BOFA ADMITS ‘TACTICAL' ERROR IN AID REQUEST

Mr Lewis vowed to stay on as chief executive of the bank until it paid back the $45bn of government money it has received under the Treasury's bank recapitalisation programme, for the first time signalling his plans to leave the company.

He said repaying the government funds could be possible within the next two to three years.

However, he expressed regret that an “abundance of caution” had led him to take more aid than he said was necessary to absorb Merrill's $15bn fourth quarter loss.

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