Bank of America Will ‘Comfortably’ Beat Capital Goal
June 12, 2009
By MoneyAisle
According to Bloomberg, Bank of America “has raised almost all of the $33.9 billion demanded by regulators after last month’s stress tests and now expects to ‘comfortably exceed’ that number.”
In total, after raising $9.5 billion through a conversion of perpetual preferred stock into 704 million common shares, the bank has been able to come up with about $33 billion.
“The lender may need to raise $5 billion to $10 billion more because the Federal Reserve imposed an additional requirement on firms seeking to repay U.S. rescue funds.”