B of A, JPMorgan, others raise $19 billion

Bank of America Corp, JPMorgan Chase & Co and several other banks said they have raised more than $19 billion as lenders scramble to extricate themselves from Washington's grip.

Banks are raising capital as investor sentiment for the sector improves and, in many cases, to show regulators they are capable of functioning without government support.

"Markets are providing an avenue for banks of all sizes and stripes to raise money unless you are at death's door," said Gary Townsend, co-founder of Hill-Townsend Capital in Chevy Chase, Maryland. "The market also seems to be making an assessment that credit problems are manageable and that the environment is improving. In my view, that is correct."

Read Full Article from Reuters

- Posted: 2009-06-02 10:51:24

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