BofA to sell Hearst Tower, streamlines expenses

Charlotte ObserverFebruary 1, 2012 

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.

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