Financial services major Bank of America, which is to boost its capital by as much as $34 billion, has been pressured by the US to restructure its board.
The Wall Street Journal has reported that the Federal officials have pressured BoA to revamp its board by bringing in directors with more banking experience.
“The move represents unusual influence by the federal government over the workings of a financial institution in which it doesn’t own a stake,” the daily said in a report published online.
Noting that many of the entity’s woes stem from the buyout of Merrill Lynch, the publication noted that Merrill deliberations were the beginning of regulators’ deepening involvement in BoA’s day-to-day operations.
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