View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
April 18, 2012

Reuters: Bank of America to sell global wealth management units

By Spear's

ZURICH/LONDON (Reuters) – Bank of America Merrill Lynch has put its wealth management units outside the United States up for sale, three sources familiar with the situation said, hoping to bring in up to $3 billion for the sub-scale business

ZURICH/LONDON (Reuters) – Bank of America Merrill Lynch has put its wealth management units outside the United States up for sale, three sources familiar with the situation said, hoping to bring in up to $3 billion for the sub-scale business.

Bank of America is the world’s largest wealth manager, but its non-U.S. arm — which two of the sources said manages some $90 billion for rich clients — is not large enough to generate enough money for the bank.

“There is a lot of soul-searching going on by a lot of players as to what to do with their non-U.S. private banking operations,” said a fourth person, an investment banker who has knowledge of the financial sector.

Bank of America declined to comment.

The second-largest bank has lagged peers in recovering from the financial crisis, largely because of huge losses and lawsuits tied to its 2008 acquisition of subprime mortgage lender Countrywide Financial.

Bank of America’s non-U.S. private banking business targets so-called “mass affluent” clients whose wealth is measured in hundreds of thousands of dollars, rather than super-rich private banking clients worth tens of millions.

To read the full story, visit reuters.com

Content from our partners
Abu Dhabi: How the 'capital of capital' became a magnet for UHNWs
Abu Dhabi Finance Week in the 'Capital of Capital'
Experience Seekers: The Future of Luxury Travel

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network