Bank of America

Mukesh Ambani Leaving BoA Board; Entering Global Advisory Council

Mukesh Ambani Leaving BoA Board; Entering Global Advisory Council

A recent report has uncovered that Mukesh Ambani, India's business magnet, is to quit his position of the Bank of America's board of director.

Yes! It has been revealed that he in its place would be joining the global advisory council. The announcement had been made by the bank on Friday.

Since March 211, Mr. Ambani has served on the board of directors of Bank of America. Also, before the development of the Global Advisory Council, he held the position of director.

BoA Merrill Lynch upgrades RIL citing improvement in refining business

BoA Merrill Lynch upgrades RIL citing improvement in refining business

Following Morgan Stanley's footsteps, Bank of America Merrill Lynch also upgraded Reliance Industries Ltd (RIL) on expectations of an improvement in its refining business.

Citing evidence that RIL's refining is improving, Bank of America Merrill Lynch on Monday upgraded RIL from `underperform' to `neutral'.

Refining is RIL's biggest business, accounting for roughly three-fourth of the company's total revenue.

BofA-ML raises target price for Tata Motors by 26% to Rs 360

BofA-ML raises target price for Tata Motors by 26% to Rs 360

Bank of America Merrill Lynch raised its target price for Tata Motors stock by 26 per cent to Rs 360, and upgraded the stock from `neutral' to `buy', thanks to the strong performance by the auto giant's luxury brand Jaguar Land Rover (JLR) in 2012.

Among the 30-share SENSEX stocks, Tata Motors was the best performer in 2012. According to the recently released figures, Tata Motors sold a total of 47,515 commercial vehicles, 37,649 light commercial vehicles and 9,866 medium & heavy commercial vehicles in December.

Ambani may get Rs 1 crore as compensation from BoA

Ambani may get Rs 1 crore as compensation from BoA

Mukesh Ambani, Chairman of Reliance Industries Ltd. (RIL) has been appointed as an annual director at the U. S. bank, Bank of America Corp. (BAC) for which he will receive fees of Rs 10 million in cash and shares valued 1.1 million rupees ($24,700), reported by the Indian Express.

When spokesman for Reliance Industries, Manoj Warrier was contacted today, he declined to comment on this issue.

The billionaire industrialist on joining the US banking giant’s board last month has received shares worth around Rs. 11 lakh from Bank of America (BofA) as part of annual retainer fees.

Bank of America Corp appointed Mukesh Ambani as a director on Wednesday

Bank of America Corp appointed Mukesh Ambani as a director on Wednesday

Bank of America Corp. has informed that the Chairman of Reliance Industries Ltd. and Indian business tycoon Mukesh D. Ambani has been appointed as the director of BOA. And now he will stand for election at the bank's board of directors. The election will be held at its annual meeting next month.

When it was asked, whether there is an increment in the number of members in the board, the BoA spokesperson has denied commenting on this. Now the number of directors in board is 13.

Revenues to double up in four years, intends BofA-ML

Revenues to double up in four years, intends BofA-ML

President and Country Head of Bank of America-Merrill Lynch (BofA-ML), Kaku Nakhate quoted that the company is planning to double up its revenues in India in the coming years benefitting from the merger of Bank of America and Merrill Lynch which comprises the maximum share of the capital market here.

Bank of America To Slash Up To 35,000 Jobs

Bank of America Corporation has announced that it plans to trim down 35,000 jobs over the coming three fiscals among dismal economic situation and following the completion of its merger with Merrill Lynch.

The US banking giant said that reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment.

According to sources, the job cuts were from both companies and would affect all lines of business and staff units.