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LATEST ARTICLES
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This year BofA Securities, led by Augusto Urmeneta, head of investment banking in Latin America, topped the equity capital markets volume and fee tables across the region, as well as being first in fees and second in terms of volume for M&A.
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In February 2020 BofA Securities reorganized its corporate and investment banking teams in Latin America, with Augusto Urmeneta becoming head of corporate and investment banking. At that time Hans Lin, head of Brazil investment banking – a key market for the bank and one in which it has excelled – joined the bank’s global private capital council. Meanwhile Bruno Saraiva was named co-head of Brazil investment banking alongside Lin, who remains in charge of the ECM team.
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Some parts of US investment bank earnings in the first quarter of the year looked more like boom than bust as record trading and debt issuance helped offset weakness elsewhere. Now the banks are building reserves to prepare for coming out of lockdown
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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While transaction banking is one of the most innovative areas of finance, there is competition from big tech - and gaining market share is tough in a fragmented industry. How can banks stay on top?
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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A push into the regional mid-markets, as well as the international subsidiaries of those clients, is a useful driver of market share at a time of uncertainty.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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For the second year running, Bank of America Merrill Lynch wins Euromoney’s award for best bank for corporate responsibility in Asia.
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For the second year running, Euromoney has chosen Bank of America as North America’s best digital bank.
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Bank of America Merrill Lynch is a longstanding winner of the award for North America’s best bank for small and mediumsized enterprises, and the last 12 months have seen it deservedly retain the crown.
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Variety has always been the hallmark of Bank of America Merrill Lynch’s (BAML) financing strength, and the 12 months under review were no exception. With strong deal volumes across a range of asset classes and deal types, and a presence on some of the banner transactions of the year, the firm wins the award for North America’s best bank for financing.
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Euromoney magazine has released the results of its 41st annual foreign exchange survey, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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$500 million bond for affordable housing and CDFI loans.
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Wealth management was built by men for men, but now that women will become the largest beneficiaries of the $30 trillion intergenerational wealth transfer, the industry needs to overhaul itself. If it doesn’t, it will be letting down more than just its female clients.
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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Rates are only rising because economies are doing so well and there is no need to panic, even if risk assets do sell off, at least according to the sell side.
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A strong third quarter from Morgan Stanley was the highlight of a mixed bag of numbers, while Goldman Sachs’ incoming CFO offered more glimpses of the future.
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Morgan Stanley looks best in the third quarter, but was just pipped by Goldman over a longer term analysis
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Strategic tensions as much as short-term underperformance brought about BAML investment banking head Christian Meissner’s departure, but the corporate and investment bank remains in a strong position
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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Regulatory change, cost pressures, advances in technology and more-demanding customers: treasurers have a lot on their minds, but artificial intelligence (AI) is here to help.
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The last instalment of our results analysis looks at banks’ markets businesses
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Day 2 of our look at the performance of the 12 big CIBs over the past year, this time focusing on the investment banking business lines
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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When Bank of America Merrill Lynch’s Asia president, Matthew Koder, gets going on corporate responsibility, your best chance of getting out of the room within an hour and a half is an earthquake. Koder chose to pitch personally in only one category, this one, and in truth everything BAML put in for – investment banking, transaction services and country awards from the Philippines to Japan – is presented through the filter of corporate responsibility.
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One perk of interviewing banks about sustainable finance has to be the building tours taking in recycled carpets and in-building power plants, but it is not often that you get treated to a rooftop tour of bee hives.
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Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.
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It is hard to imagine another bank coming close to Bank of America Merrill Lynch for the sheer breadth of what it can offer to small and medium-sized enterprises. A lot of that is to do with a philosophy that looks beyond the size of the client to the value of nurturing a sound business and to be best-positioned to support it as it grows.
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Big and clever, that is what you needed to be to be a leader in the financing business in the last 12 months, and no one achieved that combination better in the region than Bank of America Merrill Lynch, North America’s best bank for financing.
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The rising economic fortunes of the largest countries lifted nearly all investment banking boats. Local investment banking franchises continued to notch up strong deal flow and fees, but last year was noticeable for the improvement in the fortunes of the international banks.
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Under Thiago Fernandes, head of environmental, social and governance (ESG) for Latin America, Bank of America Merrill Lynch is changing the way corporate philanthropy operates in Brazil; this year it wins Euromoney’s award for Latin America’s best bank for corporate responsibility.
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Bank of America Merrill Lynch’s operations in western Europe over the last year have seen the bank develop its own structure to keep pace in a market that is both exciting and volatile, making it western Europe’s best bank for transaction services.
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Technology is rapidly transforming the payments landscape for corporates and retail customers alike, and the systems that gain traction tend to be those that give consumers better visibility of their money – or make their lives easier in other ways.
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Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Bank of America Merrill Lynch has taken bits of products it already offers to make a new solution that could make life easier – and cheaper – for treasurers.
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Banks are working increasingly closely with large software and fintech companies to improve internal efficiency, but there is still progress to be made in understanding what both parties can gain.
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While tax reform charges make a bad year worse for US banks, the timing of the law sets the scene for better results in 2018. But the fundamentals may not change: trading is bad, financing is good.
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Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
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The results of the Euromoney Trade Finance Survey 2018 show the emergence of two very different trends: the sustained presence of the global trade finance bank, and the rising influence of regional institutions.
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Under Brian Moynihan, responsible growth is starting to look exciting
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Although banks like talking about bringing digital services to trade finance, a surprisingly low proportion of the 7,000-plus participants in Euromoney’s annual trade finance survey are actually using the technology.
