Global Finance magazine has named Bank of America the Best Bank in the World. The accolade is the top honor of the publication’s 2019 listing of world’s best banks. According to the magazine, the bank was selected based on its performance over the previous year, reputation and management excellence, as well as leadership in digital transformation.
In 2018, Bank of America reported the highest full-year earnings in the company’s history, $28.1 billion. By keeping expense growth below revenue growth for 16 consecutive quarters, Bank of America was able to create operating leverage, boost earnings, continue its investments, and increase capital returns to shareholders. In its write-up providing the rationale for the award, the magazine noted, “BofA leadership drew a picture of a prudent, efficient, customer-focused institution in reporting its results.”
CEO Brian Moynihan commented on the award, “This recognition reflects the great work my teammates do to deliver responsible growth: focusing on our clients, managing risk well, and ensuring growth is sustainable by making the bank a great place to work, sharing our success, and maintaining operational excellence.”
For leadership in digital transformation, Global Finance noted the bank’s “high-tech, high-touch” approach to serving clients, referencing the 37 million digital banking users, the 28 million mobile users, and the regular record-setting volumes achieved by Erica®, the AI-driven virtual assistant, and Zelle, the person-to-person payments platform the bank co-owns. The bank’s digital approach also extends to serving business users, 500,000 of whom use the banking portal, CashPro®, to manage everyday payment and cash management needs, including digitally signing 33,000 documents in 2019 to date.
Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Its website — GFMag.com — offers analysis and articles that are the legacy of 32 years of experience in international financial markets. Global Finance is headquartered in New York City, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Louise Hennessy, Bank of America