这家华尔街公司在主要街道上投注大。为什么？

The late Willie Sutton, scourge of Main Street tellers, has been quoted as saying he robbed banks because “that’s where the money is.”

带回生活，威利可能会发现在全国各地发芽的美国现代化银行分支机构的现代化银行的现金。

通过扩展银行移动应用程序的美德的“数字大使”，在大厅迎接威利。然后他在智能手机运营的ATM前发现自己。银行强盗终于融入了财富管理，抵押贷款和商业贷款的员工，终于将一个隐藏在分支后面的特三人的特色。没有多少线，因为在柜员窗口中只有四分之一的存款甚至更少。

Still, tech-challenged Willie is lucky he didn’t walk into a “virtual center,” a Bank of America branch where visitors can connect with human staffers only through video screens. And — the unkindest cut of all — there is no vault on the premises.

美国银行是重塑消费银行的领导。就像它的同龄人一样，它使高触控的砖和迫击炮主要街道与高科技，数字新世界。它百叶窗陈旧的分支机构，翻新了其他人，并打开了新的。它不断为其最先进的移动应用程序添加功能，希望在不关闭婴儿潮一代的情况下打开千禧一代。

它的资产负债表从未看起来更好。存款是汹涌澎湃的，运营成本暴跌，利润飙升。但与他的银行的主要竞争对手 - 摩根大通，井法戈和花旗集团 - 董事长兼首席执行官Brian Moynihan不能破产。“我们需要继续投资两种技术和新的分支机构，”58岁，在一次专访中，Moynihan说亚博赞助欧冠。

在金融危机十年前爆发之前，零售银行是一个钻孔。像美国银行这样的大公司看着他们的消费者行动作为投资银行和资本市场活动的性感领域的廉价资金来源。

Under Moynihan that formula has been turned on its head.

Bank of America’s commercial banking operations and the Merrill Lynch wealth management division remain powerhouses. But they are expected to lure their clients over to the consumer bank, clearly the star driver of growth and profits in recent years.

Consumer banking accounts for more than half of Bank of America’s deposits, the lion’s share of loan growth, and almost four of every ten dollars in net income. Propelled by its consumer activities, the bank rang up its best-ever first half in earnings this year. Only JPMorgan Chase is larger in terms of assets, market valuation, and profits.

Whatever possible headwinds Bank of America faces in the months ahead are shared by the whole industry. They include the threat of trade wars and fears that a falling yield curve on Treasuries might presage a recession. Further down the road, some analysts warn, Bank of America could be overexposed to consumer banking and too tied to the domestic market, which accounts for the overwhelming majority of revenues. But Moynihan makes no apologies for taking full advantage of the booming U.S. economy. “We have a big market share of the biggest economy in the world,” he notes.

Bank of America’s rising fortunes vindicate Moynihan’s refusal to change course despite years of scathing criticism from shareholders. No major bank came out of the financial crisis in worse shape. When Moynihan took the helm in 2010, the bank was foundering under a tidal wave of bad loans and scandals linked to subprime mortgages. For a time, Moynihan carried two BlackBerrys — one for regular bank business and the other to track client complaints. But, he insists, he never despaired. “We had a nationwide presence like nobody else’s,” he says. “We just had to clear away the rocks and underbrush.”

在绿色射击出现之前，它花了很多锄头。在Moynihan的前五年中，银行损失了超过1300亿美元的贷款，这些贷款被偿还或撰写。超过600亿美元用于诉讼费用。和银行的三分之一的302,000人数是懒散的。销售了大约850亿美元的非克罗尔资产，包括Blackrock，中国建筑银行和Grupo Santander的赌注。

Instead of wooing new clients, Bank of America focused on keeping its most creditworthy customers in wealth management, corporate lending, and, especially, consumer banking. Likely credit card deadbeats were turned away. Delinquent mortgage holders were cut loose. And reliable clients were nudged online or enticed into updated branches.

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AT THE HEART OF THE CONSUMER STRATEGYis a rethinking of the role of branches. Configuring a branch network in the aftermath of the financial crisis has not been an exact science. Over the past decade U.S. lenders have closed some 3,900 bank branches, with Bank of America alone shuttering more than 1,600.

