Monday, November 20, 2006

Must be Merger Monday

The deal being reported by the WSJ is that Bank of America is buying Schwab's U.S. Trust unit for $3.3 billion.

"Buying U.S. Trust solves one of [BofA's] longstanding problems - trying to break into the elite world of wealth management. With U.S. Trust, Bank of America gets one of the most vaunted names in the wealth-management world."

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