The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Investment banking hopes triumph over experience

Bank of America CEO Ken Lewis is aiming for a goal that no-one has yet achieved. He wants to be the first chief executive of a commercial bank to build a successful, sizeable and sustainable US investment-banking franchise. Plenty have tried - some are still trying - but whether domestic players or European banks they have in the end all had to make one of three choices: to buy, sell, or give up.

McClelland, Brown and Goldie-Morrison
(left to right): charged with putting
profitability before league table position
in investment banking

Ken Lewis, who celebrates his first anniversary as CEO of Bank of America later this month, believes his institution won't need to face the buy, sell or give-up choice faced by all previous US investment banking aspirants. But with his investment-banking unit, Banc of America Securities, he still has to follow exactly the same path as all those that have gone before him - to develop a meaningful franchise in equities and mergers&acquisitions.

It's how he intends to do it that is different. "We want to add equities and M&A expertise to our platform," he told Euromoney last month. "But we want to grow those franchises steadily and profitably."

There are no plans to allow the profits of one part of the business to subsidize the growth of another.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree