Wednesday, March 28, 2012

BofA seeks guidance on global strategy

Welcome to the morning roundup. Here's a look at today's banking and finance headlines:

BofA's global strategy. Charlotte-based Bank of America is assembling an international advisory board to guide CEO Brian Moynihan on global strategy, the Wall Street Journal reports, citing people familiar with the situation. The bank, long focused on efforts at home, is looking to boost access to markets around the world, the people told the Journal.

Foreclosure deal. Banks can count routine transactions - such as tearing down abandoned homes - as part of their new commitment to help people stay in their homes under the $25 billion foreclosure settlement, the New York Times writes. Critics say that gives big banks credit for practices they do every day.

Leadership change at Goldman? Senior executives at Goldman Sachs have talked about splitting the roles of CEO and chairman, sources told Reuters, though pressure for an immediate move appears to have eased after a deal with a labor union pension fund.

Overpriced stocks. One analyst says U.S. stocks are overpriced by 50 percent but that corporate buying is keeping them up, CNBC reports. Others are more optimistic about the markets' prospects.

Markets flat this morning. Stocks were little changed after orders for durable goods rose less than estimated and Fed Chairman Ben Bernanke said the recovery isn't assured, Bloomberg reports.