Nov. 11 (Bloomberg) -- Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., the three biggest U.S. banks, agreed on the structure of a fund of at least $75 billion intended to help calm credit markets, the New York Times reported, citing an unidentified person involved in the talks.
The proposed fund could begin operating by the end of December, the newspaper said, citing the unidentified person. The banks may begin asking about 60 financial institutions to contribute money as soon as Nov. 16 or early next week, the newspaper said, citing the person.
The proposed fund could begin operating by the end of December, the newspaper said, citing the unidentified person. The banks may begin asking about 60 financial institutions to contribute money as soon as Nov. 16 or early next week, the newspaper said, citing the person.
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