Bank of America
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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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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BofA 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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Latin 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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Perhaps 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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Global 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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The volatile conditions during much of the awards period meant that banks supporting borrowers in North America needed to be flexible.
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From 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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Bank 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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The US bank prides itself on already looking like the world we live in.
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The US firm stood out for its response to volatility and ability to think ahead.
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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.
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A 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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BofA 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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Best Investment Bank: BofA Securities
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BofA 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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Best Investment Bank: BofA Securities
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In 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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Bank 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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Bank 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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Sustainable 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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Under 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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Unbeatable 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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Bank of America’s integrated and pioneering approach to corporate responsibility has paid off again this year.
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Technology 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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For 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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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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In 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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Nearly 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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Whether 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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Using 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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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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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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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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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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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.
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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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From financial support and flexible working to Zoom ‘happy hours’, choirs, online yoga and mindfulness classes, banks around the world are seeking to address employee mental health during the Covid-19 crisis
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FASB chair grilled by US lawmakers over implementation cost of new accounting rules.
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Backed by a powerful domestic franchise, Bank of America is performing well through turbulent markets.
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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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The financial industry was designed to create opportunity in communities – Bank of America works tirelessly to ensure that opportunity is open to everyone.
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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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DBS named world’s best bank in Euromoney Awards for Excellence 2019; JPMorgan is the world’s best investment bank; Erste’s Treichl recognized as banker of the year.
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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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Bank of America is reportedly excited about the potential of a tool it calls the Predictive Intelligence Analytics Machine, or Priam.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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I am delighted to see two large sustainable bond issues from US banks already this year.
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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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When a plan comes together, there is a danger that complacency can creep in at any bank.
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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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Over the last two years, Bank of America has been overhauling its low-to-moderate income business, redesigning branches and products, improving employee retention and working with community partners, but will the bank get the credit its actions deserve?
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When the financial crisis hit and retail banks – desperate to cut costs – closed less profitable branches, they did so chiefly in rural towns, or low- to moderate-income (LMI) communities.
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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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Investment strategist, Bank of America Global Wealth Management
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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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Any important new market needs its innovators, cheerleaders and pioneers… As banks try to build more responsible and sustainable businesses, these are the champions of impact banking at 10 of the world’s biggest firms. From green and blue finance to financial inclusion and social banking, they are leading the way and setting an agenda for others to follow.
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From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.
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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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In green bond issuance, Bank of America leads the way, adding a fourth green bond to its list in May this year. It was its largest yet, at $2.25 billion, and its proceeds will support renewable energy generation.
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Working out clever ways to allow customers to manage processes like payments and loan applications quickly and easily is a basic requirement of digital banking in 2018. But doing it in huge scale is complex and admirable, and all the more so when it meshes seamlessly with the human and physical side of the business. Bank of America has got all this right, making it North America’s best digital bank.
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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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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.