Many children of the super-wealthy shouldn’t be counting on getting an inheritance. In a nationwide survey of 457 adults with at least $3 million in investable assets, U.S. Trust found that only 49 percent said that “leaving a financial inheritance is personally important.” Get the full story »
Bank of America
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Bank of America posts 37.5% decline in 1Q profit
Bank of America posted a 37.5 percent decline in first-quarter earnings Friday and named a new chief financial officer. Get the full story »
Feds cite 14 banks for mortgage ‘misconduct’
Major U.S. banks and thrifts filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers, federal bank regulators said Wednesday as they ordered lenders to overhaul their foreclosure processes. Get the full story »
Block 37 sold to Bank of America
Pedestrians pass Block 37 in the Loop. (Antonio Perez/Tribune)
Block 37, the star-crossed shopping center in the Loop, was sold at a sheriff’s auction Wednesday to Bank of America for $100 million.
The sale means Bank of America will take title to the four-level mall at 108 N. State St., officially ending Chicago-based developer Joseph Freed and Associates’ ownership of the property.
In December, Cook County Circuit Court Judge Margaret Ann Brennan ordered Freed to surrender the retail center to a group of lenders led by Bank of America, bringing to a close a more-than yearlong effort to foreclose on the mall. Get the full story »
Fed tells Bank of America to rein in dividend plan
Bank of America Corp. said it needs to revise its plans to boost dividends in the second half of 2011 after regulators objected to the proposal. Get the full story »
BofA testing video ATMs linked to tellers
People using Bank of America ATMs in Washington, D.C. (Nicholas Kamm/AFP/Getty Images)
Bank of America, which continues to prune its branch network nationwide, is piloting the use of video-enabled ATMs where consumers can talk to a remote teller, Bank of America Chief Executive Brian Moynihan said on a visit to Chicago Tuesday.
“Branch design in the future will be different,” Moynihan, who took the top job of the Charlotte, N.C.-based megabank last year, said. He didn’t have information on where the pilots were under way. Get the full story »
Banks plan to hike dividends after stress tests
JPMorgan Chase & Co, Wells Fargo & Co. and other major U.S. banks plan to boost their dividend payments after passing stress tests evaluated by the Federal Reserve.
The share buybacks signal that regulators view banks as being healthy enough to withstand the remaining uncertainties in the economy, after the banking system has been profitable for a year. Get the full story »
Banks boosting rates on long-term CDs
Attention, beleaguered savers: Banks across the nation, including Bank of America Corp., Citigroup Inc. and Northern Trust Corp., are bumping up rates on longer-term certificates of deposit.
In general, rates had fallen since the financial crisis. “Last week was the first broad-based move higher in quite some time,” says Greg McBride, senior financial analyst at Bankrate.com. Get the full story »
Some Bank of America credit cards get rate cuts
More than a million Bank of America credit card customers are being notified that they’ve received a reduction in their interest rates, thanks to a provision in the new credit card law. Get the full story »
Bank of America website suffers outage, again
Bank of America’s online banking system went on the fritz for some users Tuesday, the second such incident this year.
Customers attempting to access the bank’s online services were experiencing “intermittent service disruptions,” according to Tara Burke, a spokeswoman for the bank.
The bank is working to restore the system to normal as soon as possible, Burke said. The bank’s branches and ATM network are unaffected, she said. Get the full story »
Allstate sues Citi, Deutsche Bank over securities
Allstate Corp. sued Citigroup Inc. and Deutsche Bank AG Friday, accusing the banks of misrepresenting risks on more than $385 million of mortgage securities it bought.
Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against Bank of America Corp. and JPMorgan Chase & Co. Get the full story »
Supermarket banking grows in Chicago
Chicagoans like doing their banking at the supermarket.
Nationally, the number of in-store bank branches and the deposits they hold are falling, but those numbers continue to edge up in Chicago, according to a newly released study by trade publication SNL Financial. Get the full story »
ATMs at train stops: Fifth Third’s in, BofA’s out
It’s Fifth Third in, Bank of America out, at CTA stops around Chicago.
Fifth Third Bank said it has been awarded the opportunity to install 63 automated teller machines in local CTA stops, giving the Cincinnati-based bank the biggest presence on the Chicago area’s train system. Installation of nearly all of the 63 have been completed in the past two months, Fifth Third said.
The number of ATMs at CTA stops has grown steadily since they were introduced in the system in 2003. Get the full story »
BofA, others out as Berkshire trims portfolio
Warren Buffett’s Berkshire Hathaway Inc. added to its holdings of Wells Fargo & Co. in the fourth quarter, while eliminating positions in several other stocks including Bank of America Corp., according to a regulatory filing Monday.
Besides Bank of America, Berkshire sold all its shares of Becton Dickinson & Co., Comcast Corp. , Fiserv Inc., Lowe’s Cos. , Nalco Holding Co., Nike Inc. and American depository receipts of Nestle SA. Get the full story »
Blizzard delays Block 37 mall auction
From Crain’s Chicago Business | The blizzard that paralyzed Chicago last week also postponed the court-ordered sheriff’s auction of the new mall at Block 37. The auction, which would be the largest foreclosure sale of a downtown property in more than a decade, was set for Feb. 2 after a group of lenders led by Bank of America Corp. obtained a foreclosure judgment in December against the four-level mall at 108 N. State St. Get the full story>>
