Bank of America needs extra $33.9 bln: Report | business | Hindustan Times
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Bank of America needs extra $33.9 bln: Report

Bank of America will need 33.9 billion dollars in extra capital from the US government to remain financially stable, The New York Times reported.

business Updated: May 06, 2009 11:21 IST

Bank of America will need 33.9 billion dollars in extra capital from the US government to remain financially stable, The New York Times reported on Tuesday.

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.