NEW YORK: Bank of America Corp has reached an agreement with the U.S. government repay its US$45 billion in bailout funds in the next few days, the company said on Wednesday, Dec 2.
The Charlotte, North Carolina-based banking giant is expected to sign the documents repaying its Troubled Asset Relief Program funds over the next few days.
The move comes as the bank has struggled in its ongoing CEO search to find a replacement for retiring Chief Executive Ken Lewis.
Analysts and bank observers have said the struggles stemmed in part from the US$45 billion in government aid extended to the bank. The U.S. pay czar curbed the pay for top executives and introduced other restrictions.
Lewis, retiring at year's end, has repeatedly said his goal was to repay the funds before he left the company. - Reuters
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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