Westlake, which owns and operates financial services firms such as CitiGroup, Bank of America, and Merrill Lynch, has filed for a federal bankruptcy filing in California.
Westlake said Thursday that the filing was part of a bankruptcy reorganization that would allow it to sell its assets.
Westside also has been trying to sell off assets, including its real estate arm.
The company filed for Chapter 11 protection in January, but it has not yet announced a plan for how it would sell off its assets as it tries to recover from the financial crisis.
Westwood, a company that provides real estate services for the financial sector, was recently acquired by Wells Fargo.
Westbank CEO Doug Sirois said Thursday the company will not make a decision on the bankruptcy filing until the board meets to review the matter.
Westlake said it will not be making any announcements about its plans for the sale until a process is underway to determine the timing and scope of a sale.
The company said it plans to hold a public sale of its assets, but not at a public auction, saying it is in discussions with potential bidders.
Westcoast, which manages about $1.7 trillion in assets, also is working to sell some of its businesses, including assets in Los Angeles, San Diego and Phoenix.
West Coast Securities Inc. said in February it would pay $6.5 billion for Westlake.
The bank said it was interested in buying West Coast’s assets in addition to buying some assets in other U.S. cities, including Seattle and Portland, Ore.
The transaction was announced last month and was completed on May 20.