Bank of America has created a new wealth management banking and lending unit to expand its offering to affluent clients.
The new unit consists of 3,500 employees, including wealth management banking specialists, loan officers, banking and lending product strategy, and wealth-management client-care specialists, according to the company.
Many banks are competing for wealthy clients, expanding their advisory and lending practices to capture more assets on their balance sheets. Bank of America's wealth and investment management group saw a seven percent increase in revenue in the second quarter, according to BloombergLaw. Since then, the bank has shifted leaders across its wealth management group, emphasizing the California area, which it has identified as a key growth location.
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