<p>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.<br />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.<br />“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.<br />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.</p>
<p>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.<br />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.<br />“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.<br />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.</p>