Charles Schwab is considering using the proceeds from the sale of its U.S. Trust division to acquire another company, possibly a 401(k) provider, Global Banking News reports.

The company is selling U.S. Trust to Bank of America for $3.3 billion and gain $2.5 billion after taxes from the sale, which is expected to close in March.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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