Daily News: January 16, 2012

BofA Tells Fed it Might Have to Sell Branches in Emergency


Reuters reported that Bank of America told Federal Reserve officials in June that it could shed branches in some parts of the country if it needed to raise capital in an emergency, citing a person familiar with the matter.

The article said the proposal was part of a series of options provided to the Fed, including issuing a tracking stock for its Merrill Lynch operations. The fact that the bank proposed selling branches doesn’t mean it’s a desirable move or highly probable, Reuters reported the unnamed source as saying.

To read the full Reuters article: click here.