Investors braced for the release of bank stress test results that will separate the weak from the strong and force some top banks to raise billions of dollars in capital.
Regulators are ordering some of the largest U.S. banks to find tens of billions of dollars of capital to cushion themselves in the event of a deep economic downturn.
Bank of America chief executive Ken Lewis on top federal officials will be asked by a Congressional panel to testify next month about his claims that the U.S. Treasury and Federal Reserve pressured him to close deal to acquire Merrill Lynch, a person familiar with the investigation told the Wall Street Journal.
Bank of America Corp's chief executive and top federal officials will be asked by a Congressional panel to testify next month about claims that the bank was pressured by the government to complete its purchase of Merrill Lynch & Co, the Wall Street Journal reported on Wednesday, citing a person familiar with the investigation.
Bank of America Corp's chief executive and top federal officials will be asked by a Congressional panel to testify about claims that the bank was pressured by the government to complete its purchase of Merrill Lynch & Co, the Wall Street Journal reported on Wednesday, citing a person familiar with the investigation.
Fixes headline to say BofA CEO will be asked to testify: report, instead of will testify
Bank of America Corp's chief executive and top federal officials will be asked by a Congressional panel to testify about claims that the bank was pressured by the government to complete its purchase of Merrill Lynch & Co, the Wall Street Journal reported on Wednesday, citing a person familiar with the investigation.
Cisco Systems Inc posted stronger-than-expected quarterly results and Chief Executive John Chambers said his customers were seeing more stability, adding to hopes that business conditions would soon recover.
Regulators have told Bank of America Corp it needs $34 billion of capital to withstand a deep economic downturn, an industry source familiar with results of a government stress test said late on Tuesday.
By now, most smart money has typically pegged the US recovery in late 09, early 2010.
Bank of America needs $34 billion in extra cash, a source familiar with U.S. government stress tests on leading banks told Reuters, unsettling markets and stoking talk of a possible asset sale in China.
Bank of America Corp has been deemed to need as much as $34 billion in additional capital, according to the results of a government stress test, a source familiar with the results told Reuters late on Tuesday.
Stocks slipped and the yen rose on Wednesday after news Bank of America needs $34 billion in extra capital startled investors who had grown more comfortable with risk ahead of official results of stress tests on U.S. banks due on Thursday.
Federal Reserve Chairman Ben Bernanke, seeking to soothe markets worried about the eagerly awaited government stress tests of 19 big banks, on Tuesday downplayed the possibility of new taxpayer bailouts.
The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.
Federal Reserve Chairman Ben Bernanke testified at the Joint Economic Committee on Tuesday that he never asked Kenneth Lewis, chief executive officer of Bank of America Corp., to remain silent about the Merrill Lynch & Co. losses, before its January 1 acquisition.
The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.
Federal Reserve Chairman Ben Bernanke said on Tuesday the three-year U.S. housing bust may be near a bottom and the recession should end this year, as long as there is no relapse of the credit squeeze that has strangled the economy.
U.S. stocks dipped on Tuesday as investors opted to book profits from the recent sharp run-up, while energy shares succumbed to pressure from retreating oil prices.
Stocks slipped on Tuesday as the recent sharp run-up tempted investors to take profits and energy shares were pressured by a decline in oil prices.
The U.S. services sector contracted less severely in April and was back to its October 2008 level, a report showed on Tuesday, adding to evidence the world's largest economy was nearing bottom and moving closer to recovery.
U.S. regulators are working with the top 19 banks on Tuesday to put the final touches on the results of regulatory stress tests, which are expected to reveal about half the banks need more capital but face manageable losses.
