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Banc of America Securities (1998–2008)

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Banc of America Securities
Company typeLLC
IndustryFinancial Services
Headquarters New York, New York
Key people
Brian T. Moynihan, President
Websitewww.bofasecurities.com

Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. The firm competes in both the domestic and international equity and investment banking markets, and pursues a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. BAS also has a strong sales & trading platform, as well as one of the largest research teams on Wall Street. It is currently the fastest growing investment bank on Wall Street,[citation needed] and was positioning itself to be a bulge bracket investment bank until the company's CEO declared "I've had all of the fun I can stand in investment banking" during 2007. Its competitors include Goldman Sachs, Citigroup, Merrill Lynch, and JP Morgan.

Its strongest investment banking groups include high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also does a significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employs M&A senior bankers throughout the industry coverage groups. BAS also has a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aims to identify and market transaction opportunities.

The company is registered as a broker-dealer with the SEC, is a member of the New York Stock Exchange, and the National Association of Securities Dealers. The use of "Banc" in the BAS's name is indicative of the fact that the company is not a bank, and its deposits and other holdings are not insured by the FDIC.

Financial position

According to unaudited figures published as of 30 June 2007 by BAS, its balance sheet reflected $266 billion in assets. As of 31 December 2006, the company's balance sheet, audited by PricewaterhouseCoopers, reflected total assets of $251 billion.

Leadership

  • Brian T. Moynihan - President, GCIB
  • Brian Brille - Head of Global Investment Banking
  • Thomas White - Head of Global Capital Markets

Offices

BAS operates offices across the world, with major offices in New York, Charlotte, Chicago, San Francisco, Tokyo, Frankfurt, London, and Mumbai. While its world headquarters is at the Bank of America Corporate Center in Charlotte, the bulk of its Investment Banking operations are presently located at the Solow Building in New York City. The company will soon move to the Bank of America Tower, a $1 billion, 55-story skyscraper, at Bryant Park in New York City when it is completed in 2008. During 2008, BAS significantly downsized its international operations, eliminating a multitude of industry groups in Europe.

See also

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