Investment Banking: ABN AMRO

ABN AMRO

ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break-up of the original ABN AMRO by a banking consortium consisting of Royal Bank of Scotland Group, Santander Group and Fortis. Following the collapse of Fortis, the acquirer of the Dutch business, it was nationalized by the Dutch government along with Fortis Bank Nederland.

The bank is a product of a long history of mergers and acquisitions that date back to 1765. In 1991 Algemene Bank Nederland (ABN) and AMRO Bank (itself the result of a merger of the Amsterdamsche Bank and the Rotterdamsche Bank in the 1960s) agreed to merge to create the original ABN AMRO. By 2007 ABN AMRO was the second-largest bank in the Netherlands and the eighth-largest in Europe by assets. At that time the magazine The Banker and Fortune Global 500 placed it 15th[7] in the list of world’s biggest banks and it had operations in 63 countries, with over 110,000 employees.

In October 2007 the bank was acquired, in what was at that time the biggest bank takeover in history, by a consortium made up of the Royal Bank of Scotland Group, Fortis and Banco Santander, known as RFS Holdings B.V. Consequently, the bank was divided into three parts, each owned by one of the members of the consortium. However, RBS and Fortis soon ran into serious trouble: the large amount of debt that had been created to fund the takeover had depleted the banks' reserves just at the time the financial crisis of 2007–2010 started. As a result, the Dutch government stepped in and bailed out Fortis in October 2008, before splitting ABN AMRO's Dutch assets (which had primarily been allocated to Fortis) from those owned by RBS, which were effectively taken over by the UK government due to its bail-out of the British bank. The operations owned by Santander, notably those in Italy and Brazil, were merged with Santander, sold off or shut down.

The Dutch government appointed former Dutch finance minister Gerrit Zalm as CEO to restructure and stabilise the bank, and in February 2010 the assets it owned were legally demerged from those owned by RBS.[8] This demerger created two separate organisations, ABN AMRO Bank N.V. and The Royal Bank of Scotland N.V.[9][10] The former was merged with ABN AMRO Private Banking, Fortis Bank Nederland, the private bank MeesPierson (formerly owned by the original ABN AMRO and Fortis) and the diamond bank International Diamond & Jewelry Group to create ABN AMRO Group N.V., with the Fortis name being dropped on 1 July 2010. The remaining parts of the original ABN AMRO still owned by The Royal Bank of Scotland N.V., meanwhile, were renamed, sold or closed down.[11]

The Dutch government has said that ABN AMRO would remain state-owned until at least 2014, after which it would consider a public stock market listing for the bank.

It's easy with Bank of America.

It's easy with Bank of America.
Switching to Bank of America is just a few simple steps away. Make the move today and you’ll have convenient access to thousands of Bank of America ATMs and Banking Centers coast to coast.

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1Move your automated deposits/credits to your new Bank of America account
Move your automated deposits/credits to your new Bank of America account with our helpful Automated Payment/Deposit Change Request form. Fill it in, print it out and then either fax it or take it to your old bank. It will help communicate how you want to reassign your automatic deposits so you continue to receive funds due you.

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2Transfer automatic payments/debits to your new Bank of America account
Move your automated payments/debits to your new Bank of America account with our helpful Automated Payment/Deposit Change Request form. Print it, fill it out and then either fax it or take it to your old bank. It will help communicate how you want to cancel or transfer automatic payments so none are late or missed.

To cancel or to transfer automatic payments from your former bank account to your new Bank of America account, you need the following information.

Copy of your latest statement with your billing information
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Former bank account information (for canceled payments)
3Close your old Account
Stop using your former bank account, but be sure to keep enough funds in it to cover any outstanding checks, automatic withdrawals, and automatic payments.
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Once your last check, automatic withdrawal, and automatic payment has cleared, you are ready to close your former accounts. Financial institutions require a request in writing including a signature to close an account. Use our handy Close Account Request form. It may take up to six weeks for your closing request to be processed.
Remember to destroy your old checks and cards.
4Start using your new checking account
Enroll in Online Banking first, and you’ll find setting up most everything else on this checklist is a snap.
Make deposits to get your account funded at an ATM, by transferring funds with Online Banking, by phone or at a Banking Center.
Activate your Debit Card by calling the telephone number on your card, at the nearest ATM with your card and PIN, at a Bank of America Banking Center, or by making a purchase with your card and PIN.
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Order checks at bankofamerica.com/checks or by calling 800.234.6147 (English) toll-free if you haven’t received your checks or need additional checks or business deposit tickets.
TIP: For easier reorders, sign in to Online Banking and click the customer service tab.

