Bank of America said it would nearly double its stake in China Construction Bank, in spite of the spreading global financial crisis.

The trade publication American Banker unveiled its Banker of the Year award last week: It went to Kenneth D. Lewis, chief of Bank of America.

The trial brought by a group of large institutional investors may offer a window into the sale of asset-backed securities.

Stocks in the United States continued a sharp sell-off that started in Asia and Europe after a round of dismal corporate earnings reports and economic data.

Stocks in the United States continued a sharp sell-off that started in Asia and Europe after a round of dismal corporate earnings reports and economic data.

Propelled by economic data pointing to a profound global slowdown, Asian and European markets declined steeply and Wall Street futures fell to their lowest permissible levels.

Global stocks fell sharply despite earlier gains on Wall Street, with some down more than 9 percent. Europe’s major exchanges opened with declines of around 5 percent.

Japan and South Korea led Asian stock markets in steep declines. The Nikkei plunged 9.6 percent, and Europe’s major exchanges opened down about 5 percent.

Japan and South Korea led Asian stock markets in steep declines. The Nikkei 225 index plunged 9.6 percent.

The company has agreed to buy back as much as $4.7 billion in auction-rate securities to settle charges that it misled thousands of customers about the risky investments.