For Bank of America’s global transaction services (GTS) business, the Covid-19 pandemic delivered payback on its decade of investment in digital technology. The bank’s GTS business is a hub of investment in new and emerging technologies within the bank – investing more than any other business in its global banking and markets division. Having a roughly $14 billion bank-wide annual global technology and operations budget, $3.5 billion of which is dedicated to new initiatives, certainly helps in this regard.
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