BUSINESS BRIEFING / BANKING
Times Wire Reports
Bank of America Corp., under pressure from U.S. regulators to raise $33.9 billion, sold part of a stake in China Construction Bank Corp. for about $7.3 billion, said two people with knowledge of the matter.
BofA’s second sale of Construction Bank stock in 2009 brings the Charlotte, N.C., lender closer to the sum regulators say it needs as determined by the government’s stress tests.
