The Charlotte, N.C.-based firm fetched more than $10 billion through asset sales last year, but seems to have gotten rid of the larger, non-core franchises that were isolated from other operations. It sold two banking franchises -- Columbia Management and First Republic -- as well as its stake in China Construction Bank.
As part of its agreement to repay $45 billion in TARP funds last December, Bank of America told the Federal Reserve it would pare down its diverse array of businesses further. Ultimately, it must agree to sell $4 billion worth of assets by June, and complete transactions by year-end. Bank of America agreed to raise whatever shortfall there is by issuing more common equity -- a move that would dilute stock -- sodden shareholders even more.
Apart from stock holdings, some Merrill businesses, the U.S. Trust division and a couple of joint ventures, there don't seem to be many stand-alone divisions that could be easily carved out of Bank of America's large, interwoven folds. Of those isolated fragments, it's not clear which, if any, management considers non-strategic.According to the business plan sketched by
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