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cheapbag214s
Posted: Mon 19:05, 19 Aug 2013
Post subject: Bank of America needs Nike Blazer pkpf
Bank of America needs
The ouster could lay the groundwork for his eventual departure from the company he worked at for 40 years,
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It may also unnerve investors who had hoped the results of the stress tests on Bank of America and 18 other banks might show the industry was in less dire condition than had been feared. banks have nearly doubled since bottoming out in early March,
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About 10 of the 19 banks being stress-tested are expected to need more capital buffers,
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, a person familiar with the official talks has said. banks to determine their revenue, losses and capital needs, should economic conditions deteriorate even further than many economists expect.
Officials plan to release results of the tests on late Thursday, and are expected to reveal both aggregate and individual banks' figures.
Bank of America has been at the top of the list of banks believed to need more capital,
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The $34 billion figure more than triples previously published reports of Bank of America's capital needs,
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Lewis had told analysts on an April 20 conference call that "we absolutely don't think we need additional capital,
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Bank of America that day reported a surprisingly large first-quarter profit,
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, which may not be repeated. banks being stress-tested intend to hold press conferences on Friday to explain the results of the government's assessments, a source briefed on the plans said on Tuesday,
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, adding that many of the banks are in the process of crafting capital recovery plans.
Federal Reserve Chairman Ben Bernanke said on Tuesday that most of the capital-needy banks will be able to raise additional capital through "either issuance of new capital or through conversions and exchanges, or the sales of assets and other measures that would raise capital."
Bank of America has received $45 billion of taxpayer money, including an emergency federal bailout that included $20 billion of new capital in mid-January,
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, two weeks after the Merrill purchase.
Critics believe Lewis overpaid when he acquired Merrill for about $29.1 billion of common and preferred stock, agreeing to the takeover after less than 48 hours of negotiations and due diligence. Through Tuesday, shares of Bank of America had fallen 68 percent since the Merrill purchase was announced last Sept. Treasury Secretary Henry Paulson to close the merger, so as to not upset the financial system. economy than JPMorgan Chase Co and Citigroup,
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, which are better diversified internationally. Analysts widely believe the government will not require JPMorgan to raise more capital.
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