The United States Treasury says it's agreed to provide Bank of America with $20bn in fresh government support. This cash injection comes on top of $25bn the bank has already received in aid. Here's our business reporter Mark Gregory:

Listen to the story

Bank of America needs the extra money to deal with unexpectedly severe debt problems at the investment group Merrill Lynch which it bought last September.

Meanwhile, in a further sign of the times, Citigroup, another US banking giant, has reported a thumping $8bn loss - worse than expected - for the final part of last year.

Mark Gregory, BBC

Listen to the words

massive injection
provision of a very large sum of money

signifies
means

facing
experienced by

far from over
very unlikely to be resolved soon

extra
more, additional

severe debt problems
the inability to pay back the money owed which has turned out to be very serious and even dangerous

in a further sign of the times
as another confirmation that current problems exist

banking giant
a very large bank

thumping
extremely large, huge

Read more about this story

To take away:
Download or print (19 K)