Bank Of America Sells Off Assets To Increase Capital (BAC, AMP)

In an effort to raise even more capital, Bank of America (NYSE: BAC) is looking to sell their holdings of First Republic Bank to a group of investors headed by First Republic Management and private investors. The private bank, which was initially bought by Merrill Lynch in 2007, is reportedly being sold for over $1 Billion.Top management, Chairman James Herbert and COO and President Katherine August-deWilde will remain with First Republic Bank.

Aside from First Republic Bank, Bank of America is also looking to sell their asset management business, Columbia Management. They look to sell Columbia to Ameriprise Financial (NYSE: AMP) for $1 billion.