BofA to sell Hearst Tower, streamlines expenses

Kristen Valle Pittman | Charlotte Observer

Bank of America Corp. plans to sell and lease back the Hearst Tower, a 46-story fixture on Charlotte's skyline, and other properties as it works to streamline expenses, spokeswoman Kelli Raulerson said today.

The Charlotte bank is also selling the Fifth Third Center uptown and 222 Broadway in New York, which it inherited in its 2009 Merrill Lynch acquisition.

The moves are part of chief executive Brian Moynihan's wide-ranging efficiency initiative, Project New BAC, which has included the sale of noncore businesses, job cuts and management changes.

Read the complete story at charlotteobserver.com

tool goes here

JOIN THE DISCUSSION

We welcome comments. To post one, you must sign in using either your McClatchyDC login or your login for Facebook, Twitter or Disqus. Just click the appropriate box below.

Please keep your comment civil, short and to the point. Obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. If you find a comment abusive or inappropriate, please flag it for the moderator by placing your cursor on the comment, then clicking the "flag" link that appears. Thanks for your participation.