Bank of America Corp. (NYSE:BAC) said it agreed to sell about 10.4 billion common shares of China Construction Bank Corp. (CCB) through private transactions with a group of investors, in a move that will result in an after-tax gain of about $1.8 billion.
The banking sector, enduring rounds of deep job cuts, faces the grim prospect of having nowhere to turn to for immediate employment in the industry, as nearly all branches of finance have pulled back on hiring.
China announced a reshuffle of its top economic regulatory posts on Saturday, the official Xinhua news agency said, the first big step in a comprehensive leadership change that will culminate when its top political leaders retire.
otal revenues jumped by about 6.6 percent from $26.9 billion to $28.7 billion.
The jobs cut is the single largest job reduction by a U.S. company this year, and the most since the U.S. Postal Service said last year it wanted to cut an additional 30,000 jobs.
On the day President Barack Obama sent his $447 billion jobs bill to Congress in a bid to solve America's unemployment problem, the Bank of America delivered an economic blow -- announcing plans to slash as many as 30,000 jobs.
Bank of America tried to grow at the peak of the U.S. financial disaster several years ago, acquiring Countrywide Mortgage and Merrill Lynch, the investment bank, but now the Charlotte, N.C.-based company is destined to shrink. The company disclosed plans on Monday to cut 30,000 jobs, as the nation's largest bank tries to cut costs as the U.S. economy continues in a slow-growth, high unemployment mode.
Bank of Nova Scotia (BNS.TO) said on Friday it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million ($722 million) to expand its footprint in China, becoming the latest foreign bank to invest in a Chinese bank before the bank does an IPO.
Hong Kong shares gained for a second-straight session on Tuesday, but trading was thin as investors stayed on the sidelines ahead of economic data releases from China and the United States this week.
Hong Kong-listed shares of China Construction Bank Corp rose more than 4 percent on Tuesday after Bank of America Corp said it will sell about half of its 10 percent stake in the Chinese lender, providing relief to investors by removing uncertainty surrounding the stake.
Hong Kong-listed shares of China Construction Bank Corp, the world's No.2 lender, rose more than 4 percent on Tuesday after news that Bank of America Corp will sell about half of its stake in the Chinese lender.
China's central bankers have found a new way of keeping banks from lending too much, a step Beijing hopes will help it tackle the country's persistent inflation woes.
Hong Kong shares could edge lower at Monday's open, with turnover likely to stay low though U.S. Federal Reserve chairman Ben Bernanke's comments on Friday could boost cyclicals, limiting losses.
Bank of America shares rose more than 6 percent after the banking company announced it agreed to sell Chinese Construction Bank Corp.
The top after-market NYSE gainers on Friday are: Banco Santander, Brookfield Office Properties, Jaguar Mining, Sandridge Energy, Radioshack, Toll Brothers, General Growth Properties, Endeavour Silver Corp, Bank of America and CVR Energy.
The Bank of America (BAC.N) is completing plans to sell over half of its shares in the China Construction Bank (0939.HK), with a group of Asian and Middle Eastern sovereign wealth funds negotiating to buy, the New York Times reported on Saturday.
Bank of America could strike a deal as early as Monday to sell about half of its 10 percent stake in China Construction Bank, CNBC reported Friday, citing an anonymous source.
China has ordered banks to include their margin deposits in required reserves at the central bank to mop up excessive liquidity, banking sources said on Friday, the latest move in Beijing's campaign to rein in worrisome inflation.
China's planned deregulation in October of its fund distribution business has drawn interest from both independent advisers and locally-incorporated foreign banks, as they eye a slice of the market dominated by Chinese banks.
Bank of America Corp (BAC.N) shares fell nearly 8 percent on Monday, reaching their lowest level since March 2009, as investors fretted the bank may need to raise some $50 billion of capital and worried about potential additional mortgage lawsuit payouts.
Hong Kong shares had edged lower by midday on Monday, giving up earlier gains, as investors sold shares of companies that reported weak or even forecast-meeting half-year results, underscoring weak risk appetite, with more volatility expected.
China shares in Shanghai and Hong Kong fell on Monday as investors hammered companies reporting weak or forecast-meeting results, while a late jump in HSBC helped the Hang Seng index offset some of those losses and end higher.
