BofA's U.S. banking unit helped fund tax-minimization trades - WSJ

(Reuters) - Bank of America Corp used its government-backed U.S. banking unit for years to finance controversial trades that helped clients avoid taxes, the Wall Street Journal reported, citing internal documents and people familiar with the matter. The bank last year started phasing out the practice of using funds from the U.S. unit to finance transactions by its European investment-banking arm that, among other things, helped hedge funds avoid taxes on stock dividends, the Journal said on Wedn