Reuters reports that Banc of America Securities was bookrunner for this year's largest IPO to date and advisor on the largest leveraged buyout.
The investment banking unit is also making good inroads as the bank is now participating in a number of profile deals across industry groups. Bank of America is said to be only one of four who have increased investment banking market share in disclosed fees this year.
Now there are many who feel that the bank will really need to buy in order to make the leap into the investment banking top 5, but Bank of America does not plan to go out on a further spending spree. Ken Lewis, Bank of America's chairman and CEO, said last week: 'Unless there was a distressed pricing situation, I don't see us' buying an investment bank. He continued: 'I am very pleased with our corporate investment banking effort. I am more convinced we are doing it the right way. We're building out methodically.....and profitably. I have no interest in an investment bank. None'.