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Bank of America announced on Tuesday that it will open in nine new markets covering four new states by 2026.
By 2026, the Charlotte-based bank will be in Omaha, Nebraska; Louisville, Kentucky, Boise, Idaho, Birmingham and Huntsville, Alabama, Madison Wisconsin, Milwaukee, New Orleans and Dayton, Ohio.
The news comes two weeks after Aron Levine, president of preferred banking, detailed some of the new markets Bank of America would enter. Speaking at a Morgan Stanley conference, he said the bank would prioritize opening in the new markets, while pursuing a net reduction in bank branches.
The new markets represent areas where there are already clients using either Merrill, Bank of America’s wealth management division, business banking or a global commercial bank, said Felicia Lewis. She is executive director of expansion markets at Bank of America.
“We’ve got clients there already… and we’re adding the financial centers to that,” Lewis told The Charlotte Observer.
The first of these new markets are two branches in Omaha, which will open by the end of the year. By year’s end the bank will have opened 55 centers, nationwide she said, after opening 58 last year.
Despite the openings, the bank’s current strategy is to shrink its physical presence and focus on its 56 million digital users, closing two branches for every new one that opens, Levine said, according to a transcript of his remarks at the Morgan Stanley conference.
Branches that closed temporarily during the pandemic will remain closed, although the continual closing of branches will be more gradual than the 525 closed in the past two years, according to Levine.
Reducing in-person facilities reflects a decrease in in-person transactions, Levine said, as people continue to shift to online banking.
There is no end date to the continual closure of financial centers, Lewis said.
By the end of this year, Bank of America will have renovated 2,500 of its branches to have a total of 3,900 modern financial centers, according to a bank news release.
The renovations prioritize offices and meeting spaces for those who need to talk to representatives in-person.
“People will drive a little longer, they’ll make more appointments to go talk to someone about their financial life about a mortgage, about a small business,” Levine said. “And so you can change the… nature of why a financial center exists. It’s gone from transactional to relationship to a broader, more sophisticated set of conversations.”
This story was originally published June 27, 2023, 9:00 AM.
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Bank of America’s Amanda Sorensen, senior vice president of the Business Information Security Office, is focused on risk mitigation, staying ahead of cybercriminals and monitoring cyberattacks at the $3.1 trillion bank.
The Charlotte, N.C.-based bank announced that it had increased its projected technology spend by $400 million for 2023 to $3.8 billion at a conference hosted by wealth management firm Bernstein this month. That spend is geared toward generative AI and payment development, Chief Executive Brian Moynihan said at the event.
Additionally, the bank was granted 608 patents in 2022, a 19% increase year over year, about 27% of which were related to information security, according to Bank of America.
In an interview with Bank Automation News, Sorensen discussed cybersecurity efforts throughout the bank, including monitoring ransomware, staying ahead of cybercriminals and using a threat-led approach. What follows is an edited version of the conversation:
Bank Automation News: What cybersecurity trends are you following in 2023?
Amanda Sorensen: At Bank of America, we continue to make investments in our people and technology to keep clients’ information secure. The cyber landscape continues to evolve. Ransomware is a common tactic of cybercriminals, so I’m definitely following the nuances of these attacks.
There have been headlines lately on generative AI and what that may mean for cybercriminals, as well as cybersecurity teams, and I think it will be interesting to see how that develops.
We continue to invest in partnerships to build a trusted community among banks for cyberthreat information sharing and to keep an open dialogue and debate on cybersecurity. We also offer educational tools and resources to our clients so they can stay current with trends.
BAN: What is your role on Bank of America’s cybersecurity team?
AS: I lead the BISO team at Bank of America. The team enables the cybersecurity organization and the technology teams, as well as the frontline business units by advising on cybersecurity matters and driving reduction of cybersecurity risk.
I would describe my leadership style as very hands on. I like to understand the work that I’m leading in the organization, and I enjoy getting to know my teammates. Through a working relationship with my team, we establish a mutual level of transparency, which is effective in solving potential issues early.
BAN: What technologies are at the forefront for innovative cybersecurity teams?
AS: By using a threat-led approach to cybersecurity, you’re continuously monitoring for anything new or changing in the landscape and adapting your defenses accordingly. Understanding how controls perform against known threats gives security teams visibility into where evolution is needed to defend against the threat.
