Bank of America (BofA) is planning
to mould a new image by putting its advertising account up for
review.
The advertising review will reportedly
influence about $2bn in annual marketing. BofA spent a total of
$1.7bn on marketing through the first nine months of 2011.
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The last advertising review that BofA
underwent was in 2006. In 2007, BofA debuted its current ‘Bank of
Opportunity’ tagline, which replaced its ‘Higher Standards’
campaign.
Since then, BofA has added the Merrill Lynch
brokerage force and become more global. The BofA brand has also
faced criticism due to government bailouts, a falling stock price
and the attempt to
implement a $5 per-month debit card fee.
The advertising agencies that BofA currently
uses have been invited to pitch for the BofA account.
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By GlobalData
