Bank of America, City Group, Banking System in Trouble AGAIN
Renewed stability fears hit banks
Bank shares tumbled on both sides of the Atlantic on Thursday amid intensifying fears that Bank of America and Citigroup – two of the world’s biggest financial institutions – will need further US government support and about the authorities’ ability to stabilise the banking system.BofA fell 18 per cent by as investors took fright at the bank’s request for more support from Washington to cushion heavy losses on the assets of Merrill Lynch, the bank it acquired last year. Citigroup’s shares declined a 15 per cent at concern about the viability of the conglomerate, which is due to report fourth-quarter profits and outline a fresh strategy on Friday....
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