Bank of America Corporation’s (NYSE:BAC) endeavors to assist 60,000 homeowners reduce a large portion of principal of their mortgage balances, are disappointing, as more than half have not responded to communications from the lender. Anecdotes that BofA is hard to deal with seem to be confirmed, as other large lenders are reporting far higher success. Separately, Bank of America has been eliminating jobs in its commercial banking division, according to sources, as part of the bank’s endeavors to reduce costs while at the same time grow in a lackluster economy. Separarely, the Bank stands to lose a $480 million revenue stream, which comprises 3 percent of 2011 earnings, reports Matthew O’Connor, due to anticipated new rules that require banks to process debit card transactions in the order they occur, as opposed to largest to smallest. Several big banks have already made the switch, but others, including BofA have not.
Nokia Corporation (NYSE:NOK) shares hit new lows yet again following RBC’s prediction that its second and third quarters’ results ‘will be ugly.’ The company worries about the fact that current Lumia Windows Phones can’t be upgraded to Windows Phone 8, and also that Microsoft has become more vociferous about diversifying its Windows Phone partner base. On the upside, a Nielsen survey indicates high customer satisfaction for the Lumia 900, as some 95 percent of owners say they’d recommend the phone to others.
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Microsoft’s (NASDAQ:MSFT) Steve Ballmer will not deny the possibility of a smartphone in the future, while at the same time his firm quashes rumors concerning near-term plans. In addition Ballmer tells channel partners that Microsoft will not change selling its Surface tablet through its own site and company stores, and he makes clear which firm MSFT considers to be public enemy #1: “We are trying to make absolutely clear we are not going to leave any space uncovered to Apple.”
CYS Investments Inc (NYSE:CYS) reported that it will offer 30 million shares.
JPMorgan Chase & Co. (NYSE:JPM) is one of the big banks who are anticipating losses from the expected new debit-card processing rule. Others are Regions Financial (NYSE:RF), which faces the biggest hit as a percentage of earnings, possibly 4 percent; and Wells Fargo (NYSE:WFC). The new requirements include the processing of debit card transactions in the order they occur, as opposed to largest to smallest. Separately, JPMorgan is said to be planning to retrieve millions of dollars in stock from individuals linked with The CIO Loss. Individuals include the former CIO chief Ina Drew and the “London whale” Bruno Iksil. The clawback might be announced as soon as Friday, at which time earnings will be released.
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