Bank of America, Citigroup, HSBC to merge
Newsday (US) title Bancorp and Citigroup to merge: Bank of AMERICA, Citibank merger announced article The Wall Street Journal (US), Bloomberg (US)—Bank of America Corp., Citigroup Inc., and HSBC Holdings Plc are to merge in a deal that would create the world’s largest banking group.
The news comes amid mounting concern about the economic fallout from the fallout from Brexit and a looming regulatory overhaul, the Wall Street New York reports.
Bank of Americas, which has more than 2,000 branches worldwide, would be the nation’s second-largest bank.
Citigroup would have about 1,500 branches in the United States, and HSBC would have 1,200 branches.
A bank-sponsored transaction, known as a “BTA,” would be completed as part of the deal, Bloomberg reported.
The banks, which will be led by chairman and CEO Brian Moynihan, are not expected to announce any financial results in the near future, Reuters reported.