Bank of New York
rose Thursday after a report said it is close to selling its retail banking network to
The assets could fetch as much as $4 billion,
said, citing people close to the negotiations.
According to the report, Bank of New York would sell about 300 retail banking branches to J.P. Morgan, effectively exiting the business of retail banking. The company would focus on its core franchises of securities custodial services and institutional services.
In premarket trading, Bank of New York shares rose $1.33, or 3.9%, to $35.75.