Last month, Bank of America Merrill Lynch (BAC), became the first major bank to make a private REIT available to clients of its investment advisory business. The REIT offering: Jones Lang LaSalle Income Property Trust, formerly known as Excelsior LaSalle Property Fund Inc.
By Kraken:Bank of America (BAC) has been transitioning its revenue stream from less profitable divisions to higher margin businesses. Brian Moynihan plans to add an additional 1,000 small business bankers as a push to gain market share in the segment.
Bank of America could face action from regulators if the company is judged to have fallen short with measures to strengthen its business, the Wall Street Journal reported Tuesday.Bank of America has been operating under a memorandum of understanding since May 2009, following repeated regulatory tussles over the purchase of Merrill Lynch and a downgrade of its confidential supervisory rating.The Journal, citing people familiar with the situation, said the memorandum had identified governance, risk and liquidity management as problems that had to be fixed.