Bank of America Securities

BofA Securities leverages Bank of America's $1.9 trillion in US deposits to fund corporate loans at a lower cost of capital than wholesale-funded competitors. This allows the firm to retain loans on its balance sheet during periods when syndicated markets freeze, as demonstrated during the 2020 COVID drawdowns and again in 2023's regional banking turmoil. The unit holds a top-two US syndicated loan market share, originating over $300 billion in corporate loans annually (per Refinitiv LPC, 2023).

Bank of America acquired Merrill Lynch in September 2008 for approximately $50 billion in stock, integrating Merrill's investment banking, wealth management, and trading operations. The institutional securities business operates under the Bank of America N.A. legal entity, while the Merrill brand persists in wealth management as Merrill Wealth Management. BofA Securities represents the unified corporate and investment banking face, officially rebranded in 2019 to simplify the market-facing identity.

Bank of America committed $1.5 trillion in sustainable finance capital by 2030, the largest target among US money-center banks. BofA Securities structures the majority of this activity, which spans green bonds, social bonds, sustainability-linked loans, and transition-finance instruments for high-emitting sectors like aviation and steel. In 2023 the firm underwrote $90 billion in labeled sustainable issuance (per Bloomberg, 2024), including debut green bonds for Marathon Petroleum and Cleveland-Cliffs.

Matthew Koder oversees global corporate and investment banking as president, reporting directly to CEO Brian Moynihan. The capital markets division falls under Jim DeMare, who runs global markets, and Elif Bilgi Zapparoli, who heads global capital markets. Thomas Sheehan runs global investment banking. The group operates with a co-head structure across most product and coverage verticals, a model Koder maintained after his 2018 appointment.

BofA Securities primarily operates as a syndicated lender and capital markets intermediary, but has expanded into sponsor-backed private capital markets. In February 2024 the firm formalized its private capital markets team under Sarang Gadkari and Kevin Brunner to intermediate between private equity sponsors and direct lenders. The unit does not manage its own permanent private credit fund, unlike Goldman Sachs or Morgan Stanley, but maintains a balance-sheet lending book that overlaps with direct-lender territory.

Technology is one of the firm's largest industry coverage groups, co-headed by Anwar Zakkour and Kevin Brunner. The team advised Cisco on its $28 billion acquisition of Splunk and served as active bookrunner on multiple semiconductor IPOs during 2023. BofA Securities maintains a dedicated technology banking hub in Santa Clara and a significant equity research presence covering enterprise software, semiconductors, and internet platforms, giving it a top-five market share in US tech ECM.

BofA Global Research fields over 600 analysts covering equities, fixed income, currencies, and commodities, with pricing and thematic reports that underpin institutional sales and trading. The platform ranks in the top five of Institutional Investor's All-America Research survey and is a primary distribution channel for bringing corporate clients to the firm's equity capital markets desk. The unit's Fund Manager Survey, conducted monthly, serves as a widely cited institutional sentiment gauge.