Bank of America Considering Plan to Sell Non-Core Assets

Before you go, we thought you'd like these...
Before you go close icon
Bank of AmericaBank of America (BAC) is planning to highlight billions of dollars worth of assets that it intends to sell or wind down.

The bank has told investors and analysts that it is considering disclosures on assets including loans, businesses and stakes that it considers non-core, The Financial Times reported without naming its sources. The non-core assets could be worth more than $100 billion.

Sponsored Links
Disclosing these assets could lead to the bank taking aggressive steps to reduce its balance sheet, which is worth more than $2,300 billion.

"BofA would do itself and investors a great service if it gave greater clarity and details on the size and composition of its non-core assets," said Betsy Graseck, a Morgan Stanley analyst who recently met with Bank of America management.

The non-core assets could include structured-credit products and impaired loans that Bank of America acquired when it bought mortgage lender Countrywide Financial.

Bank of America declined to comment to The Financial Times.

Bank of America has already sold some assets, including shares in MasterCard, Spain's Grupo Financiero Santander and Brazil's Itau Unibanco. These sales earned the bank $10 billion in gross proceeds at the end of the second quarter.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners