Bailout

Report: BofA Needs $34 Billion in Capital

By Anonymous

Bank of America (BAC.N) has been deemed to need an additional $34 billion in capital, according to the results of a government stress test, a source familiar with the results said on Tuesday.

And Bloomberg: Tests Said to Show Bank of America Has Biggest Need

Regulators have determined that Bank of America Corp. has the largest need for new capital among the 19 biggest U.S. banks subjected to stress tests, according to people familiar with the matter.

Citigroup Inc.?s shortfall is more limited because the company already plans to convert government preferred shares to common stock, the people said.

Full post as published by Calculated Risk on May 06, 2009 (boomark / email).