Banc of America Securities

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Charley McLendon, Banc of America Securities’ head of investment grade, wants to grow his business into one of the top three on Wall Street. It’s not such a stretch. After all, Bank of America, the country’s third largest bank, has steadily climbed the ranks since it began dealing in corporate bonds a decade ago, and already counts comfortably as a top 10 issuer and trader of debt.

But competition is fierce in a declining market, and every contender craves an advantage. McLendon, who once ran th