Source: Bank of America will be asked to raise capital

Charlotte ObserverMay 4, 2009 

Bank of America Corp. expects to be asked to raise capital as part of the government's stress test of big banks, a person familiar with the matter said today.

The bank is in discussions with regulators over how much it will be required to add to its buffer against future loan losses, but a report that the bank will need to raise $10 billion in capital is too high, the person said.

Bank of America spokesman Scott Silvestri declined to comment, although earlier in the day he disputed a Financial Times story that said the bank was working on plans to raise $10 billion.

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