Partnering with the City of Chicago to Address Abandoned Properties

Partnering with the City of Chicago to Address Abandoned Properties

Mayor Richard M. Daley and Illinois Market President Tim Maloney announced that Bank of America is working in partnership with the City of Chicago to lessen the impact of vacant properties on the city’s neighborhoods. New initiatives include donating vacant foreclosed properties to the city and to nonprofits for reuse, redevelopment and neighborhood revitalization.

In Chicago and elsewhere, many homeowners faced with economic hardship have walked away from their homes, leaving behind vacant and deteriorating properties. To address the growing issue of neighborhood blight, the bank is collaborating with the City of Chicago on several measures.

Now when a mortgage is delinquent and the property is identified as vacant and abandoned, Bank of America will register the property with the city. It will also identify up to 150 such properties in default and refer them to a newly created Cook County court call, intended to move vacant and abandoned properties through the foreclosure process and return them to productive use. The bank will contribute to the costs of demolishing deteriorating buildings on the donated properties to relieve the financial burden to the city. And it will donate foreclosed and vacant condominiums to the nonprofit Community Investment Corporation (CIC) to convert them to affordable rental housing.

This vacant and abandoned building foreclosure pilot program is at the heart of Bank of America's revitalization efforts in collaboration with the City of Chicago. Bank of America will file foreclosure actions on eligible properties in a new Cook County vacant and abandoned building court call. The idea is that this expedited foreclosure process will significantly reduce the foreclosure time frame—currently an average of 18 months—for vacant and abandoned properties.

How Affordable Housing Is Allowing Seniors to Continue Calling Their Neighborhood Home

How Affordable Housing Is Allowing Seniors to Continue Calling Their Neighborhood Home

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Cherry Gardens has opened some eyes, statewide and in Charlotte, of what affordable housing looks like, what it can be, and what it can do. It’s special because of the people that are here, many of whom have lived in this neighborhood their entire lives. But as their property values rise, people who own [have], especially if they are on a fixed income, like seniors usually are, will get priced out of their neighborhood, so its a challenge many times to go find a place they can afford.

Beatrice W. McMurray, Resident, Cherry Gardens: For three years everything has gone up, and for three years my social security has stayed flat, so I made the choice to move here.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: What we are trying to do is not only build homes that are safe and affordable, but doing them as green as possible. We are cutting down power needs, cutting down our carbon footprint. For our residents, they are seeing a savings in their power bill between 40 and 50 dollars. So that’s 40 or 50 dollars, each month, that they can apply to going on a trip, helping their grandkids go to college. That’s a great benefit to our residents.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Using safer products, from tile to carpet to paint—and also the insulation and the ventilation in the units—was all to the health of the residents themselves. Cherry Gardens is a home run. There is more than just the housing; its shelter and it’s a community.

Beatrice W. McMurray, Resident, Cherry Gardens: The best part of living here at Cherry Gardens—it’s like a family, we look out for one another. You know we share. It’s a pleasure.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: Cherry Gardens was built with a lot of love and care, and making it green, making it affordable is just adding to that wonderful fabric that is Charlotte.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Cherry Gardens specifically wouldn’t be here without Bank of America. The construction loan was through them. They worked with us early and creatively to make this happen. They are excited about what we are trying to do and oftentimes can bring different perspectives that we haven’t thought of before, because of the wide range of knowledge that they have in the affordable housing industry.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: A lot of folks said we couldn’t make it green, but Bank of America are all for it, um, very supportive of it.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: We said we wanted a new paradigm that no one had ever done before, and they looked at us and said, “Tell me about it." I would hope that Cherry [Gardens] would be seen as an example, that affordable housing can be green. There are so many ways that we are better off because of this type of a development, and it’s just wonderful to see.

ank of America ranked 15th on The Civic 50 list for community engagement

ank of America ranked 15th on The Civic 50 list for community engagement

The National Conference on Citizenship and Points of Light, the nation’s definitive experts on civic engagement, in partnership with Bloomberg LP, recently announced that Bank of America has been named to The Civic 50 list, placing at #15. The list is the first comprehensive ranking of S&P 500 companies that best use their time, talent and resources to improve the quality of life in the communities where they do business.

Companies were evaluated on several elements, including leadership, measurement and strategy, design, employee civic health, community partnerships, cause alignment and transparency.

Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits

Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits



The Bank of America Charitable Foundation today announced that it is awarding $22 million in grants to nonprofits that build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes.

