BofA Sheds More Credit Card Business… Changing the Credit Sector (BAC, TD, COF, WFC, RF, C, BK, AXP, V, MA) (via 24/7 Wall St.)

Interesting move. Guess they need some cash. Favorite excerpt:
It’s pretty easy to discount BofA’s claim in this morning’s announcement that “an international consumer card business under another brand is not consistent” with the company’s strategic direction. The international cards are making money for everyone else. Perhaps making money is not consistent with the bank’s strategy.

BofA Sheds More Credit Card Business... Changing the Credit Sector (BAC, TD, COF, WFC, RF, C, BK, AXP, V, MA) Bank of America Corp. (NYSE: BAC) is selling more assets as it raises capital in an effort to stem the drop in the company's share price related to its purchase of Countrywide in 2008. Today's sale transfers the bank's $8.6 billion credit card portfolio to the Toronto-Dominion Bank (NYSE: TD) for an undisclosed amount. The bank will also "exit" its UK and Irish credit card business, although no buyer was mentioned. So what's BofA's $8.6 billion r … Read More

via 24/7 Wall St.

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