Columbia Management, an asset management subsidiary of Bank of America Merrill Lynch [BAC], will likely see widespread layoffs and departures from its fixed-income division once its acquisition by Ameriprise Financial closes, according to a source familiar with the group.
The deal is expected to close within 30 days and layoffs and departures are expected to intensify once the transition is completed, likely by September. Ameriprise's fixed-income group is at least twice the size of Columbia's existing group, the source said.
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