The office of the New York attorney general, Andrew Cuomo, has charged Bank of America, its former chief executive Kenneth Lewis and ex-chief financial officer Joe Price with fraud for allegedly misleading shareholders over its acquisition of Merrill Lynch.
Invoking a powerful state law used to combat securities fraud, Cuomo yesterday filed a lawsuit accusing Bank of America, Lewis and Price of intentionally failing to disclose huge losses at Merrill before a shareholder vote on the merger reports the Guardian.
Cuomo alleged that later the defendants misled federal government in claiming a "surprise" increase in Merrill's losses would allow BoA to back out of the merger if it did not get massive taxpayer help. BoA ultimately received $20bn (£12.7bn) of federal bailout money from the Troubled Asset Relief Program, which it has since repaid. Full story...
Santander is planning to accelerate its expansion in Britain after reporting bumper profits in a market where it is now issuing 50% of all new mortgages, according to the Guardian.
The Spanish bank saw its share of new and existing mortgage lending peak at 20.4% over the last three months of last year, as its red flame logo began to replace the brands it has bought on Britain's high streets.
Santander's UK net lending - which strips out remortgaging - reached £7.6bn in 2009, estimated to be half the net lending of the entire market. Gross mortgage lending of £26.4bn gave the bank an overall market share for the year of 18.6%, a level it believes is its highest ever. Full story...
Deutsche Bank has become the first bank to disclose the impact of Britain's bonus tax, saying that it would take a €225mn (£196m) charge to cover the levy says The Times.
Strong sales and trading resulted in a swing back to profit and Deutsche signalled that it was paying its 8,000 UK staff an average bonus of about €62,500 for last year.
However, payments for its senior London-based investment bankers will be much higher because Deutsche has said it would spread the pain of the tax across its global bonus pool. Full story...
SLA's share price has almost halved since merger
Three shifts in sector
Takeover rumours continue
Raised £116m in total
Protecting and dividing family wealth