This is a stunning number so if true, a major overhaul is going to have to happen. No more second or third chances. This numbers shows that BofA has not been as upfront as they should have been and who knows what else is going on with the banks. It's time to wave goodbye to the Bank of America executive team and clean house. Reuters:
Bank of America 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 for those who may have been getting ahead of the game, it may be time to settle and wait for a few more real signs of improvement instead of picking a few random bright spots.
A Bank of America spokesman declined comment.
The amount is far higher than published reports had speculated the largest bank might need. It is certain to increase the pressure on Chief Executive Kenneth Lewis, whom shareholders ousted as chairman last week.
