BANKING & FINANCE - Feb. 25, 1992
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From Times Staff and Wire Reports
BofA Selling Payroll Unit: Automatic Data Processing in New Jersey agreed to buy Bank of America’s payroll processing operation for an undisclosed amount. The unit, called the Business Services Division, handles payroll processing, accounting and other work for 17,000 businesses and generates annual revenue of more than $125 million. BofA said it sold the unit because it is not part of its core banking operations.
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