Bank of America Corporation

Company Profile
Publication Date: 2 Apr 2010

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Bank of America Corporation

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Bank of America Corporation

TABLE OF CONTENTS

TABLE OF CONTENTS
Company Overview..............................................................................................4 Key Facts...............................................................................................................4 Business Description...........................................................................................5 History...................................................................................................................7 Key Employees.....................................................................................................9 Key Employee Biographies................................................................................10 Major Products and Services............................................................................17 Revenue Analysis...............................................................................................18 SWOT Analysis...................................................................................................19 Top Competitors.................................................................................................23 Company View.....................................................................................................24 Locations and Subsidiaries...............................................................................27

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Company Overview

COMPANY OVERVIEW
Bank of America Corporation (BoA or 'the company') is one of the world's largest financial institutions. It serves individual consumers, small businesses and large corporations with a range of banking, investing, asset management and other financial products and services. The company primarily operates in the US, Latin America, Europe and Canada. BoA is headquartered in Charlotte, North Carolina and employs 284,000 people. The company recorded revenues of $119,643 million in the financial year (FY) ended December 2009, an increase of 64.4% over FY2008. The operating profit of the company was $4,360 million in FY2009, a decrease of 1.5% over FY2008. The net loss was $2,204 million in the financial year FY2009, compared to net profit of $2,556 million in FY2008.

KEY FACTS
Head Office Bank of America Corporation Bank of America Corporation Bank of America Corporate Center 100 North Tryon Street Charlotte North Carolina 28255 USA 1 704 386 5681

Phone Fax Web Address

http://www.bankofamerica.com

Revenue / turnover 119,643.0 (USD Mn) Financial Year End Employees New York Ticker December 284,000 BAC

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Bank of America Corporation

Business Description

BUSINESS DESCRIPTION
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. The company's activities are conducted through six business segments: deposits, global card services, home loans & insurance, global banking, global markets, and global wealth & investment management (GWIM). Deposits segment includes the results of consumer deposit activities, which consist of a range of products provided to consumers and small businesses. In addition, Deposits includes its student lending results and an allocation of asset liability management (ALM) activities. In the United States, it serves approximately 59 million consumer and small business relationships through a franchise that stretches coast to coast through 32 states and the District of Columbia utilizing its network of 6,011 banking centers, 18,262 domestic-branded ATMs, telephone, online and mobile banking channels. Its deposit products include traditional savings accounts, money market savings accounts, certificate of deposits (CDs) and individual retirement accounts (IRAs), and noninterest and interest bearing checking accounts. Deposit products provide a relatively stable source of funding and liquidity. It earns net interest spread revenues from investing this liquidity in earning assets through client-facing lending and ALM activities. Deposits also generate fees, such as account service fees, non-sufficient funds fees, overdraft charges and ATM fees. Global Card Services segment provides credit card products to customers in the United States, Canada, Ireland, Spain and the United Kingdom. It offers a range of co-branded and affinity credit and debit card products and is an issuer of credit cards through endorsed marketing in the United States and Europe. Home Loans & Insurance segment provides products which include fixed and adjustable rate first-lien mortgage loans for home purchase and refinancing needs, reverse mortgages, home equity lines of credit and home equity loans. In addition, Home Loans & Insurance offers property, casualty, life, disability and credit insurance. Global Banking segment provides a range of lending-related products and services, integrated working capital management, treasury solutions and investment banking services to clients worldwide through its network of offices and client relationship teams along with various product partners. Its clients include multinationals, middle-market and business banking companies, correspondent banks, commercial real estate firms and governments. The companys lending products and services include commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit facilities, asset-based lending and indirect consumer loans. Its capital management and treasury solutions include treasury management, foreign exchange and short-term investing options. The companys investment banking services provide its commercial and corporate issuer clients

