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Bank of America Corp. - Banks - Category Directory
(704)
386-8486
Bank
of America Corporate Center
Charlotte, NC 28255
www.bankofamerica.com
Sales
$49
billion
Business Description
We provide our customers and clients both traditional banking and nonbanking
financial products and services through four business segments: Consumer and
Commercial Banking, Asset Management, Global Corporate and Investment
Banking and Equity Investments.
Consumer and Commercial Banking
Our Consumer and Commercial Banking strategy is to attract, retain and
deepen customer relationships. A critical component of that strategy
includes continuously improving customer satisfaction. We believe this focus
will help us achieve our goal of being recognized as the best retail bank in
America. Customer satisfaction increased eight percent at December 31, 2003
compared to December 31, 2002. We added 1.24 million net new checking
accounts in 2003, exceeding the full-year goal of one million and more than
doubling last year’s total net new checking account growth of 528,000. This
growth resulted from the introduction of new products, advancement of our
multicultural strategy and strong customer retention. In 2004, we anticipate
checking account growth to exceed 2003 levels. Access to our services
through online banking, which saw a 52 percent increase in active online
subscribers, our network of domestic banking centers, card products, ATMs,
telephone and Internet channels, and our product innovations, such as an
expedited mortgage application process, all contributed to success with our
customers.
The major subsegments of Consumer and Commercial Banking are Banking
Regions, Consumer Products and Commercial Banking.
Banking Regions serves consumer households and small businesses in 21 states
and the District of Columbia through its network of 4,277 banking centers,
13,241 ATMs, telephone and Internet channels on www.bankofamerica.com.
Banking Regions provides a wide range of products and services, including
deposit products such as checking accounts, money market savings accounts,
time deposits and IRAs, debit card products and credit products such as home
equity, mortgage and personal auto loans. It also provides treasury
management, credit services, community investment, e-commerce and brokerage
services to nearly two million small business relationships across the
franchise. Banking Regions also includes PremierBanking, which provides
high-touch banking, which represents more direct contact with the client,
and investment solutions to affluent clients with balances up to $3 million.
Consumer Products provides services including the origination, fulfillment
and servicing of residential mortgage loans, issuance and servicing of
credit cards, direct banking via telephone and Internet, student lending and
certain insurance services. Consumer Products also provides retail finance
and floorplan programs to marine, RV and auto dealerships.
Commercial Banking provides commercial lending and treasury management
services primarily to middle-market companies with annual revenue between
$10 million and $500 million. These services are available through
relationship manager teams as well as through alternative channels such as
the telephone via the commercial service center and the Internet by
accessing Bank of America Direct. Commercial Banking also includes the Real
Estate Banking Group, which provides project financing and treasury
management to private developers, homebuilders and commercial real estate
firms across the U.S. Commercial Banking also provides lending and investing
services to develop low- and moderate-income communities.
Asset Management
Asset Management provides wealth and investment management services through
three businesses: The Private Bank, which focuses on high-net-worth
individuals and families; Banc of America Investments (BAI), providing
investment and financial planning services to individuals; and Banc of
America Capital Management (BACAP), the asset management group serving the
needs of institutional clients, high-net-worth individuals and retail
customers. Together, these businesses are focusing on attracting and
deepening client relationships, with the ultimate goal of becoming America’s
advisor of choice. Our strategy is threefold: (i) to continue to expand
distribution capabilities to reach key constituencies and markets; (ii) to
complete the expansion and rollout of integrated wealth management models to
better serve our clients’ financial needs; and (iii) to continue to
strengthen and develop our full array of investment management products and
services for individuals and institutions. Asset Management exceeded its
goal of increasing financial advisors by 20 percent and ended the year with
1,150 financial advisors. In addition, the Premier Banking and Investments
partnership has developed an integrated financial services model and as a
component of the continued strategic distribution channel expansion opened
10 new wealth centers. The Private Bank successfully completed the rollout
of its high-net-worth model to all markets. BACAP has experienced growth in
assets under management led by higher market valuations, sales in assets
advised by Marsico and sales in the fee-based assets of BACAP’s Consulting
Services Group.
