Thursday, May 24, 2012

Bank of America selling more office space

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

BofA real estate sales. Bank of America is selling more of its office buildings, this time a 12-building complex in New Jersey, Bloomberg reports. The property is likely to get about $400 million. The Charlotte bank has already sold the Hearst Tower in uptown Charlotte and an office building in Boston.

Facebook warnings. Some banks that underwrote Facebook's initial public offering last week gave warnings to institutional investors that the social media company's revenue projections were falling, while retail investors got no heads up, according to the Wall Street Journal. Such charges form the basis of a lawsuit filed yesterday in federal court. The company's stock price has fallen by roughly a quarter since its debut Friday.

GS meeting. Goldman Sachs holds its annual meeting today, where regulatory reform is likely to be a hot topic. The New York Times is live-blogging it.

Mastercard fees. Mastercard has lost its appeal of a European ban on charging fees on cross-border transactions, Reuters reports. Visa Europe could be the next company affected.

Countrywide suit. AIG won't be able to pursue some claims against Countrywide in the insurer's $10 billion lawsuit on mortgage-backed securities, Bloomberg reports. It lost primarily based on statute of limitations rules.