Last week, Bank of America announced it is selling its Bank of America Merrill Lynch non-U.S. wealth management assets to Swiss bank Julius Baer for around $882 million.

The deal is immaterial to B of A's assets and equity, but it's one more step in the right direction as the company (and its peer Citigroup) are streamlining operations. Fool analyst Anand Chokkavelu explains in the video below.

To learn more about the most-talked-about bank out there, check out our in-depth company report on Bank of America. The report details Bank of America's prospects, including three reasons to buy and three reasons to sell. Just click here to get access.

Anand Chokkavelu owns shares of Bank of America and Citigroup. He also owns long-dated options on Bank of America and warrants on Citigroup. Andrew Tonner has no positions in the stocks mentioned above. The Motley Fool owns shares of Bank of America and Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.