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A bank for the masses reaches for the elite

The New York Times (registration required), 10/3/07

Abstract:

Bank of America will introduce a new advertising campaign next week to convince wealthy people that a mass-market institution with a blue-collar images can also manage money for millionaires.

The $25 million campaign is the first joint effort by Bank of
America, the nation’s largest bank, and its recently acquired private bank, U.S. Trust, a storied institution whose clients have included Rockefellers, Astors and Vanderbilts.

The costly rebranding effort is a big gamble by Bank of America, which is betting that it can be all things to all people — peddling mortgages and credit cards to middle-class consumers while providing white-glove private banking to elite investors...

...The campaign, to be announced today and to have its debut Tuesday in newspapers and magazines and on television, also represents a bet by Bank of America that modern investors think of money differently than Gilded Age tycoons and industrial philanthropists did.

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