BofA’s acquisition of Merrill Lynch, completed at the start of this year, created the world’s largest wealth management firm by size of assets, although it remains a predominantly domestic US player, with UBS arguably still the world’s biggest international wealth manager.

Bank of America is also seeking to end a loss-sharing arrangement with the government on Merrill Lynch assets, the report said. The US Treasury Department and Federal Reserve have asked Bank of America to pay between $300 million and $500 million to end the arrangement.

Goldman Sachs, Morgan Stanley and JP Morgan have already repaid the government, freeing them from restrictions on how they pay workers.

The repayment of tax monies means these banks are less at risk of being forced to obey government rules over issues such as executive pay.