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Bank of America (BofA) recently announced it would combine its commercial and investment banking divisions in an effort to sell more products and services to more clients.
BofA’s commercial bank includes teams that provide recreational vehicle, auto and marine lending, treasury services, middle market banking, commercial real estate banking, as well as asset-based lending.
BofA, according to The Financial Times, had found that “dividing its commercial and investment banking divisions prevented employees from easily bringing the products and services offered to large clients to smaller clients. This impeded the bank’s ability to boost revenue.”
Rivals, notably Citigroup, have also been selling off or reorganizing business lines to improve revenue growth.
Gene Taylor, who currently oversees the commercial bank, will become head of the merged teams and has been named a vice-chairman of BofA. Alvaro de Molina, head of global capital markets and investment banking, will report to Taylor.
BofA’s investment bank helps clients raise capital, complete mergers and acquisitions, and offers traditional bank deposit and loan products, cash management and payment services, equity and debt research, sales and trading.
The new division will be an amalgam of all these services.