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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, and is positioning itself to be a bulge bracket investment bank. Its competitors include Goldman Sachs, JPMorgan Chase & Co.,
Merrill Lynch,
Morgan Stanley, and
Lehman Brothers.
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. Following the strategy of Goldman Sachs, 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.
The company is registered as a broker-dealer with the United States Securities and Exchange Commission, 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 2005 by BAS, its balance sheet reflected $207 billion in assets. As of 31 December 2004, the company's financial statement,
audited by
PricewaterhouseCoopers, reflected total assets of $144 billion.On Thursday, September 6, 2007 sold $1.7 billion of debt in three parts, said a source familiar with the deal.The sale included $550 million of five-year floating-rate notes with a coupon rate of 0.50 percentage point over the three-month London interbank offered rate. The second tranche was a $650 million five-year fixed-rate note yielding 1.23 percentage points more than U.S. Treasuries and the third part was a $500 million 30-year bond priced to yield 1.75 percentage points over Treasuries. Banc of America Securities was the sole lead manager of the sale, the source said.
Leadership
- Gene Taylor - Vice Chairman, Head of 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, New York, Charlotte, North Carolina,
Chicago, Illinois,
San Francisco, California,
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, New York City, a $1 billion, 55-story skyscraper, at Bryant Park in New York City when it is completed in 2008.
See also
Competitors
External links
- Unaudited Statement of Financial Condition as of 30 June 2005.
- Statement of Financial Condition as of 31 December 2004.
- Banc of America Securities Global Equities and Electronic Trading Services site.
- Bank of America Corporation's website.
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, and is positioning itself to be a
bulge bracket investment bank. Its competitors include Goldman Sachs,
JPMorgan Chase & Co., Merrill Lynch,
Morgan Stanley, and Lehman Brothers.
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. Following the strategy of Goldman Sachs, 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.
The company is registered as a
broker-dealer with the
United States Securities and Exchange Commission, 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 2005 by BAS, its balance sheet reflected $207 billion in
assets. As of 31 December 2004, the company's financial statement, audited by
PricewaterhouseCoopers, reflected total assets of $144 billion.On Thursday, September 6, 2007 sold $1.7 billion of debt in three parts, said a source familiar with the deal.The sale included $550 million of five-year floating-rate notes with a coupon rate of 0.50 percentage point over the three-month London interbank offered rate. The second tranche was a $650 million five-year fixed-rate note yielding 1.23 percentage points more than U.S. Treasuries and the third part was a $500 million 30-year bond priced to yield 1.75 percentage points over Treasuries. Banc of America Securities was the sole lead manager of the sale, the source said.
Leadership
- Gene Taylor - Vice Chairman, Head of 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, New York,
Charlotte, North Carolina, Chicago, Illinois, San Francisco, California,
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, New York City, a $1 billion, 55-story skyscraper, at Bryant Park in New York City when it is completed in 2008.
See also
- Primary dealers
- Investment Banking
Competitors
External links
- Unaudited Statement of Financial Condition as of 30 June 2005.
- Statement of Financial Condition as of 31 December 2004.
- Banc of America Securities Global Equities and Electronic Trading Services site.
- Bank of America Corporation's website.
