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Coming off its 13th consecutive quarterly loss and struggling to meet capital requirements set by regulators, Atlantic Coast Financial Corp. in Jacksonville, Fla., is considering selling itself to another bank.
November 28 -
B of A showed improvement in the fourth quarter, but it is counting on its ability to expand through earnings as well as keep legal and repurchase costs in check. That is a tall order.
January 19
Bank of America Corp. is switching its U.S. employees to a single defined contribution retirement plan at the end of the second quarter.
At June 30, the Charlotte, N.C., company will freeze its defined benefit pension plans, Pensions & Investments reported on Thursday. The bank also will pay an additional 2% to 3% of employees' salaries to its 401(k) plan on top of its current matching contribution of up to 5%, the newspaper stated.
Eligible U.S. employees will keep the pension benefits they had earned up until that point. At Sept. 30, the bank had defined benefit assets of $14.3 billion and defined contribution assets of $18.5 billion, Pension & Investments reported.
Private-sector employee participation in defined benefit pension plans has declined from 28% in 1979 to 3% in 2008, according to data from the Employee Benefit Research Institute. SunTrust Banks Inc. in Atlanta said in November that it was
Bank of America has been in cost-cutting mode for much of the past year, eliminating 7,000 jobs and selling off stakes in several lines of business. It recently
