Bank of America sells 400M shares, $2.3B in debt

Bank of America sign is shown at a branch at the Bank of America Center in San Francisco (AP Photo/Eric Risberg)

December 16, 2011 11:43:20 AM PST
In an effort to strengthen its balance sheet, Bank of America in the first two weeks of December sold 400 million common shares and issued $2.3 billion in debt to replace $5.8 billion of preferred stock.