Jan 24 Bank of America Corp, best known
as a U.S. consumer bank, has formed an international panel of
advisors to give it insights on global markets and help it build
The 13-member global advisory council gives executives at
the second-largest U.S. bank access to business leaders, former
government officials and academics in countries from Ghana to
Kuwait to France.
Members include former French Finance Minister Thierry
Breton, former U.S. Senator Kay Bailey Hutchison and former ABC
News President David Westin, the bank said Thursday.
Chief Executive Brian Moynihan, who is attending the World
Economic Forum in Davos, Switzerland, will chair the council,
which does not have any oversight role at the bank. The group
will hold its first annual meeting in early March in Hong Kong.
The council has been in the works since last year. [ID:
Other banks have similar panels. JPMorgan Chase & Co's
international council is chaired by former British Prime
Minister Tony Blair, according to the bank's 2011 annual report.
Based in Charlotte, North Carolina, Bank of America expanded
its international reach when it bought investment bank Merrill
Lynch in 2009. In the past few years, though, Moynihan has
scaled back the bank's overseas presence, selling non-U.S.
credit card and wealth management businesses.
Bank of America's non-U.S. revenue climbed to $19.8 billion
in 2011, up from $15.1 billion a year earlier, but overseas
income still only comprised about 21 percent of the company's
total, according to the bank's most recent annual report.