Thursday, February 23, 2012

BofA marketing expenses grew 12 percent last year

Bank of America spent 12 percent more on marketing in 2011 than it had the year before, with expenses reaching $2.2 billion, according to the bank's 300-page year-end report filed Thursday afternoon.

That compares with $1.96 billion in 2010 and $1.93 billion the year before that.

The bank is the country's 17th-biggest ad spender, according to Ad Age. Last month, Bank of America put its ad account under review in a bid to rethink its marketing strategy, according to The New York Times and a number of other media outlets.

Bank of America's image took one of the biggest hits in corporate America in 2011, particularly after it announced and then retracted a plan to charge $5 for debit card use.

In its latest major re-marketing effort, the bank unveiled in 2007 an ad campaign revolving around the slogan "Bank of Opportunity."

In October 2011, the bank launched a series of TV ads promoting its local philanthropy, Reuters reported.