The three banks may make a formal announcement as soon as later today, said spokespersons who declined to be named because the decision isn't yet public. The new fund would purchase assets from structured investment vehicles, units set up to finance purchases of securities such as corporate bonds and subprime mortgage debt.
Big Bankers May Bind to Back Billions
Banking industry giants Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will be joining in an agreement to establish a fund totaling approximately $80 billion. The fund is designed to help revive the asset-backed commercial paper market, according to unnamed persons who are familiar with the discussions.
Published on October 15, 2007
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