Bank of America
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LATEST ARTICLES
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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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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 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.