Bank of America plan to sue Parmalat
Bank of America said today it won a court ruling allowing it to pursue a lawsuit seeking more than $1 billion in damages against bankrupt Italian food giant Parmalat.
The banking giant has accused Parmalat’s former management of fraud, conspiracy and lying about its finances.
The claim will not affect Paramalat’s own $10bn suit against the bank for its alleged role in the firm’s collapse.
The Italian firm filed for insolvency in late 2003 after a €14bn hole was found in its accounts, the biggest corporate
fraud case in European history.
More: rte.ie
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Bank of America may cut up to 400 U.K. jobs
Bank of America Corp. could cut as many as 400 jobs in the United Kingdom as part of its Jan. 1 acquisition of MBNA Corp., the Charlotte bank told employees in that country last week.To meet regulatory requirements, Bank of America told workers it could eliminate 100 to 400 positions, 250 of which are currently vacant, spokeswoman Alex Liftman said. The jobs wouldn't be cut until spring.
Bank of America has said it plans to eliminate 6,000 positions as part of its takeover of the credit card issuer, but has given few
Bank of America completes acquisition
Bank of America Corp completed its acquisition of MBNA Corp in a deal worth about $US34.2 billion ($A46.77 billion), the second-largest US bank said.
Bank of America now has 40 million active credit card accounts on its ledger, making it one of the leading worldwide payments-services companies and issuers of credit, debit and prepaid cards based on total purchase volume.
"Today marks the start of an exciting new era for Bank of America in credit cards," said Kenneth Lewis, chairman and chief executive officer.
"The combination of Bank of America's distribution platform and customer base with MBNA's products, affinity
Bank of America to cut online stock trade fees
Bank of America Corp.'s retail brokerage unit said on Thursday that it was cutting online stock-trading fees for customers by up to 75 percent, to as low as $5 a trade.
Investors with Bank of America (BAC.N: Quote, Profile, Research) checking accounts can now buy or sell shares online for $7 or $10 a trade, depending on the type of checking account they have.
Affluent clients using Bank of America's wealth management services can now make trades for $5.
Customers who only have a relationship with Bank of America Investment Services online can make trades
Bank of America to post a gain
A restatement of Bank of America Corp.'s financial results as far back as 2002 would result in a net gain of $345 million, the company said Wednesday.
The changes were made to bring statements into line with the Statement of Financial Accounting Standards 133 for derivatives transactions.
The restatements affect the full year 2002 plus quarterly and annual periods in 2003, 2004, and 2005.
Bank of America's shares rose 41 cents to $44.96.
Charlotte, N.C.-based Bank of America (BAC : bank of america BAC45.08, +0.53, +1.2%) said the restatement would increase shareholders equity by
Venezuela Bank Expands in Latin America
Venezuelas state development bank plans to open branches in Bolivia, Honduras, Guatemala and Haiti, the bank president said Wednesday.
We foresee opening offices in Haiti, Guatemala and Honduras, said Edgard Hernandez Behrens who heads the Bank of Economic and Social Development, or Bandes, which is 75 percent owned by the Venezuelan government.
Bandes also plans to provide US$15 million (euro12 million) in December to its Uruguayan branch, known as Cofac, and is further considering providing funds for its Union branch in Bolivia, Hernandez Behrens said.
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