Bank of America Corp posted a wider-than-expected third-quarter loss as improvement in its Merrill Lynch investment banking unit failed to offset consumer credit woes, sending its shares down 4.5 percent .
Wall Street was set to drop at the open on Friday after disappointing quarterly results from Dow components General Electric Co (GE.N) and Bank of America Corp (BAC.N) dragged stock futures lower.
Wall Street was set to drop at the open on Friday after disappointing quarterly results from Dow components General Electric Co and Bank of America Corp dragged stock futures lower.
Britain's top share index was lower at midday on Friday, led by banks after quarterly earnings numbers from Bank of America Corp (BAC.N) and General Electric (GE.N) disappointed.
Wall Street was set to drop at the open on Friday after disappointing quarterly results from Dow components General Electric Co (GE.N) and Bank of America Corp (BAC.N) dragged stock futures lower.
BofA's Big Loss; GE's Woes; Banks Battle for Fixed Income Supremacy
Wall Street was set to drop at the open on Friday after disappointing quarterly results from Dow components General Electric Co and Bank of America Corp dragged stock futures lower.
News, details on bond issues in the European markets on Friday:
Goldman Sachs Group (GS), the former investment bank known for aggressive risk taking, is facing a frontal assault on its traditional dominance of fixed income trading from an unlikely source: commercial bank JPMorgan Chase & Co (JPM).
U.S. stock index futures pointed to a higher open on Wall Street on Friday, as investors awaited key earnings reports from conglomerate General Electric and Bank of America .
The Obama administration scored its first financial regulation reform victory in months on Thursday when a U.S. congressional committee approved new rules for over-the-counter derivatives.
Goldman Sachs Group Inc opted to devote a smaller chunk of revenue to compensation in the latest quarter in what may be a sop to critics angry about a bonus bonanza so soon after the bank took billions in government funds.
Former Bear Stearns hedge fund manager Matthew Tannin, on trial for fraud and lying to investors early in the financial crisis, might have made strategic mistakes but he did not conspire with colleagues to commit a crime, his lawyer said on Thursday.
Bank of America Corp Chief Executive Kenneth Lewis will receive no pay or benefits for his last year of work at the company.
Tech Earnings Strong; Financials Mixed; Economy Healing
The Dow industrials and the S&P 500 climbed on Thursday to 2009 closing highs, buoyed by energy stocks as oil prices jumped, but financials retreated as investors panned results from Goldman Sachs and Citigroup.
Goldman Sachs Group Inc's vaunted trading operations helped the dominant Wall Street firm quadruple its earnings, but investment banking results were lackluster and its shares fell.
Goldman Sachs' earned $3.19 billion in the third quarter, led by booming sales from its trading division, which accounted for 85.3 percent of all sales
U.S. stocks were little changed on Thursday after Goldman Sachs Group and Citigroup Inc's quarterly results fell short of some investors' expectations, a day after major indexes rallied to fresh highs for 2009.
Former Bear Stearns hedge fund manager Matthew Tannin, on trial for fraud and charges he lied to investors early in the financial crisis, could not have foreseen problems in the subprime mortgage market in 2007, his lawyer said in opening his defense on Thursday.
Goldman Sachs Group Inc quarterly earnings nearly quadrupled, topping expectations, but its shares fell on disappointment that so much of the profit came from trading gains that might not be sustainable.
Morgan Stanley started coverage of U.S. refiners with an in-line view, saying that drawing down of distillate inventories due to cold weather, tightening of excess capacity and economic recovery will combine to improve crack spreads, but the recovery will be long and slow.
