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BofA To Shut Proprietary Trading Unit
Bank of America is seeking to close its proprietary bond trading unit.
Bank of America is seeking to close its proprietary bond trading unit, Reuters reports. The unit employs about 15 people, who will either leave the bank or be reposted to positions elsewhere at the lender.
The move is part of BofA’s plan to exit the business of making bets with its own capital following the Volcker Rule. The rule restricts banks’ ability to invest with their own capital as part of the larger Dodd-Frank financial reform law passed in July 2010.
Click here for the story from Reuters.