WSJ Report: BofA Prepares To Scale Back
The Wall Street Journal is reporting Bank of America is considering retreating from some parts of the country if its financial problems worsen. The bank included the possibility on a list of emergency scenarios it submitted to the Federal Reserve last year, though sources close to the bank say no retreat is imminent. Bank of America is one of three banks that have branches coast-to-coast. Also on the list of emergency scenarios the bank submitted is the potential sale of shares related to Merrill Lynch. Bank of America's stock has fallen more than 50 percent in the last year. The bank will release it latest quarterly earnings next Thursday.