Banc of America Securities

Infobox Company
company_name = Banc of America Securities
company_
company_type = LLC
company_slogan = Higher Standards
location = flagicon|United States|size=20px New York City, USA
key_people = Brian T. Moynihan, President
num_employees =
revenue =
industry = Financial services
products =
homepage = [http://www.bofasecurities.com www.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,Fact|date=January 2008 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, Morgan Stanley, and JPMorgan.

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

On October 3rd, Bank of America announced that John Thain will lead the combined Bank of America/Merrill Lynch Global Corporate and Investment Banking enterprise.

Brian Moynahan will be moving on to another opportunity within the firm.

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

*Primary dealers
*Investment banking

External links

* [http://corp.bankofamerica.com/public/public.portal?_pd_page_label=equities/financials/default Financial Statements]
* [http://corp.bankofamerica.com/public/equities/index.jsp Banc of America Securities] Global Equities and Electronic Trading Services site.
* [http://www.bankofamerica.com Bank of America Corporation's website] .