BAN: How do you plan and stay ahead of cybersecurity for the future?
AS: The Business Information Security Office (BISO) team partners effectively across the broader company to solve problems and share current information, allowing the bank to be nimble in its response to the evolving threat landscape. We’re part of the bank’s nearly 3,000 cyber experts located across 17 countries operating around the clock and around the world to identify, prevent and mitigate information security risks.
BAN: What is the best leadership advice you’ve received? How do you relay that advice to your team?
AS: When I was a new manager, it was difficult for me to give feedback. Then, someone suggested that I change my perspective, reframing feedback from a negative experience to one that helps the recipient. So now when I have to give uncomfortable or difficult feedback, I follow that advice and really think about it as something that I owe this person. Feedback provides opportunities for improvement and potential career advancement at all levels.
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Mark Kauzlarich/Bloomberg
Bank of America announced several leadership changes in its investment banking unit, including shifting responsibility for its global transaction services business to Mark Monaco. Monaco will assume responsibility for GTS in addition to his current role leading enterprise payments, the bank said in a memo to staff seen by Bloomberg News. Faiz Ahmad, former head of global GTS, will become co-head of global capital markets alongside Sarang Gadkari, according to the memo. “Bringing these areas more closely together supports our effort to drive these capabilities even further for our business, corporate and institutional clients in the U.S. and around the world,” the Charlotte, North Carolina-based bank said. A representative for Bank of America confirmed the contents of the memo. Ahmad, who has led GTS since 2017, will continue to report to Matthew Koder, the bank’s head of global corporate and investment banking, according to the memo. Monaco will report to Dean Athanasia, president of regional banking. — Katherine Doherty, Bloomberg News
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Investors have their sights set on startups presenting offerings in financial conductivity, identity verification, compliance and fraud. “We’re having, even as investors, to find different business that we can lean into that we are going to be excited about how they are going to be valuated through their entire path to exit or IPO,” Drew […]
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The Charlotte FBI suspended an analyst after his actions and comments about the Capitol riot raised questions about his “allegiance” to the country. Meanwhile, Bank of America is under fire by Republicans who claim the bank shared confidential data placing customer near the Capitol on Jan. 6.
A suspended FBI employee from Charlotte who gave whistleblower testimony Thursday to a Republican-led congressional subcommittee had his security clearance revoked over his handling of a Jan. 6-related investigation, and amid questions from his superiors about his “allegiance to the United States.”
Meanwhile, an interim subcommittee report released earlier in the day accuses Bank of America, headquartered in Charlotte, of targeting conservatives by turning over confidential consumer data from customers who used their credit cards in Washington, D.C., around the time of the Capitol attack.
Marcus Allen, a staff operations specialist with the FBI Charlotte Field Office’s Joint Terrorism Task Force, was to testify before the House Judiciary Select Subcommittee on the Weaponization of the Federal Government over how the FBI is allegedly “purging” agents and other employees with conservative political views.
However, in a letter to the subcommittee’s chairman, Ohio Republican Rep. Jim Jordan, FBI Assistant Director Christopher Dunham said Allen’s top-secret security clearance had been revoked by his Charlotte superiors this month after he had “expressed sympathy for persons or organizations that advocate, threaten or use force or violence,” the New York Times and other outlets reported.
Allen’s actions, according to Dunham, raised security concerns in the Charlotte Field Office about his “allegiance to the United States.” Allen has been suspended without pay since February 2022.
The subcommittee’s report claims that Allen and several other FBI employees scheduled to testify were punished for either doing their jobs or speaking out against “the politicization” of the bureau.
In an email to The Charlotte Observer on Thursday, the FBI said the retaliation claims are not true.
“The FBI’s mission is to uphold the Constitution and protect the American people,” the bureau said. “The FBI has not and will not retaliate against individuals who make protected whistleblower disclosures.”
The subcommittee’s report also alleges that Bank of America “voluntarily and without any legal process,” gave the Washington office of the FBI “a list of individuals who made transactions in the Washington, D.C., area using a BoA product” between Jan. 5-7, 2021.
Customers in the D.C. area at the time who had used a BoA credit card to buy a gun in the past were “reportedly elevated to the top of the list,” according to a now retired FBI analyst who testified to the subcommittee in March, the report states.
