Financial Business Recap: BofA Ready To SELL Merrill Lynch, Lloyds DIVESTS Loans

PNC Financial Services Group (NYSE:PNC) announces that it holds a 10.32 percent investment in Brown-Forman Coporation (BF.B), which produces drinks such as Jack Daniels. At Thursday’s closing price, the investment has a value of $811 million.

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Bank of America Corporation (NYSE:BAC) is close to the divestiture of its ex-U.S. Merrill Lynch wealth management division says Bloomberg, and an official announcement might appear as soon as Monday. The transaction’s amount has been previously calculated between $1.5 billion and $2 billion.

The lawsuit brought against JPMorgan Chase & Co. (NYSE:JPM) by credit card customers who alleged that the company obtained higher fees by improperly raising minimum payments has been resolved by a judge who okayed a $100 million class-action settlement in the matter.

Lloyds Banking Group plc (NYSE:LYG) is said by sources to be in advanced discussions to divest a $1.9 billion portfolio of loans to a group led by TPG and Goldman Sachs Group Inc. (NYSE:GS). The seller is 40 percent owned by the government of the United Kingdom and is thus required to cut back assets, making a buyers market in this case.

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