Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

By Kevin Spak, Newser Staff

Posted Nov 18, 2008 8:02 AM CST

(Newser) – Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis... Read full story »

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Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

China • Bank of America • mergers and acquisitions • Merrill Lynch • job cuts • bailout • Troubled Asset Relief Program • China Construction Bank

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More Newser Stories

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

Congress, BofA Clash Over Merrill Secrets

Bank insists merger talk protected, Towns issues spill deadline

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

BofA CEO Says Feds Urged Silence on Merrill Losses

Shareholders kept in the dark to ensure deal

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