Bank of America Sells Stake in Chinese Bank for $8 Billion

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Photo: Karen Bleier/AFP/Getty Images

In a continued effort to shore up its blogger-challenged, Warren Buffett–backed capital reserves, Bank of America sold around half of its stake in China Construction Bank for a pre-tax total of $8.3 billion today. B of A purchased a 10 percent stake in the Chinese bank in 2005 for about $3 billion. This morning, the American bank saw its struggling stock surge about 3.5 percent upon news of the sale. [CNBC]