Two more directors have resigned from Bank of America Corp.'s board, according to a securities filing Monday.
Jackie Ward and Patricia Mitchell stepped down effective June 3. The board had been expected to lose more members amid a shake-up led by chairman Walter Massey. The board has now lost four directors who had been re-elected at April's annual meeting and added four new ones with banking and regulatory experience.
Separately, the Federal Reserve on Monday said Bank of America and nine other banks required last month to raise capital after a government stress test have submitted plans for boosting their cushion against losses, as required. The Fed said the plans would give the banks the necessary buffer to handle the more adverse economic scenario under the stress test.
Bank of America last week said it had already raised most of the $33.9 billion required under its stress test. The bank expects to "comfortably exceed" the government requirement, bank spokesman Scott Silvestri reiterated Monday.
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The Fed said it will work with the banks to ensure their plans are implemented "quickly and effectively." Bank regulators also are working with "all regulated financial institutions to review the quality of their corporate-governance, risk-management and capital-planning processes," the Fed said.
Under the stress tests, banks were required to review their boards and management to make sure they have "sufficient expertise and ability" to handle current economic conditions.
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