Bank of America

Wall Street's biggest banks had their worst quarter of results since 2008's financial crisis, with trading revenue down 35% on last year.

Negativity towards European and UK markets has eased as investors rotate their portfolios away from emerging markets in favour of the more developed nations, according to a fund manager survey.

The US is planning to sue more than a dozen major banks for misrepresenting the quality of mortgages they sold during the housing bubble, the New York Times reports.

Shares in Bank of America closed almost 10% higher overnight after Warren Buffett pledged to take a $5bn stake in the firm, which may have already netted him a $1.3bn profit.

Billionaire investor Warren Buffett has agreed a deal which will see his firm Berkshire Hathaway invest $5bn in Bank of America.

Hedge fund manager John Paulson bought into News Corporation ahead of the phone hacking scandal during a quarter when he also slashed major bank stakes.

FINANCIALS FUNDS: WORTH THE RISK?

Bank of America's share price fell by 20% as US financials were routed in Monday trading over growth fears and S&P's downgrade of the US credit rating.

Moody's said it has put Citigroup, Bank of America, and Wells Fargo on review for possible credit ratings downgrades as the US government cuts support for future bailouts.

Expectations the Bank of England and European Central Bank will raise interest rates in the second quarter of 2011 have risen dramatically, a new survey of fund managers shows.