Bank of America to repay TARP

Bank of America to repay TARP

NEW YORK (Reuters) - Bank of America Corp said it would repay $45 billion (27 billion pounds) of taxpayer bailout funds, a move that could free the top U.S. lender from pay curbs as it looks to hire a new CEO but also makes it more vulnerable to further economic shocks. The surprise announcement on Wednesday marks a victory for outgoing Chief Executive Kenneth Lewis, who is expected to retire from his post by the end of the year. Lewis has said that repaying the government was something he wanted to accomplish before stepping down.

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