Here’s your Cheat Sheet to this week’s top financial industry business headlines:
Bank of America Corporation (NYSE:BAC): Current price $11.96
When the Consumer Financial Protection Bureau made public its database of financial complaints by consumers recently, it was found that 29 percent of the messages were reported to Bank of America, and the majority of those had to do with mortgages. In total, consumers filed 51,000 mortgage complaints with the CFPB by April 1 and approximately 15,000 of them are associated with BofA. For its part, the bank responded that “We have been intensely focused on improving the process for our mortgage servicing customers and, importantly, virtually all (98 perecent) of the mortgage-related files received from CFPB since the process was initiated have been closed.”
Chief Executive Brian T. Moynihan has called over 100 of his regional heads to a private meeting Wednesday where they will be admonished to boost the lender’s slumping revenue, according to two knowledgeable sources, who also said that managers at the two-day event in Chicago will be appraised as to the amount progress they have made in helping to sell more products to the 53 million customers of the number-two domestic lender.
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