SAN RAFAEL, Calif. Bank of America Corp. has added 10 private bankers to its offices in Northern California as the company continues to build up its presence in the high-net-worth market statewide.
By the time the program ends next April, Bank of America will have added private bankers at 10 sites around California, said Connie Beck, head of West Coast private banking for the Charlotte, N.C.-based banking company. The most recent additions were to Bank of Americas San Rafael and Sacramento offices. Other targeted markets include Silicon Valley, the Channel Islands, San Jose, Westlake Village, Walnut Creek, Del Mar, Beverly Hills, and Santa Monica.
The buildup comes amid increased competition for the business of the growing numbers of New Economy millionaires. Several other big banking companies, including J.P. Morgan & Co., have promised to add employees and offices in and near Silicon Valley.
Though Bank of America has filled some posts from the outside, many private bankers have been transferred from other Bank of America sites, such as San Francisco, where its largest private banking staff now is, Ms. Beck said.
This is part of an overall strategy to focus more of our resources on asset management for high-net-worth individuals, she said. We are bringing services to our customers geographically. We think we need to be closer to our customers.