Bank of America is looking for a new agency to focus on the company’s brand positioning, a person close to the review told Direct Marketing News.
This is the first time since 2006 that the bank has participated in an RFP. Bank of America declined to comment on or confirm the review.
The person with knowledge of the situation said that the review was initiated because it’s been several years since its last RFP, noting also that the institution is recovering from the financial crisis and has gone through a transformation after selling off of core assets and restructuring its businesses.
The RFP is being conducted at the direction of Anne Finucane, Bank of America’s global strategy and marketing officer, who has been with the company for 16 years, the source said, also confirming that the review is specifically seeking an agency to focus on brand positioning.
The individual said that the bank expects to make a decision by April of this year.
The bank currently works with a number of agencies including advertising agencies Hill Holiday, an Interpublic agency; BBDO, an Omnicom Group agency; and direct marketing agency Rapp. Roy Elvove, EVP and director of worldwide communications for BBDO New York and BBDO North America, confirmed that incumbent BBDO is involved in the RFP.
“We will be participating vigorously,” Elvove said via email.
Contacts at Hill Holiday and Rapp would not comment on whether they are participating in the review or not and referred all calls to Bank of America. The bank declined to comment on which agencies are participating.