BofA may sell U.S. Trust division

BOSTON – Bank of America Corp. may be open to selling its U.S. Trust private banking division, the Boston Business Journal reported.
The move would raise several billion dollars and ease concerns on its capital levels, the newspaper said, citing people familiar with the situation. U.S. Trust insiders are said to expect a sale; rival firms say they are receiving inquiries from portfolio managers and advisers looking to move their clients.
A Bank of America spokeswoman declined to comment but said U.S. Trust is a core asset.
The BBJ noted that U.S. Trust’s 200-year-old heritage and “powerful brand” among the wealthy elite has previously made Bank of America unwilling to let the division go.