Bank of America Corp. , seeking to reduce risk and meet new capital standards, upgraded billions of dollars of distressed mortgage bonds by repackaging them into new securities using a variation of a Wall Street technique that failed during the credit crisis.
Bank of America Corp. , under government pressure to curb private-equity investments, plans to sell $1.2 billion of commitments to funds managed by Warburg Pincus LLC as about 30 employees join two new bank-affiliated ventures, said two people with direct knowledge of the matter.
Bank of America Corp.’s $33 billion of asset sales last year, designed to help meet international capital standards, may slice at least $2.8 billion from 2012 profit that the firm also needs to reach its target.
Bank of America Corp., hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.
Bank of America Corp., whose stock lost about half its value this year, led lenders lower in New York trading as the company’s plan to bolster its balance sheet renewed concern that shareholders may see their stakes diluted.