Most of the large investment banks are cutting staff to reduce costs at a time when mergers and acquisitions have dwindled and initial public offerings dried up.
But Banc of America Securities, the investment banking arm, will use the slowdown to bolster its strength in the industries in which it specialises. These include telecoms, financial services and energy.
He also said the bank would continue building its European investment banking activities aimed at US companies doing business in the region and other multinational companies. BoA wants to build its industry teams and strengthen its fixed-income arm.