Business

Bank of America may need to raise up $50 billion

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Bank of America saw its stock drop almost 8 percent Monday as litigation worries weighed on the shares as well as a Jefferies analyst telling clients the bank may need to raise up to $50 billion.

BofA finished trading in New York at $6.42, down 55 cents. That was the share’s low point for the day, with almost double the number of shares changing hands on a typical day. That pushed the bank’s shares down to where they were trading at earlier this month, and before that, since March 2009.

Full story: Bank of America may need to raise up $50 billion: Analyst – Puget Sound Business Journal.