Bank of America (BAC) - Get Report has lately become a major activist target, according to TheDeal's Ron Orol. Investors ranging from Jana Partners' Barry Rosenstein to FrontFour Capital's Stephen Loukas have each accumulated more than $10 million stakes in BofA between January and March, and specialty investors Basswood Capital and PL Capital are also said to have taken significant positions. Orol says some analysts are advocating for BofA to split its commercial banking unit from its investment bank, BankofAmerica Merrill Lynch, in order to unlock value and circumvent onerous regulation tied to BofA's 'too big to fail' status, as deemed by the Federal Reserve. Bank of America shares are down more than nine percent since last week's Brexit referendum, as investors brace for global financial shocks as the UK prepares its departure from the European Union.
This article was written by a staff member of TheStreet.