Bank of America Corp (NYSE:BAC) on Thursday announced that it will sell its interest in Mitsubishi UFJ Merrill Lynch PB Securities to Mitsubishi UFJ Financial Group.
Charlotte-based BofA owned a 49% share in the wealth-management firm, which serves wealthy clients in Japan. Mitsubishi UFJ holds the other 51% and has decided to acquire BofA’s share of the business. Terms of the transaction were not unveiled.
The move is the most recent in a string of asset sales for BofA as Chief Executive Brian Moynihan refocuses the big lender on serving its core clients in the US and corporate clients around the world. [article_detail_ad_1]
Bank of America has jettisoned wealth-management and credit-card stakes in Europe and sold shares it held in commercial banks in Asia, Europe and South America.
Looking towards other banks, The Wall Street Journal published Thursday, mentioning people familiar with the intentions, that Barclays PLC (ADR) (NYSE:BCS) intends to cut as many as 2,000 jobs from its investment bank as element of a broad shakeup.
The slashes are likely to be declared in early 2013, the newspaper stated, and would make Barclays the most recent institution to connect in what’s become a global cost-cutting spree in the banking industry.
Looking forward on Tuesday, February 26, 2013, JPMorgan Chase & Co. (NYSE:JPM) will organize an Investor Day in New York City with presentations given by Jamie Dimon, Chairman and Chief Executive Officer, and associates of executive management. The presentations will comprise a question and answer session.
The live audio webcast and arrangement slides will be published on the day of the event to www.jpmorganchase.com under Investor Relations, Investor Presentations categories.