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Bank of America Corporation

Business Description

with debt and equity underwriting and distribution capabilities, as well as merger-related and other advisory services. Global Banking also includes the results of its merchant services joint venture. Its clients are supported in offices throughout the world that are divided into four distinct geographic regions, such as United States and Canada; Asia Pacific; Europe, Middle East and Africa, and Latin America. Global Markets segment provides financial products, advisory services, financing, securities clearing, settlement and custody services globally to its institutional investor clients in support of their investing and trading activities. The company also works with its commercial and corporate clients to provide debt and equity underwriting and distribution capabilities and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed income and mortgage-related products. Global Markets is also engaged in global distribution of fixed income, currency and energy commodity products and derivatives. Global Markets also has equity trading operations in the world and is engaged in origination and distribution of equity and equity-related products. GWIM provides offering of customized banking, investment and brokerage services tailored to meet the changing wealth management needs of its individual and institutional customer base. Its clients have access to a range of services offered through three primary businesses: Merrill Lynch Global Wealth Management (MLGWM); U.S. Trust, Bank of America Private Wealth Management (U.S. Trust); and Columbia. MLGWM provides a client experience through a network of approximately 15,000 client-facing financial advisors to its affluent customers with a personal wealth profile of at least $250,000 of investable assets. U.S. Trust provides wealth management solutions to wealthy and ultra-wealthy clients with investable assets of more than $3 million. In addition, U.S. Trust provides resources and customized solutions to meet clients wealth structuring, investment management, trust and banking needs, as well as specialty asset management services (oil and gas, real estate, farm and ranch, timberland, private businesses and tax advisory). Columbia is an asset management business serving the needs of both institutional clients and individual customers. Columbia provides asset management products and services, including mutual funds and separate accounts. Columbia mutual fund offerings provide an array of investment strategies and products, including equity, fixed income (taxable and nontaxable) and money market (taxable and nontaxable) funds. Columbia distributes its products and services to institutional clients and individuals directly through MLGWM, U.S. Trust, Global Banking and nonproprietary channels, including other brokerage firms. Other includes the results of the Retirement & Philanthropic Services business, the Companys approximately 34% economic ownership interest in BlackRock and other miscellaneous items. Equity Investments includes Global Principal Investments, Corporate Investments and Strategic Investments. On January 1, 2009, Global Principal Investments added Merrill Lynchs principal investments. The combined business is consisted of a diversified portfolio of investments in private equity, real estate and other alternative investments. Corporate Investments primarily includes investments in publicly traded debt and equity securities and funds. All Other also includes certain amounts associated with ALM activities, foreign exchange rate fluctuations related to revaluation of foreign currency-denominated debt issuances, certain gains (losses) on sales of whole mortgage loans, gains (losses) on sales of debt securities and a securitization offset which removes the securitization impact of sold loans in Global Card Services.

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Bank of America Corporation

History

HISTORY
Bank of Americas roots go back to 19th century when one of its predecessors, NationsBank, was established as the Commercial National Bank. After a series of name changes and mergers, the bank assumed the name NationsBank in 1991.The 1990s saw the bank make a string of acquisitions. In 1993, it bought Chicago Research & Trading, a government securities dealer and provider of oil and gas financing. In 1997, it bought Boatmen's Bancshares and Montgomery Securities (now Banc of America Securities). In 1998, it acquired Barnett Banks. Another predecessor of Bank of America, BankAmerica, was founded as Bank of Italy in 1904. After the consolidation of other companies in its industry had begun to affect its competitive position, the company decided the best way forward was through a merger. BankAmerica approached NationsBank with a plan to merge the two; the merger plan became effective in July 1999. Following the merger, the combined company changed its name to Bank of America. Merger difficulties forced the bank to cut back on its overseas operations, and Bank of America sold its private banking operations in Europe and Asia to UBS. Other acquisitions in 1999 included that of the recreational-vehicle financing unit of Associates First Capital, 50% of Denver-based mutual fund firm Marsico Capital Management (later acquired in full), and BA Merchant Services. In 1999, BoA also began offering online banking through America Online (now a part of AOL Time Warner). The company started a business-to-business eCommerce unit, the Banc of America Marketplace, in 2001. The company sold its real estate operations in 2001 to Fairbanks Capital, a financial services firm based in Utah. In 2003, BoA acquired Framework, a privately held technology company that provides financial institutions with a flexible multi-product platform to distribute financial products and services. In 2004, BoA took over FleetBoston Financial Corporation in a $47 billion deal to create US' second-biggest bank by assets. With this acquisition, BoA touched 10% of total federal deposit cap in the US market. In 2005, BoA acquired 9% of the stock of China Construction Bank (CCB) for $3 billion. BoA acquired MBNA Corporation in January 2006, to become one of the world's largest credit card issuers. In April 2006, BoA announced the expansion of its call center operations in Wichita with an investment of $10 million. BoA acquired HealthLogic Systems Corporation, a healthcare technology company in September 2006. BoA sold Bank of America (Asia), BoAs retail and commercial franchise in Hong Kong and Macau, to China Construction Bank for a consideration of $1.25 billion cash in 2006. BoA launched free mobile banking services for around 21 million online banking customers in 2007. BoA received a license to conduct local currency business in Beijing in 2007. At the same time, BoA entered an agreement with China Construction Bank to roll out new collaborations in the Chinese credit card market. BoA acquired US Trust Corporation in 2007 and created US Trust, Bank of America Private Wealth Management, a leading private wealth management organization in the

