Fed asks BofA for contingency plans Silicon Valley / San Jose Business Journal Date: Friday, September 2, 2011, 6:11am PDT
* Bank of America looks to cut 3,500 jobs * BofA leads bank stock tumble, down 20% * Banks seen near deal on foreclosures * BofA to pay $8.5B mortgage settlement * IPO filings at fastest pace in 4 years
The U.S. Federal Reserve has reportedly asked Bank of America Corp. Bank of America Corp. Latest from The Business Journals Government seeks billions against banks over mortgagesWSJ: Bank of America contingency plans include separate Merrill stockFed asking BofA for contingency plans Follow this company , one of Silicon Valley's biggest lenders, to give it a contingency plan for what it will do if its business worsens.
The Wall Street Journal cited information from unnamed sources in a report on Friday who said that BofA (NYSE:BAC) provided a list of options that includes issuing a separate class of shares tied to the performance of its Merrill Lynch securities unit. The bank bought Merrill Lynch, its most profitable business, in 2009.