Nine out of 10 Global Decision-makers Believe Collaboration Is now Essential if Global Economy Is to Recover - Finds Bank of America Survey on “The Connection Imperative” for WEF 2013 in Davos

“Government and Business Should Assert the Value of Global Connectivity and Collaborative Efforts”

DAVOS, Switzerland--()--“At a time of continuing economic uncertainty, nine out of 10 global decision-makers now believe greater collaboration between business, government and other sectors is essential if the world’s economy is to recover.”

This was the main finding of a recent study by PSB, as part of research Bank of America is conducting to better understand customers and clients.

The survey of more than 2,000 global decision-makers across business, government and non-governmental organizations (NGOs) reveals an overwhelming demand for increased collaboration, if significant global growth is to return within the next five years.

Governments and business should assert the value of greater connectivity and collaborative working

Many decision-makers feel governments should assert the value of greater connectivity, while businesses should also lead with more inspiring examples of best practice, valuable high-profile partnerships and the development of more leaders within organizations who value and encourage collaborative thinking.

Those polled supported the sectoral connectivity and economic benefit that is already flowing from projects such as local public-private partnerships to improve educational standards in Brazil, and business partnerships in South Asia where a leading global food company is partnering with local suppliers and international NGOs to improve the efficiency and sustainability of their palm oil supply chain. Economic regeneration is also a major theme for partnerships, and in Europe, the London 2012 Games were also cited by respondents as a leading example of collaboration, with businesses, government and NGOs coming together to help regenerate the East End of London.

The "Connection Imperative" Survey, released today, shows that such global connectivity appears likely to increase, with more than 40 percent of those polled expressing a greater desire for collaboration over the next five years.

Commenting on the survey findings, Bank of America’s Chief Executive Officer Brian Moynihan said, “Leaders around the world recognize the value and need for greater global collaboration. As we move the economy and markets forward, one of the touchstones to the decisions we make must be to recognize that harnessing the power of connections is a force for great good that fuels scientific breakthroughs, remarkable economic achievements, and social progress.”

The survey, which was conducted across 12 countries, including Brazil, China, France, Germany, India, Italy, Japan, Mexico, Russia, South Africa, the U.K. and the U.S. last month, also finds that diversity has a vital role to play in global recovery in terms of the need for fresh ideas, new ways of working, varied staff backgrounds and wider experience of other sectors.

Greater representation of women in leadership roles will be influential

Nearly 90 percent of the decision-makers questioned believe the global economy needs a more diverse generation of business leaders to drive greater collaboration, and nearly 70 percent say greater representation of women in leadership roles will be influential in encouraging greater collaboration between organizations in the future.

Bank of America’s Global Strategy and Marketing Officer Anne M. Finucane said, “The world needs a more diverse generation of business leaders to drive greater global collaboration. If the recent global economic crisis taught us anything, it is that the world can be a better place when we collaborate to address the challenges of our connected globe.”

Optimism over return of global growth if power of connectivity is effectively harnessed

Looking ahead, the survey also found that eight of 10 influencers believe there are now seeds of optimism over the return of global growth, if the power of connectivity is effectively harnessed.

To access the full survey, please visit www.bankofamerica.com or http://about.bankofamerica.com/en-us/partnering-locally/world-economic-forum-2013.html.

The “Connection Imperative” Survey for WEF 2013 – Objectives and Methodology

On behalf of Bank of America (BAC), PSB conducted a poll of 2,112 global decision-makers drawn from the worlds of business, government, and NGOs in twelve markets (Germany, France, Italy, Russia, U.K., Brazil, Mexico, U.S., China, India, Japan, and South Africa). The respondents have a university education, top-decile income, and decision or policy making authority for their organization (with more than 100 employees).

The purpose was to better understand:

  • Their assessment of the current economic situation.
  • When and where they expect growth to emerge.
  • The perceived barriers to growth.
  • Whether building connections and collaboration between organizations can help businesses grow in the future.
  • Who is and who should be driving those connections and facilitating collaboration.

For comparability, the sample in each market was weighted to:

  • Form 1/12th of the global total.
  • Ensure that 75 percent worked in the private sector.
  • The margin of error is +/- 2.1 percent, larger for sub-groups. Tables may not always add up to 100 percent due to rounding or being a multi-punch question.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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For more Bank of America news, visit the Bank of America newsroom at http://newsroom.bankofamerica.com.

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Contacts

Reporters May Contact:
For EMEA:
John McIvor, Bank of America, +44.020.7995.8347
john.mcivor@baml.com
Victoria Garrod, Bank of America, +44.77.3801.1500
victoria.garrod@baml.com
For AsiaPac:
Mark Tsang, Bank of America, +852.2536.3366
mark.tsang@baml.com
For the U.S.:
Scott Silvestri, Bank of America, +1.980.388.9921
scott.silvestri@bankofamerica.com

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Contacts

Reporters May Contact:
For EMEA:
John McIvor, Bank of America, +44.020.7995.8347
john.mcivor@baml.com
Victoria Garrod, Bank of America, +44.77.3801.1500
victoria.garrod@baml.com
For AsiaPac:
Mark Tsang, Bank of America, +852.2536.3366
mark.tsang@baml.com
For the U.S.:
Scott Silvestri, Bank of America, +1.980.388.9921
scott.silvestri@bankofamerica.com