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  • Bank of America Corp. (NYSE:BAC) Spins off its Private Equity Unit worth $5 Billion

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    Wednesday Apr. 20, 2011 at 09:10 am EST
     
    Bank of America Corp. (NYSE:BAC) Merges Banking Units
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    Bank of America Corp. (NYSE:BAC) has decided to spin off the last of its large private equity fund having more than $5 billion in assets. Bank of America Corp. (NYSE:BAC) will not make any new private equity investments in the near future.

    BofA spokesman Jerry Dubrowski said that the Bank determined the business was "not strategically critical to customers and our clients" and so decided to spin off the unit. The spin-off is part of continuous efforts to comply with the Volcker Rule, that limits proprietary trading, or investments by banks using their own capital.
    Shares of Bank of America Corp. (NYSE:BAC) closed at $12.31 on Tuesday below resistance level of $12.48. Major support levels for Bank of America Corp. (NYSE:BAC) below current price are at $11.92, $11.6 and at $11.19. Resistance levels for Bank of America Corp. above current price are at $13.2, $13.64, $14.1, $14.57 and at $15.07. Shares of Bank of America Corp. (NYSE:BAC) are up in the pre market Today indicating a good day.

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