Bank of America has decided to exercise a call option to buy an additional 19.58 billion shares of China Construction Bank from Central Huijin. The stock purchase will increase their ownership of CCB to 19.13 percent.

Bank of America reported earnings of 15 cents a share much lower than analysts forecasts of 61 cents a share. Bank of America announced that they are going to need to cut their dividend by 50 percent and issue another $10 billion in common shares. Bank of America posted earnings of 82 cents a share for the same quarter a year prior.

Merrill's CEO John Thain who helped broker the agreement to sell Merrill to Bank of America is planning to stay with Bank of America. He will resume the position of president of global banking and lead up the division of securities and wealth management for the two companies, essentially managing the businesses previously run by Merrill.

Bank of America has agreed to acquire investment bank Merrill Lynch for $50 billion. Bank of America will pay up to $29 per share for the company. Merrill Lynch has lost nearly 80 percent of its value after massive losses related to its exposure to sub prime and mortgage related securities.

Bank of America reported quarterly profit declines of 41 percent, lower than investors were anticipating. Steve Roukis, managing director for Matrix Asset Advisers, stated, that the news suggests that the credit crisis may not be as bad as people have been anticipating. The bank also reported that its purchase of Countrywide should add to its profit sooner then expected.

Bank of America's CEO, Kenneth Lewis, reported Wednesday that he expects that consumers will fill that we are in a recession for at least another year. He anticipates that economic conditions will not begin to significantly improve until mid next year.

Although, Bank of America has not officially stated one way or the other on rather or not the company plans to back Countrywide's debt obligations, current bondholders are anticipating to made amends. The view is that ultimately Bank of America will honor the debts outstanding from its Countrywide acquisition.

Bank of America is planning to eliminate 7,500 position after it completes its acquisition of countrywide. The transaction which was approved by Countrywide shareholders Wednesday is scheduled to close on July 1st.

Bank of America stated Thursday that it is expecting to complete its acquisition of Countrywide by July 1st. Last January, Bank of America agreed to acquire the lender for $4 a share. Some analysts believe Bank of America overpaid for the acquisition even at $4 a share due to the alarmingly high number of bad loans the company faces.

Bank of America's CEO Kenneth Lewis stated Wednesday that he remains committed to buying the almost bankrupt mortgage lender Countrywide. Bank of America also stated that they currently see no need to cut its dividend. The bank has consistently raised its dividend for 30 years straight.

U.S. Senator Charles Schumer reported, that Bank of America should seriously consider cutting its proposal to acquire Countrywide for $4 billion, if the mortgage company's past profits were overinflated due to bad lending practices. Several analysts have speculated that Bank of America will either seek better terms or withdraw from the acquisition altogether.

Bank of America is planning to modify nearly $40 billion in existing mortgage loans. The move is part of its agreement to acquire Countrywide Financial, in order to gain approval with the Federal Reserve it has agreed to modify existing home loans to help out struggling home owners.

Bank of America is planning to drop the name Countrywide Financial once its acquisition of the company is complete, which is expected to be finalized by the end of the year. The change comes just after officially telling the Federal Reserve that it plans to boost Countrywide's lending standards and remove sub-prime and option adjustable rate lending where the price of the loan can exceed the value... More

Bank of America announced that it plans tightened its mortgage lending standards after it completes its acquisition of Countrywide Financial Corp. Bank of America plans to eliminate option adjustable-rate mortgages, which allow the payee to make payments for less then the interest due.

Bank of America reported a 77 percent loss in revenues due to massive mortgage related write-offs. Bank of America released first quarter earnings of 23 cents a share significantly lower then analysts predictions of 41 cents a share.