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Bank of America's Montag and Darnell received broad power to downsize the company. They don't plan to blow it up, but will ramp up selective sales of servicing rights, equity stakes in other businesses and undervalued assets.
September 8
Bank of America (BAC) is looking to sell its wealth management divisions outside of the U.S., Reuters reported Tuesday.
The Charlotte banking giant is expected to begin soliciting bids this week and is looking to fetch up to $3 billion for the non-U.S. operations, according to news reports. One news outlet, CNBC, estimated that the price tag would be more in the range of $1.5 billion to $2 billion.
B of A did not immediately return a call for comment.
The company has sold off a number of business units or stakes in other companies over the last year as part of a broad effort to streamline operations worldwide and bolster its capital levels.
In 2011, B of A's global wealth management business, which includes its U.S. operations, generated revenues of $13.5 billion, up 8% from a year earlier.
It inherited much of its global wealth operations in 2009 when it acquired Merrill Lynch and it now manages about $90 billion of assets outside of the U.S., according to Reuters.
