Citi and Bank of America are not happy with the results of the government-mandated stress tests, which will force them to raise significant amounts of new capital.

It isn’t easy being Bank of America these days. The bank had previously thought to be in decent standing up until it acquired struggling firm Merrill Lynch, and since that point things have been awful. The flow of bad press has been non-stop, between Merrill Lynch’s crumbling balance sheet, questionable bonuses, and giving former Executive John Thain the axe, the firm simply can’t escape the ongoing drama.

The Charlotte, N.C.-based Bank of America earned $2.81 billion after paying preferred dividends, or 44 cents per share, in the first quarter of this year. This compares with a profit of $1.02 billion or 23 cents per share, in the Q1 2008. Analysts surveyed by Thomson Reuters had expected a profit of 4 cents per share.

Bank of America is leading the way in mortgage rates as well as search features that allow consumers to put in their loan scenario and mortgage rates for each Bank of America mortgage programwhere results are instantly found to provide today's consumers with all the information they need within seconds.

At the urging of Rep. Barney Frank, chairman of the House Financial Services Committee, J.P. Morgan Chase, Bank of America and Citigroup all announced temporary halts on foreclosures Friday.

In mid-December, Bank of America struck a deal behind closed doors with top U.S. financial officials: BofA could count on all the help it needed to cover the losses at Merrill Lynch, whatever they turned out to be. The important thing was for the deal to go through.

Sunday in September. You'd expect it to be a day of baseball, or football, but definitely, being a Sunday, not a day Wall Street would care about. This Sunday, September 14th, you'd be wrong.

Bank of America gave yet another boost to financial market following less than catastrophic earnings results from the large money center banks last week. It says a lot about the market we're in when a stock can rally 10% on news that it will not need an FDIC bailout this week.

With the completed purchase of Countrywide, Bank of America is now the largest mortgage lender and mortgage servicer in America. The deal closed Tuesday morning with a final price tag of $2.5 million, a 37 percent discount from the original price tag.

The Federal Reserve has approved the purchase of Countrywide by Bank of America. Not surprising really - at this point the Fed will probably approve the purchase of any bank by another just to save the public from “BANK FAILURE” headlines. While the acquisition is approved there has been some rumblings that Bank of America is not quite sure whether they’ll complete the transaction; but so far all signs and sounds coming from BofA point to moving forward.

Analysts at Bank of America cut earnings estimates for Goldman, Lehman and Morgan Stanley today.

EDS and Bank of America today announced the deployment milestone of 100,000 Cisco Unified Internet Protocol (IP) phones within the bank’s extensive North American network environment.