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Bank of America Is Missing Out on Wall Street’s Boom

Bank of America Corp.’s purchase of Merrill Lynch & Co., struck on the panic-filled 2008 weekend that Lehman Brothers failed, was supposed to make the lender a top-flight global investment bank. Bank of America has failed to capture the benefits of a deal-making boom that has lifted its Wall Street rivals. Its overall investment-banking revenue in the first nine months of this year is roughly flat compared with the same period in 2010, compared with an average increase of more than 50% at U.S. peers including Goldman Sachs Group Inc. and JPMorgan Chase & Co.