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History

US. US Trust was one of the largest firms in the US that focused on managing wealth for high net worth and ultra high net worth individuals and families. In 2007, BoA invested $2 billion in Countrywide Financial Corporation, the largest mortgage lender in the US. In October 2007, BoA acquired LaSalle Bank, the North American operations of ABN AMRO for $21 billion. BoA acquired CU Electronic Transaction Services (CUETS), a MasterCard credit card issuer for credit unions in Canada. BoA and China Construction Bank Corporation set up a $615 million financial leasing venture. BoA owns 24.9% of the venture and China Construction Bank owns the remainder. The Beijing-based joint venture (JV) has CNY4.5 billion ($615.7 million) in registered capital. In 2008, BoA acquired Countrywide Financial Corp. in an all stock transaction worth approximately $4 billion. CIVC Partners LP, a unit of Bank of America Corp, acquired MKG LLC, a provider of construction services, in a leveraged buyout transaction. InCapital LLC acquired all the outstanding stock of LaSalle Broker Dealer Services, a provider of fixed-income and structured investments services, from LaSalle Bank NA, Chicago, Illinois, a unit of the ABN-AMRO North America Inc subsidiary of BoA.The company acquired an undisclosed minority stake in Field Diagnostics Services Inc, a developer of diagnostics software. It also acquired a minority stake in China Construction Bank Corp from Peoples Republic of China. BNP Paribas SA acquired the equity prime brokerage business of Bank of America Corp. Towards the end of 2008, Viewpointe LLC, a joint venture among Bank of America Corp, International Business Machines Corp, JPMorgan Chase & Co, SunTrust Banks Inc, Atlanta, Georgia, US Bancorp and Wells Fargo & Co, San Francisco, California, acquired PaymentsNation, a provider of clearing services. BoA completed its purchase of Merrill Lynch & Co., Inc. CIVC Partners LP acquires Goldline International Inc through a leveraged buyout in January 2009. US Dept of the Treasury acquired a minority stake in BoA. The company acquired a minority stake in DSP Merrill Lynch Ltd from Merrill Lynch & Co Inc, in March 2009. Also in the same month, it acquired a minority stake in HFA Holdings Ltd. In June 2009, preferred shareholders acquired a minority stake in Bank of America. In September 2009, Merrill Lynch Japan Finance acquired a minority stake in Resona Holdings Inc. Also in the same month, Bottomline Technologies Inc acquired Bank of America Corp-PayMode from Bank of America. In March 2010, BoA announced that it will combine the leadership of Global Card Services and Deposits under Susan Faulkner.

