Bank of America scaled back work with some SPACs, part of a retreat by banks including Goldman Sachs Group and Citigroup from blank-check firms over concern about potential liability risks associated with the vehicles, Bloomberg reports.
The Charlotte, North Carolina-based lender ended its relationships with some of the SPACs it helped take public while reviewing its policies for working with such vehicles, according to people familiar with the matter. The bank has been in discussions with clients on navigating the current environment and is continuing selective work with some deals, said the people, who asked not to be identified discussing private information. Read more.
