Bank of America Corp. has received a vote of confidence from legendary investor Warren Buffett and sealed an agreement for his company, Berkshire Hathaway Inc., to inject $5 billion into the bank in a private offering.
The move comes as Bank of America has seen its stock slide about 30% this month, while talks have turned this week as to whether or not the firm needs to raise more capital. The bank also moved to quash rumors of a possible merger with JPMorgan Chase on Tuesday.
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