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Key Employees

KEY EMPLOYEES
Name
Walter E Massey Brian T. Moynihan Susan S. Bies William P. Boardman Frank P Bramble Charles K Gifford Charles O. Holliday Paul Jones Monica C. Lozano Thomas J May Donald E. Powell Charles O. Rossotti Thomas M Ryan Robert W. Scully Barbara J. Desoer J. Steele Alphin Catherine P. Bessant Neil Cotty David C. Darnell Anne M. Finucane Sallie L. Krawcheck Thomas K. Montag Joe L. Price Andrea Smith Bruce Thompson

Job Title
Chairman President, and Chief Executive Officer Director Director Director Director Director Director Director Director Director Director Director Director Chief Technology and Operations Officer Chief Administrative Officer Global Technology and Operations Executive Interim Chief Financial Officer Interim Chief Financial Officer Global Strategy and Marketing Officer President of Global Wealth & Investment Management President, Global Banking and Markets President, Consumer, Small Business & Card President of Global Wealth and Investment Management Chief Risk Officer

Board
Non Executive Board Senior Management Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management

Compensation
500000 USD 6511468 USD 215016 USD 215016 USD 257918 USD 1787194 USD 144000 USD 215016 USD 257918 USD 270000 USD 215016 USD 314874 USD 260000 USD 164376 USD

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Walter E Massey
Board: Non Executive Board Job Title: Chairman Since: 2009 Age: 71 Mr. Massey has been the Chairman of BoA since 2009. Earlier he was a Director of BoA. Mr. Massey is President of Morehouse College, Atlanta, Georgia. He has been a Director of the company since 1998 and is a Member of the asset quality committee. He also serves as a Director of BP, McDonald's Corporation and Motorola.

Brian T. Moynihan
Board: Senior Management Job Title: President, and Chief Executive Officer Since: 2010 Age: 49 Mr. Moynihan has been the President, and Chief Executive Officer of BoA since 2010. Previously he was the President of Global Corporate and Investment Banking, BoA. Mr. Moynihan joined the company following BoA's merger with FleetBoston Financial.

Susan S. Bies
Board: Non Executive Board Job Title: Director Since: 2009 Age: 62 Ms. Bies has been a Director of BoA since 2009. She is also a Senior Advisory Board Member to Oliver Wyman Group. Ms. Bies was a Governor of the Federal Reserve System, the central bank of the US, from 2001 to 2007.

William P. Boardman
Board: Non Executive Board Job Title: Director Since: 2009 Age: 69

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Key Employee Biographies

Mr. Boardman has been a Director of BoA since 2009. He was the Chairman of Visa International from 1996 until his retirement in 2006.

Frank P Bramble
Board: Non Executive Board Job Title: Director Since: 2006 Age: 61 Mr. Bramble has been Director of Bank of America since 2006. He is former Executive Officer of MBNA Corporation. He served as an advisor to the Executive Committee of MBNA Corporation, from April 2005 to December 2005 when it was acquired by the Corporation. Prior to that time, he had served as Vice Chairman of MBNA from July 2002 to April 2005. He also served as a Director of Allfirst Financial, and Allfirst Bank from April 1994 to May 2002, and from December 1999 to May 2002 as Chairman of the Board. He also serves as a Director of Constellation Energy Group.

Charles K Gifford
Board: Non Executive Board Job Title: Director Since: 2004 Age: 67 Mr. Gifford has been a Director of BoA since 2004. He is also a former Chairman of the company. He has also served as Chairman and Chief Executive Officer of FleetBoston. He served as President and Chief Executive Officer of FleetBoston from 2001 to 2002 and President and Chief Operating Officer from 1999 to 2001. In addition, he served as Chairman and Chief Executive Officer of BankBoston from 1997 to 1999. He served as a Director of FleetBoston from 1987 until 2004 when FleetBoston merged into the BoA and he became a Director of the company. He is a Member of the executive committee. He also serves as a Director of NSTAR.

Charles O. Holliday
Board: Non Executive Board Job Title: Director Since: 2009 Age: 62 Mr. Holliday has been a Director of BoA since 2009. He was the Chairman from January 1999 to December 2009 and Chief Executive Officer from January 1998 to December 2008 of DuPont.

