Bank Of America Closes In On $33.9B Capital Target

May 27th, 2009 - Wall Street Journal

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NEW YORK--(Dow Jones)--Bank of America Corp. (BAC) is within striking distance of raising the $33.9 billion in common equity it needs following the U.S. government's stress test.

The Charlotte bank said Wednesday that it's inked plans to add $26 billion in common equity, or 76% of the total $33.9 billion in common capital that U.S. banking regulators told the firm to raise.

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