The company, headquartered in New York, announce Monday the renaming of its business that serves high net-worth customers, taking advantage of its $3.3 billion purchase of U.S. Trust, one of the most prominent names in private banking, The New York Times reported.
For Bank of America, known for its many acquisitions, the re-branding represents the first time it has adopted the name of a business it bought. Bank of America's private banking operation, which caters to the very wealthy, has been overshadowed by the bank's predominantly middle-class image, the Times said.
"Clients told us, 'Your brand gets lost in the market,'" said Brian Moynihan, president of the company's Global Wealth and Investment Management division, which includes the private bank. "We are saying to clients that you are in this large franchise, but are in this special place."