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IN BRIEF / Southland

Exult Shares Fall on News of BofA Stock Sales

January 29, 2002|Bloomberg News

Exult Inc. shares fell 27% on Monday after it was reported last week that Bank of America Corp. filed to sell 1 million shares of the Irvine company's stock.

Shares of Exult, which provides human resources services for large companies, fell $3.25 to $8.74 on Nasdaq. Bank of America, which is Exult's largest customer, sold the shares early in December, according to a regulatory report filed last week. In November 2000, Exult signed a 10-year contract with Bank of America to manage a number of human resource and financial functions at the bank.

This month, Exult won a contract valued at $700 million to manage Prudential Financial Inc.'s payroll and employee benefits for 10 years.

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