If there’s no market for your service, why would people want it?
Bank of America (BAC.N) is considering scrapping the sale of its equities prime brokerage unit after receiving lukewarm interest from potential bidders, the Financial Times reported on its Website on Sunday.
Citing people close to the situation, the newspaper said no final decision on the prime brokerage unit, which has been up for sale for more than three months, had been made.
Competition for the prime brokerage unit, which is believed to have had revenue of more than $180 million last year, weakened this month after JPMorgan Chase’s & Co’s (JPM.N) cut-price acquisition of Bear Stearns Cos Inc (BSC.N), the FT said.
This is much like taking the for sale sign out of the window of your 1975 Pinto. Was anyone really interested in purchasing it anyway?
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