From the FINANCIAL TIMES:
Bank of America has struck a deal to sell about half of its stake in China Construction Bank to a group of investors for $8.3bn, marking another step in efforts by the beleaguered financial group to raise additional capital…
BofA’s shares have tumbled more than 40 per cent this year amid concerns the US bank’s troubled mortgage business could overwhelm its balance sheet, forcing the lender’s executives to reverse course and raise additional equity…
The bank last week turned to Warren Buffett’s Berkshire Hathaway, which invested $5bn in BofA preferred stock, in an attempt to reassure investors that further capital raising was unnecessary…
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