Bank of America Corporation is one of the world's leading bank holding companies, with 2007 net interest and non-interest incomes of $34.4 billion and $31.8 billion. Through its numerous subsidiaries, the Charlotte, North Carolina-based Bank of America offers a full range of financial and non-financial services in three principal divisions: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. The firm has a strong geographical presence in 30 U.S. states and the District of Columbia, as well as in 44 foreign countries, and serves over 55 million consumer and small business clients. Business Segments: Global Consumer and Small Business Banking Consumer and Small Business banking has been Bank of America's perennial strong point, accounting for 70% of total 2007 revenue. With more than 5,700 retail banking offices, more than 17,000 ATMs and more than 21 million active on-line users, the company is able to attract, retain and deepen customer relationships through a wide range of banking products and services. Within Global Consumer and Small Business Banking, there are four primary businesses: Deposits, Card Services, Consumer Real Estate, and ALM/Other. Global Corporate and Investment Banking Global Corporate and Investment Banking’s products and services are delivered from three primary businesses: Business Lending, Capital Markets and Advisory Services, and Treasury Services, and are provided to clients through a global team of client relationship managers and product partners. The investment bank has historically revolved around loan syndication, a legacy of Bank of America's commercial lending business. BAC made a big push into the top tier of U.S. investment banks with its September 2008 acquisition of Merrill Lynch (MER), the third-largest after Goldman Sachs Group (GS) and Morgan Stanley (MS). Global Wealth and Investment Management Although Global Wealth and Investment Management is Bank of America's smallest segment, accounting for a little more than $7.9 billion (11%) of 2007 revenues, it could be the corporation's biggest growth driver in the future. Only 10% of Bank of America's estimated 8 million affluent customers currently use its wealth-management products, suggesting a possibility of cross-selling or up-selling opportunities. Within Global Wealth and Investment Management, the corporation manages the wealth of high net-worth individuals and institutional customers through three primary businesses: The Private Bank, Columbia Management (Columbia), and Premier Banking and Investments (PB&I). Collectively, this division had total assets under management of over $643 billion as of the end of 2007.
Company Name :
Bank of America
100 North Tryon Street, Charlotte, North Carolina, United States, 28255
Bank of America Corporation is one of the world's leading bank holding companies, with 2007 net interest and non-interest incomes of $34.4 billion and $31.8 billion. Through its numerous subsidiaries, the Charlotte, North Carolina-based Bank of Ameri....
The initial cash dividend of $125 per share, or a total of
approximately $50 million, on the Fixed-Rate Cumulative Perpetual
Preferred Stock, Series Q, is ...
