The news came within hours of Fiserv acquiring control of First Data, sending its shares downward.
BofA says it expects to incur an impairment charge of about $1.7 billion to $2.1 billion in Q3 2019 due to the termination of the partnership, which started in 2009.
“Payments are at the core of our business, and this announcement is another step forward in our global strategy to provide companies of all sizes an integrated payment offering,” says Mark Monaco, head of enterprise payments at Bank of America. “We look forward to investing in our merchant solution and delivering the capabilities our clients need to thrive in an ever-changing payments environment.”
