When the FT reported that Bank of America (BAC) would need to raise “well in excess” of $10 billion in order to please regulators, they weren’t kidding.
Reuters is now reporting that the stress test veridct is that BofA will need $34 billion. The official results are due out in two days, so with any luck we’ll have an end to this ongoing leak-fest.
Following the release of the results, the bank will have a month fo come up with a capital-raising plan, which will most likely involve conversion of government-preferred shares to commong stock.
See how this effects the company by entering BAC below for your FREE stock analysis no strings attached.
