NEW YORK Bank of America has confirmed hiring consultancy Select Resources International to guide the review of its media business.
The client spends approximately $250 million annually in measured media.
Several factors led to the selection of Santa Monica, Calif.-based SRI, per the client: Its experience managing large complex assignments; aptitude in both digital and traditional media spaces; and its expertise with financial service company reviews.
SRI is also the best equipped to handle the accelerated timetable, the client said. The Charlotte, N.C.-based bank also considered several other undisclosed consultancies for the assignment, per sources.
SRI will submit for approval a list of shops to receive proposal requests sometime in December. An award is expected by March 31, when Omnicom Group's current contract with BofA expires.
Incumbent Prometheus in Chicago has been invited "and encouraged" to defend, a BofA rep said. The shop could not immediately be reached for comment.
Separately, BofA previously confirmed that Omnicom's BBDO, the current lead creative agency, is getting first crack at becoming the primary shop under a new arrangement designed to give BofA more flexibility to work with resources outside Omnicom. (In that position, BBDO would still continue to guide all BofA marketing initiatives.)
BBDO has been asked to write a proposal outlining how it would manage and coordinate BofA's advertising and marketing services going forward.
A client rep stressed that for now, only BBDO has been asked to write such a proposal, and that a general RFP has not been issued. Only media is currently in play.