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Bank of America stock near 2-year low

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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:11 AM
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Bank of America stock near 2-year low

NEW YORK (CNNMoney) -- It's time for Bank of America to start wrestling with some existential questions.

The embattled financial institution's share price, already down 59% this year, hovered near its 2-year-low of $5.13 on a report in The Wall Street Journal that it was having difficulty meeting US financial regulatory requirements.

The Charlotte, North Carolina bank declined to comment on the story. During a press conference Tuesday morning, Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Commission, also declined to comment.

"It's very difficult to appeal to regulators until they themselves can communicate their own corporate vision," said Josh Siegel, a managing director of StoneCastle Partners, a private equity firm focused on community and commercial banks with $2 billion under management.

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