Remarkably, Bank of America has accomplished this without making any major acquisitions abroad. It remains a US-focused bank, despite the persistent rumours that it is set to take over, among others, London-based Barclays Bank. Investment bankers knocking at the bank’s doors expect that to change – the bank is near the limit of its permitted deposit market share in the US.
However, at the top of its to-do list is to complete its acquisition of Chicago-based LaSalle Bank from ABN AMRO – although the legal battle looks as though it is set to drag on amid rival bids for the Dutch bank and could well not happen.