Finance: Bankamerica's Fund Raising

Bankamerica's Fund Raising

Having lost a staggering $640 million in the second quarter, BankAmerica is in the midst of an all-points campaign to cut costs and raise cash. The San Francisco-based giant (assets: $117.3 billion) has laid off 6.3% of its 80,000 employees this year, and last week it finalized the sale of its carleasing subsidiary to General Electric Credit for some $215 million. BankAmerica's main unit, Bank of America, completed a two-day auction that was billed as the largest farmland sale in California history. The bank put 3,821 fertile acres in the state's Central Valley on the block as a start at unloading...

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