Bank of America Corporation (NYSE:BAC) has lagged in modifying loans under its new settlement.

Bank of America Loan Modifications Begin Slowly

According to reports, Bank of America Corporation (NYSE:BAC) has been lagging in carrying out changes required by a $25 billion foreclosure settlement the bank and four other banks had with the U.S. government in March.

Bank of America Corporation (NYSE:BAC) did not modify any first-lien mortgages to reduce the amount of money the borrower owes, and it did not complete any refinancings by June 30.

Dan Frahm, Bank of America Corporation (NYSE:BAC) Spokesman said that, “the bank has made significant progress since June 30” and called the report an “early snapshot.”

Bank of America Corp. (NYSE:BAC) stocks are currently standing at 8.00.

Price History
Last Price: 8.00
52 Week Low / High: 4.92 / 10.1
50 Day Moving Average: 7.69
6 Month Price Change %: 0.4%
12 Month Price Change %: -1.5%

Bank of America Corporation (NYSE:BAC) has named a new leader for its Minnesota operations.

Bank of America Names MN Head

Bank of America Corporation (NYSE:BAC) announced that it has appointed Daniel Statsick as the president of its Minnesota state operations.

As state president, Statsick will serve as Bank of America Corporation (NYSE:BAC)’s leader in Minnesota and work to expand its consumer and business banking enterprise here.

Diane Wagner, Bank of America Corporation (NYSE:BAC) spokeswoman said that, “This was a new position for the bank in Minnesota and represented a “recommitment to the market. Bank of America Corporation (NYSE:BAC) doesn’t have retail banking in the Twin Cities, but through Merrill Lynch it has one of the largest asset management firms. Other operations include Bank of America Corporation (NYSE:BAC) Home Loans, its U.S. Trust wealth management business, and commercial lending operations. The bank also has 22 ATMs in the state”.

Bank of America Corp. (NYSE:BAC) shares were at 7.18 at the end of the last day’s trading. There’s been a -10.3% movement in the stock price over the past 3 months.

Bank of America Corp. (NYSE:BAC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: Error
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: Error
Zack’s Rank: 5 out of 16 in the industry

Bank of America Corporation (NYSE:BAC) has rearranged its business units.

Bank of America Corporation Makes Business Shuffle

Bank of America Corporation (NYSE:BAC), the financial giant, announced that it is shuffling its business units.

The five new divisions at Bank of America Corporation (NYSE:BAC) are Consumer & Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth & Investment Management.

The bank also separated its Wall Street trading operations from the unit that handles corporate investment banking.

Bank of America Corporation (NYSE:BAC) stated in an official statement that, “Bank of America Corporation (NYSE:BAC) is rearranging some of its business units, reducing the total number to five from six. The biggest change is that Bank of America Corporation (NYSE:BAC)’s deposits and credit and debit card businesses are all in the same division”.

Bank of America Corp. (NYSE:BAC) stocks were at 9.17 at the end of the last day’s trading. There’s been a 29.0% change in the stock price over the past 3 months.

Bank of America Corp. (NYSE:BAC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.65
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.33
Zack’s Rank: 5 out of 16 in the industry

Bank of America Corporation (NYSE:BAC) has announced leadership changes.

Bank of America Corporation Makes Executive Switch

Reuters has reported that Bank of America Corporation (NYSE:BAC), the second-largest U.S. bank, has replaced its CIO with a consumer banking executive.

Former chief information officer Marc Gordon is leaving the company and will be replaced by Laurie Readhead.

Readhead was previously in charge of consumer bank efficiency efforts and divestitures.

She will report to Cathy Bessant, the head of Bank of America Corporation (NYSE:BAC) global technology and operations.

Bank of America Corp. (NYSE:BAC) shares are currently standing at 8.86.

Price History
Last Price: 8.86
52 Week Low / High: 4.92 / 13.64
50 Day Moving Average: 8.51
6 Month Price Change %: 34.1%
12 Month Price Change %: -36.7%

Bank of America Corporation (NYSE:BAC) has launched a new ‘Mortgage to Lease’ rental program.

