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BoA meets Fed capital target
BANK of America has paved the way to meet all regulatory requirements imposed on it when it agreed the repayment of the $45bn (£28.5bn) Tarp government bailout it received at the peak of the financial crisis.
The bank was told it needed to raise an extra $3bn through asset sales by the end of the year. It is understood it has raised the capital by selling some of its BlackRock stake and offloading its right to buy shares in China Construction Bank’s fundraising. News of the milestone will cheer investors, who were worried the bank may be forced by the Fed to dilute its common shares.