In what some see as a signal that America’s mainstream banking sector expects the US economy to revive next year, Bank of America – the nation’s third largest bank and the only one with a coast-to-coast retail network – intends to boost its adspend by forty-five percent next year.
The bank will today announce a new marketing campaign for 2002, upping its advertising budget to $145m from $100m this year.
The bullish move reflects a 73% increase this year in BoA’s share price, boosted by the Federal Reserve's recent string of interest rate cuts resulting in increased lending. It also coincides with the appointment of Dan Roselli as the bank’s brand and communications executive
News source: Financial Times