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Fed asks BofA for contingency plans

User ID: 882120
United States
09/02/2011 11:18 AM
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Fed asks BofA for contingency plans
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.

[link to www.bizjournals.com]