Bank of America has reached an agreement with regulators to pay back $45bn in funds from the Troubled Asset Relief Programme.
In order to pay back the Tarp funds, BofA will use $26.2bn of its own cash and raise an additional $18.8bn in the markets beginning on Thursday through the sale of stock or warrants that can be converted into stock.
The announcement, following more than a month of negotiations between BofA executives and regulators in Washington, is a dramatic coda to the reign of Ken Lewis, the bank's chief executive, who plans to step down at the end of the month.
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