BofA mulls selling ML?
Just saw the rumor on Bloomberg, but no link yet. They are looking at selling assets to meet new capital requirements. But it has been rumored for sometime. What's the rumor you guys are hearing?
"BofA is lagging behind its major competitors, and with new capital rules on the horizon the bank may need to start selling assets to raise capital. Since January of 2010, the bank has sold nearly $50 billion of assets, which include most of its shares in China Construction Bank Corp. As a result, the bank may not have many big-ticket items left. The bank could consider selling its Indian back-office processing operation, as other banks have, and could shed real estate holdings and private-equity investments.
One analyst stated the bank could need $45 billion of additional capital by 2019, and if so it may have to start cutting deeper into its franchise. That would mean shedding more significant businesses, including potentially selling the crown jewel, the recently acquired Merrill Lynch brokerage business. The bank can also improve its capital measures by retaining profits and running off risky loans, but those steps will take time."
When I was working at Merrill Lynch this past Fall, I happen to realize that Bank of America did not fully integrate with Merrill Lynch eg operations and technology wise because it would be too costly...
^^^ if you're going to post verbatim from a news article you might consider attributing the quote,
And barring complete meltdown, they won't sell ML
I think this was in regard to the international assets.
http://247wallst.com/2012/08/13/bank-of-america-sells-merrill-lynch-int…
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