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Key Employee Biographies

Paul Jones
Board: Non Executive Board Job Title: Director Since: 2009 Age: 67 Mr. Jones has been a Director of BoA since 2009. He was the Chairman, Chief Executive Officer and President from 1991 to January 2008 of Compass Bancshares, Inc.

Monica C. Lozano
Board: Non Executive Board Job Title: Director Since: 2006 Age: 53 Ms. Lozano has been a Director of BoA since 2006. She has been the Senior Vice President and Publisher of ImpreMedia since 2004. Ms. Lozano serves as Chief Executive Officer of La Opinion. Ms. Lozano served as President and Chief Operating Officer of La Opinion, the largest Spanish-language newspaper in the US since January 2000 and as Vice President of its parent company, Lozano Communications.

Thomas J May
Board: Non Executive Board Job Title: Director Since: 2004 Age: 62 Mr. May has been a Director of BoA since 2004. He is Chairman, President and Chief Executive Officer, NSTAR, Boston, Massachusetts, an energy utility company. He has served as President of NSTAR and its principal operating companies since 2001 and as Chairman and Chief Executive Officer since 1999. He served as Chairman and Chief Executive Officer of Boston Edison Company from 1994 to 1999 and President from 1995 to 1999. He served as a Director of FleetBoston from 1994 until 2004 when FleetBoston merged into the Corporation and he became a Director of the company. He is a Member of the audit committee. He also serves as a Director of New England Business Services.

Donald E. Powell
Board: Non Executive Board Job Title: Director Since: 2009

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Key Employee Biographies

Age: 68 Mr. Powell has been a Director of BoA since 2009. He was the Chairman of the FDIC, an independent agency of the US federal government, from August 2001 to November 2005.

Charles O. Rossotti
Board: Non Executive Board Job Title: Director Since: 2009 Age: 68 Mr. Rossotti has been a Director of BoA since 2009. He is a Senior Advisor to The Carlyle Group since 2003. Mr. Rossotti co-founded American Management Systems, Inc., an international business and information technology consulting firm in 1970, where he served at various times as President, Chief Executive Officer and Chairman of the Board until 1997.

Thomas M Ryan
Board: Non Executive Board Job Title: Director Since: 2004 Age: 56 Mr. Ryan has been a Director of BoA since 2004. He is also the Chairman, President and Chief Executive Officer, CVS Corporation, Woonsocket, Rhode Island, an operator of retail pharmacies. He has served as President and Chief Executive Officer since May 1998 and as Chairman since April 1999. He also serves as a Director of Reebok International and Yum! Brands.

Robert W. Scully
Board: Non Executive Board Job Title: Director Since: 2009 Age: 60 Mr. Scully has been Director of BoA since 2009. He was a Member, Office of the Chairman of Morgan Stanley from December 2007 until his retirement in January 2009.

Barbara J. Desoer
Board: Senior Management Job Title: Chief Technology and Operations Officer

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Key Employee Biographies

Since: 2004 Age: 56 Ms. Desoer has been the Chief Technology and Operations Officer of BoA since 2004. She joined BoA in 1977. After a variety of commercial lending and credit administration assignments, she served as Executive Assistant to two Chief Executive Officers. She then held a number of retail banking assignments and was named Group Executive Vice President responsible for the California Retail Banking Group in 1996. In 1998, she was promoted to the position of President, Northern California banking. Ms. Desoer was Marketing Executive from 1999 until 2001. In addition, she is a past Chair of BoA's internal Diversity Advisory Council.

J. Steele Alphin
Board: Senior Management Job Title: Chief Administrative Officer Since: 2007 Mr. Alphin has been the Chief Administrative Officer of BoA since 2007. He is responsible for the companys Global Human Resources, global marketing and corporate affairs and corporate aviation functions. Mr. Alphin joined the company in 1977. He assumed nationwide responsibility for the personnel functions of the Consumer & Commercial Bank and Wealth Management in 1994 and in 1999, for the company. Mr. Alphins additional responsibility included the management of global marketing in 2006.

