AdWeek: BofA Contacts Consultants as Fleet Deal Looms

The same day Bank of America (BofA) announced its very expensive acquisition of Fleet Boston, it contacted consultants about reviewing both BofA's and Fleet's relationships with three different Interpublic Group (IPG) ad agencies. Because Fleet's branches do not overlap much with BofA's, the cost savings that the respective CEOs bragged about in their merger announcement will come in good part from redundant marketing expenses.

That message didn't seem to get down to the BofA rep quoted by Adweek, who said, perhaps in ignorance that

"The move to hire the consultant is all about improving the process of how the work gets done between the to companies. The point is not aimed at cost efficiencies."

Maybe he hadn't read the stock market press. The $200 million BofA account is split among several creative, media and below-the-line IPG shops, while Fleet's $45 million business has been at IPG's Hill Holliday.