Report - BofA pressured to improve risk management

British regulators are pressuring Bank of America's European investment-banking arm to improve its risk management practices, saying the current ones are "simplistic" and need to be retooled, the Wall Street Journal reported.

Reuters reports that the Prudential Regulation Authority's criticism was included in a letter this year to the bank's European unit, the Journal reported, citing people familiar with the matter.

The letter, written by the PRA's head of supervision for U.S. investment banks, also said Bank of America's Merrill Lynch International unit needed to be "more comprehensive" in evaluating the risks posed by its top business partners, according to the Journal.

To access the complete Reuters article hit the link below:

UK pressures Bank of America unit on risk management - Wall Street Journal

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