A survey by London-based Brand Finance Plc of banks, based on the notional amount that a company would have to pay for the brand, has ranked the Bank of America as the most valuable banking brand with an estimated price of $30.6 billion.
In all, 90 American banks found a place among the top 100 compared to 85% in 2010, a probable indicator of the resurgence of the banking industry in the nation. US domiciled banks also experienced a 23% increase in combined brand value from the 2010 published rankings.
Speaking to Bloomberg on the rankings, David Haigh, chief executive officer of Brand Finance said that at a time when banking in America is beginning to look up again, Bank of America has focused on promoting its role as a traditional main street lender. As losses on loans gradually taper off with the economic recovery, the Bank's earnings power is expected to rise.
Bank of America is also the nation's biggest mortgage servicer, handling 20 percent of home loans in the United States.
Europe's largest bank HSBC, which had held the top position in the last survey, slipped to third position behind BofA and San Francisco-based Wells Fargo & Co. Wells Fargo was valued at $28.9 billion and HSBC at $27.6 billion.
In terms of brand rating however, HSBC continued to be on top with a rating of AAA+. Bank of American and Wells Fargo enjoyed ratings of AAA- and AA+ respectively.
Goldman Sachs, which had a rocky year facing allegations of deliberately misleading investors towards a collateralized debt obligation linked to subprime mortgages, slipped in value from 7th to 16th position.