CHARLOTTE, N.C. - Bank of America's global corporate and investment banking division has signed a multiyear contract to have ADP Brokerage Services Group install software to support the bank's global securities business.

Bank of America, the largest U.S. bank, with assets of $672 billion, said it expects to save 20% on its security processing costs by consolidating its worldwide multiproduct and multicurrency trading system.

ADP is a division of Automatic Data Processing Inc., which has revenues of more than $6 billion and upward of 500,000 clients.

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