Bank of America Corp., which has been reevaluating its advertising strategy over the past few months, said Thursday that Boston-based Hill Holliday will receive a larger slice of its future business.
The Charlotte-based banking giant said Hill Holliday, one of several firms that already work for Bank of America, will “assume increased creative assignments and retain responsibility for Merrill Lynch Wealth Management and US Trust marketing.” Hill Holliday is a unit of Interpublic Group of Companies, headquartered in New York.
“It’s fantastic,” said Hill Holliday chief executive officer Mike Sheehan, noting that Bank of America is one of its cornerstone accounts. “This is very good for us.”
Bank of America, the largest bank in Massachusetts and one of the largest nationwide, picked WPP of Dublin, which operates in 107 countries, as its main advertising agency, handling overall branding, as well as advertising for its consumer banking, global banking & markets and global commercial banking divisions.
The bank spends an estimated $450 million a year on paid advertising, but did not release any specific figures for how large a slice Hill Holliday will receive.
Anne Finucane, the bank’s marketing chief who oversaw the review, once worked for Hill Holliday and continues to work in Boston. She is the bank’s highest ranking officer based in Boston. Chief executive Brian Moynihan lives in Wellesley, but is based at the bank’s Charlotte headquarters.