bank of america corp (BAC) Key Developments
Bank of America Corporation Announces Executive Changes
Feb 26 15
On February 21 and February 22, 2015, respectively, Charles O. Holliday, Jr. and Clayton S. Rose, each a member of the board of directors of Bank of America Corporation, each separately informed the Corporation that he would not stand for re-election as a member of the Board at the Corporation's 2015 annual meeting of stockholders. In addition, Neil A. Cotty will no longer serve as the Corporation's Chief Accounting Officer, effective March 1, 2015. Mr. Cotty will continue with the Corporation to assist in Mr. Bless's transition. Rudolf A. Bless has been appointed the Corporation's Chief Accounting Officer, effective March 1, 2015. Mr. Bless joined the Corporation as Deputy Chief Accounting Officer in November 2014. Prior to joining the Corporation, Mr. Bless was employed by Credit Suisse Group AG as Chief Accounting Officer from January 2002 to October 2014 and Deputy Chief Financial Officer from October 2010 to October 2014.
Bank of America Agrees to Pay $300 Million to Fountainbleau Las Vegas Backers
Feb 26 15
Bank of America announced that it had reached a settlement with parties financing the construction of the Fountainebleau Resort and Casino in Las Vegas for $300 million. The lawsuit filed by affiliates of Avenue Capital Group and Carlyle Group, among others, Bank of America, which had arranged a $1.85 billion credit facility for the construction, continued to provide money for the project even after the bank realized that conditions for the funding were not being met. The plaintiffs maintain that Bank of America breached an agreement under which the bank mismanaged their funds.
Bank of America Corporation Announces the Layoff of Mortgage Workers
Feb 24 15
Bank of America Corporation disclosed plans to cut an additional 116 mortgage-related jobs in the Dallas area, bringing the total recent layoffs there to 177 lost jobs. In addition, Long Island's Newsday reports 53 Bank of America mortgage-servicing employees will lose their jobs in the Nassau County, N.Y., hamlet of Jericho. Earlier this month, Bank of America Corp. said it would cut 250 mortgage-servicing jobs here in Charlotte, plus 200 jobs at a servicing center in Norfolk, Va. The job cuts come as Bank of America nears the end of a years-long process to resolve delinquent mortgage through government-backed modifications, in-house refinancing or short sales and foreclosures. The bank's Legacy Asset Servicing unit for several years increased staffing to handle the flood of delinquent mortgages in the aftermath of the recession. The layoffs in Texas and New York were announced this week, but the jobs will officially end in April and May.
Bank of America Plans to Lay Off 53 in Jericho Office
Feb 24 15
Bank of America plans to lay off 53 employees in its Jericho office that focuses on delinquent mortgages. The layoffs are slated for May 13, 2015. The layoffs come after a drop in the bank's delinquent-mortgage portfolio, which fell to 189,000 loans at the end of last year's fourth quarter, from a peak of 1.4 million in January 2011.
Bank of America to Cut 116 Jobs in Addison and Plano
Feb 23 15
Bank of America is laying off more North Texas employees with 116 job cuts in Addison and Plano. In a letter filed under the Worker Adjustment and Retraining Notification Act, the bank said that it would let go of 71 workers in Addison and 45 in Plano. The Addison layoffs and 22 Plano layoffs will be complete by April 13. The additional Plano employees will be cut by April 15.