DAVOS, Switzerland Jan 23 Bank of America Corp
is looking to win more advisory and stock underwriting
business to offset an expected slowdown in the issuance of
corporate bonds, a top executive said in an interview on
"Over time, the fixed-income markets in particular will
become less liquid" as a result of the U.S. Federal Reserve's
efforts to scale back their monthly asset purchases, said
Christian Meissner, the head of global corporate and investment
banking at Bank of America.
"Clearly, the M&A and ECM areas are going to be areas of big
focus and that's certainly one place where we're going to be
spending a lot of time" to make up for less fixed-income
activity, he said, referring to advising on mergers and
acquisitions and equity capital markets.
Meissner's group earned a record $1.74 billion in investment
banking fees for Bank of America in the fourth quarter, more
than competitors JPMorgan Chase & Co and Goldman Sachs
Additionally, Meissner said that he did not anticipate the
investment bank's return on equity to go back to pre-crisis
"Considering what's happening in terms of the capitalization
of our institutions and also at this point still lower levels of
activity, the two are incompatible," he said.