Bank of America Merrill Lynch

The overview

Bank of America Merrill Lynch (BAML) was formed following the merger of Bank of America and Merrill Lynch in the wake of the banking crisis in 2008. It has a heavyweight investment banking arm, and provides services in areas such as capital markets, mortgage-backed securities and syndicated loans.

The firm provides banking and asset management services to many large multinational corporations as well as small and medium-sized businesses, but the most profitable part of the company is its consumer division.

BAML is part of Bank of America, one of the world’s largest financial institutions. While the brand name of the company is Bank of America Merrill Lynch, graduate job applications are made to the Bank of America Corporation via its website, which provides details of all the programmes available around the world. ‘Merrill Lynch’ is still used to refer to the brand for the global wealth management side of the business.

The company is said to be wary of stretching itself too far too soon following the banking crisis and the challenges of the merger with Merrill Lynch, but given its geographical reach and diverse portfolio, there are plenty of potential opportunities for expansion, with Europe, Asia and Australia likely areas of interest.

Rankings

• Ranked 4 in DiversityInc’s rankings for supplier diversity, 2010. DiversityInc is a leading provider of information on diversity management.
• Ranked 9 in Fortune 500, the annual ranking of the largest US corporations, 2011.
• Ranked 6 in the list of the most popular graduate recruiters in investment banking, voted for by students in a survey carried out for the Guardian UK300, 2011.
• Ranked 74 in Times Top 100 Graduate Employers, 2011-12
• Ranked 204 in Guardian UK300, 2011
• Ranked 375 in Forbes’ list of world’s biggest public companies, 2011.
• Listed as one of the Times Top 50 Employers for Women, 2012

Salary and benefits

BAML is tight-lipped about its salaries, which are described as ‘competitive’.

Benefits on offer range from carbon offsetting to retail vouchers, and to some extent employees will be able to pick and choose the perks that are most relevant to them.

The Associate Benefit Choices (ABC) Package includes the following options, some of which are also available to the employee’s partner:

• Financial: includes pension plan and critical illness insurance
• Healthcare: dental cover, health screening, optical private Healthcare
• Lifestyle: AA membership, carbon offsetting, childcare vouchers, key holding service, mobile telephone, travel Insurance
• Leisure: membership of the on-site gym, retail vouchers, learning account

Other benefits available include season ticket loans, a flexible working policy and on-site physiotherapy.

Culture and values

BAML has a ‘pay for performance’ culture, which means that employees are rewarded according to how well they’ve performed and whether they have met the goals they have been set.

The values it says it holds dear are:

• Client delivery. Because it’s vital to build great relationships with clients – and keep the competition at bay.
• Team trust. Employees across the company are expected to act in accordance with the same shared key principles.
• Diversity. BAML aims to use the different backgrounds and knowledge of its staff to further the company’s business.
• Accountability. This is a key concern with the investment banking industry. Employees need to take responsibility for their actions and provide services with clarity and reliability.
• Commercial awareness. Looking for opportunities to expand and develop.

Sponsorship

Staff can lend their services to volunteer projects and, in line with other financial organisations, the firm funds art exhibitions and other cultural events. It also provided considerable funds towards the renovation of artwork at Westminster Abbey for the recent Royal Wedding.