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BofA Increases Headcount in Latin America as Revenue Jumps 9%

  • Regional President Alexandre Bettamio says loan book rose 20%
  • Bank ranks No. 1 for M&A and investment-banking fees in region
Alexandre Bettamio
Alexandre BettamioPhotographer: Victor Moriyama/Bloomberg

Bank of America Corp.’s revenue from Latin America is up 9% this year and the company boosted headcount in the region even as capital-markets transactions shrank.

Revenue from corporate banking alone surged 64% on new client accounts and rising deposits, along with higher global interest rates that boost yields on cash, according to Alexandre Bettamio, the company’s president for the region. BofA also increased its Latin America loan book 20% and gained market share in investment banking, taking the No. 1 rank in fees in both Latin America and Brazil this year through Aug. 31, according to London-based research firm Dealogic.