Financial Biz Cheat Sheet: CIT to Sell $1B in Assets, BofA Considers Selling Countrywide
CIT Group (NYSE:CIT) is reportedly looking to sell a $1 billion commercial loan portfolio as part of its ongoing restructuring efforts. CIT has sold more than $8 billion in loan and lease assets since former Merrill Lynch chief John Thain became CEO last year, divesting various non-core operations and reducing its headcount by 19%.
Bank of America (NYSE:BAC) might consider putting its Countrywide unit into bankruptcy if litigation losses related to sub-prime mortgages continue to threaten the entire firm, according to sources.
Barclay’s (NYSE:BCS) plans to open a precious metals vault in London next year in response to client demand as the commodity continues to trade heavily and its price climbs ever higher.
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