Bank of America is expanding its private banking business by targeting wealthy US families. Over the past 10 months, the bank has put in place eight teams across the country to advise clients with more than $50 million in investable assets. “There are around 10,000 families in the US with over $50 million, and no one bank yet dominates that market,” says Aline Sullivan, a spokeswoman for BofA.
BofA has a solid retail and premier banking business in the US, but has been trying to increase its private banking proposition.
Thanks for your interest in Euromoney!
To unlock this article:
