Bank of America to raise $8 billion, bringing total to over $13 billion


The resurrection of the American banking system must be complete. One of the weakest financial firms in the U.S., Bank of America (BAC), will raise $8 billion at $10 a share.

The stock closed the day at $11.25 and was down as much as 6 percent after hours. The money is in addition to capital it announced it would raise earlier in the month and that brings the total to $13.47 billion. B of A is in the process of closing the gap of $34 billion that the government said it needed after conducting its bank "stress tests."