Tuesday, May 27, 2014

Bank of America's slashes list of corporate, investment banking clients

Bank of America has cut its list of corporate and investment banking clients by more than half in the last three years, part of the Charlotte bank's strategy to focus on the largest and most profitable companies.

A list numbering nearly 12,000 in 2010 has been cut to about 5,500. Three-quarters come from the investment banking side or need both corporate and investment banking services, according to a presentation Tuesday from Christian Meissner, head of global corporate and investment banking for Bank of America.

In that time, the average profit per client has more than doubled, to more than $2 million.

The client culling hasn't hurt the bank's revenue, however. Bank of America was tops in investment banking fees in 2013, at $6.4 billion, edging out JPMorgan Chase.