Will BOA try to raise 10 Billion?

Will BOA try to raise 10 Billion?

Ahead of the stress test results, Bank of America and Citigroup are both launching last-ditch attempts to convince the U.S. government they don't need to bolster their balance sheets, but the Financial Times reported that Bank of America is working on plans to raise more than $10 billion in fresh capital (BOA denied the rumor this morning). Wells Fargo and PNC Financial will also need to raise more capital unless they can persuade the administration their findings were wrong, the paper reported, citing people close to the situation. Analysts believe the government will say all 19 banks are solvent when the results are announced on May 7, but that some banks need to raise more capital than others to cushion themselves if the recession worsens.

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