Bank of America (BAC) is negotiating the sale of its 49% stake in a private banking JV to its...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC) is negotiating the sale of its 49% stake in a private banking JV to its partner Mitsubishi UFJ (MTU) for somewhere in the area of $488M, reports the WSJ. For BofA, it's another move to focus international strategy away from wealth management, and towards corporate banking and trading.