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LATEST ARTICLES
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Most high net-worth (HNW) individuals in the US plan to pass on their wealth to their children, but according to Bank of America Private Bank, fewer than half are confident that the next generation will make responsible decisions with their inheritance.
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The best private banking franchises today must do much more than simply preserve and grow wealth. They must also enable their clients to share that wealth to meet all manner of broader goals, whether traditionally philanthropic or through the more modern lens of social impact.
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They already dominate the investment banking business in Europe, and now the leading US banks have their eyes on an even bigger prize. They see their vast investments in the digital technology transforming payments and transaction services and their retained global presences as the keys to winning even greater revenues from Europe’s midsize corporates.
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The annual Senate quizzing of US big bank chief executives threw up all the usual favourite partisan arguments, but little else. If this is oversight, it often lacks insight.
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Awards for ExcellenceBofA Securities retains the award for Latin America’s best investment bank. Last year, the team, led by Alexandre Bettamio, co-head of global investment banking, and Augusto Urmeneta, president for Latin America and head of Latin America Investment banking, claimed the award for a strong regional performance. This year BofA went even further and took the country awards for Colombia, Peru and Brazil. The latter is easily the most important investment banking market in the region.
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Awards for ExcellenceLatin America saw increased interest from many different types of acquirers in the past year as volatility elsewhere boosted the relative attractiveness of the region’s economic, legal and regulatory frameworks.
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Awards for ExcellencePerhaps it is no surprise that when Euromoney sits down with Bank of America to discuss the bank’s pitch for this category there are five people in the meeting – and they are all women. This is a bank that has led from the front across all aspects of corporate social responsibility (CSR), including diversity and inclusion (D&I).
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Awards for ExcellenceThe volatile conditions during much of the awards period meant that banks supporting borrowers in North America needed to be flexible.
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Awards for ExcellenceBank of America has become a global leader in digital banking steadily and without fuss. It has been a quiet route to success for the US financial firm; one done its own way, on its own timetable, and at its own pace.
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Awards for ExcellenceGlobal macroeconomic turmoil might seem far from the day-to-day concerns of small and medium-sized enterprises, but those issues are getting ever closer to the heart of their business. Inflation, supply chains, labour shortages and commodity prices were just some of the challenges thrown up in the awards period.
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Awards for ExcellenceFrom the outside looking in, sustainable finance in North America seems to act much like a see-saw. Last year, news about the wave of anti-environmental, social and governance legislation coming from Republican states was immediately followed by $500 billion of financial incentives for clean energy and healthcare under the Inflation Reduction Act (IRA). This was then followed by concerns over gridlock when the Republicans took control of the House.
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Awards for ExcellenceThe US firm stood out for its response to volatility and ability to think ahead.
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Awards for ExcellenceAfter reorganizing its fixed income business and boosting its presence in equities, BofA is making a bid to become a dominant force in global markets.
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Awards for ExcellenceThe US bank prides itself on already looking like the world we live in.
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Awards for ExcellenceA massive budget and a focus on in-house development have made the bank a digital innovator.
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Relative winners after a year of interest rate hikes include Bank of America and Citigroup. Losers are led by regional US banks, while alternative asset managers argue that higher rates present a historic opportunity.
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Patents are a high-profile demonstration of a bank’s commitment to innovation, but they are not the only option for those looking to encourage new ways of thinking.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Awards for ExcellenceBofA Securities wins this year’s award for Latin America’s best bank for transaction services. The bank has been steadily building up its corporate relationships in Latin America, while its digital innovation in this business has cemented its ability to provide local services at the level of the local banks.
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Awards for ExcellenceBest Investment Bank: BofA Securities
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Awards for ExcellenceBofA Securities has had a busy year in which it demonstrated impressive breadth of deal-flow across countries, as well as regional leadership in two of the main product areas. Not only was the bank the best investment bank in Colombia and Peru, but it was also a close challenger for the Mexican and Brazilian awards. It is this unmatched geographical balance that makes BofA the region’s leading investment bank.
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Awards for ExcellenceBest Investment Bank: BofA Securities
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Awards for ExcellenceIn a year in which businesses were emerging from the coronavirus pandemic with a strong demand for capital to finance expansion in real estate, manufacturing equipment and distribution facilities, Bank of America was able to offer unmatched support.
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Awards for ExcellenceBank of America is thriving. In its home market, it has led the way in retail banking with a distinctive preferred rewards programme that offers retail customers preferential rates across a full range of products from credit cards to mortgages.
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Awards for ExcellenceBank of America is everywhere in the US. It serves one in five mid-sized corporates (those with revenues of between $5 million and $2 billion) and you can’t do that from one national headquarters.
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Awards for ExcellenceSustainable finance is now at the top of many global banks’ agendas, but it has been there at Bank of America for a very long time already. The bank is committed to deploying $1 trillion towards zero-carbon investments by 2030, but Steve Boland, chief administrative officer, believes this initiative shouldn’t overshadow the bank’s long held belief in pursuing a sustainable growth strategy in relation to its broader corporate responsibilities. It is the continued success of this strategy that makes BofA North America’s best bank for corporate responsibility.
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Awards for ExcellenceUnder the leadership of Brian Moynihan, Bank of America has become the poster child for stakeholder capitalism in banking. Shareholders benefit; previous strong underwriting and ample liquidity enabled it to grow loans strongly in the pandemic recovery; and management is confident it can weather the coming downturn.
