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BofA Press Release On Stress Test ('The Model Works')

'Bank of America Corporation said the Federal Reserve has notified it of the stress test results. The test shows that in order to weather two years of the most severe economic circumstance, Bank of America would need to increase Tier 1 common capital by $33.9 billion.

UBS Job Loss Details Revealed

The Financial Times reports that UBS's wealth management unit is to bear the brunt of the 8,700 job cuts the bank aims to make by the end of next year.