Tuesday, January 24, 2012

Morning roundup: Moynihan faces legal fallout from Merrill deal

Here's a look at this morning's banking and finance headlines:

  • Bank of America CEO Brian Moynihan is expected to be deposed in coming months in a string of civil lawsuits involving the bank's handling of its takeover of Merrill Lynch & Co. in 2009, the Wall Street Journal reports. The depositions would be the first for Moynihan since replacing Ken Lewis, who engineered the Merrill deal.
  • Citigroup CEO Vikram Pandit is one of six co-chairs of the World Economic Forum's annual meeting in Davos, Switzerland - the first from a U.S. bank since JPMorgan Chase's Jamie Dimon in 2008, Bloomberg writes. He leads a delegation that includes top U.S. bank officials, including BofA's Moynihan.
  • U.S. stocks are trading at their cheapest levels since at least 1990, CNBC reports. That could mean a big increase in the markets this year, according to one research firm.
  • Stocks fell this morning amid continued concerns about Greece's debt crisis, Reuters reports.
  • Bank of America continues to be a winner in the markets, with shares rising 3 percent to $7.25 Monday. The Street weighs in on why - and whether the rally will continue.


Anonymous said...


You gonna let that slick bum make a sucker outta you?