Banc of America Investment Services, Inc. to Grow Broker Ranks 25 Percent.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 26, 2001 Banc of America Investment Services, Inc., the retail brokerage affiliate of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , will expand its current number of licensed investment consultants by 25 percent during the first half of 2001. Banc of America Investment Services, Inc. (BAISI) President Richard Downen said he is in the process of adding 200 licensed brokers, bringing the total number of brokers to more than 800. The new hires will be located throughout the franchise, with the greatest concentration in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Downen also said Banc of America Investment Services, Inc. this year will expand from 2,500 to 3,500 the number of banking center associates licensed to sell a limited number of mutual funds and certain annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. products. These associates, who are dually employed by Bank of America and Banc of America Investment Services, Inc., provide clients with a wide variety of financial products, services and advice, but they cannot trade individual securities. "Bank of America is investing in its growth businesses, and asset management is one of those," said Downen. "We want to provide more Bank of America clients with investment products, services and advice. To do that, we need more investment professionals." The expansion is part of a series of investment initiatives Bank of America announced last summer. The initiatives are designed to strengthen the corporation's revenue growth and improve the experience that customers and clients have whenever and wherever they touch the corporation. Along with this expansion will come a greater focus on providing clients more than just stock trades or basic information about a particular stock or mutual fund. "Our intention is to move from being providers of information to providers of advice," said Downen. "We will focus like never before on investment planning and continue to tailor our investment services to our clients' specific needs." Banc of America Investment Services, Inc. provides investment services for more than 1,000,000 account holders with more than $73 billion in assets. It operates 265 full-service offices in 20 states. One of the world's leading financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of our people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including more than 4,400 domestic offices, 13,000 ATMs, 38 international offices, a telephone banking network that handles more than a half billion calls a year and an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Web site that provides online access for more than 3 million customers, more than any other bank. Bank of America stock (ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. :BAC BAC abbr. blood alcohol concentration ) is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pacific and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom. www.bankofamerica.com/investments http://www.businesswire.com/cnn/wa-bank-of-america.htm |
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