(Source: Wall Street Journal)
Bank of America Corp.’s shotgun marriage to Merrill Lynch & Co. has produced plenty of ill will, and big profits in real-estate investment banking.
The Charlotte, N.C., bank blew away the competition last year in the business of underwriting stock offerings by commercial real-estate firms. The secret of success: Bank of America leveraged its relationships with real-estate borrowers to generate a flood of investment-banking work, much of it handled by former Merrill bankers who decided to stick around after the securities firm was acquired last year.
Read Anton Troianovski’s full article “Bank of America’s Secret of Success: Real-Estate Banking” in the Wall Street Journal (January 13, 2010).