Bank of America CEO Lewis ‘comfortable’ with capital position; gov’t says needs $33.9B more
By APFriday, May 8, 2009
BofA Lewis ‘comfortable’ with capital position
CHARLOTTE, N.C. — Bank of America’s CEO Ken Lewis says he is “comfortable” with his bank’s current capital position, despite the government saying it needs $33.9 billion more.
“We are comfortable with our current capital position in the present economic environment,” Lewis said.
The Charlotte, N.C.-based bank is one of the nation’s large banks that needs to demonstrate it can raise capital if the economy does much worse than expected.
Bank of America said it is working on a plan to submit to the government for such a contingency, which is due by June 8.
“While it would have a number of components, we will not need any new government money,” Lewis said.
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