Bank of America Corp. said Thursday that it may swap 200 million common shares for existing preferred stock as it continues to find ways to raise $33.9 billion in capital.
The $2.3 trillion-asset Charlotte company said its president and CEO, Kenneth D. Lewis, owns 86,000 preferred shares eligible for the exchange. This move could raise about $2.2 billion in capital, based on Wednesday's closing price.
B of A had said Wednesday that it has raised about $26 billion of equity capital, including $5.9 billion from another exchange of common shares for preferred stock.
The company has also expected to generate up to $7 billion in capital from earnings, but the Federal Reserve has reportedly imposed a cap that lets B of A use only one-fourth of this amount.
