Bank of America quashes merger talk
Bank of America says merger speculation with JPMorgan is 'baseless.' Bank of America shares soar after steep decline.
The nation's largest bank sent the memo to employees on Tuesday after takeover talk swirled in the market when a few blogs reported that it might be acquired by JPMorgan Chase & Co. In the memo, Bank of AmericaCorp. also said the reports that it needs to raise at least $200 billion in capital to meet new regulatory capital requirements was also "wrong."
Bank of America shares are up 9 percent to $6.87 on Wednesday, after declining 36 percent this month.