Bond Giants’ Retreat From Texas Opens Door for Smaller Rivals
- BofA, Citi, JPMorgan out of bond market since law kicked in
- Marks a shakeup in $58 billion corner of muni market
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In Texas, plenty of banks are already filling the void left by Wall Street’s giants.
Gone, at least for now, are Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., the three biggest municipal-bond underwriters, which have seen business grind to a halt since a state law took effect cracking down on companies that restrict work with the gun and fossil fuel industries.