Bloomberg reports that, according to analysts over at Oppenheimer (clearly trying to jump into the shoes left empty by Meredith Whitney), Bank of America will need to raise $36.6bn in equity, after a slew of expected additional writedowns.

Although saying that large 'universal banks' like Bank of America may look like they are making 'something of a recovery' when they post first-quarter earnings, a recent Oppenheimer research note says that 'the wave of problem credit is still rising rapidly. The big event of 2009, in our minds, is likely to be the ongoing erosion of loan-loss portfolios. On this score, we expect deterioration to continue in full swing'. Oppenheimer also says that it expects investment banks will make a quicker recovery than their commercial banking rivals.

In the meantime, The Financial Times reports that proxy adviser RiskMetrics has urged Citi stockholders to vote against the re-election to the company board of four of its 14 members - Michael Armstrong (former CEO at AT&A), Alain Belda (Chairman, Alcoa), John Deutch (former Director of CIA) and Anne Mulcahy (CEO, Xerox). Risk Metrics said that 'the pattern of chronic oversight failure at Citi and the magnitude of the corresponding shareholder losses warrant removal from the board of directors most responsible for risk oversight'. A spokesperson for Citi said that 'there is no basis for any recommendation against directors'.

And Reuters reports that Citi is said to have told potential buyers that it will listen to bids for its Japanese investment banking and asset management units. The firm was thought to be only interested in the sale of its brokerage business in the country. All three units, which are thought to now be valued at some $8bn, were originally acquired for $15bn.

Finally, the news agency also reports that the US Treasury is not planning to release details of the results of the so-called 'stress tests' on banks until after the completion of the first-quarter earnings season. It remains unclear whether the Treasury will release details on specific institutions, or whether is will simply publish a summary.

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