Hugh Son

Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lender’s Merrill Lynch wealth-management division, said two people with knowledge of the decision.

With Credit Suisse Group AG poised to become the first bank in more than a decade to admit to a crime in the U.S., regulators have been reaching out to some of the firm’s biggest business partners to avert a panic, according to a person briefed on those communications.

U.S. prosecutors are seeking more than $13 billion from Bank of America to resolve federal and state investigations of the lender’s sale of bonds backed by home loans in the run-up to the 2008 financial crisis, according to people familiar with the matter.

Bank of America's Lisa Carnoy, one of Wall Street's highest-ranking women, is moving from head of the global capital-markets division to an executive role in the U.S. Trust wealth-management unit.

Bank of America Corp.’s Merrill Lynch unit agreed to pay $160 million to settle a discrimination lawsuit filed by black financial advisors, a lawyer for the plaintiffs said.

Brian T. Moynihan, who endured record losses and public thrashings while cleaning up Bank of America Corp.’s mortgage mess, said he wouldn’t mind being chief executive officer of the lender forever.

Ed Riley and Jonathan Miller will lead a new team catering to ultra-high-net-worth clients.

Raphael Zagury, Bank of America Corp.’s head of creating derivative investments for wealthy clients at Merrill Lynch, said he resigned.

Bank of America Corp. shifted bonuses at U.S. Trust to focus employees on adding clients and boosting account balances, a change that could mean lower pay for some members of the wealth-management unit.

Bank of America Corp.’s Lisa Shalett, who was chief investment officer for the firm’s Merrill Lynch brokerage for two and a half years, will leave the company.

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said the firm has plenty of capital and he’s confident it will pass the next U.S. stress tests.

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said his company’s business model that serves people and corporations is a proven winner based on the firm’s market share.

“I’m more optimistic by everything I’ve read,” Moynihan said today in London during a Bloomberg Television interview. Lawmakers are taking the matter “very seriously,” he said.

Bank of America Corp. salespeople assigned to the world’s biggest stock portfolio managers were given new orders by their boss in September: attend at least 30 meetings a month with clients, or else.

Sallie L. Krawcheck, who ran wealth-management divisions at Bank of America Corp. and Citigroup Inc., said risks at complex financial firms could be better managed by giving executives part of their pay in bonds.

Shareholders of Wall Street banks who agree with former Citigroup Inc. Chief Executive Officer Sanford "Sandy" Weill that the companies should be broken up face an obstacle: bondholders.