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First Data's stock falls after WSJ report that Bank of American mulls ending payment partnership

Tomi Kilgore

Shares of First Data Corp. slumped 3.6% in morning trade Thursday, after The Wall Street Journal reported that Bank of America Corp. was considering dissolving the payment-processing joint venture it has with the company. Citing people familiar with the matter, the WSJ report said BofA hasn't made a final decision on the future of the partnership, which expires in June 2020, but said leaving the decade-old JV would give the bank more control of its business that focuses on moving money for merchants. BofA's stock slipped 1.2% in morning trade. First Data's stock has rallied 45% year to date, while BofA shares have gained 19.4% and the Dow Jones Industrial Average has advanced 10.0%.