BofA aims for top 3 of market share

Bank of America Corp. announced plans to increase revenues at its global corporate and investment banking business by almost 50% — or $10 billion — by 2011, according to published reports.
At an investor conference yesterday, the Charlotte, N.C.-based bank said it also aims to increase the business unit’s earnings by $3 billion and achieve a top-three market share in U.S. investment banking by 2011, reports said.
The 2006 global corporate and investment banking revenues were $22.7 billion for the bank, with a net income of $6.8 billion.
Investment banking revenues grew 31% to $2.5 billion in 2006, exceeding the rate of growth of its peer group, which includes JPMorgan Chase & Co. and Goldman Sachs Group Inc., albeit off a smaller base, Reuters reported.