| Type | Subsidiary |
|---|---|
| Industry | Financial services |
| Successor | Bank of America Merrill Lynch |
| Headquarters | New York City, New York, USA |
| Key people | Brian T. Moynihan, President |
| Total assets | US$ 266.01 billion (2007) |
| Website | bofasecurities.com |
Banc of America Securities LLC (BAS), based in New York City, was an investment banking subsidiary of Bank of America. The firm competed in both the domestic and international equity and investment banking markets, and pursued a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. Banc of America Securities merged with Merrill Lynch after that firm's acquisition in 2008.
Its strongest investment banking groups included 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 did a significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had 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 aimed to identify and market transaction opportunities.
The company was registered as a broker-dealer with the United States Securities and Exchange Commission (SEC)and was a member of the New York Stock Exchange and the National Association of Securities Dealers. The use of "Banc" in the BAS's name was indicative of the fact that the company is not a bank, and its deposits and other holdings are not insured by the Federal Deposit Insurance Corporation.
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On October 3, 2008, Bank of America announced that John Thain will lead the combined Bank of America/Merrill Lynch Global Corporate and Investment Banking enterprise. However on January 22, 2009 after the departure of John Thain Brian Moynihan became president of Global Banking and Global Wealth and Investment Management.
BAS operated offices across the world, with major offices in New York City, Charlotte, North Carolina, Chicago, Illinois, San Francisco, California, Tokyo, Frankfurt, London, and Mumbai. While its world headquarters were at the Bank of America Corporate Center in Charlotte, the bulk of its investment banking operations were at the Bank of America Tower, a $1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. During 2008, BAS significantly downsized its international operations, eliminating a multitude of industry groups in Europe.