Under questioning by the subcommittee, however, the retired analyst, George Hill, acknowledged that he merely had seen a record about the bank’s activities in the FBI’s case-management system but did not open it, CNN reported.
Based on court files tied to its Jan. 6 investigation, the FBI frequently received court approval to acquire banking and communications records to pinpoint the locations of suspects or to search for evidence of crimes.
The subcommittee’s report, however, described Bank of America’s actions in more critical terms — as “an invasion of the privacy of American citizens (that is) decidedly concerning.”
In response to the subcommittee’s allegations, a spokeswoman for Bank of America told the Observer on Thursday that the bank “follows all applicable laws and regulatory requirements to receive, evaluate, process, safeguard, and narrowly respond to law enforcement requests.”
The weaponization subcommittee was formed by the House Republican majority to investigate purported corruption and bias in the federal government — from the so-called “Deep State” probes of former President Donald Trump to alleged improper business activity by Hunter Biden as well as the FBI’s supposed “anti-parent” investigations into angry school protests over books, curriculum and pandemic response.
Its FBI whistleblower report involving Jan. 6 comes the same week as the release of the findings of a Trump administration-appointed special prosecutor that criticizes the FBI’s probe of possible links between Russia and Trump’s 2016 campaign.
The four-year investigation by John Durham cost taxpayers $6.5 million but led to only one criminal conviction — not to the purported widespread FBI conspiracy, which Republicans contend, improperly targeted Trump.
Nonetheless, Russell Dye, a spokesman for Jordan, dismissed Dunham’s letter as a “last-minute Hail Mary” by the FBI “to salvage their reputation after John Durham illuminated their election interference and before brave whistleblowers testify about the agency’s politicized behavior and retaliation against anyone who dares speak out.”
The report and subcommittee hearing spotlights the roles of Charlotte and other FBI field offices in the massive federal investigation of Jan. 6., when thousands of Trump supporters violently stormed the Capitol to block congressional certification of President Joe Biden’s election win.
More than 1,000 arrests have been made to date. At least 28 have come from North Carolina. Ten N.C. residents have already been sentenced to prison.
Allen, according to Dunham’s letter, sent an email from his bureau account to co-workers several months after the Capitol attack, urging them to “exercise extreme caution and discretion in pursuit of any investigative inquiries or leads pertaining to the events” of Jan. 6.
He also sent an email linking to a website stating that “federal law enforcement had some degree of infiltration among the crowds gathered at the Capitol,” which Allen said raised “serious concerns” about the U.S. government’s participation in the riot, according to The Times.
In addition, when Allen was asked to conduct “open source searches on a Jan. 6 subject” from North Carolina, he reported that he found nothing to show that the suspect “engaged in criminal activity nor did he find a nexus to terrorism.”
As a result of Allen’s summary, the case was closed. It was reopened when another FBI employee provided “readily available” information that the subject in question had assaulted a Capitol police officer on Jan. 6 — “information … that should have been obtained by Mr. Allen when he conducted his search,” according to Dunham.
At least seven N.C. defendants have been convicted or accused of assaulting police on Jan. 6. Overall, 140 officers were injured defending the Capitol from the mob.
When asked by the Observer for the identity of the target of Allen’s investigation and whether that person has been charged, the FBI did not respond.
In a federal lawsuit filed in South Carolina, Allen said his suspension letter on Jan. 10, 2022 — which he says he received in the parking lot of a Cracker Barrel restaurant off Carowinds Boulevard — accused him of espousing “conspiratorial views” and promoting “unreliable information which indicates support for the events of January 6th.”
Allen, who lives in Lancaster, S.C., denies the allegations.
He joined the FBI in 2015 after previous serving as a Marine intelligence specialist in Operation Iraqi Freedom. He received the “Employee of the Year Award” from the Charlotte Field Office in 2019.
In his complaint against Christopher Wray, he accuses the FBI director of multiple First Amendment violations, including “content- and viewpoint-based discrimination,” as well as retaliation.
Allen also wants his security clearance restored and to be returned to his job.
This story was originally published May 18, 2023, 5:18 PM.
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Bank of America, based in Charlotte, is opening a wholesale investment branch in Luxembourg.