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Awards for ExcellenceUnbeatable data drives everything behind CashPro, and the platform drives payments and treasury at Bank of America in turn.
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Aggregate investment banking and markets revenues fell 12% at the big five US investment banks in the first quarter of 2022. Their chief executives were confident that dealflow will return, but were also united in their uncertainty over how central bank responses to inflation will play out in markets.
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Chief executive Brian Moynihan will be hoping that a management reshuffle has set the bank on track to finally make good on the promise of its sprawling reach.
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Bank of America’s global and Asia-Pacific heads of receivables tell Euromoney how their artificial intelligence-powered intelligent receivables service has slashed client-matching error rates.
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Bank of America’s Abyd Karmali is on the Taskforce on Nature-related Financial Disclosures. He spoke to Euromoney ahead of the nature-based COP15 and climate-based COP26 conferences about what is at stake.
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The only way banks can fully embrace the blockchain technology now transforming finance is by dealing in cryptos.
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Awards for ExcellenceBank of America’s integrated and pioneering approach to corporate responsibility has paid off again this year.
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Awards for ExcellenceTechnology keeps BofA at the vanguard of payments. Covid-19 drove both deposits and innovation at the US bank.
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The US bank has launched the next generation of its global virtual account management solution to clients in the UK, Ireland and the Netherlands.
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Bank of America struck a disjointed tone in its announcement that chief operating officer Tom Montag and vice chair Anne Finucane are to retire at the end of the year.
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A tough-minded, independent thinker revered by many and disliked by some, Thomas Montag has been a dominant figure that will be hard to replace.
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The big six US banks are releasing the loan loss reserves they built up in the pandemic. Where might this end? The answer could be surprising.
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Awards for ExcellenceFor small and medium-sized enterprises the year of Covid presented the same challenges as it did to their bigger corporate cousins, only the scale was different. Sometimes they needed help to survive; at other times they need help to thrive.
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Awards for ExcellenceThis 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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Awards for ExcellenceIn 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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Awards for ExcellenceIn a year when traditional ways of managing corporate cash flows, trade and retail payments faced their biggest challenge yet, one bank continued its relentless investment, building upon years of success. Bank of America once again wins the award for North America’s best bank for transaction services.
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Awards for ExcellenceNearly all banks talk about corporate responsibility, few make it integral to the way they work. What sets Bank of America apart is that it has been doing just that for years and this year it receives the award for North America’s best bank for corporate responsibility.
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Black-owned broker-dealers have largely been excluded from the mainstream of corporate debt and equity capital raising. The bulge-bracket banks are now working to correct this, inviting firms owned and staffed by racial minorities, women and veterans to lead their own deals and showcase their capabilities to corporate clients.
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It has the backing of Prince Charles, as well as several big names in banking – but will the Financial Services Taskforce contribute anything new to the fight against climate change?
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Its cautious approach means the bank underperforms in some areas, but its management prefers it that way.
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Awards for ExcellenceWhether on Covid-19, systemic racial inequality or climate change, Bank of America’s CEO has demonstrated how the financial industry can respond on every front – and why stakeholder capitalism is not only needed but works
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Awards for ExcellenceUsing its balance sheet to help the transition to net zero emissions, racial equality and economic mobility, while supporting employees through Covid-19 and assisting communities in all markets it operates in, Bank of America has put corporate responsibility at its core.
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Banks are offering corporate mobile wallet solutions, but cultural nuances and authorization processes remain potential barriers to large-scale adoption.
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BBVA is the big winner in Latin America in this year's Euromoney Awards for Excellence.
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The US’s PNC Financial Services and Royal Bank of Canada win the best bank accolades in their respective countries in this year’s Euromoney Awards for Excellence.
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Clients of transactions services want simplicity and speed, neither of which is easy for companies operating in regulatory cumbersome and often tech-light jurisdictions of Latin America.
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There’s practically nothing that a North American small to medium-sized enterprise might want to do that Bank of America won’t be able to help with. Its strategy, built around six service areas, has been enduringly constant for five years, and it again wins the award for North America’s best bank for SMEs.
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If there is one thing that will test a bank’s digital and technology platform it is a global pandemic. The investment that Bank of America has put into all of its digital offerings over the last few years became truly apparent over the first few months of 2020; and it wins the award for North America’s best digital bank.
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Community Development Finance Institutions (CDFIs) play a unique role in the US, but they were not included in the earliest Covid-19 stimulus packages. So it was vital that big banks helped them to reach those that needed loans the most.
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Bank of America is the undisputed leader in transaction services in North America. Long before the coronavirus crisis struck its home market, the bank had entered the Euromoney awards period with strong momentum. But by the end of that period it was being called upon to deploy all its leadership to help businesses across the US.
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Supply chain disruption will create new challenges for transaction bankers and may lead to long-term changes in global trade patterns.
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Banks have been trying to rebuild trust since the global financial crisis. They have touted corporate responsibility and stakeholder capitalism as core tenets of their businesses. Covid-19 and the subsequent economic crisis will be a big test of their commitment.
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Bank of America has seen mandates increase in the last month as digital solutions become increasingly important to overcome isolation and social-distancing rules.