Bank of New York Mellon is in late-stage talks to buy a PNC Financial Services Group business for about $2.5 billion, according to the Wall Street Journal.

Pittsburgh-based PNC has been looking to dispose of its PNC Global Investment Servicing business, which provides back-office processing, for several months, unnamed sources told the newspaper.

A deal, which could come as soon as next week, could help the bank pay back its $7.6 billion in bank bailout funds, it said.

Last week, BNY Mellon, which comprises services including wealth management, reported fourth quarter earnings of $712 million, surging up from $50 million a year earlier.

If the deal goes ahead, it will be the latest in a string of high-profile merger and acquisition deals that have affected the US wealth management and banking sectors since the financial turmoil erupted more than two years ago.