Bank of America
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
Bank of America already announced it will be selling off its Spanish credit card business to Apollo Capital Management
CEO Brian Moynihan said the bank wants to concentrate on corporate lending, investment banking, and domestic retail banking customers. With the Chinese Construction Bank deal, Moynihan has sold more than 20 Bank of America assets since taking over in 2010 from former CEO Kenneth Lewis.
Lewis had acquired more than $130 billion in assets for the bank, including Countrywide, Merrill Lynch, and First Republic Bank. Since then, Moynihan has already divested First Republic Bank and shares in BlackRock and Brazilian bank Itau Unibanco Holding.
Getting rid of a bad penny
Countrywide is a continuing headache for Moynihan. In addition to a consortium of investors suing Countrywide for alleged breaches of warranty, AIG
Many of the bank's foreign sell-offs were done to meet higher capital requirements that are meant to reduce the risk of another financial crisis.
Rebalancing the checkbook
Bank of America is trying to get back to good financial health without having to issue more stock beyond last week's $5 billion investment by Warren Buffett. It will be a delicate balancing act for Moynihan, who has to be careful he doesn't throw out the baby with the bathwater.
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