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Bank of America Grabs Top Bookrunner Slot

Bank of America flexed its investment banking muscles last quarter, jumping to the top bookrunner slot on a proceeds basis, according to data released Thursday.

Editors note: The story was originally published on April 1. It's been updated to clarify that Bank of America topped league table for proceeds.



) -

Bank of America

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flexed its investment banking muscles last quarter, jumping to the top spot for dealmaking proceeds, though

JPMorgan Chase

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still led the pack in terms of revenue.


Thomson Reuters

analysis released on Thursday pegged the Bank of America-Merrill Lynch franchise as the top bookrunner, with $141.4 billion in debt, equity and equity-related proceeds. The firm bested JPMorgan,

Barclays Capital

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to move from its No. 5 rank in 2009 to No. 1, with an 8.3% share of the market.

However, data released on Tuesday by Dealogic showed that JPMorgan remained in the top slot in terms of fees. The bank edged out Bank of America with $1.14 billion in revenue and 7.8% market share during the first quarter, vs. B of A's $1.1 billion and 7.5% of market share.

Bank of America has been working hard to build up its non-consumer business lines. The firm hired several key executives in the capital markets division, which operates under Tom Montag, and others in

corporate banking more recently.

The Merrill acquisition has certainly helped boost the bottom line, accounting for 19% of revenue and more than 75% of net income last year. During the first quarter, hot money raced into bonds, and Bank of America drew more business from a diverse array of debt issuances to gain the top spot.

Apart from the overall Thomson-Reuters league table, Bank of America also led global debt issuance, U.S. leveraged loans, high-yield corporate debt and mortgage-backed securities.

Other league-table winners from Thomson-Reuters data were JPMorgan, which topped the global equity list, as well as

Goldman Sachs

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, which topped the list of common stock bookrunners and U.S. IPOs. But in the broad league table, JPMorgan, Goldman, Citi,

Morgan Stanley

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and many foreign banks lost market share, while Bank of America,

Deutsche Bank

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and several other smaller underdogs captured more business.

-- Written by Lauren Tara LaCapra in New York