Report: BofA Selling its Non-U.S. Wealth Management Units

By FOXBusiness

Banking behemoth Bank of America Merrill Lynch (NYSE:BAC) has reportedly hung a “For Sale” sign on its non-U.S. wealth management business.

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According to Reuters, BofA, the world’s largest wealth manager, hopes an eventual sale of the division could generate $3 billion for the Charlotte-based company.

BofA has asked possible suitors to submit a first round of bids this week for the business, which manages some $90 billion in assets for wealth clients, Reuters reported.

BofA declined to comment on the report.

“We just never comment on market rumors or speculation," said BofA spokesman John McIvor.

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Shares of Bofa had little response to the report. They were recently trading at $8.92, up 1.47% on the day and slightly outpacing a 1.18% gain on the KBW Banking ETF.

BofA, the No. 2 U.S. bank by assets behind JPMorgan Chase (NYSE:JPM), acquired Merrill and its “thundering herd” of financial advisors in a controversial 2008 deal that needed taxpayer money to complete.

The acquisition, which was conducted during the scary days of September 2008, saddled   BofA’s balance sheet with toxic mortgage-related assets and helped lead to the eventual departure of then-CEO Ken Lewis.