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Bank of America’s request for $20 billion of government aid to help it acquire investment banking firm Merrill Lynch was a "tactical mistake," Bank of America CEO Ken Lewis told a newspaper Monday.
Lewis told the Financial Times that the request for assistance made the bank appear as weak as rival bank Citigroup [C
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], according to a story on the newspaper's Web site Monday.
Lewis also said he would stay as CEO of Bank of America until it paid back the $45 billion it received under the Treasury’s bank recapitalization program, which he said could happen in two to three years.
Lewis said an “abundance of caution” led him to take more aid than was needed to absorb Merrill Lynch’s $15 billion loss in the fourth quarter.
Bank of America [BAC
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] received $25 billion from the Treasury in September. It requested $20 billion more at the end of December.
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