BofA (BAC) Likely To Sell Off $500B Worth Of Assets

Rochdale Securities analyst Richard Bove says Bank of America (BAC) is likely to sell off $500 billion worth of assets from its Merrill and Countrywide divisions. Right now Bank of America has $2.4 trillion worth of assets, making it the biggest U.S. bank. Citigroup (C) has $1.9T in assets and is well through a process of shedding $500 billion from its own books. JPMorgan (JPM) has $2T and Wells Fargo (WFC) has $1.2T. Bove sees getting below the $2T mark as the magic threshold that will take scrutiny off Bank of America. To get there, Bove says, the company is going to have to slash big chunks from its prized Merrill Lynch and Countrywide Financial franchises. – Forbes