在较少的有利可图地区的分支机构的商业租赁和员工薪水被视为太贵了。即使在制造赚钱的分支机构，还有繁重的纸币 - 纸张陈述，纸张检查，纸张处理。ATM更便宜，但需要持续的服务。

通过将任务移动到智能手机，急剧下降的操作费用。“今天，移动应用程序将5年前为1,800个分支机构掌控，”美国银行的消费银行业银行院长院长院长院长。

但是，数字化将渲染分支网络过时的预测尚未淘汰。千禧一代喜欢高科技。但年轻的家庭和婴儿潮一代仍然希望高触控银行 - 与抵押贷款，大学融资，投资和退休规划的建议的专家会议。然后有技术抗性的troglodytes - 关于零售客户的十分之一 - 谁坚持用蜗牛邮件提出书面陈述。“顺便说一句，”这是一个昂贵的昂贵，“阿萨西亚说。他没有为美国银行提供一个数字，但估计蜗牛邮件占银行业总费用的1％。

由于这种不同的客户，消费者银行业务的当前策略包括分支网络的更复杂扩展。旧分支正在翻新，以允许更多的数字化和更少的现场员工。在最有利可图的大都市市场正在开业新分支机构。并且将每年哄骗到移动银行业务的客户的过程继续。

Thus far, Bank of America has mastered this kind of strategy better than its peers.

“他们的分支机构网络是很美的一件事,” says Betsy Graseck, a Morgan Stanley analyst whose research on big-bank branch rivalries is often cited by fund managers. JPMorgan Chase must build up its presence in key Northeast markets like Boston, Philadelphia, and Washington, D.C. Wells Fargo has important gaps in the Midwest. But Bank of America’s 4,411 branches are in all major metropolitan areas. And over the next four years, the bank will open 500 new branches in nine markets deemed to be among the fastest-growing centers of affluence, including Denver, Indianapolis, and Salt Lake City.

并非所有分支都是由相同的饼干模具创建的。例如，美国300家分支机构的300家分行校园装饰着团队颜色 - 例如UCLA客户的蓝色和金牌。Apple总部的分支务必快速提供最新的应用程序。该银行正在尝试使用25个虚拟中心，其中客户通过视频屏幕与通常在分支机构遇到的金融专家进行通信。亚慱体育app

But Bank of America’s lead is hardly insuperable. “Three to five years from now, the branch networks of the big banks will look fairly similar,” predicts Brian Kleinhanzl, an analyst at investment bank Keefe, Bruyette & Woods. “And they are all moving in the same direction, toward a more digital branch model.”

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IT’S ALL LIGHT-YEARS AWAY1904年从美国银行成立于1904年，作为贷方，主要是意大利移民。当1906年的大地震袭击了这座城市时，银行的工作人员从最多其他金融机构的煽动持有的火灾中救出了客户的存款。在几天之内，美国银行通过将建筑贷款与企业和房主Doling建设贷款扩展到延伸。在未来十八十年中，其分支网络遍布加利福尼亚并将银行转向该州的主导金融机构。

它只在1983年，美国银行冒险超越加利福尼亚州。但由于在未来四分之一世纪的十几兼并收购的结果，它成为该国的存款方面最大的银行。所有人的最大合并来自1998年，与Nationsbank为基础，北卡罗来纳州夏洛特 - 成为美国银行的新总部。

Another merger, with FleetBoston Financial, brought Moynihan into the fold in 2004. After earning a law degree at Notre Dame, he spent several years at a Providence, Rhode Island, firm before joining Fleet as deputy general counsel. Moynihan switched to financial services, rising to the leadership of Fleet’s brokerage and wealth management division and of mergers and acquisitions.

“他有巨大的能力掌握和处理细节，”Robert Hedges召回了管理咨询公司A.T的合伙人。在1995年首次遇到Moynihan的Kearney。当时，舰队刚刚收购了篱笆的雇主，Shawmut Bank和Moynihan联系了对冲，讨论了两家银行将如何合并。当篱笆走进会议时，他被惊吓了，看到Moynihan已经在白板上映射了大约150个建议的步骤来平滑合并。接下来的两个小时花在微小的变化上。“这成为计划，”海边说。

Moynihan arrived at Bank of America in the heady years before the financial crisis, when its ambitious chief executive, Kenneth Lewis, was seeking to transform it into a global powerhouse. Not even the onset of the crisis curtailed the bank’s appetite. With the purchase of virtually bankrupt Countrywide Financial in July 2008, Bank of America gained control of almost a quarter of the home mortgage market. Only two months later, Bank of America became the world’s largest financial services company with the acquisition of investment firm Merrill Lynch, which also was near collapse.

