Results tagged “Merrill Lynch”

Bank of America is facing fraud charges for "duping shareholders and the federal government" over its merger with Merrill Lynch.

New York attorney general Andrew Cuomo announced this morning that he was filing a lawsuit against the bank, its former CEO Kenneth Lewis and CFO Joseph Price seeking "monetary relief and injunctions".

Growing up in the shadow of the Wharf has provided the inspiration for teenage entrepreneur Sabirul Islam.

The 19-year-old managing director of The World At Your Feet has already won the Muslim Entrepreneur of the Year award and last week named in the top 100 young entrepreneurs on website Striding Out.

Bank of America has been bailed out once again by the US government as it struggles with the losses it inherited from recent acquisition Merrill Lynch.

The treasury confirmed it will guarantee $118billion (£80.8billion) in loans and inject $20billion (£13.3billion) into the company.

Bank of America plans to reduce its workforce by more than ten per cent over the next three years.

The corporation - which employs around 1,700 people at its European HQ in Canada Square - cited the merger with Merrill Lynch and "the weak economic environment" as reasons for the move.

LEHMAN Brothers has declared itself bankrupt in a tempestuous morning for the European financial market.

The 158-year-old investment bank announced it was filing for Chapter 11 bankruptcy on Monday morning after a last-minute deal to rescue the high-profile institution failed.

Many workers at the company were seen leaving the building this morning carrying boxes.

Barclays and Bank of America were in talks to rescue the troubled firm, but Bank of America instead turned its attentions to a buy-out of Merrill Lynch.