The Wall Street Journal reports that Bank of America looks set to name a new Chairman within the next day or so. And the leading candidates are thought to be board members Frank Bramble and Charles Holliday.
And Bloomberg reports that Andrea Orcel is to become President of emerging markets (excluding Asia) over at Bank of America Merrill Lynch.
In the meantime, The New York Times reports that shares in BlackRock fell 8.56% in New York trading Monday, after the firm saw profit rise fivefold to $423m, yet missed analysts estimates.
MarketWatch reports that US Treasury has confirmed that it will now begin to sell 1.5 billion of the 7.7 billion shares it owns in Citigroup. The firm's stock fell over 5% Monday on the news, although Dick Bove, veteran bank analyst over at Rochdale Securities, told CNBC that he thought Citi's stock go as high as $8.50 in the next 18 - 24 months.
Reuters reports that Deutsche Bank has posted a 48% increase in first-quarter profits. Net income came in at $2.35bn, after a strong showing from the investment bank, which saw profit before tax double to $3.45bn on strong fixed income revenues.
And The Times reports that Barclays President Bob Diamond is to appear before the US bankruptcy court in the coming days, as the $11bn legal spat between Barclays and Lehman Holdings gets resolved. The Lehman bankruptcy estate has accused Barclays of reaping an $11bn windfall from the acquisition of the firm's US businesses in the days following Lehman's demise in September 2008. Barclays says that this is nonsense, and claims that it is still owed $3bn.
Finally, Bloomberg reports that under new proposals from UK securities regulator The Financial Services Authority (FSA), bank trading desks that breach FSA rules could be suspended from executing trades for up to a year.