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BofA to End Payments Joint Venture With First Data Next June

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Bank of America Corp. said it will end a payments joint venture with First Data Corp. next June when a contract between the two companies expires.

The firms will continue to provide delivery of products and services for existing clients through at least June 2023, but will otherwise pursue independent merchant-services strategies next year, Charlotte, North Carolina-based Bank of America said in a statement. The bank said in a filing it expects to take a charge of about $1.7 billion to $2.1 billion in the third quarter related to the planned exit, which won’t affect its capital plan.