Reuters reports that an EU advisory group, led by Bank of Finland Governor Erkki Liikanen, on Tuesday called for banks' traditional deposit-taking business to be legally separated from higher risk activities.
The aim is to shield taxpayers from having to fund further bailouts and prevent the trading activity of a bank from toppling a group.
In the meantime, Bloomberg reports that Bank of America has agreed to sell a 12-building office campus in central New Jersey that it inherited from Merrill Lynch, part of the company’s efforts to cut costs.
The property in Hopewell Township, serving about 6,500 employees, went under contract last month and the transaction is expected to be completed by the end of the year, Jennifer Dawson, a spokeswoman for the Charlotte, North Carolina-based bank, said today in a telephone interview. She declined to name the buyer or the price.
Finally, Bloomberg reports that Carlyle Group, the second-largest buyout firm, bought commodities hedge-fund manager Vermillion Asset Management, adding $2.2bn in commodities assets as the firm expands beyond private equity.
Carlyle purchased 55% of Vermillion for a mix of cash, stock and performance-based payouts, effective October 1st, Carlyle said Tuesday in a statement. The price wasn’t disclosed.
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