Stocks Bank of America Corp

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    Given the considerable crossover between the banks—especially in investment banking groups such as fixed income, equities and leveraged finance—and the $7 billion in cost savings that BofA has already identified, there will certainly be several thousand job cuts announced at both firms in the next few months.

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    Stocks rallied at the close after the Federal Reserve held the line on interest rates and investors were encouraged that Lehman Brothers and American International Group might work out deals to improve their perilous financial situation.

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    Bank of America added another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal that would create a bank offering everything from fixed-income trading to credit card lending

  • The market got slaughtered Monday and opened lower Tuesday morning amid turmoil on Wall Street.  Lehman Brothers collapsed, Merrill Lynch agreed to be bought by Bank of America and major problems surfaced at insurance giant AIG.  To help investors sort through the mess, CNBC asked the heavyweights to weigh in.

  • If no private equity bridge loan: 20 percent chance that a sov. wealth fund or private equity would offer a high interest rate loan with an option to buy the entire company at a price above the present market value.

  • There are now opportunities to buy oversold stocks in every sector, says Christian Gattiker-Ericsson, strategist at Julius Baer. "The market is discerning between the winners and losers -- and not just in financials," said Gattiker-Ericsson.

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    There are safety nets to catch you, but how much protection you have depends largely on the kind of assets you own and where you hold them, be they certificates of deposit, a pension plan or a checking account.

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    Lehman falls, Merrill is sold, and more fallout is likely ahead. Wall Street has likely changed forever, says the New York Times.

  • U.S. stock index futures dropped as fears mounted over the capital position of American International Group.

  • Wall Street in Crisis

    If you're a client of Lehman, Merrill or AIG, what should you do? The New York Times has some ansers.

  • The options market is signaling that the stock market is in for more volatility ahead, according to an options expert.

  • Federal Reserve

    Don't expect the central bank to cut interest rates on Tuesday at its regularly scheduled FMOC meeting following the Lehman Brothers-Merrill Lynch-AIG developments, even though that's the action it took in March when Bear Stearns was on the ropes.

  • Stock investors watch stock movement at a stock exchange in Chengdu, China.

    Markets bleed red all over the region Tuesday, with Japan's Nikkei losing 5% and South Korea's KOSPI shedding 6%, as upheaval on Wall Street fueled investor uncertainty about a spillover into Asia.

  • The already roiled markets have a new fear: the survival of AIG.

  • Plus, have we hit a bottom in financials? What banks are worth buying?

  • Lehman Brothers filed for bankruptcy on Sunday to become the largest casualty of the global crisis, while Bank of America adds another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal. Following are today's top videos:

  • Wall Street had its worst day in more than six years on Monday as fears about the U.S. financial system's stability escalated after Lehman Brothers filed for bankruptcy.

  • Stocks had their worst selloff since the Sept. 11 attacks in 2001, with the Dow plummeting more than 500 points amid escalating fear about a collapse of AIG.

  • WALL STREET IN CRISIS - A CNBC SPECIAL REPORT

    Investors survived the first trading day of the Wall Street financial crisis, but many remained worried about what happens next.

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    Shares of most utilities dropped Monday morning after Hurricane Ike ripped through southern Texas, widely disrupting power, and the broader markets tumbled on concern about the financial sector.