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Shares of payment processing business First Data (FDC) - Get First Data Corporation Class A Report  were tumbling following a report in The Wall Street Journal suggesting that Bank of America (BAC) - Get Bank of America Corporation Report is considering dissolving its nearly 10-year partnership with the company. 

The decision would give Bank of America more control of its business that focuses on moving money for merchants, the Journal reported. 

First Data has a majority ownership stake in the joint venture, Bank of America Merchant Services, which Bank of America agreed to when it was still vulnerable following the financial crisis a decade ago.

The joint venture accounts for between 10% and 12% of First Data's total revenue, according to estimates by analysts at Bernstein. 

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Payment processing operations such as Merchant Services make money through the transaction fees that come with every debit and credit card swipe at a retailer. They also sell the terminals used at registers to accept credit card operations. 

First Data fell 2.2% to $24.87. Bank of America fell 0.4% to $29.68.