Here's a look at what's news in banking and finance:
- Bank of America made hundreds of headlines by announcing it would drop its much-derided $5 debit card fee. The Seattle Times says the bank finally got a clue. The Star-Ledger says its the right move. And a New York Times blog wonders whether this is a signal that consumers are gaining more power.
- Bank of America is foreclosing on a Texas home that no longer exists after it was wiped out by a hurricane, the Houston Chronicle says.
- The cost to protect against corporate default, including for Bank of America, jumped as investors worry the Europe bailout plan could fail, Bloomberg reports.
- Banks around the world are cutting personnel costs, by far their biggest expense, the Wall Street Journal reports.
- The leader of the world's largest bond fund says banks haven't done enough to raise capital levels, Reuters reports.
So, what's your take on Bank of America cancelling the debit fee? Is it enough to help restore the bank's image?