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US mulls fresh aid package for Bank of America

US mulls fresh aid package for Bank of America

The federal government is considering a fresh multibillion-dollar aid package for Bank of America Corp. to help it absorb losses at Merrill Lynch.
A person with knowledge of the discussions says the new aid package could be modeled along the lines of the financial lifeline that was thrown to Citigroup Inc. in November. The person spoke on condition of anonymity because of the sensitive nature of the discussions.
The Citigroup rescue involved a fresh capital infusion and government backing of billions in risky assets held by the bank.
Bank of America has received a total of $25 billion in capital injections from the Treasury Department's $700 billion bailout pot. That includes $10 billion for Merrill Lynch, which Bank of America bought in a deal that closed Jan. 1.


Updated : 2021-06-14 05:23 GMT+08:00