It’s time to bank on BankAm
Posted by dearsonu on August 29, 2006
IIPM PUBLICATION
The Citi never 
sleeps – that was what the New York-based Citigroup always maintained. But now, what used to be the world’s largest bank by market value has been caught napping. Result? It has given up its numero uno position to Charlotte (North Carolina)-based Bank of America, which on August 8, became the world’s largest bank by market value, dethroning longtime leader Citigroup that takes pride in its huge international reach (it has a presence in more than 100 countries). Bank of America’s – or BankAm’s market capitalization reached $ 239.36 billion, overtaking Citi group’s $ 239.34 billion (among publicly traded American companies, the two banks rank fourth and fifth in market value – 
behind Exxon Mobil, General Electric and Microsoft). Citigroup, however, remains the biggest American bank by assets which stand at $1.63 trillion compared with Bank of America’s $1.45 trillion. According to reports, Bank of America’s Chief Executive Kenneth Lewis has been focusing on strong growth in the US (it had acquired FleetBoston Financial and credit card issuer MBNA that together cost about $ 82 billion). Meanwhile, Citigroup Chief Executive Charles Prince has been emphasizing on organic growth (particularly in the international market), but has been struggling to keep costs down.
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Source : IIPM Editorial, 2006, Editor – Prof. Arindam Chaudhuri
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