Bank of America (NYSE: BAC) needs to go to rehab.
Shares are trading near where they were in 1996. Where’d the 12 years of prosperity, acquisitions, and globalization success go? Credit market mayhem and real estate pandemonium make up the bulk of the losses, but there’s more. You don’t need to be Sigmund Freud to realize [...]

Morgan Stanley cut its rating on Bank of America Corp (BAC.N: Quote, Profile, Research), and lowered its 2008 earnings view for large-cap U.S. banks saying the banks may have to raise additional $51 billion in capital and record further loan losses.
Analyst Betsy Graseck downgraded Bank of America to “underweight” from “equal weight” and said the [...]

NEW YORK (Thomson Financial) - Bank of America Corp. Chief Executive Kenneth Lewis said he sees no reason for the bank to either raise capital, or to cut dividends, as feared by the financial markets.
Speaking at a public meeting in Los Angeles Wednesday, he said he believes the U.S. economy could begin to recover [...]

This may be old news to some of you, but it was news to me: Bank of America “plans to dump the Countrywide name early next year.”
This from today’s L.A. Times: “… Bank of America still plans to dump the Countrywide name early next year in favor of the Bank of America brand, Bank [...]

Morgan Stanley slashed its estimates for large-cap banks again this morning–and cut Bank of America (BAC) to SELL. On a positive note, it now hates Fifth Third (FITB) slightly less than it used to.
Morgan’s BAC target goes from $33 to $15. Specifically, Morgan is wary of BAC’s buyout of Countrywide Financial, and expects BofA to [...]

The layoffs of 7,500 people will come after the acquisition of Countrywide is completed next week.
By . Scott Reckard, Los Angeles Times Staff Writer

Bank of America Corp. said Thursday that it planned to slash 7,500 jobs over two years as a result of its acquisition of Countrywide Financial Corp., which is scheduled to close next [...]

Bank of America Corp. (BAC) opened at 24.05. So far today, the stock has hit a low of 23.19 and a high of 24.29. BAC is now trading at 23.26, down 0.55 (-2.29%). The stock hit its 52 week high of 52.96 in October and set its 52 week low of 22.44 in June. BAC [...]

By Jane Sutton
 
MIAMI, July 1 (Reuters) - The U.S. state of Florida hopes to negotiate a monetary settlement with Bank of America Corp (BAC.N: Quote, Profile, Research) for what the state calls deceptive lending practices by the bank’s newly acquired mortgage unit, Countrywide Financial Corp, the state attorney general said on Tuesday.
 
“There is technically a [...]

Problems from LaSalle’s construction portfolio push delinquencies higher
INSIDE FINANCIAL SERVICES - BY BECKY YERAK
July 4, 2008

Problem loans inherited from LaSalle Bank are driving up delinquencies in Bank of America Corp.’s construction portfolio, according to Foresight Analytics LLC.
LaSalle “contributed a significant amount of problem loans” to BofA’s construction portfolio in the first quarter, Matt [...]

Europe’s banks need to head back out on the fund-raising circuit. They may have to bring in as much as $141 billion, according to Goldman Sachs. Reuters writes that this capital will be necessary “to reach an aggregate Tier I ratio of 9 percent — a level achieved by European banks that have recapitalized recently.”
Since [...]