There is a pretty simple explanation why BankAmerica Corp.'s private banking business has been prospering: there are a lot more people with a lot more money, and the $260.2 billion-asset bank knows how to reach into its deep customer base to find them.

"There is nothing sleepy about this business at all," said William Goodyear, head of BankAmerica's global private bank, based in Chicago. "This economy has created a lot of wealth, the market is growing, and we can offer clients an integrated value set of credit, deposits, cash management, trust services, investments, estate planning, and just about anything else."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.