In this in-depth analysis series Verdict Financial puts the world's largest wealth managers under the microscope to examine their recent financial performance as well as their strategies for growth and customer targeting.
Examine the financial performance and key ratios for Bank of America and benchmark this competitor against other global wealth managers.
Explore Bank of America's recent M&A and growth strategies and their impacts on its AUM growth and financial performance.
Learn more about Bank of America's client targeting strategies and examine whether these have been successful.
What are Bank of America's recent M&A and organic growth highlights?
What is Bank of America's group level and wealth management unit financial performance?
Which customer markets does Bank of America aim to target?
How does Bank of America market and promote itself?
Bank of America has vastly refocused on its core markets over the past few years. Given its strong performance in both 2012 and 2013 the strategy seems to be paying off, with an even rosier outlook for the next few years.
In 2012 it sold the international unit of Merrill Lynch Wealth Management outside of the US, the same year the bank sold its share in the joint venture with Mitsubishi UFJ Financial Group. According to the financial statements of the bank the combined client balances of the two divestments totaled around $115bn.
Bank of America is able to capitalize on its cross-selling capabilities by leveraging the enterprise to deepen client relationships. Because of its organizational structure and its emphasis on delivering the full firm to all its clients, in 2010 GWIM received over 5,300 referrals from other parts of the bank.