Bank of America Merrill Lynch is selling its wealth management business outside the U.S., Reuters reported.
The bank is taking bids until the end of the week and hopes to make $3 billion off the sale, according to Reuters.
Although BofA ML is one of the largest wealth management businesses in the US, it has a relatively small presence outside the US. Sources told Reuters operations outside the US manages about $90 billion—which does not make enough money.
BofA ML also reports its first quarter earnings this Thursday.
(hat tip original CNBC tweet)