Ken Lewis, chairman and chief executive of Bank of America, said it would take "some convincing" for him to do a European deal amid speculation that the US firm is about to mount a bid for Barclays Bank in the UK.

Speaking at the Goldman Sachs financial services chief executives conference this morning, Lewis said: "I am not saying we would never do a deal in Europe but there would have to be some convincing before we pull the trigger. I'd have to have lots of uncertainties cleared up to do that."