Strategy
Bank of America Plans US Wealth Management Expansion, But Contraction Abroad
Bank of America’s Boston-based global wealth and investment management division plans to grow its business throughout the New England region...
Bank of America’s Boston-based global wealth and investment management division plans to grow its business throughout the New England region of the US and is looking to hire more staff.
The bank is particularly keen to grow its wealth management business in the states of Massachusetts and Rhode Island, according to US press reports.
The Bank of America merged with FleetBoston Financial in 2004 and based its global wealth and investment management division in Boston, where FleetBoston had its headquarters.
Further reports in the US trade press suggest that the global wealth and investment management division is pulling out of foreign markets with the exception of the UK, Spain and Ireland to focus on its US business.
A spokesman for Bank of America was not prepared to comment on the report.
