History
The introduction of the card coincides with Bank of America’s acquisition of U.S. Trust, a private bank that caters to those with extremely high assets and income. Traditionally, this banking sector has been dominated by JPMorgan and the large brokerage firm, Morgan Stanley, as well as Citicorp and Goldman Sachs. With the acquisition, the private banking unit of Bank of America will be the largest in the world.
The Accolades card is seen as a tool to enter this market segment. The Wall Street Journal has reported that "the bank has struggled to prove it can cater to wealthy clients with the personalized service offered by some rivals.” “The bank says the Accolades card is its first designed solely for clients of its wealth unit.”
The program is now being managed by Merrill Lynch Wealth Management as part of the Bank of America Corporation.
Read more about this topic: Accolades Card
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