Bank of America (BAC +1%) completes its effort to swap out preferred shares for common stock and...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC +1%) completes its effort to swap out preferred shares for common stock and debt, which will boost its Tier 1 common capital by $3.9B. BofA has been racing to raise additional capital to meet stricter global standards, and has looked to quiet doubters concerned that massive mortgage losses would overwhelm its capital position.