Banking Law News

First Data Tumbles on Threat BofA Will Abandon Joint Venture (1)

May 9, 2019, 4:32 PM

First Data Corp. fell the most in four months on concern it will lose a joint venture that accounts for as much as 12% of revenue.

Bank of America Corp. is considering ending the payment-processing deal with First Data, the Wall Street Journal reported May 9, citing people familiar with the matter. Abandoning the 10-year-old partnership would give Bank of America the option of creating its own business to move money for merchants and consumers.

Fiserv earlier this year agreed to acquire First Data in a $22 billion deal that would create the world’s largest payment processor. First Data has...

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