Chronically high unemployment is disrupting what once used to be easy math: the tight correlation between joblessness and souring credit-card loans. For years, the rate at which credit-card companies write off loan balances has shadowed the unemployment rate. An out-of-work borrower, of course, tends to fall behind on payments. But for months now, some U.S. [...]
June 9 (Bloomberg) — Bank of America Corp., the largest U.S. bank, will sell its stake in Banco Santander SA’s Mexican unit for $900 million more than it paid in 2003, marking the lender’s fourth major asset sale this year. Bank of America, under regulatory pressure to raise a net $3 billion this year to [...]
BOSTON (MarketWatch) — Bank of America Corp. has gone outside its ranks to appoint a chief financial officer, just days ahead of the release of its first-quarter earnings report. B. of A. /quotes/comstock/13*!bac/quotes/nls/bac (BAC 19.03, +0.36, +1.90%) on Wednesday named Charles Noski CFO effective May 11. Noski, 57, was CFO at telecom firm AT&T /quotes/comstock/13*!t/quotes/nls/t [...]
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