Saturday, 1 August 2015
Last updated 1 day ago
Aug 9 2010 | 2:09pm ET
Add Bank of America to the list of big banks mulling the future of their proprietary trading operations.
BofA may either sell the $3 billion desk or move its traders to other parts of the company, The Wall Street Journal reports. Among the potential buyers of the business could be a private equity firm or hedge fund, according to the Journal.
The Charlotte, N.C.-based firm inherited the prop. desk, led by David Sobotka, when it acquired Merrill Lynch last year.
Under the recently-enacted Volcker rule, banks have four years to divest themselves of their proprietary trading operations. Two other prominent firms are reportedly close to a decision, with Morgan Stanley mulling a spin-off as a hedge fund and Goldman Sachs likely to simply close its desk.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…