Almost every big bank made headlines last year, and it looks like we can expect one bank to stand out as the bank to watch in 2009. You all voted Bank of America as the best commercial bank of 2008 and the experts seem to agree that it's number one. While the process of purchasing Merrill Lynch began in September, the transaction was made final on Thursday, making Bank of America the biggest bank in the US and ending 94 years of independence for Merrill.
Bank of America's assets now include brokerage, credit card, investment banking, mortgage and wealth management operations, and a sturdy base of deposits. Chief Executive Kenneth Lewis, named Banker of the Year last month for the second time, said, "We are now uniquely positioned to win market share and expand our leadership position in markets around the world." Still, the expanded bank will face challenges in 2009 and beyond, as Lewis plans to cut at least 30,000 jobs to save $21 billion by 2012.
Calvin Klein
Maloles
Butterfly
I've been banking with BOA for a couple of years know and the experience has been bery good. I just hope their rates on their MMAs would go up cause that would make me very, very happy.
1Ooops, I meant very good.
2well this is good news for me as well. i have been with BoA for ages too and i've been pleased with the service that i've gotten etc. i hope that they don't come into any problems given the new acquisition, but i have faith!
3I think BOA is the best. They have an easy online banking system and the customer service is always terrific in the actual banks.
4I believe the structure of the Merrill acquisition was specific for BofA (hence no competing bids), and the gov'ment had a hand in hooking BofA up. Maybe the troubled assets were backed by the Treasury. Who knows what happened behind closed doors. Jamie Diamond made it clear that there were happenings behind closed doors between all of the large financial institutions and gov'ment.
Even with all troubled assets, Merrill comes with an incredible client base.
5I've been with BOA for years also and consider it the best. Anytime I've had a problem, they have always fixed it to my liking! The customer service is THE BEST compared to other banks I have been with.
6I love BoA. I've had a checking account with them since I was 16. They have great customer service.
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