September 21, 2012 BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: BANK OF AMERICA WEIGHED NAME CHANGE FOR INVESTMENT BANK When: Today, Friday, September 21, 2012 Where: CNBC’s “Power Lunch” Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche today, Friday, September 21 on “Power Lunch” (M-F, 1-2PM ET). Following is a link to Tausche's story on CNBC.com: http://www.cnbc.com/id/49121159. All reference must be sourced to CNBC.
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TAUSCHE: IT HAS BEEN FOUR YEARS SINCE BANK OF AMERICA BOUGHT MERRILL LYNCH AND ONE THING THAT EXECUTIVES HAVE BEEN TOYING WITH FOR AT LEAST RECENT MONTHS IS CHANGING THE NAME OF THE INVESTMENT BANK. NOW THIS IS A BROAD BRAND REVIEW THAT BEGAN IN MAY AND IT CANVASED HUNDREDS OF BANKERS BOTH LEGACY MERRILL LYNCH AND LEGACY BANK OF AMERICA TO DECIDE WHETHER TO STRIP BOFAs NAME FROM BANK OF AMERICA-MERRILL LYNCH ACCORDING TO PEOPLE FAMILIAR WITH THE REVIEW THAT I SPOKE WITH. NOW THIS WOULD HAVE BEEN A BIG WIN FOR THE THUNDERING HERD, WHICH THREE YEARS AGO FOUGHT TOOTH AND NAIL TO GET THAT ICONIC BULL BACK ON THEIR BUSINESS CARDS. IT WOULD BE THOUGH A DEPARTURE FROM THE PREVIOUS STANCE OF EXECUTIVES WHO ARE KEEN TO REMIND MERRILL LYNCH WHO BOUGHT WHOM BUT AN IDEA THAT’S BEEN REVISITED AS MARKETING EXECUTIVES WANTED TO KNOW WHETHER FORMER MERRILL LYNCH CLIENTS WERE NO LONGER DOING BUSINESS AT BOFA AND WHETHER HAVING AMERICA IN THE I-BANK TITLE WAS COSTING IT BUSINESS ABROAD BECAUSE OF ITS PATRIOTISM AND THOUGH SOME BANKERS SAID YES THAT IS THE CASE THE BOFA BRAND DOES HURT, THE COMBINED BANK IS THE SECOND LARGEST IN THE U.S. BY ASSETS AND IT HAS ALSO LOST THE TOP SPOT IN LEAGUE TABLES SINCE THE MERGER TO JPMORGAN. IT IS ALSO LOSING THE TOP SPOT OF THE LARGEST U.S. BANK EMPLOYER, BUT ULTIMATELY CHIEF MARKETING OFFICE ANNE FINUCANE HAS DECIDED THAT NO CHANGE WILL TAKE PLACE THOUGH THE NEW AND IMPROVED BOFA BRAND, SIMON, IS SET TO BE RELEASED IN 2013.