BofA (BAC) Says "So Long" to Private Equity
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Bank of America (NYSE: BAC) shares are looking flat in post-market trading today, following reports that they will be exiting the private-equity business.
According to CNBC's David Faber, citing an internal memo at the bank, BofA will wind down the unit over the next few years.
BofA inherited the unit following its purchase of Merrill Lynch following the financial meltdown and subsequent fallout of 2008 - 09.
The business made about $5 billion in investments, including several "go-private" transactions. The last investment that the unit made was in Fall 2010.
According to CNBC's David Faber, citing an internal memo at the bank, BofA will wind down the unit over the next few years.
BofA inherited the unit following its purchase of Merrill Lynch following the financial meltdown and subsequent fallout of 2008 - 09.
The business made about $5 billion in investments, including several "go-private" transactions. The last investment that the unit made was in Fall 2010.
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