Bank Of America Corp (BAC) Financial News - WRAPUP 2-Market rout deepens global economic crisis
Bank Of America Corp (BAC)
WRAPUP 2-Market rout deepens global economic crisis
2011-08-09 06:54:37
Quote: Tue Aug 9, 2011 6:30am EDT (Updates markets, adds UK data, edits throughout) * Fear grips Asian and European markets after Wall Street
plunge * China inflation above expectations, headache for central
bank * Obama says S&P action adds urgency to deficit cutting * Pressure mounts on Fed to stimulate U.S. economy
By Koh Gui Qing and John Chalmers BEIJING/SINGAPORE, Aug 9 (Reuters) - The global economy
stumbled deeper into crisis as stock markets slumped further on
Tuesday, with investors losing confidence that the United States
and Europe can rein in their debt burdens quickly and avert a
double-dip recession. Even as Asian equity markets pulled back from another day of
staggering losses as they closed, European shares tumbled for an
eighth session running, with news of an unexpected drop in
British factory output in June highlighting the weakness of the
economy. The worsening market trauma has piled pressure onthe U.S. Federal Reserve to announce fresh measures of support
for the U.S. economy at a regular policy meeting on Tuesday, but
analysts said its options are limited. "You have got to a situation of capitulation and panic
selling, and these things will keep running until we get some
sort of policy response," said Peter Hickson, managing director
of global commodity research at UBS. "Even policy response these days seems to be impotent in
terms of the market sentiment at the moment. The market is
asking whether policymakers have many more bullets to fire." Investors fear that, with confidence in the global economy's
prospects evaporating, financial markets will remain in a slump,
feeding a vicious circle of pessimism. As of Monday, stock losses had wiped some $3.8 tr...
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Bank Of America Corp Stock Summary
Bank of America Corporation, through its subsidiaries, provides banking and financial services to individuals, small- and middle-market businesses, corporations, and governments primarily in the United States and internationally. The company?s Deposits segment generates savings accounts, money market savings accounts, certificate of deposits and IRAs, and checking accounts; and Global Card Services segment provides the U.S. consumer and business card, consumer lending, international card and debit card services. Its Home Loans & Insurance segment offers fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, reverse mortgages, home equity lines of credit, and home equity loans, as well as property, casualty, life, disability, and credit insurance. The company?s Global Commercial Banking segment provides commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; and capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options. Its Global Banking & Markets segment provides financial products, advisory services, financing, securities clearing, settlement, and custody services; debt and equity underwriting and distribution, merger-related advisory services, and risk management products; and integrated working capital management and treasury solutions. The company?s Global Wealth & Investment Management segment offers advisory services, team-based investment advice and guidance, brokerage services, and wealth management solutions, as well as retirement services. Bank of America Corporation serves customers through a network of approximately 5,900 banking centers and 18,000 automated teller machines. The company was founded in 1874 and is based in Charlotte, North Carolina.
