Bank of America CEO says wealthy Bank of America clients would support 'millionaire tax' if money used to put US fiscal house in order. Google chairman says higher taxes wouldn't crimp his spending.
The Dow fell 303.68 points to close at 10,992.13. The S&P lost 31.67 points to 1,154.23, and the Nasdaq dropped 61.15 points to end the day at 2,467.99.
Mortgage loan problems threaten bank of America. Up to 750 branches could close, and 45,000 layoffs could result as the banking giant splits into separate consumer and commercial units, struggling under the weight of toxic mortgage loans.
Stocks rose as fears about Europe's debt crisis subsided. The Dow went up 2.75.56 points to close at 11,414.86, and nine stocks rose for every one that fell on the New York Stock Exchange.
Bank of America stock has been snapped up by Warren Buffett. News of his $5 billion investment sent Bank of America stock soaring.
Dividend stocks again: JPMorgan Chase, Wells Fargo, U.S. Bancorp raise stock dividends after Fed clears the way.
Bank accounts with no fees attached are becoming a thing of the past at large US banks, which are starved for revenue.
Bank of America said it will change its consumer banking strategy to focus on providing customers with incentives to do more business with the bank instead of generating revenue through penalty fees such as overdraft charges.
At the first hearing of the Financial Crisis Inquiry Commission on Wednesday, top Wall Street executives acknowledge banks' role in the 2008 financial crisis but defend fat paychecks for employees.