Bank of America has made several attempts to build a credible European business in banking and trading, but has little to show for it. Many think it will have to make a big acquisition--pointing to the rumors that a deal with Barclays is possible. But beyond the rumors, Bank of America is finally making headway in Europe. While it may end up making an acquisition, the banks thinks it has a better shot at growing organically than critics recognize. The bank is recruiting aggressively. And it has won some impressive mandates; it advised a Kohlberg Kravis Roberts-led consortium in its $10.6 billion purchase of a controlling stake in Philips Semiconductor--for example.

For more:
- here's an Investment Dealers' Digest article (For FierceFinance readers)