Last $14.00 USD
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Volume 1.1K
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As of 11:35 AM 11/25/14 All times are local (Market data is delayed by at least 15 minutes).

bank of america corp (BAC) Snapshot

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11/26/13 - $14.00
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bank of america corp (BAC) Details

Bank of America Corporation, through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally. The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions. This segment provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans. The company’s Global Wealth & Investment Management segment provides investment and brokerage, estate and financial planning, fiduciary portfolio management, cash and liability management, and specialty asset management services; and retirement and benefit plan, philanthropic management, and asset management services. Its Global Banking segment provides various commercial loans, leases, commitment facilities, trade finance, real estate and asset-based loans, and consumer loans; treasury management, foreign exchange, and short-term investing options; and debt and equity underwriting and distribution, and merger-related and other advisory services. The company’s Global Markets segment offers sales and trading services for securities and derivative products in primary and secondary markets; market-making, financing, securities clearing, settlement, and custody services to institutional investor clients; and risk management products. The company was founded in 1874 and is based in Charlotte, North Carolina.

230,000 Employees
Last Reported Date: 11/6/14
Founded in 1874

bank of america corp (BAC) Top Compensated Officers

Chairman, Chief Executive Officer and Member ...
Total Annual Compensation: $1.5M
Chief Financial Officer
Total Annual Compensation: $5.3M
Chief Operating Officer
Total Annual Compensation: $6.8M
Vice Chairman
Total Annual Compensation: $4.6M
Head of Compliance & Regulatory Relations and...
Total Annual Compensation: $4.1M
Compensation as of Fiscal Year 2013.

bank of america corp (BAC) Key Developments

Office of the Comptroller of the Currency Fines Bank of America, N.A., Citibank, N.A. and JPMorgan Chase Bank, N.A. $950 Million for FX Trading Improprieties

The Office of the Comptroller of the Currency assessed $950 million in fines against three national banks for unsafe or unsound practices related to their foreign exchange trading businesses. The fines against Bank of America, N.A.; Citibank, N.A.; and JPMorgan Chase Bank, N.A., follow multiagency examinations and investigations of the banks' activities in the global FX market, which has an average daily volume of more than $5 trillion dollars. The OCC's examinations found the banks failed to identify or prevent employee misconduct related to FX sales and trading. The OCC found that between 2008 and 2013, some of the banks' traders held discussions in online chat rooms about coordinating FX trading strategies to manipulate exchange rates to benefit traders or the bank. In addition, the traders disclosed confidential bank information, including customer orders and rate spreads. The OCC's examinations also found that traders discussed activity to trigger trading actions potentially detrimental to customers and beneficial to the trader or bank, and discussed pending orders and agreed not to trade in particular currencies. The OCC's examinations found that the banks had deficiencies in their internal controls and had engaged in unsafe or unsound banking practices with respect to the oversight and governance of FX trading, resulting in the banks' failure to identify the risks related to sales, trading, and supervision of employee conduct in FX trading. As a result of these control deficiencies and unsafe or unsound practices, the employee misconduct went undetected for several years. The $950 million total includes $250 million assessed against Bank of America, $350 million against Citibank, and $350 million against JPMorgan Chase Bank. In addition to assessing civil money penalties, the OCC issued cease and desist orders requiring the banks to correct deficiencies and enhance oversight of their FX trading activity. Concurrent with the OCC's enforcement action, the U.S. Commodity Futures Trading Commission and the U.K. Financial Conduct Authority took actions against some of these financial institutions for improprieties related to their FX trading activities.

David Sobotka to Retire as Head of Global Fixed Income, Currencies and Commodities Trading of Bank of America Corporation

David Sobotka, Bank of America's head of global fixed income, currencies and commodities trading, is to retire. Sobotka is to retire by the end of the year 2014.

Bank of America and U.S. Bancorp Reached a $69 Million Settlement with Pension Funds

Bank of America and U.S. Bancorp reached a $69 million settlement with a group of pension funds over charges that the banks failed to protect investors from financial crisis-era losses. Under the terms of the agreement, filed in the U.S. District Court of the Southern District of New York, Bank of America will pay the full cost of the settlement on behalf of both banks. The funds will be placed into an escrow account, which will be used to pay claims. The class-action lawsuit was filed in April 2012 by the Policeman's Annuity & Benefit Fund of the city of Chicago. The suit charged the two banks with failing to provide proper oversight of several trusts that issued securities backed by bad mortgages.


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Valuation BAC Industry Range
Price/Earnings 43.6x
Price/Sales 2.1x
Price/Book 0.8x
Price/Cash Flow 34.5x
TEV/Sales NM Not Meaningful

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