Stock with Major Insider Buying (NYSE:BAC)

Los Angelas, CA -- (SBWIRE) -- 03/01/2013 -- Bank of America Corp (NYSE:BAC) said in a statement on Thursday that it slashed 5% of its overall workforce during 2012 and its full-time employees have been reduced to 267,000. This shows that the bank has cut 22,000 employees since fall 2011, when it revealed its large cost cutting program called “Project New BAC”, named after the ticker symbol of the company.

The company’s occupancy costs decreased 4%, to approx. $4.6 billion, the bank said in its 292-page annual report revealed yesterday. The bank also said that regulators are investigating it over its identity theft protection services.

The Charlotte bank stated that it has received inquiries from regulators about consumers who paid money for identity theft protection service, however they did not receive the services. The investigators are inspecting whether Bank of America (BAC) had proper oversight, the bank said.

In Thursday’s disclosure report, it is not clearly explained which services the disclosure refers to. The bank provides several protection and security services, some of which carry a fee and some of which are free of cost.

Bank of America cut its estimate of potential legal losses it could still incur on pending court cases to $3.1 billion, as compared to $3.6 billion it estimated in 2012. Since then, the bank had a number of large-scale arrangements, including a $10 billion deal with Fannie Mae over mortgages and an agreement of $2.4 billion closing a stakeholder lawsuit over the acquisition of Merrill Lynch.

Bank of America Corp (NYSE:BAC) moved up in the mid-day trading session on Friday, after opening at $11.13, the bank’s shares are currently trading at $11.42, by gaining +0.19.

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