It was big news when Bank of America put its advertising account up for review.
For all its woes, the bank still ranks as a top 20 advertiser. Winning a piece of the account would be quite a coup and a terrific opportunity to show off what an agency can do for a down-and-out brand. Ad Age reports that a slew of meetings with the bank's agencies -- WPP's The Brand Union, Omnicom Group's BBDO and Interpublic Group of Cos.' Weber Shandwick and Hill Holliday, among others --- have taken place in the past two weeks. Final presentations are scheduled for early April, with a decision to be rendered the same month.
Ad Age reports that the key executives involved in the review at Bank of America include Claire Huang, who runs marketing globally for the institutional business; co-COOs Tom Montag and David Darnell; Jim Mahoney, director of public policy; CMO Anne Finucane and the bank's top boss, CEO Brian Moynihan.
The bank sorely needs to replace its current Bank of Opportunity motif, which has come off as all too ironic in the current environment. As a replacement, the bank is looking for magic, a campaign that “can serve as the ’North Star’ for all business and marketing decisions and convey that the bank is in the midst of a transformation,” as well as convey a “deeper sense of purpose.”
Seems like a tall order.
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