Reports Bank of America (BAC) Seeking To Raise $10B

According to reports from the Financial Times, Bank of America Corp (NYSE: BAC) is planning to raise $10 billion in fresh capital, as the company and Citigroup (NYSE: C) make last-ditch attempts to convince the government that they don't need added capital cushions.

Bank of America, Citigroup and at least two other large U.S. banks will attempt to convince the U.S. Treasury and Federal Reserve that the "stress test" results were too pessimistic. Wells Fargo (NYSE: WFC) and PNC Financial (NYSE: PNC) could be two others that did not meet the government's capital cushion requirement to handle loan losses into 2011 under the weak economic conditions assumed in the "stress test".

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