Mammoth Charlotte-based Bank of America is expanding in Europe and coming to one of the world’s smallest but wealthiest countries — Luxembourg.
The bank has opened a branch in the capital city of the same name, Luxembourg, Bank of America said Wednesday in a news release. The landlocked country is surrounded by Belgium, France and Germany.
Customers for the wholesale investment branch are corporate, commercial and NBFIs (non-bank financial institutions), not retail clients, Bank of America spokeswoman Megan Pearson told The Charlotte Observer in an email from London.
Bank of America chose Luxembourg because it’s the second largest investment fund center in the world after the U.S. By going there the bank said it will “deepen its global cash management services to these NBFIs.”
Luxembourg also is the second wealthiest country in the world with GDP per capita, purchasing power parity of $142,490, according to Global Finance, a corporate finance magazine, behind Ireland. The U.S. ranks at No. 9 with a GDP per capita, purchasing power parity of $80,035. Purchasing power parity is the exchange rate used to compare countries with different currencies expressed in international dollars, according to the report.
“Many multi-national companies have chosen Luxembourg as a European hub for their activities,” Fernando Vicario, CEO of Bank of America Europe Designated Activity Company, said in a statement.
The Luxembourg branch will be available for setting up local bank accounts and provide in-country transaction banking products and services, according to Bank of America.
Global Transaction Services accounts for over 10% of Bank of America’s overall revenue and about a third of its deposits, according to the bank. Bank of America has operations throughout the U.S., its territories and over 35 countries.
Population: Luxembourg 660,924 residents; Charlotte estimated 880,000 residents.
Size: Luxembourg, 2,586 square miles. It’s slightly smaller than Rhode Island. Mecklenburg County covers 546 square miles.
Age: Luxembourg was founded in 963, making it 1,060 years old. It was established a century before the Battle of Hastings that led to the Norman conquest of England. Charlotte was founded in December 1768, some 254 years ago and a little over six years before the Revolutionary War started.
Labor force: Luxembourg, excluding foreign workers, has 334,000 workers. Bank of America has about 218,000 employees, including over 18,000 in the Charlotte region.
Airports: Luxembourg has two airports, one of which is paved. Pre-pandemic, Luxembourg Airport had passenger traffic in 2018 of 2.1 million. Charlotte-Douglas International Airport, which also is paved, had nearly 48 million passengers last year.
Economies: Bank of America has $3.051 trillion in assets and is the second biggest bank in the U.S. by assets (behind only JPMorgan Chase) and seventh biggest in the world. Luxembourg’s GDP is $71 billion.
One more thing: The country, a constitutional monarchy, is the only grand duchy in the world. A grand duchy is a country whose official head of state is a monarch with the title of grand duke or grand duchess. The country’s current monarch is Henri, the 68-year-old Grand Duke of Luxembourg. He has ruled over the country since 2000, and reportedly had a net worth around $4 billion.
Sources: CIA World Fact Book, S&P Global Market Intelligence Report, U.S. Census Bureau, Charlotte Observer files.
This story was originally published May 11, 2023, 6:30 AM.
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Andy Sieg is leaving Merrill Wealth Management for Citigroup, returning to the Wall Street rival he last worked for 13 years ago.
After a required six-month leave, Sieg will become the new head of Citi Global Wealth in September and report directly to Citi CEO Jane Fraser, according to an internal Citi memo dated March 30.
Sieg worked at Citi from 2005 to 2009. He had been at Bank of America’s Merrill since then, serving first as head of Global Wealth & Retirement Solutions, then as president of Merrill in 2017.
Sieg is replaced by Lindsay Hans and Eric Schimpf, who were named presidents and co-heads of Merrill Wealth Management. Both executives will report to Bank of America CEO and chairman Brian Moynihan.
The Merrill appointments were announced Thursday in a press release. They are effective immediately, a spokesperson for Merrill said in an email.
Sieg’s surprise departure, one of the biggest C-suite poaches on Wall Street and a move that impacts Merrill’s “thundering herd” of brokers and advisors, could position Citi to expand its wealth management footprint in the U.S. Sieg oversaw strategies at Merrill that more than doubled advisors’ average assets from new clients to $1.7 million over a decade.
