With a name like Bank of America , you'd think that the nation's second largest bank by assets would have one of the most valuable brands in its industry. But according to a closely followed report released this morning, this simply isn't the case.
The report, compiled by the corporate image consulting company Interbrand, lists the 100 most valuable brands in the world. And while a number of banks and financial services companies did indeed make the cut, Bank of America was nowhere to be found.
Brand Value (in billions)
Rank on Interbrand's "Best Global Brands 2013"
Most notably, both JPMorgan Chase and Citigroup found themselves among the ranks. While the former has battled an onslaught of regulatory and legal liability, Interbank nevertheless estimated its brand value at $11.5 billion, good enough to secure the 33rd most valuable slot.
Meanwhile, Citigroup was given a brand value of $7.9 billion, equating to 48th on the list, largely on the back of its investments in technology and mobile payments. As the report notes, "The brand is also rethinking how digital solutions can improve business, consumer, and employee experiences through more than just cosmetic mobile and web enhancements."
The fact that Bank of America didn't make the list, in turn, is a sign that it continues to be weighed down more heavily than its peers by the burdens from the financial crisis. Over the past two years, it's incurred tens of billions of dollars' worth of legal and regulatory liabilities for malfeasance related to faulty mortgage origination practices and foreclosure processing. But, as the results of Interbrand's report show, multiple challenges clearly remain.
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The article Bank of America Doesn't Make List of Top 100 Brands originally appeared on Fool.com.
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