The world’s best bank for markets 2023: Bank of America
After reorganizing its fixed income business and boosting its presence in equities, BofA is making a bid to become a dominant force in global markets.
In this year’s awards period, Bank of America posted the biggest year-on-year percentage increase in its sales and trading revenues of any of the big five US players, up 14% to nearly $17 billion, its highest level since 2010.
In absolute terms, the bank remains fifth on that list, but it is closing the gap on Citi and Morgan Stanley, who sit about 12% above it in revenue terms. For its momentum and the way in which it has been reworking its franchise in recent years, BofA wins the 2023 Euromoney award for the world’s best bank for markets.
Equities sales and trading revenues of $6.5 billion in 2022 were a record for the firm, while fixed income, currencies and commodities (FICC) – nearly breaking through $10 billion – saw its best result since the extreme period after the global financial crisis.