这两个严重的定时收购危险的银行。司法部在全国各地指控欺诈和歧视性贷款措施。Merrill, whose acquisition was announced the same day that Lehman Brothers filed for bankruptcy, ran up a $21.5 billion operating loss in the last quarter of 2008. Bank of America’s market capitalization plunged to $45 billion, losing $108 billion in valuation in the four months after the deal for Merrill was disclosed. To stay afloat, the bank accepted $45 billion in government bailouts, which it repaid by the end of 2009.

刘易斯被迫辞职;Moynihan在2010年担任美国银行的首席执行官。在获得投资公司被收购的投资公司之后，Moynihan通过转向Merrill担任Merrill担任Merrill留下了深刻的印象。但恢复其余的美国银行健康将证明是更艰巨的。

There were stumbles galore. Moynihan lost some credibility by announcing in 2011 that Bank of America had no need to raise more capital — and then accepting a $5 billion infusion from Warren Buffett. (Today Berkshire Hathaway is the bank’s largest shareholder). A few months later, Moynihan had to rescind a misguided scheme to charge a $5 monthly fee to debit card users, which led to a 20 percent rise in account closures in the last quarter of 2011. At the 2012 annual shareholders’ assembly in Charlotte, Moynihan was besieged inside and outside the auditorium by investors angered by the bank’s collapsing stock price and demonstrators furious over shoddy mortgage-servicing practices.

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INVESTORS BECAME CONVINCED ONLY在2016年下半年,莫伊尼汉的更广泛initiatives to bring costs under control, weed out risky clients, raise deposit levels, and invest in technology were bearing fruit. Over the past two years, the bank’s price-to-book value has doubled, to 1.3. And investors’ patience was further rewarded this year with the announcement of $20.6 billion in share buybacks — only a fraction less than JPMorgan’s $20.7 billion.

其他因素也给投资者和分析师留下深刻印象。美国银行改善了其运营杠杆 - 收入的费用与14个直接季度的比率。“没有其他银行可以夸耀，”代数投资的投资组合经理Mark Conrad表示，财务部门的对冲基金。银行的总费用与收入的总比额为59％，略高于JPMORGAN的58％。在美国的消费银行业银行，经营杠杆是一个人兴奋的48％。高级管理人员预计成本削减将继续。“如果费用的遏制没有留在这家公司的费用遏制，我会被震惊，”银行首席运营官托马斯蒙塔格说。

降低成本一直是消费者司的盈利增长的主要驱动因素以及银行底线的巨大贡献者。2018年上半年，美国银行将年度开始，净收入为137亿美元，并容易超过2017年的全年收益为182亿美元。市场领导人JPMORGAN追逐在今年上半年获得了170亿美元，2017年年度净收入为244亿美元。

Bank of America’s ability to gather in deposits has been another key element in earnings growth. The financial crisis and the recession brought on a decade of near-zero interest on deposits, with Bank of America paying among the stingiest rates — 0.38 percent for U.S. interest-bearing deposits at the end of the last quarter. That translates into fatter net interest margins on loans.

With the Fed raising rates, it remains to be seen whether banks can hold the line on interest for deposits. One reason for optimism is that clients are increasingly using their deposit accounts to cover payments rather than as a source of income. At Bank of America low- or no-interest checking accounts make up almost half of consumer banking deposits. And the average checking account has swelled, from $5,000 in 2014 to $7,500 in the first half of this year.

Even if peers and online banks raise their deposit interest rates, Bank of America is hoping its vaunted mobile app will keep clients loyal and attract new ones. “They were first-to-market with a really integrated offering,” says Morgan Stanley’s Graseck. Two years ago, Bank of America unveiled a mobile feature that allows clients to access an ATM with a smartphone in case they leave their debit cards at home. The bank is ahead of rivals in getting clients to use Zelle — the fast-growing peer-to-peer payments app — and now accounts for a quarter of all Zelle transactions among the more than 60 banks sharing the service.

美国消费者高科技名册银行的最新明星是Erica，AI驱动，支持语音的虚拟助手。在智能手机上单击两次单击两次屏幕上的余额并询问埃里卡之间没有大的区别。但是，在上个月在Bergdorf Goodman在Bergdorf Goodman上使用三张不同的信用卡，你花了多少钱。3,500“数字大使”漫游银行分公司宣传它，埃里卡以来，从去年3月推出了超过一百万用户。

除了数字小旗，美国银行还吸引消费者通过奖励制度，可以获得他们的基础截止住宅结算成本和自动贷款。与航空公司里程计划一样多，客户通过在其存款账户中持有更高的余额来获得奖励;在他们的美国银行信用卡销售付款;取出超过250,000美元的抵押贷款;并使用Merrill Edge，银行的快速增长在线折扣经纪服务。

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THE EMERGENCE OF CONSUMER BANKINGas Bank of America’s sweet spot has prodded the other divisions to herd their own clients over to consumer products and services.

