SAN FRANCISCO - The city of San Francisco said last week that it would open for bidding the bulk of its banking business to companies other than its longtime partner, Bank of America Corp.

Seven services, including payroll and account reconciliation, had been managed mostly by Bank of America for close to 75 years. The bank earns about $1 million in fees from the $20 billion in city funds it manages, the city treasurer's office said. Bank of America moved its headquarters to Charlotte, N.C., two years ago after merging with NationsBank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.