Bank of America Bank Overview
Bank of America Merrill Lynch is a company that provides financial solutions by offering an integrated range of products and services that cut across all businesses. The company serves the needs of government, institutional, corporate, and individual clients. Bank of America acquired Merrill Lynch way back in 2009, and today, the rebranded Bank of America Merrill Lynch is a global company that is the corporate and investment banking arm of Bank of America.
One of Bank of America Merrill Lynch’s corporate slogans is ‘Better Drives Us.’ This statement collectively sums up what Merrill Lynch is all about: getting things done excellently, and striving to do more and better things for their clients. Bank of America is guided by the purpose of making financial lives better. They do this by connecting clients and communities. Bank of America in Australia serves communities, businesses, and industries – and the company, true to its commitment, is known to completely immerse themselves in the environment that it serves.
Bank of America global headquarters is located in New York City, United States. The Bank of America Tower in Manhattan stands tall at 366 metres. It operates in 150 locations around the world.
Bank of America is present in a total of 12 countries in the Asia-Pacific region: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. Bank of America established its first office in the region way back in 1957. The company first opened offices in the Philippines, and then Japan. The headquarters of Bank of America Asia-Pacific is at the Cheung Kong Centre, a 68-story skyscraper in Hong Kong. The networks of offices in the region cover several legal and regulatory jurisdictions. It is one of the top 5 leading corporate banks in the Asia Pacific.
Part of Bank of America’s Asia Pacific division, Bank of America is present in three major Australian cities: Melbourne, Sydney, and Perth. Bank of America has its eye on Australia, and its well-documented and validated research has dubbed it a country in transition. Australia, according to Bank of America Merrill Lynch, is currently shifting from a multi-engine economy. A multi-engine economy is one where there is a variety of industries, all balanced out, in order to drive future growth. Australian infrastructure investment, starting in 2016 and beyond will be primarily driven by population growth and disruptive technologies. With this shift to a multi-engine economy, Financial Technology plays a major role. Using seed and venture capital and built on scalable technologies, financial technology is seen as a significant growth engine. The industry contributed a significant portion of the country’s GDP in 2016, and many see the immense opportunity in this enterprise. Fintech opportunities are continuously growing and evolving in Australia, and have seen rapid growth in the last few years. Financial technology opportunities exist across all industries and at all levels of the organization.
Part of its commitment to its employees and is clients is valuing the culture of differences and diversity in people. Bank of America recognizes that people are different in thought, gender identity, sexual orientation, culture, ethnicity, and culture. As Bank of America recognizes diversity, they believe that it will make them a better company.
Some of the progressive workplace practices and initiatives at Bank of America are diversity recruiting and employee networks. Because of more than 60,000 employees connected all over the world, the company formed bank-supported groups made up of employees, based on their interests, ethnicity, age, or parental status. Some of the community partnerships made up of Bank of America employees are Asian Leadership Network, Disability Employee Group, Inter-Generational Employee Network, Multicultural Leadership network, Lesbian, Gay, Bisexual and Transgender Pride Resource Group, Military Resource Group, and much more.
Bank of America Customer Service
The thrust of Bank of America Merrill Lynch is to put their customers at the very heart of their service. In everything they do, customers come first. It is this kind of customer-centric commitment that puts Bank of America on top.
Bank of America customer service is a cut above the rest, and this is evidenced by their slew of services, and the dedicated team of professionals who cater to clients’ varying financial needs.
In Australia and the rest of the Asia-Pacific region, Bank of America has the following business units. They all serve the varying needs of clients:
- Global Banking and Markets
- Global Technology and Operations
- Enterprise Control Functions
What does Bank of America Merrill Lynch exactly do for its clients? Here are seven solutions that the company offers:
- It optimizes working capital and liquidity. The working capital of any business is of utmost importance, and Bank of America recognizes that. The bank helps clients increase their visibility wherever in the world they choose to do business.
- It maximizes the value of business. The company gives trusted advice and execution strategies. Corporate and investment banking is their expertise. Now with the Merrill Lynch connection, well-founded research is now also part of the equation.
- It fuels growth with cost-efficient capital. Client companies are able to access a comprehensive suite of financing solutions from specialists. The mantra of Bank of America when it comes to cost-efficient capital is they help you grow anywhere. They provide solutions to the business that is geared for growth and success. Bank of America Merrill Lynch helps clients access the right resources using the right tools and local teams.
- It attracts and retains valuable talent.
- It makes informed investment decisions.
- It grows and manages global operations. Bank of America helps its clients grow globally, seizing opportunities in both emerging and established markets worldwide. Many investors have their eye on Australia at the moment, and Bank of America is right there to help clients expand their business in the country. At the same time, Australian companies who want to grow their business to become a global brand can also do so with the help of Bank of America financial and growth specialists.
- It optimizes trading performance.
Even if Bank of America offers the same solutions, the company also recognizes that every country is unique, with different needs. There are varied risks and regulations in different cultures around the world. Bank of America is dedicated to knowing what is happening in a focus country. They research on the possibilities in each country, and these researches serve as back-up when clients choose to do business there. The Merrill Lynch global research team goes above and beyond traditional research. With their innovative research and market insight, they help companies make informed investment decisions and eventually succeed by providing them the right information. Some of the more pressing issues about global research are Environmental Social Governance, Climate Change, Artificial Reality and a Changing World, and Millennials 101.
Bank of America uses an award-winning client portal called Mercury. Mercury features Global Custody, Award-winning Global Research, Futures & Options and OTC Clearing, and Prime Brokerage. Bank of America’s Global Custody platform allows clients to experience accurate and timely processing after trade has been done. The platform also does servicing and reporting for cash assets and securities. Merrill Lynch research products are also made available to clients to give them valuable advice on their investments. Because Bank of America now has access to Merrill Lynch’s award-winning analysts, they can now get a full suite of research products. Mercury provides clients with efficient pre- and post-trade tools, commentary and analytics. The Prime Brokerage feature of Bank of America Merrill Lynch consists of an integrated solution and expert advisory services across asset classes. The asset classes that hedge fund and professional trading clients can trade with are the following: equities, swaps, derivatives, fixed income, and foreign exchange.
During the 2016 GlobalCapital Derivatives Awards, Bank of America won the ‘Clearing Bank of the Year’ award. Profit & Loss Magazine, on the other hand, awarded Mercury with ‘Best FX Options Platform and FX Prime Brokerage Platform’ in 2015.
For assistance with Bank of America credit card, consumer banking account, or loan, here are the locations of Bank of America branches nationwide:
|L38 Governor Philip Tower, 1 Farrer Place Sydney, NSW, 2000|
|Melbourne||Level 19, 120 Collins Street, Melbourne, VIC 3000, Australia|
|Perth||Level 3, 16 Milligan Street, Perth, WA 6000, Australia|
Bank of America Contact Number
If you are in Australia, here is the Bank of America phone number for enquiries and concerns:
To request access to Mercury, its award-winning platform, please call: 1800 12 9223.
Bank of America phone numbers listed above are available only for their clients in Australia. Check the website for listings for other countries.
Contact Bank of America
Customers who prefer to send an email correspondence to Bank of America may email them at [email protected].
Bank of America has an FAQs page on their website, which may answer some of the more pressing queries of clients.