It’s easy enough for the corporate division to have business clients suggest to their employees that they might want to move their accounts over to Bank of America, especially if there are branches near their workplaces. But it can be a tougher proposition for Merrill Lynch to convince its brokers and their high-net-worth clients to do the same.

八月份，美林林基财富管理主管安德鲁·塞尔（Andrew Sieg）在弗吉尼亚州亚历山大，与他的100名经理会晤 - 每次负责约150名经纪人 - 通过新的战略来谈论它们。这是Sieg正在寻址的四个这样的经理组中的三分之一，并且感觉有点像土拨鼠日他笑话。

In previous years, Merrill wealth managers focused single-mindedly on increasing the number of investment clients and their assets under management. Up to a third of the managers’ time was spent trying to recruit successful brokers — now called financial advisers — from rival firms in the hopes that they would bring over clients. “The focus now is on organic growth,” says Sieg. “We want our financial advisers to do more for their clients by putting them in touch with other parts of the company.”

这意味着哄骗Merrill客户将他们的JPMORGAN Chase抵押贷款，Wells Fargo检查账户，以及Citigroup信用卡上方到美国银行。这曾经被称为跨销售，银行向分析师和股东致力于他们的高交叉率。该术语和实践，十年前出现了时尚，因为许多客户要么认为他们被销售他们不想要或竞选的产品，以便在几家金融服务公司之间传播其资产。

但根据美国银行的说法，凤凰财富和富裕监视器的调查和普华永道，客户现在越来越多地更喜欢在一个屋檐下提供所有经济需求的便利。技术一直是改变态度的催化剂：移动应用程序允许客户立即跟踪他们所有的美国银行金融活动。“人们正在调节对更集成和更容易使用的产品和服务的想法，”Sieg说明。

但这种趋势提高了Merrill Financial Advisers的需求，习惯于仅处理投资回报。现在，客户也掀起了他们关于检查帐户，信用卡和抵押贷款。

There has been pushback from some Merrill financial advisers who prefer sticking to wealth management, especially for high-net-worth clients. Last March a team of Merrill brokers left to start their own boutique firm — part of an industrywide phenomenon. According to Cerulli Associates, a research firm, independent brokerage firms already control more wealth management assets than Merrill Lynch, Morgan Stanley, UBS, and Wells Fargo combined.

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有钟摆在美国银行向消费银行播放太远了？

这是一些退伍军人观察员提出的问题，他们指出了消费者司和美国银行之间的贷款增长。在今年的第二季度，消费者贷款在2017年同期扩大了7％，而银行的总贷款仅增长2％。“The net effect is that Bank of America has positioned itself for one type of market — and it’s not one that will always do as well as today,” says Richard Bove, an analyst at investment firm Hilton Capital Management, who has hardened after covering several credit cycles.

在长期内，由于对国内市场的依赖，美国银行也可能脆弱 - 这占总收入的86％。在危机的后果中，银行在其全球野心中重新定罪，在国外收取财富管理办公室，并在加拿大，英国，爱尔兰和西班牙销售信用卡业务以及众多私募股​​权投资。

目前，美国银行对美国市场的无情重点。在阿根廷和土耳其嘎嘎作响的活动中，新兴市场和Brexit在欧洲创造不确定性，比如花旗集团和汇丰银行的更多全球公开的银行已经看到他们的股价幻灯片。

即使美国和国际市场的增长率汇集，美国银行的高管们坚持，也没有出国零售扩张计划，因为当地根深蒂固的银行 - 就像在巴西的ItaúUnibanco和墨西哥的BBVA Bancomer一样 - 建立了不可逾越的效率。

Besides, there is plenty of opportunity for growth in U.S. consumer banking over the next five years, according to Moynihan, who expects to remain at the helm beyond 2023. He predicts that the trend toward paperless and cashless banking will continue.

但他的主要外卖仍然与过去几年相同：不要试图在客户身上推动数字化。“这一切都取决于消费者随着时间的推移如何变化，”Moynihan说。