Bank of America Is Missing Out

Bank of America Is Missing Out

Bank of America Corp.’s purchase of Merrill Lynch & Co., struck on the panic-filled 2008 weekend that Lehman Brothers failed, was supposed to make the lender a top-flight global investment bank.

A decade later, the bank is struggling to make good on that promise. Bank of America has failed to capture the benefits of a deal-making boom that has lifted its Wall Street rivals. Its overall investment banking revenue in the first nine months of the year is roughly flat compared with the same period in 2010, compared with…

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