• Merrill Lynch to Pay $15.7 Million for Duping Mortgage Bond Customers

    2 monthes ago - By Fortune

    Bank of America Corp.'s Merrill Lynch unit will pay $15.7 million to settle a U.S. regulator's allegations that it failed to properly supervise traders who persuaded clients to overpay for mortgage bonds by misleading them about how much the firm paid for the securities.
    Merrill agreed to pay a fine of about $5.2 million, and to pay disgorgement and interest of more than $10.5 million, the Securities and Exchange Commission said in a statement Tuesday. Salespeople at the firm illegally profited from improper markups on residential mortgage backed securities that were in some cases twice as...
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  • Bank of America executive sees consumer unit's efficiency ratio flat to down

    2 monthes ago - By Reuters

    Bank of America Corp's co-head of consumer and business banking said on Tuesday he expects the consumer banking unit's efficiency ratio to remain flat or improve further as it cuts more costs tied to moving physical checks and cash.
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