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Shares of Bank of America (NYSE:BAC) started the week at $8.28 per share, yet as the week progressed with renewed banking fears shares closed the week at $8.02 per share. Here’s the news that moved Bank of America’s stock (NYSE:BAC) this week:
On Monday, Bank of America (NYSE:BAC) announced 34% growth in health savings accounts in 2011. The growth is attributed to increases in account use among employees of existing corporate clients, and new relationships with individuals and employers.
Tuesday, major U.S. banks took the largest share of global trading revenue in at least two years as banks in Europe lowered their risk in the fourth quarter as the sovereign debt crisis worsened. Additionally, Bank of America (NYSE:BAC) signed a tentative deal to sell its 37-floor tower in Boston’s Financial District to Boston Properties for approximately $600M, according to sources, The Boston Globe reported.
On Wednesday, Bank of America (NYSE:BAC) was downgraded to Market Perform from Outperform at Bernstein.
Bernstein downgraded Bank of America based on valuation. Price target remains $9.
Thursday, according to people familiar with the matter Timothy Mayopoulos, a former Bank of America (NYSE:BAC) executive who was forced out in 2008, has emerged as the leading internal contender to become Fannie Mae’s (FNMA) CEO, reported the Wall Street Journal. Mayopoulos is currently Fannie Mae’s general counsel. Meanwhile, the proposed $8.5B settlement of some of Bank of America Corp.’s (NYSE:BAC) mortgage-backed securities liability could be in the courts for years, according to Chief Judge Dennis Jacobs, a top appeals court judge. The 2nd U.S. Court of Appeals in New York is considering if last year’s Bank of America accord is a matter for federal court review or belongs in state court where it was first filed.
Friday, according to two people with knowledge of the matter, Bank of America (NYSE:BAC) hired J. Nicholas McKee from Citigroup to work in its energy and power corporate-banking group. McKee served as co-head of corporate and investment banking group for power companies at Citigroup. On the other hand, if Bank of America Corp.(NYSE:BAC) was forced to raise capital, it would consider selling its Texas retail branch network and its U.S. Trust wealth management, according to hypothetical scenarios as part of a list requested last year by the Federal Reserve, sources say, reported the Wall Street Journal.
Over the weekend, Brian Moynihan, CEO of Bank of America (NYSE:BAC), is said to have had his FY11 compensation reduced, Bloomberg says.
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