Public Intelligence

Bank of America reported net income of $6.2 billion, or 56 cents per share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents per share a year-ago period. The nation’s largest bank reported total revenue of $28.5 billion, a 6% increase. Analysts’ consensus forecast for earnings per share of 20 cents on revenue of $25.9 billion. BofA shares were down more than 4% in pre-market trading. The quarter’s results were heavily affected by accounting gains and on asset sales. The three-month period ending in September included pretax gain of $4.5 billion (pretax) in positive fair value adjustments on structured liabilities, a pretax gain of $3.6 billion from the sale of shares of China Construction Bank (CCB), $1.7 billion pretax gain in trading Debit Valuation Adjustments (DVA), and a pretax loss of $2.2 billion related to private equity and strategic investments, excluding CCB.

New York Attorney General Andrew Cuomo has subpoenaed eight banks in a probe into whether misrepresentations were made about some securities backed by mortgages in order to improve their credit ratings, a person familiar with the investigation said Thursday.

The biggest U.S. commercial banks will take their fight against disclosure of Federal Reserve lending in 2008 to the Supreme Court if necessary, the top lawyer for an industry-owned group said. Continued legal appeals will delay or block the first public look at details of the central bank’s $2 trillion in emergency lending during the 2008 financial crisis. The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs. The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.

Connections among board of directors and executive leadership of Citigroup as of March 20, 2009.

Kingdom Holding Company is the largest company in Saudi Arabia. While the company is technically a public holding company listed on the Saudi Stock Exchange, 95% of the company’s shares are owned by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud. Kingdom Holding Company owns portions of a number of companies around the world, including many U.S. companies.

Home addresses for Vikram Pandit, CEO of Citigroup; James Dimon, CEO of J.P. Morgan Chase; John Stumpf, CEO of Wells Fargo; Ken Lewis, CEO of Bank of America; and Lloyd Blankfein, CEO of Goldman Sachs Group, Inc.

A Kuwaiti businessman linked to Citigroup and charged in the United States with fraud committed suicide Sunday, a security official said. Hazem al-Braikan was found dead in his bed with a gunshot wound to the head and a handgun at his side, said the official, speaking on condition of anonymity because he did not have the full details.

James L. “Jamie” Dimon was born in New York City, where he would attend Browning School, to Theodore and Themis Dimon. His grandfather, a Greek immigrant from Turkey, was a broker and passed on his knowledge of the business to his son and partner, Theodore. They worked together for 19 years, and Jamie held summer jobs at their New York office. Mr. Dimon majored in psychology and economics at Tufts University, before earning an M.B.A. degree from Harvard Business School. Upon his graduation in 1982, Sandy Weill convinced him to turn down offers from Goldman Sachs and Morgan Stanley to join him as an assistant at American Express.

Dennis P. Lockhart took office March 1, 2007, as the 14th president and chief executive officer of the Sixth District Federal Reserve Bank, at Atlanta. In 2009, he serves as a voting member of the Federal Open Market Committee.

Mr. Lockhart was born on February 1, 1947, in Bakersfield, California. He earned a B.A. in political science and economics from Stanford University in 1968 and an M.A. in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies in 1971. He served as a lieutenant in the U.S. Marine Corps Reserve from 1968 to 1974.