Here's some edited remarks made by Bank of America boss Ken Lewis on receiving the British American Business US Transatlantic Business Award in New York last week. We alluded to it last week, but this puts some more meat on the bones.

'Through the hard work of all our associates throughout our corporate and investment bank…. we have been able to grow our relationships with clients who do business in the U.S., the U.K. and around the world.

We have been investing in our global capabilities, and plan to continue to leverage the strength we’ve built in America to extend our reach in Europe, Asia and other markets. We are building capabilities in global markets, treasury services and our advisory businesses… aligning balance sheet commitments to key industry sectors and clients… and building our infrastructure to support our projected growth.

We have said that in the wake of disappointing third quarter results, we are studying our position in different parts of our commercial, corporate and investment banking business. We’re doing that, and that study may result in changes to parts of our platform. We have already announced some changes. These are difficult decisions, but important given the challenges we face.

But I want to be very clear on this point - we are in the investment banking business for our clients and our shareholders. We started building these capabilities 20 years ago because we believed that clients needed us to be able to provide a wide range of products and services as part of a strategic relationship. We still believe that… and the Bank of America investment banking platform that emerges from this process will be the right platform for our business… the right platform for our clients… and one that enables us to deliver the returns our shareholders expect and deserve.

Growing our relationships with each of you and the firms you represent is a key part of our international strategy. Despite the recent turmoil in the global credit markets, the global economy continues to grow. Business relationships are becoming more interconnected every day, between established trading partners like the U.S. and the U.K., and in emerging economies around the world......

Our goal at Bank of America is to work with all our business partners, clients and customers in the United Kingdom and across Europe… to invest in our common interests… to drive economic growth… and to build the strong and stable financial markets that will help ensure our shared prosperity in the future'.

 

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Press here to comment on this story >>

Today in Life: So Londoners Are Nice After All >>

TODAY

• Meet Goldman Sachs' Newest Managing Directors
• Best Place To Work Update
• Bank Tells Staff To Knock Off Early To Make Babies

THIS WEEK

• Best Place To Work 2010 Latest
• Top Firm Told To Give Up Bonuses
• 'Sorry - But Christmas Is Cancelled'