BofA Squashes Deal Talk

Bank of America's(BAC) chairman and CEO Ken Lewis nixed rumors that the Charlotte bank was in acquisition talks with Countrywide(CFC).

Speaking at Citigroup's financial services conference, Lewis said it was unlikely that BofA would acquire a smaller rival this year, since U.S. banks cannot own more than 10% of the country's deposits, according to reports.

BofA already has around 9% of the country's deposits. ...