Bank of America

Last year marked a milestone for Bank of America, which announced its merger with Fleet Bank, strengthening the US giant’s leading consumer market presence and customer base in North America, while at the same time expanding its product offering and revenue base.The merger also enabled the bank to assume a leading share of deposits in the important Northeast region, and there was a meaningful impact on its wealth and investment management business, which now ranks as ninth largest in the world, with $450bn in assets under management. Bank of America also now operates the largest private bank in the US and the third-largest bank-owned brokerage. Customer satisfaction, measured as the total number of customers who give the company the highest service ratings, increased 8% last year. For the first time, more than 50% of Bank of America’s customers report they are delighted with the company’s level of service. Bank of America’s focus on customer happiness was a factor in the group’s ability to grow organically and open a record 1.24m net new current accounts and 4.3m new credit card accounts. Kenneth D Lewis, president and CEO, says: “Our success at Bank of America is a product of the hard work of thousands of associates who are dedicated to delivering higher standards of performance. Our recent merger with Fleet is about delivering the combined capabilities of two powerful organisations to create unrivalled distribution in the US’ best growth and wealth markets and a global reach with particular strength across Europe, Latin America and the Pacific Rim. It marks an exciting new era in our history and the creation of what we believe will be the world’s most admired company.”

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