Bank of America Corporation Launches Mortgage To Lease Program

Bank of America Corporation (NYSE:BAC) has launched a new rental program called ‘Mortgage to Lease’ to help homeowners who are facing foreclosure.

The new program will allow homeowners to stay in their homes as renters, with the company retaining the ownership of the homes.

Bank of America Corporation (NYSE:BAC)’s Legacy Asset Servicing executive Ron Sturzenegger said, “This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support”.

Bank of America Corp. (NYSE:BAC) stocks were at 9.75 at the end of the last day’s trading. There’s been a 75.2% change in the stock price over the past 3 months.

Bank of America Corp. (NYSE:BAC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.65
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.33
Zack’s Rank: 5 out of 15 in the industry

Bank of America Corporation (NYSE:BAC) has launched a Small Business 401(k) through Merrill Edge.

Bank of America Corporation Launching New 401(k) Product

Bank of America Corporation (NYSE:BAC) has announced that it is launching the Merrill Edge® Small Business 401(k), a new 401(k) solution from Merrill Edge designed to address the needs of small business owners and employees through a convenient plan with lower costs than many traditional 401(k) offerings.

Robb Hilson, Bank of America Corporation (NYSE:BAC) Small Business executive, said that, “Bank of America Corporation (NYSE:BAC) know how important small businesses are to our nation’s economy and how dedicated their owners are to their employees. Offering a simplified 401(k) plan, designed to address the needs of small business owners and their employees, is yet another way Bank of America Corporation (NYSE:BAC) is showing our commitment to supporting small businesses”.

Bank of America Corp. (NYSE:BAC) company shares are currently standing at 9.93.

Price History
Last Price: 9.93
52 Week Low / High: 4.92 / 13.88
50 Day Moving Average: 7.99
6 Month Price Change %: 56.1%
12 Month Price Change %: -26.9%

Bank of America Corporation (NYSE:BAC) has tested a new home foreclosure program.

Bank of America Corporation Testing Home Program

Bank of America Corporation (NYSE:BAC) has announced that it is launching a “Mortgage to Lease” pilot program, which provides homeowners facing foreclosure an opportunity to remain in their homes while transitioning to tenant status.

Under the program participants will transfer their property titles to the bank and have their outstanding mortgage debt forgiven.

Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America Corporation (NYSE:BAC), said that, “When homeowners are struggling to make payments, owe more on their mortgage than their home is worth and face certain foreclosure, one of their greatest anxieties is the transition process they face in moving from their home. This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support. This program may have the potential to further round out the broad set of solutions we offer our customers in need of assistance”.

Bank of America Corp. (NYSE:BAC) stocks were at 9.60 at the end of the last day’s trading. There’s been a 87.8% change in the stock price over the past 3 months.

Bank of America Corp. (NYSE:BAC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.48
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.33
Zack’s Rank: 7 out of 15 in the industry

Bank of America Corporation (NYSE:BAC) has dismissed a dozen workers in Canada.

Bank of America Corporation Makes Canada Cuts

Bloomberg has reported that Bank of America Corporation (NYSE:BAC) has fired almost a dozen workers at its Canadian capital markets business.

This move is being taken as part of the the bank’s global staff reduction to reduce costs.

Sheryl King, Bank of America Corporation (NYSE:BAC)’s head economist for Canada, is one of the former employees who has left the firm as part of the cuts.

The cost reduction move leaves Bank of America Corporation (NYSE:BAC) with more than 100 people at offices in Toronto, Montreal, Vancouver and Calgary.

Bank of America Corp. (NYSE:BAC) stocks were at 9.82 at the end of the last day’s trading. There’s been a 87.8% change in the stock price over the past 3 months.

Bank of America Corp. (NYSE:BAC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.48
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.33
Zack’s Rank: 7 out of 15 in the industry