This Overweight Bank Is on a Crash Diethttp://www.fool.com/investing/general/2011/08/30/this-overweight-bank-is-on-a-crash-diet.aspx Dan Radovsky
August 30, 2011
Bank of America (NYSE: BAC ) needs cash, and it needs it now. That's why it is selling half of its stake in China Construction Bank for $8.3 billion. Some analysts feel this is not a good strategic move, but one fueled by a desperate need to raise about $50 billion to meet new global banking rules.
These weight reduction exercises have including pawning off its Canadian credit card unit to Toronto-Dominion Bank (NYSE: TD ) for $7.6 billion. TD Bank will also take on $1.1 billion worth of Bank of America's liabilities.