Catherine P. Bessant
Board: Senior Management Job Title: Global Technology and Operations Executive Ms. Bessant is the Global Technology and Operations Executive of BoA. Previously, she was President of Global Corporate Banking, a division of Global Banking and Markets.

Neil Cotty
Board: Senior Management Job Title: Interim Chief Financial Officer Since: 2010 Mr. Cotty has been Interim Chief Financial Officer of BoA since 2010. He has been the Chief Accounting Officer at Bank of America since April 2004.

David C. Darnell

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Key Employee Biographies

Board: Senior Management Job Title: Interim Chief Financial Officer Since: 2010 Mr. Darnell is the President, Global Commercial Banking of BoA. Before assuming his current position in July 2005, Darnell led the banks Middle Market Banking group for four years.

Anne M. Finucane
Board: Senior Management Job Title: Global Strategy and Marketing Officer Ms. Finucane is the Global Strategy and Marketing Officer of BoA. She joined Bank of America predecessor FleetBoston Financial in 1995. While at Fleet, she was a member of Fleets executive management committee, chairperson of FleetBoston Financial Charitable Foundation and a board member of Fleet Credit Card Services.

Sallie L. Krawcheck
Board: Senior Management Job Title: President of Global Wealth & Investment Management Since: 2004 Ms. Krawcheck is the President of Global Wealth & Investment Management of BoA. Prior to joining Bank of America, Krawcheck was the chief executive officer and chairman for Citi Global Wealth Management, responsible for the Citi Private Bank, Citi Smith Barney and Citi Investment Research.

Thomas K. Montag
Board: Senior Management Job Title: President, Global Banking and Markets Mr. Montag is the President, Global Banking and Markets of BoA. He joined Merrill Lynch as executive vice president and head of global sales and trading in 2008, prior to the companys merger with Bank of America.

Joe L. Price
Board: Senior Management Job Title: President, Consumer, Small Business & Card Mr. Price is the President, Consumer, Small Business & Card of BoA. Previously he was the Chief Financial Officer of BoA

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Key Employee Biographies

Andrea Smith
Board: Senior Management Job Title: President of Global Wealth and Investment Management Ms. Smith is the Global Human Resources Executive of BoA. She joined Bank of America in 1988 and has held a range of leadership positions in Global Human Resources.

Bruce Thompson
Board: Senior Management Job Title: Chief Risk Officer Mr. Thompson is the Chief Risk Officer of BoA. Prior to his current role, Thompson was managing director and head of Global Capital Markets (GCM) at Bank of America Merrill Lynch.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES

Bank of America provides a diversified range of banking and certain non-banking financial services and products through its various subsidiaries. The company's products and services include: Global consumer and small: business banking: Card services Deposits Home equity Mortgage Global corporate and investment banking: Asset liability management services Business lending products and services Capital markets and advisory Services Treasury services Global wealth and investment management: Integrated wealth management solutions Investment management Trust services Specialty asset management services

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Revenue Analysis

REVENUE ANALYSIS
The company recorded revenues of $119,643 million in the financial year (FY) ended December 2009, an increase of 64.4% over FY2008. For FY2009, domestic*, the company's largest geographic market, accounted for 82.1% of the total revenues. BoA generates revenues through six business divisions: global card services (24% of the total revenues in FY2009), global banking (18.9%), global markets (16.9%), GWIM (14.9%), home loans & insurance (13.9%), and deposits (11.5%). Revenues by Division In the financial year FY2009, the global consumer and small business banking division recorded revenues of $58,344 million, an increase of 21.9% over FY2008. The global corporate and investment banking division recorded revenues of $13,440 million in the financial year FY2009, a decrease of 1.5% over FY2008. The global wealth and investment management division recorded revenues of $7,785 million in the financial year FY2009, an increase of 3.1% over FY2008. The all others division recorded revenue loss of $55,934 million in the financial year FY2009, as compared to a revenue loss of $477 million in FY2008. Revenues by Geography Domestic, BoA's largest geographical market, accounted for 82.1% of the total revenues in FY2009. Revenues from the US reached $98,278 million in FY2009, an increase of 45.5% over FY2008. Asia accounted for 8.9% of the total revenues in FY2009. Revenues from Asia reached $10,685 million in FY2009, compared to $1,770 million in FY2008. Europe, Middle East and Africa accounted for 7.6% of the total revenues in FY2009. Revenues from Europe, Middle East and Africa reached $9,085 million in FY2009, compared to $3,020 million in FY2008. Latin America and the Caribbean accounted for 1.3% of the total revenues in FY2009. Revenues from Latin America and the Caribbean reached $1,595 million in FY2009, compared to $443 million in FY2008.

