Bank of America needs $34 billion to stay viable

NorthernSanctuary · 05-06-2009, 08:54 AM

BREAKING NEWS! Bank of America Requires 34 Billion to Stay Viable!!!
Quote

Bank of America needs extra 33.9 bln dlrs: reportMay 6, 2009 - 2:44PM
Bank of America will need 33.9 billion US dollars in extra capital from the US government to remain financially stable, The New York Times reported.

The government has informed the banking giant of its decision, the Times said, citing a bank executive, but the amount is greater than what executives think the bank needs.

"We're not happy about it because it's still a big number," said J. Steele Alphin, the bank's chief administrative officer. "We think it should be a bit less at the end of the day."

The report came ahead of results Thursday from "stress tests" conducted by US authorities on 19 top banks, including their capital adequacy levels.

The Wall Street Journal meanwhile said 10 of the 19 banks subject to the tests may need to raise more capital.

The exact number of banks required to raise more funds has not yet been determined, the financial daily said, but those affected could include banking giants Wells Fargo, Bank of America and Citigroup.

http://www.reuters.com/article/newsO...5450C120090506

05-06-2009, 08:54 AM	#1
NorthernSanctuary Avalon Senior Member Join Date: Sep 2008 Location: Montreal, Canada Posts: 698	Bank of America needs $34 billion to stay viable BREAKING NEWS! Bank of America Requires 34 Billion to Stay Viable!!! Quote Bank of America needs extra 33.9 bln dlrs: reportMay 6, 2009 - 2:44PM Bank of America will need 33.9 billion US dollars in extra capital from the US government to remain financially stable, The New York Times reported. The government has informed the banking giant of its decision, the Times said, citing a bank executive, but the amount is greater than what executives think the bank needs. "We're not happy about it because it's still a big number," said J. Steele Alphin, the bank's chief administrative officer. "We think it should be a bit less at the end of the day." The report came ahead of results Thursday from "stress tests" conducted by US authorities on 19 top banks, including their capital adequacy levels. The Wall Street Journal meanwhile said 10 of the 19 banks subject to the tests may need to raise more capital. The exact number of banks required to raise more funds has not yet been determined, the financial daily said, but those affected could include banking giants Wells Fargo, Bank of America and Citigroup. http://www.reuters.com/article/newsO...5450C120090506