Here are this week’s news briefs for Bank of America Corp. (NYSE:BAC). Bank of America Corp. (NYSE:BAC) stocks ended the week at 13.4 (as of 9/17/2010).
Weekly News Roundup: Bank of America Corporation (NYSE:BAC)
Tuesday 14 September
A Bank of America (NYSE:BAC) Merrill Lynch survey has reported surprising results on China. According to the BofA Merrill Lynch Survey of Fund Managers in September, investor sentiment has shifted drastically from very bearish to very bullish in just one month. 11 percent of respondents in the study expect the Chinese economy to strengthen over the next 12 months.
But in August, opinions were starkly different, with 19 percent saying that China’s economy would weaken, and in July 39 percent of respondents were bearish on China.
Wednesday 15 September
Bank of America Corp. (NYSE:BAC) has hired new talent for its operations in Europe. Bank of America Corp. (NYSE:BAC) said Tuesday that it had hired four new bankers for its financial institutions group in Europe as it changed its team structure in Europe to mirror that of the United States.
The four bankers are coming to Bank of America Corp. (NYSE:BAC) from Citigroup, HSBC, Natixis and Royal Bank of Scotland.
They will be based in London and Paris, performing tasks such as advising banks, insurers and other financial services firms.
Thursday 16 September
Bank of America Corp. (NYSE:BAC) and its peers have come under scrutiny recently as the practice of “window-dressing” the company balance sheet comes into focus. Bank of America Corp. (NYSE:BAC) take warning: Federal regulators are said to be preparing new disclosure rules targeting banks’ practices of “window dressing,” a practice by some banks to hide true debt levels temporarily before reporting finances to the public.
The SEC is scheduled to take up the matter at a meeting Friday following a Wall Street Journal first-mover investigation into the deceptive practice.
Friday 17 September
Bank of America Corp. (NYSE:BAC) has announced growth figures for its ePayables payment processing system. Bank of America Merrill Lynch announced today that its ePayables payment processing system continues to post significant revenues growth, with a compound growth of 43 percent annually over the last two years.
In 2009 alone, more than $6.1 billion in payments was processed using ePayables in 2009, demonstrating that clients place a lot of trust in BofA Merrill as a provider of end-to-end payments services.
We will be monitoring the Bank of America Corp. (NYSE:BAC) stock price for developments over the next few weeks.