Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S
Lending / The Ticker

Bank of America dissolves Merrill Lynch unit

money zipper
/ Print / Reprints /
| Share More
/ Text Size+

According to Bloomberg, Bank of America (BAC) is dissolving Merrill Lynch & Co. and keeping only the brand name just four years after acquiring it.

Bank of America, the second-biggest U.S. lender by assets, is simplifying its structure after CEO Brian Moynihan’s predecessor bought Merrill Lynch in 2009. Merging the legal entity could help Moynihan hit his $8 billion-a-year cost-cutting target and comply with regulators who want to make the biggest banks easier to resolve in a crisis.

Source: Bloomberg
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus