Daily News: July 28, 2014

JPMorgan to Sell $1.3 Billion Loan Portfolio to Sankaty

Bloomberg reported JPMorgan Chase agreed to sell about $1.3 billion of loans and securities to Sankaty Advisors.

According to Bloomberg , the unit of Bain Capital will acquire the assets from JPMorgan’s Global Special Opportunities Group, the companies said in a statement. JPMorgan Chief Executive Officer Jamie Dimon said in December he’s “pruning” businesses that the bank doesn’t need, Bloomberg said further.

To read the entire Bloomberg article, click here.