Bank of America told Fed it could sell branches in emergency: source
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Bank of America Corp (BAC.N) 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, a person familiar with the matter 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, the person said.
Bank of America Chief Executive Officer Brian Moynihan has been under pressure to raise capital to absorb mortgage-related losses and meet new international standards. The second largest U.S. bank received government bailouts during the financial crisis and emerged as one of weaker institutions in its aftermath.
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