Bank Of America To Shut Its Proprietary-trading Unit

Bank of America Corp. will shut a unit that makes bets on bonds with the firm's own capital, said three people briefed on the decision.A team of about 15 people, including head Scott Brown, are expected to leave this month as Charlotte-based Bank of America complies with proprietary-trading limits, said the people, who declined to be identified because the shutdown hasn't been publicly announced.

 

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