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SWOT Analysis

SWOT ANALYSIS
BoA provides a range of financial services including retail banking, corporate banking, investment banking, asset management, and credit card services. BoA is one of the leading financial services companies and one of the top two banks in the US. The company's market position is supported by a strong distribution network, unmatched by its competitors. The company, therefore, enjoys a dominant market position and leverages its position to gain competitive advantage over its peers. However, regulatory changes and increased competition levels could hurt its margins. Strengths Globally leading franchises across businesses gives scale benefits Diversified revenue streams lend stability to revenue and earnings Balance sheet strength and governments support in times of crisis Opportunities TARP repayment likely to aid profitability Wealth management business likely to be benefited from Merrill Lynch acquisition Investments in emerging markets likely to increase growth rate and profitability Weaknesses The acquisition of Countrywide and Merrill Lynch weaken BoA in certain areas Increasing loss trend at Global Card division likely to persist

Threats Regulatory changes could increase compliance spending and alter business plans Competition for retail deposits likely to increase funding costs Increases in FDIC insurance premiums and other proposed fees likely to affect margins

Strengths

Globally leading franchises across businesses gives scale benefits Bank of America is one of the world's largest financial institutions with leadership in several businesses. The company serves clients in more than 150 countries and has presence in 44 foreign countries. It is the largest bank holding company in the US and serves approximately 53 million consumer and small business accounts with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 29 million active users. In US, it has operations in 32 states, the District of Columbia. The company holds global Top 3 rankings in key capital markets areas. It is a primary dealer in 16 countries. Bank of America holds top tier position in the world across equities, fixed income, rates, currencies and mortgages. The companys leading franchises give it scale benefits.

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SWOT Analysis

Diversified revenue streams lend stability to revenue and earnings Bank of Americas revenue is well diversified by business and products. The company reports revenues through six business divisions: global card services (24% of the total revenues in FY2009), global banking (18.9%), global markets (16.9%), GWIM (14.9%), home loans & insurance (13.9%), and deposits (11.5%). Within these business divisions, BoAs revenue is diversified by products and services. The share of net interest income has favorably come down from 51.5% in 2007 to 39.4% in 2009 while simultaneously registering growth. More importantly, the companys non-interest income generators have become robust and diverse in the last few years. Such a diverse revenue stream has helped the company register growth in its revenue and profits on an adjusted basis over the last few years. Balance sheet strength and governments support in times of crisis The companys balance sheet is well diversified with a good mix of assets and liabilities. In 2009, Bank of America strengthened its capital through a series of actions that increased tier 1 common capital by $57 billion. The company ended 2009 with a tier 1 ratio of 7.81% as against 4.8% in 2008. Total capital ratio increased from 13% in 2008 to 14.66% in 2009. The companys balance sheet is further strengthened with good mix of funding and lending sources. Being a banking institution of systemic importance, it is likely to receive government support in times of crisis as was the case in 2009. The companys balance sheet strength and likely government support in times of crisis help it avoid liquidity and solvency crises

