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Competitor Profile: Bank of America Wealth Management

This competitor profile provides a comprehensive analysis of Bank of America’s private banking and wealth management operations. It offers insights into the company’s strategy and financial performance, including key data on assets under management (AUM). Customer targeting and service propositions are covered, as are product innovation and marketing activities.

Bank of America operates through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Merrill (formerly Merrill Lynch Wealth Management) and Bank of America Private Bank (formerly US Trust) wealth management units sit within the GWIM division. Its corporate headquarters are in Charlotte, North Carolina.

Scope

– Bank of America restructured its business units in 2019 to align its divisions more closely. Through the Merrill, Bank of America Private Bank, and Merrill Edge brands, Bank of America serves all customer segments, from HNW and UHNW investors and wealthy families to the mass affluent and retail markets.

– Bank of America’s growing focus on digitalization and investment into technology will substantially strengthen its wealth offering worldwide. Since the onset of COVID-19-induced digitalization, Bank of America has witnessed a sharp growth in its clients’ preference for digital tools. As of December 2020, approximately 39.3 million of its clients use digital services – a 3% increase compared to 2019. Furthermore, in the GWIM division, 77% of Merrill Lynch households and Private Bank clients used online or mobile banking as of December 2020. Additionally, as of June 2021, more than 52 million of the group’s 66 million customers had registered for such services.

– Environmental, social, and governance issues remain a key focus area for the group in terms of product offering. In 2020, Bank of America helped to launch the world’s first sustainability-linked bond and led the first green convertible bond in the US with a designated green use of proceeds. The bond is the first sustainable finance tool to cross over into the equity-linked market.

Reasons to Buy

– Examine the financial performance, key ratios, and AUM growth of both Bank of America and Bank of America GWIM and benchmark this competitor against other global wealth managers.

– Understand Bank of America’s current strategic objectives and their impact on its financial performance.

– Discover Bank of America’s key products and client targeting strategies and examine whether these have been successful.

– Learn more about Bank of America’s marketing strategy, social media presence, and digital innovations.

Key Players

Bank of America

Citigroup

Merrill Lynch

Merrill Edge

Bank of America Private Bank

Table of Contents

Table of Contents

Executive Summary

Strategy

Financial Performance

Customers and Products

Marketing and Advertising

Appendix

    Pricing

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