These grants will support more than 650 national and local community nonprofits in 34 states. In addition, information provided by the nonprofit grantees estimates the funding will benefit more than 31 million people, providing nearly 8,000 new affordable housing units and rehabbing over 11,000 units. Supporting housing nonprofits is one component of the company’s community focus on housing, jobs and hunger – three areas that are critical to stimulating the national economic recovery. Bank of America recently issued a request for proposals for nonprofits providing education, job training and workforce success programs and will issue a similar request related to critical needs, including hunger later this year. The company continues to focus on low- and moderate-income communities that have been hardest hit in the economic downturn.

“Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our partnerships with local and national organizations that address housing needs are just one of the ways we’re working to help improve local economies across the country.”

As part of the company’s integrated approach to addressing community challenges, about 42 percent of the nonprofits receiving support from Bank of America offer housing services alongside other programs designed to strengthen families’ financial stability, such as SNAP (Supplemental Nutrition Assistance Program, formerly the Food Stamp Program). Additionally, some of these nonprofits also work to ensure that affordable housing is energy efficient, which not only reduces environmental impacts but also lowers energy costs for renters and homeowners.

One of the national grant recipients is Mercy Housing, Inc., which will receive $375,000 to support the preservation of existing affordable housing, develop new units and provide integrated services that help families facing foreclosure stay in their homes, achieve financial stability and build assets. Mercy Housing has programs in Alabama, California, Georgia, Idaho, Illinois, South Carolina, Washington and Wisconsin.

Most of the funding announced today supports local nonprofits like Plymouth Housing Group in Seattle, Washington, which works to eliminate homelessness and support low-income people in downtown Seattle. The $25,000 grant will support the expansion of a new initiative, The Recovery Support Program, which will assist homeless adults recovering from addiction with housing, counseling and in-house support. The Recovery Support Program will be available at The Williams Apartments, a new 81-unit building now under construction in the South Lake Union neighborhood. Half of the 81 residences will be reserved for homeless veterans. The Williams Apartments will be a LEED®-certified, sustainably-built building.

In addition to financial support, Bank of America’s employees give their time, passion and expertise to address housing needs through volunteerism. In 2011, bank employees donated more than 455,000 service hours in partnership with organizations like Habitat for Humanity, Rebuilding Together and Operation Homefront.

Philanthropic and volunteer support are just a few of the ways that Bank of America continues to address the foreclosure crisis and help revitalize neighborhoods. The company has completed more than one million loan modifications since 2008 and participated in more than 1,000 mortgage outreach events since 2009. Bank of America has also opened 50 customer assistance centers in 25 states hardest hit by foreclosures, providing distressed homeowners face-to-face counseling and assistance.

Bank of America is the largest investor in Community Development Financial Institutions (CDFIs), with more than $1 billion in capital in more than 200 CDFIs in 45 U.S. states, the District of Columbia and Puerto Rico, financing affordable housing, community facilities, nonprofits, small businesses and micro-enterprises. In 2011, the company invested more than $443 million in CDFIs that primarily fund affordable housing initiatives across the U.S.

Bank of America Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way across more than 100 markets around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create shared value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. Learn more at About.BankofAmerica.com and follow us on Twitter at @BofA_Community.

For more Bank of America news, visit the Bank of America newsroom.

Community Development

Community Development
In order for communities to thrive, they need a stable housing base. To help achieve this, we are helping customers in need of housing assistance. We do this through our outreach efforts, business activities, philanthropic giving and nonprofit partnerships, including home retention, homeownership and affordable housing options. In fact, since 2009 we’ve participated in more than 800 outreach events, meeting over 125,000 customers and have opened 50 Customer Assistance Centers in 25 states for customers to meet face-to-face with our representatives.


The Bank of America Charitable Foundation recently awarded $22 million in grants to more than 650 nonprofits addressing housing needs across 34 states.  Funding will help build and rehabilitate affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes. In addition, we partner with nearly 600 HUD-approved nonprofit organizations to educate and counsel homebuyers, helping them understand the benefits and responsibilities of home ownership. We also focus on the revitalization of low- and moderate-income communities through our philanthropic efforts and creation and preservation of affordable housing, vibrant retail and commercial options across the U.S. As part of this commitment, through our Community Development Banking business we provided more than $1.6 billion to help create more than 12,000 affordable housing units for individuals with special needs, families, seniors and veterans in 2011.

