News Summary: BofA's Merrill headache, refi boom
MERRILL LYNCH FALLOUT: Bank of America's third-quarter profits suffered after the bank agreed last month to settle a big shareholder lawsuit. Shareholders accused the bank of misleading them when it bought Merrill Lynch in the depths of the financial crisis.
REFINANCING BOOM: Mortgage originations rose over the year, echoing a trend this quarter that also helped JPMorgan Chase and Wells Fargo. The bulk of the mortgage business came from people refinancing their existing loans, not buying new homes.
HELP NOT WANTED: The bank is cutting jobs as it sells off units and stores up capital for the uncertain economy. Bank of America shed more than 16,100 jobs from a year ago, or about 6 percent of its work force. It would have shed about 15 percent if it hadn't added thousands of new hires to work through troubled mortgages.