgan Stanley (MS) shares have had a rough 2012, underperforming those of major competitors by so large a margin that the bank is now lagging even perennial post-crisis losers Citigroup(C) and Bank of America(BAC) according to certain metrics. Morgan Stanley shares have risen just 4.69% through Tuesday, well behind Citigroup, the next-worst performer among the largest six U.S. banks with gains of more than 19% so far in 2012. Bank of America, still the top performer in 2012 despite having lost more than 15% in the past month, has seen its shares rise more than 40%...

An Arizona-based firearms company says it is being treated unfairly by Bank of America for the type of business it does, a claim the bank denies. Kelly McMillian, operations director of the McMillian companies – which makes rifles, ammunition, gunstocks and related firearms equipment – said a bank vice president explained at a meeting last week that he no longer wanted McMillan's business because the companies manufacture firearms. “This has nothing to do with our financial position,” McMillian said Friday. “He said the bank needed to assess the risk of doing business with a firearms manufacturer.” McMillian said he was...

Take a look at what happens with BofA stock starting with April 19th. The power of the Internet!

[UPDATE: In an email late this evening, Ryan McMillan has confirmed the validity of this story.] When the Bank of America was founded back in 1904, no one ever thought that it would one day truly be the Bank of America. As in (partially) government owned. Just like Government Motors, Chrysler, the entire student loan industry and more, the federal government’s insatiable grasping tentacles are woven throughout one of the world’s largest commercial bank and brokerage operations. And as has always been true, if you take the king’s shilling, you’re damned well going to do his bidding. The folks...

The whole bizarre incident started, as usual, in front of the Caffe Mediterraneum—center of the universe, where a tall man who resembles Jay Leno had attracted a crowd. Saying, "never trust a man in white shoes," he carried on like a Southern Baptist preacher, a white-suited version of Johnny Cash, as a Berkeley Poet Laureate, Julia Vinograd, later symbolized him for her next poem. For the past forty years Berkeley has hosted scores of entertaining street performers, such as Moon Man (selling lots on the moon), Polka Dot Man, Ricky Starr, Stoney Burke, Bubble Lady, the Nude Duo, Naked Man,...

"You can meet capital requirements by either raising capital or shrinking risk weighted assets," said Wiant. "Nobody wants to raise capital at these prices." That could be especially true now that the Federal Reserve said late Tuesday that BofA, along with five other large U.S. banks, will need to give the Fed loss estimates early next year that accounts for a "hypothetical global market shock."

Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.

Most people have no idea that Wall Street has become a gigantic financial casino.  The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.  The word "derivatives" sounds complicated and technical, but understanding them is really not that hard.  A derivative is essentially a fancy way of saying that a bet has been made.  Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever...

A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...

LOS ANGELES, Calif. (KTLA) -- Police converged on a crowd of protesters outside a downtown Bank of America branch. The participants in the protest organized by the Refund California campaign marched into the bank and tried to cash a check for $673 billion. It was an over-sized check made out to the "people of California," LAPD Lt. Paul Vernon said.

NEW YORK -- Bank of America still isn't explaining why online banking may be slow for some of its customers for a sixth day in a row. A message on the bank's home page Wednesday said most of the site was working normally, but that customers may experience "occasional delays." A spokeswoman for Bank of America Corp., Tara Burke, says the company doesn't disclose the causes for website problems and noted that online banking was now available. She declined to say how many customers may still be experiencing slowness signing in.

more: http://www.SHTFplan.com/ From what we can gather, according to eye witness testimony, St. Louis PD has barricaded the Bank of America building and is refusing customer access to deposits. Eye witness account: ‘They would not let me get past that barricade, where those three guys are. I talked to the liutenant of the St. Louis Police Department – and he said they [customers?] don’t have a legal right – but he was going to try to work out something, a symbolic gesture where eight people to pull out their money, I being one of them.’ He came back later and...

Economic indicators are falling. The Fed issued a gloomy report on the future of the economy, saying that the so-called recovery may be “faltering.” Greece has only enough cash to make payroll for a few weeks before it defaults and flattens the European banking system. The only thing missing from a collapse is a good, old-fashioned bank run.Enter Dick Durbin (h/t Ryan K):video platformvideo managementvideo solutionsvideo player Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.“Bank of...

On Sat., Oct. 1, new regulations from the Dodd-Frank financial overhaul go into effect on debit cards. Specifically, they impose price controls on “interchange fees,” the fees that banks and credit unions charge to retailers on debit card transactions. The average interchange fee is about 44 cents. The new rules limit the fees to 21 to 24 cents. “The costs of processing debit card transactions doesn’t go away because you limit the price,” said John Berlau, director of the Center for Investors and Entrepreneurs at the libertarian Competitive Enterprise Institute. “That shifts the costs to consumers.”

Moody's cuts long term ratings of Bank of America two notches, Wells Fargo one notch and affirms Citigroup's--Firm cuts short-term rating of Citigroup--Both Bank of America, Citigroup disagree with their respective cutsMoody's Investors Service downgraded Bank of America Corp.'s (BAC) and Wells Fargo & Co.'s (WFC) long-term ratings and the short-term ratings of Citigroup Inc. (C), finishing a more than three-month review by saying it believes the U.S. government is less likely to support the banks if needed. Shares in Bank of America, which received the deepest cut, fell 3.2% to $6.68 in recent trading, while Citigroup's were down 0.3%...

Just out... Bank of America has had its long-term senior debt cut to BAA1 by Moody's. The stock is off about 3%. It had been just barely down right before the news hit the wires. Read more: http://www.businessinsider.com/bank-of-america-just-got-downgraded-by-moodys-2011-9#ixzz1Ybk25QPB

While Obama and Buffet are working on finding new ways to fleece middle class America of more of our money to finance the salaries of the new storm troopers, the SEIU, Teamsters and Teacher’s unions and the various ACORN spawned organizations, the two are simultaneously prosecuting an all out war on the private sector. To hear the old kook tell it the idea came to him while he was playing in the bathtub. Those of us who no longer believe in the tooth fairy prefer to to dig a little and find out just exactly how did this seemingly Archimedian...