Bank of America Corp. (NYSE: BAC) plans to sell assets and issue more common stock after being told by the federal government that it must raise $33.9 billion to adequately guard against “more adverse” economic conditions.
On April 21, Treasury Secretary Timothy Geithner said the “vast majority” of U.S. banks have more capital than needed. Geithner’s remarks come on the heels of a surge in reported quarterly profits by the big banks.
Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2.46 yuan), or 1.2 times the Beijing-based lender’s book value, China’s Caijing magazine reported last Friday, citing unidentified sources.
Bank of America Boosts China Bank Stake; Home Prices Continue to Fall; Record Profit and Resignation for Vodafone; Standard Pacific Stock Shoots Up; Landis&Gyr Lands 7 Million “Smart Meter” Contract; S. Africa Grows a Slow 2.1% in 1Q; Gold Futures Fall $18.