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FleetBoston shares up on Robbie Stephens news; FleetBoston up on news that it is selling Robertson Stephens.
Byline: Donna Block
Shares of FleetBoston Financial Corp. are trading higher in early trading Tuesday morning after the bank announced it is selling its investment banking unit, Robertson Stephens.
The sale is part of a series of strategic actions to return FleetBoston to a lower-risk business model. In addition, it said it is pulling back from Latin America.
FleetBoston is currently up $2.02 or 6.03% to $35.50.
As the nation's seventh-largest banking institution, FleetBoston inherited San Francisco-based Robertson Stephens as part of its purchase of BankBoston in 1999. That sale marked a dramatic shift for a bank known for its acquisitive …
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