“Andy’s decision to join Citi sends a strong signal about the potential of our wealth proposition and the attractiveness of our unique global offering,” Fraser said in the internal memo, which was provided by a Citi spokesperson. “Growing Wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns.”
Fraser added in the memo that Citi’s new COO, Anand “Selva” Selvakesari — the bank’s former CEO of personal banking and wealth management who was promoted last week — had planned with her to find someone who “has a track record of driving growth, who has deep experience in the U.S. where we aim to grow significantly and who will be well positioned to drive global synergies between Wealth and our four other core businesses.”
Sieg’s experience at Merrill, where he oversaw 25,000 employees and around 15,000 advisors who managed a collective $2.8 trillion of assets, made him a prime candidate for the role.
“He also is no stranger to Citi, having worked at our bank for four years as a member of our Wealth team,” Fraser wrote in the memo.
In a statement, Sieg called his sudden move “a fantastic opportunity to build a leading wealth management business at the world’s most global bank at a time of massive wealth creation worldwide.
“There is a transformation underway at Citi, and I am excited about becoming part of a team that’s driven to deliver for clients, colleagues and shareholders.”
Just last month, new co-head Hans was a regional division executive. Merrill had promoted Hans to be the new head of private wealth management, international and institutional groups in February, following private wealth head Don Plaus’s sudden retirement.
Co-head Schimpf joined Merrill as a financial advisor in 1994, the release said. He “served for six years as division executive, first for the Southeast and most recently for the Pacific Coast. He also has been serving as co-head of the Enterprise Advisor Development program,” the bank said.
“Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients,” Moynihan said in the statement announcing the changes. “I’m looking forward to them building on the success and long tradition of Merrill in the years ahead.”
The company declined to comment on Sieg’s move, but noted in its announcement that it appreciated Sieg’s leadership of Merrill “through a period of sustained growth and modernization of technology for advisors and clients.”
Under Sieg, the firm adopted a “Modern Merrill” strategy that included digitizing processes for advisors and helping them market more effectively online to clients, as well as improve the digital client experience. He also called for broader efforts within the firm as well as across the industry to improve outreach to what he termed the diversifying “face of wealth” in the U.S.
Sieg replaces Jim O’Donnell in the role at Citi, and O’Donnell will transition to be Executive Vice Chairman of Citi and Head of Senior Client Engagement, the Citi memo said.
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Scott Capital Advisors LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,382 shares of the financial services provider’s stock, valued at approximately $211,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Bank of America by 0.6% in the third quarter. Vanguard Group Inc. now owns 602,457,736 shares of the financial services provider’s stock valued at $18,194,222,000 after buying an additional 3,313,229 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 60.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock valued at $3,130,177,000 after buying an additional 38,870,780 shares during the period. Legal & General Group Plc raised its position in shares of Bank of America by 2.9% during the second quarter. Legal & General Group Plc now owns 52,475,574 shares of the financial services provider’s stock worth $1,633,568,000 after purchasing an additional 1,493,089 shares during the period. Dodge & Cox raised its position in shares of Bank of America by 3.5% during the second quarter. Dodge & Cox now owns 44,434,589 shares of the financial services provider’s stock worth $1,383,249,000 after purchasing an additional 1,511,600 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock worth $1,522,699,000 after purchasing an additional 603,512 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.
A number of equities research analysts have recently commented on the company. Piper Sandler lowered Bank of America from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $36.00 to $33.00 in a research report on Tuesday, January 17th. Royal Bank of Canada dropped their price target on Bank of America from $40.00 to $34.00 and set an “outperform” rating on the stock in a research report on Friday. Citigroup raised their price target on Bank of America from $36.00 to $38.00 in a research report on Tuesday, January 17th. StockNews.com assumed coverage on Bank of America in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research report on Tuesday, January 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Hold” and an average target price of $39.28.
BAC stock opened at $27.14 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average price of $33.34 and a two-hundred day moving average price of $33.87. The company has a market cap of $217.22 billion, a price-to-earnings ratio of 8.51, a P/E/G ratio of 1.14 and a beta of 1.40. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $44.39.
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. The firm had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.82 earnings per share. Analysts anticipate that Bank of America Co. will post 3.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be given a $0.22 dividend. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.24%. Bank of America’s payout ratio is 27.59%.
In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the sale, the insider now directly owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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