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This Overweight Bank Is on a Crash Diet

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.

Yard sale
So far the bank has raised about $30 billion in a year-and-a-half-long frenzy of selling off its non-core assets.

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.

Bank of America already announced it will be selling off its Spanish credit card business to Apollo Capital Management (Nasdaq: