Bank of America to exit parts of its institutional custody business
The Bank of America has made the decision to exit certain aspects of its institutional custody business.
The Global Custody and Agency Services line of business provides global custody, escrow and issuing and paying agency services.
A source at the bank told Asset Servicing Times: “We made a strategic decision to exit certain aspects of our institutional custody business. Our priority is to support our clients and colleagues through this transition.”
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