Bank of America has been in the press since it has apparently been trying to sell off part of the bank’s asset management business to Ameriprise Financials. Bank of America has no doubt been looking at ways of raising cash as a result of the turbulent banking crisis. In fact, the Bank of America has also been in the press over potentially having to pay out close to half a billion sterling pounds in toxic assets. If this is true, the sale of part of the bank’s asset managment business may help pay for this.
The Bank of America is one of the largest banks in America and provides a selection of financial products, such as BoA auto-loans or mortgages. The sizeable bank continues to face challenges in the banking market, like most main street banks, it is also probably fair to say that Wall Street and the global money markets have met the recent announcements with a variety of reactions.
The other news of the day is probably across the pond in Britain, where the FTSE has seen one of the best quarterly increases in the history of the London Stock Exchange.
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