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The chief executives of US banks have spent so long complaining about regulations that they can scarcely believe their luck at the impending relaxation.
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While economists debate the likely path to reduction in the European Central Bank’s (ECB) swollen €4.2 trillion balance sheet, debt capital markets investors continue to buy long-dated bonds from sovereign, supranational and agency issuers.
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There is an important changing of the guard for the best bank for markets award, reflecting a rapid and big improvement. In previous years, Bank of America Merrill Lynch would have been at the periphery of a conversation on Asia-Pacific markets. Now it is front and centre. The most obvious thing BAML has going for it is diversity. Whereas the usual contenders in this category, Citi and HSBC, are heavy on forex and rates but are trying to bolster equities from a relatively low base (Morgan Stanley is the reverse), BAML is already diversified, with equities businesses accounting for 40% of global markets revenues in 2016 and FICC (fixed income, currencies and commodities) 60%. That FICC figure is roughly equally split between emerging and developed markets. Global rates, credit and foreign exchange are all well represented.
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A visit to the executive dining floor at Bank of America Merrill Lynch’s Bryant Park headquarters in Manhattan is always a pleasure.
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Lines are being blurred as advisers get better at financing, and firms that used to lead through balance sheet up their game in advisory.
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Euromoney names HSBC as the World’s Best Bank and Morgan Stanley as the World’s Best Investment Bank; UniCredit’s chief executive Jean Pierre Mustier wins Banker of the Year award.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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A seventh year of record earnings in the fiscal period 2016 – and a first half of 2017 that promises another blockbuster year – saw TD Bank prove yet again that it is the franchise to beat in Canada. The firm’s unrivalled breadth and depth secure it Euromoney’s best bank in Canada award for another year.
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Years of cutting costs, simplifying structures, settling litigation and plugging holes in its coverage have brought one bank to the position where it is now firing on all cylinders across pretty much all of its US business portfolio. ‘Responsible growth’ is the guiding mantra for Bank of America chairman and CEO Brian Moynihan, and his success in putting those words into practice is why his firm is Euromoney’s best bank in the US. Moynihan might not be the flashiest of bank chiefs, but he knows his bank and he knows what clients in its home market want from it. His focus on building up the firm’s core middle-market franchise has borne fruit – not just in increased business loans but also on coverage more broadly. He drove the creation of deeper regional structures within the US, led by ‘market presidents’ who take personal responsibility for coordinating the bank’s activities across the country.
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Understanding the client’s business and needs is essential for banks in transaction services. But Western Europe’s best bank for transaction services, Bank of America Merrill Lynch, demonstrates a profound knowledge of the changing role of the corporate treasurer.
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Integrating CSR in every business and pioneering new structures in affordable housing and green finance, Bank of America shows that good corporate citizenship is also good business.
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It is not often that banks are described as ‘phenomenal’, but that is what some of Bank of America Merrill Lynch’s small and medium-sized enterprise clients call it, making it a fitting repeat winner of Euromoney’s award for North America’s best bank for SMEs. Marty Arenson, president of Global Sourcing Connection, a promotional products supplier, switched to the bank in 2008 after previous experiences he says he found horrific in comparison.
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Bank of America Merrill Lynch wins the award for the best investment bank in the region.
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BAML has moved beyond being a financier to become the lead strategic adviser to a select target group of large corporations.
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To be a top bank in the financing arena in the last 12 months, you need to have demonstrated flexibility. The ability to move quickly from one market or currency to another, or to switch between different parts of the capital structure, requires product strength and the kind of internal coordination that many banks preach but few practise. One that has consistently made a virtue of such flexibility is Bank of America Merrill Lynch, our pick for North America’s best bank for financing.
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Bank of America Merrill Lynch wins the award for best bank for advisory.
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The Argentine banking system is beginning to return to a semblance of normality, with signs such as positive interest rates. But the road back to international standards is a long one. After many years of economic dysfunction and highly prescriptive banking regulations (including mandatory lending to segments and floors and caps on interest rates), it will take a long time for an orthodox banking sector to appear.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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It is tough to create a franchise in global finance, but over the last five years Christian Meissner has mixed a potent cocktail at Bank of America Merrill Lynch’s global corporate and investment bank. Can it build its relationships with key clients to the point where it becomes a true challenger to JPMorgan and Goldman Sachs?
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Banks might want to stop blaming regulators for delays in opening accounts for businesses and the high costs of international payments and FX, because if they don’t do a better job, challengers will.
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Last year was far from a vintage year for the big five US corporate and investment banking franchises, with almost no business lines seeing an overall increase in revenues in 2016, but the gains in fixed income sales and trading were enough to inch CIB division revenues up by 1.4% to $142 billion.
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Remember the days when it was investment bank divisions that were the drag on banks’ group cost-to-income ratios?
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The increasing dominance of global investment banking by US firms is hard to ignore.
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The election of Donald Trump prompted a vicious sell-off in global bonds. Investors face the new year with warnings over volatility and inflation ringing in their ears. Will it be as bad as they think?
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Bank stocks rallied after Trump’s victory in the US election on hopes that higher trading revenue will outweigh potential disruption to global trade. A second act for traders now beckons.
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The oil and gas sector has so far avoided making wholesale change to its treasury processes, but as the low price environment continues, firms are now being forced to explore cost cutting.
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Revenues still depressed by poor ECM; DCM and M&A resilient but at low levels.
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Some landmark deals from international banks are pioneering the green-bond structure in Latin America. But until the region begins to sell in local currency to local investors, the potential will remain unfulfilled.
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.