Promoting Economic Growth

Promoting Economic Growth
Our goal is to help strengthen the economic and social well-being of communities. We strive to do this through preserving affordable housing in neighborhoods, lending to minority- and women-owned businesses and providing charitable funding to nonprofit organizations that address the critical needs of individuals, families and community members most in need.
STRENGTHENING ECONOMIES IN ACTION
Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits

Jul 30, 2012

The Bank of America Charitable Foundation today announced that it is awarding $22 million in grants to nonprofits that build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes…  learn More about Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits
 

A Mother-Daughter Team’s Salon Dream

Jul 19, 2012

When she was a little girl, Maria Poulos would watch her mother, Sofia, style women’s hair. Using her “finger scissors”, Maria would pretend to cut her friends’ hair as Sofia worked with customers…  learn More about A Mother-Daughter Team’s Salon Dream
 
Empowering Students to Make Their Dreams a Reality

Learn more about how we enabled KIPP DC to grow from an Anacostia church basement to a school campus; in its 10th year, KIPP has empowered 1,500 kids to achieve the dream of college…  learn More

Careers in Investment Banking

Careers in Investment Banking

 Welcome to a comprehensive web site on investment banking careers. Investment Banks help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice. The top investment banks including Goldman Sachs, JP Morgan and Morgan Stanley are said to be in the bulge bracket.

Other investment banks are regionally oriented or situated in the middle market (e.g. Piper Jaffray). Others are small, specialized firms called boutiques which might be oriented toward an industry vertical, bond-trading, M&A advisory, technical analysis or program trading. Firms have lots of different areas and groups within them. In most firms, there is sales and trading which works with owners of securities, investment banking which works with issuers of securities (firms and governments) and capital markets which goes in between the other two.

Further Information on Investment Banking

Skills & Talents Required in Banking
Getting in the Door
Job Options in Investment Banking
Salaries for Bankers
Links, Books & Resources to Learn More
Facts & Advice About Investment Banking
Top Investment Banks and League Tables
Job Market Outlook
Job Listings
Life as an Analyst
Life as an Associate
Investment Bank List
Making a Trip to New York
After the Cataclysm: Finding an Investment Banking Job in 2010
Best Resources

Investment Banking Explained: An Insider's Guide to the Industry
Provides a complete overview of investment banking in its modern form; defines key terms and discusses the functions of investment banks.
Monkey Business: Swinging through the Wall Street Jungle.
By John Rolfe and Peter Troob.
Many a starry-eyed megalomaniac has followed the siren song of Wall Street. Money, prestige, and power await them as they waltz off into the promised land...or so they think. The promised land, it turns out, is always one more twenty-hour workday ... Monkey Business is the hilarious confession of two young investment bankers.
An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm.
By David Stowell.
Provides a very good introduction to the role of investment banks and how they interact with hedge funds and private equity firms. This book provides a very readable introduction to how the financial system is working now and is a great backgrounder for anything contemplating banking as a career.
Too Big to Fail.
By Andrew Ross Sorkin.
One of the best books ever written about the investment banking industry. Tells the story of the rescue of the banks in the depths of the financial crisis.
Investment Banking Interview Study Guide.
By Sean Miller.
This is a timeless guide to help you in prepping for finance interviews, particularly for Investment Banks and Private Equity funds.
The Best Book on Getting An IBanking Internship: Written By A Former Banking Intern At UBS, JPMorgan, and FT Partners.
By Erin Parker.
Internship expert, Erin, has fought for her spot at top bulge bracket banks and boutique firms. She knows how stressful it can be to face case study questions at interviews, and she wants to help you stand out from the thousands of other applicants to earn your position at JP Morgan. Erin guides you step-by-step from interview preparation to conquering the 90-hour work week. Erin's tips will give you an unfair advantage over your toughest competitors as you network at info sessions, nail your interview questions, and rise to the top of your internship class.

Investment Banking:

Investment Banking:

Going into 2011, the industry has a new landscape following the 2008/09 financial crisis and its attendant stunning failures and near-failures of blue chip firms like Merrill Lynch and Lehman Brothers; bank bailouts; and pronounced slowing of the capital markets. M&A activity has come back strong--stronger, in fact, than other business lines at most of the remaining bulge bracket firms. The two tables below, based on data the New York Times assembled from Thomson Reuters, list the top ten firms by dollar volume of M&A activity from the beginning of 2010 to the end the third quarter. The first table gives worldwide rankings; the second rankings based on US activity. We also have detailed historical listings of top firms, below the second table. Reviewing the similarities and differences between the historical and current league tables is an exercise both instructive and sobering for those pursuing a career in investment banking.