Bank of America Corp
The second-largest bank notified advertising agencies of its plans on Wednesday and expects to make a decision in April, a person familiar with the situation said. The move will influence about $2 billion in annual marketing.
Bank of America last underwent an advertising review in 2006. The next year it debuted its current Bank of Opportunity tagline, which replaced its Higher Standards campaign.
Since that review, Bank of America has added the Merrill Lynch brokerage force and become more global. It has also seen its brand tarnished by government bailouts, a falling stock price and an ill-fated attempt to implement a $5 per-month debit card fee last fall.
Bank of America's current agencies, including Omnicom Group Inc's
The new advertising is supposed to signal that it's a new day at the bank, despite ongoing challenges we are addressing, according to a document sent to the agencies.
(Reporting By Rick Rothacker; Editing by Phil Berlowitz)