Global Corporate and Investment Banking
Our Global Corporate and Investment Banking strategy is to align our
resources with sectors where we can deliver value added financial advisory
solutions to our issuer and investor clients. As we broaden and deepen our
relationships with our strategic and priority clients, we expect to build
leading market shares that should provide our shareholders sustainable
revenue and SVA growth. Global Corporate and Investment Banking provides a
broad range of financial services to domestic and international
corporations, financial institutions, and government entities. Clients are
supported through offices in 30 countries in four distinct geographic
regions: U.S. and Canada; Asia; Europe, Middle East and Africa; and Latin
America. Products and services provided include loan origination, merger and
acquisition advisory, debt and equity underwriting and trading, cash
management, derivatives, foreign exchange, leasing, leveraged finance,
structured finance and trade services.
Global Corporate and Investment Banking offers clients a comprehensive range
of global capabilities through three subsegments: Global Investment Banking,
Global Credit Products and Global Treasury Services.
Global Investment Banking includes our investment banking activities and
risk management products. Global Investment Banking underwrites and makes
markets for its clients in equity and equity-linked securities, high-grade
and high-yield corporate debt securities, commercial paper, and
mortgage-backed and asset-backed securities as well as provides
correspondent clearing services for other securities broker/dealers and
prime brokerage services. It also provides debt and equity securities
research, loan syndications, mergers and acquisitions advisory services and
private placements.
In addition, Global Investment Banking provides risk management solutions
for our global customer base using interest rate, equity, credit and
commodity derivatives, foreign exchange, fixed income and mortgage-related
products. In support of these activities, the businesses may take positions
in these products and capitalize on market-making activities. The Global
Investment Banking business is a primary dealer in the U.S. as well as in
several international locations.
Global Credit Products provides credit and lending services for our clients
with our corporate industry-focused portfolios, which also includes leasing.
Global Credit Products is also responsible for actively managing loan and
counterparty risk in our large corporate portfolio using available risk
mitigation techniques, including credit default swaps.
Global Treasury Services provides the technology, strategies and integrated
solutions to help financial institutions, government agencies and our
corporate clients manage their operational cash flows on a local, regional,
national and global level.
Equity Investments
Equity Investments includes Principal Investing and our strategic alliances
and investment portfolio. Principal Investing is comprised of a diversified
portfolio of investments in privately-held and publicly-traded companies at
all stages, from start-up to buyout. Investments are made on both a direct
and indirect basis in the U.S. and overseas. Indirect investments represent
passive limited partnership commitments to funds managed by experienced
third party private equity investors who act as general partners.
Corporate Other
Corporate Other consists primarily of certain results associated with our
ALM process and certain consumer finance and commercial lending businesses
that are being liquidated.
Competition
The activities in which the Corporation and its four business segments
(Consumer and Commercial Banking, Asset Management, Global Corporate and
Investment Banking, and Equity Investments) engage are highly competitive.
Generally, the lines of activity and markets served involve competition with
other banks, thrifts, credit unions and other nonbank financial
institutions, such as investment banking firms, investment advisory firms,
brokerage firms, investment companies and insurance companies. The
Corporation also competes against banks and thrifts owned by nonregulated
diversified corporations and other entities which offer financial services,
located both domestically and internationally and through alternative
delivery channels such as the Internet. The methods of competition center
around various factors, such as customer services, interest rates on loans
and deposits, lending limits and customer convenience, such as location of
offices.
The commercial banking business in the various local markets served by the
Corporation’s business segments is highly competitive. The four business
segments compete with other banks, thrifts, finance companies and other
businesses which provide similar services. The business segments actively
compete in commercial lending activities with local, regional and
international banks and nonbank financial organizations, some of which are
larger than certain of the Corporation’s nonbanking subsidiaries and the
Banks. In its consumer lending operations, the competitors of the business
segments include other banks, thrifts, credit unions, finance companies and
other nonbank organizations offering financial services. In the investment
banking, investment advisory and brokerage business, the Corporation’s
nonbanking subsidiaries compete with other banking and investment banking
firms, investment advisory firms, brokerage firms, investment companies,
other organizations offering similar services and other investment
alternatives available to investors. The Corporation’s mortgage banking
units compete with banks, thrifts, government agencies, mortgage brokers and
other nonbank organizations offering mortgage banking services. In the trust
business, the Banks compete with other banks, investment counselors and
insurance companies in national markets for institutional funds and
insurance agents, thrifts, financial counselors and other fiduciaries for
personal trust business. The Corporation and its four business segments also
actively compete for funds. A primary source of funds for the Banks is
deposits, and competition for deposits includes other deposit-taking
organizations, such as banks, thrifts, and credit unions, as well as money
market mutual funds. The Corporation’s ability to expand into
additional states remains subject to various federal and state laws.
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