Monday, March 17, 2014

BofA 12th on list of 500 most valuable brands

Bank of America, the second-largest U.S. bank, is the 12th most valuable brand in the U.S., according to a report released Monday.

The brand of the Charlotte-based bank is worth $27 billion, 19 percent higher than a year ago, the ranking by brand consultant Brand Finance shows. The bank's brand was also ranked higher than that of Citigroup, the third-largest U.S. bank, and JPMorgan Chase & Co., the largest U.S. bank.

The increase comes after Bank of America reported that 2013 was its most profitable year since 2007. The increase also comes as the bank's share price has been rising, which analysts say reflects investor belief that CEO Brian Moynihan is delivering on cost-cutting promises and cleaning up the bank’s legal issues.

Bank of America's brand value is behind that of No. 11 Wells Fargo, whose brand is worth $30.2 billion. Wells Fargo, headquartered in San Francisco, is the fourth-largest U.S. bank.

JPMorgan Chase and Co. is ranked 33rd, with a brand value of $14 billion, down from $13.8 billion in 2013. Last year, the New York-based bank announced billions of dollars in settlements, including a record $13 billion deal over mortgage-backed securities.

Citigroup, based in New York, has a brand value of $24.5 billion, up from $21.7 billion last year.

Bank of America's brand is the most valuable among North Carolina companies. No. 2 in the state: Lowe's, at $12.6 billion.

Apple is the most valuable brand in the nation, at $104.7 billion.