Weaknesses

The acquisition of Countrywide and Merrill Lynch weaken BoA in certain areas BoA acquired Countrywide and Merrill Lynch in January 2008 and January 2009. These acquisitions do strengthen BoA in certain areas while weakening the company in certain other areas. For instance, the takeover of Countrywide increases Bank of America's dependence on the slowing domestic economy, where it gets more than 92% of its revenue. Declines in the value of home loans held by Countrywide and pending litigation will continue to impact BoAs net value generated through Countrywide acquisition. Similarly, the investment banking business acquired through Merrill Lynch will continue to be under a lot of strain. And it is likely that many of the markets for complex structured asset-backed products will not come back in the foreseeable future. As a result, the tangible benefits out of Countrywide and Merrill Lynch acquisition could be outweighed by weaknesses suffered by BoA. Increasing loss trend at Global Card division likely to persist BoAs Global Card Services recorded a net loss of $5.6 billion in 2009 compared to net income of $1.2 billion in 2008 due to higher provision for credit losses as credit costs continued to rise driven by weak economies in the US, Europe and Canada. Provision for credit losses increased by $9.9

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SWOT Analysis

billion to $30.1 billion as economic conditions led to higher losses in the consumer card and consumer lending portfolios including a higher level of bankruptcies. Managed net revenue declined $1.9 billion to $29.3 billion in 2009 driven by lower noninterest income partially offset by growth in net interest income. Increasing loss trend at Global Card Services is likely to persist in 2010 impacting overall returns for the company.

Opportunities

TARP repayment likely to aid profitability BoA was one of the recipients of aid under troubled assets relief program (TARP) in 2008. Although the money was borrowed at relatively easy terms yet it was a substantial burden in terms of cash outflow. On December 9, 2009, BoA repurchased all shares of the TARP Preferred Stock by using $25.7 billion from excess liquidity and $19.3 billion in proceeds from the sale of 1.3 billion units of Common Equivalent Securities (CES) valued at $15.00 per unit. The repayment of TARP will save cash outflow in the form of dividend payments. Consequently, the companys profitability is likely to expand. Wealth management business likely to be benefited from Merrill Lynch acquisition BoAs acquisition of Merrill Lynch and ABN Amro's US subsidiary LaSalle have strengthened the companys capabilities in wealth management business in terms of product depth, geographic reach and client access. Consequently, the companys global wealth and investment management division recorded revenues of $7,785 million in the financial year FY2009, an increase of 3.1% over FY2008. Scope for revenue and profit expansion in wealth management business is high as the market is still in expansion stage. BoA is likely to benefit from the market expansion as the company is now one of the holders of strongest franchises in wealth management business. Investments in emerging markets likely to increase growth rate and profitability BoA was traditionally more dependent on domestic (the US) market for revenue and profit expansion. However, for the last few years, the company was successful in driving up the contribution of international geographies and more so the contribution from emerging markets. In 2009, contribution from emerging markets improved significantly due to the investments made in 2008. For instance, contribution from these emerging markets more than doubled. As the worlds fastest growing region, Asia is expected to drive incremental growth in the global recovery. After a very difficult year i.e., 2009, there are signs that the conditions for a recovery in Middle East economic activity have begun to emerge. Accelerated growth in these markets could provide profitable growth opportunities for the company.

Threats

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SWOT Analysis

Regulatory changes could increase compliance spending and alter business plans There are potential strategic and structural risks to the organisation, nature and scope of the groups business activities and opportunities posed by many of the proposals for regulatory reform being debated both internationally and domestically in response to the recent financial crisis. The Basel Committee on Banking Supervision has issued a comprehensive reform package to address the lessons of the crisis which includes proposals on strengthening global capital and liquidity regulations and the resolution of systemically significant crossborder banks such as HSBC. The reforms could be implemented by 2012. BoA is also subject to several regulations across geographies that could have an impact on its strategy, and financial performance and health. Competition for retail deposits likely to increase funding costs The financial crisis has begun to re-shape the banking landscape globally and those institutions which have emerged the strongest have reinforced both the importance of a core retail and commercial deposit funding base and strong capitalisation. As a consequence, financial firms have sought to reduce the proportion of their balance sheets funded in the wholesale markets. As a result, competitions for retail deposits and tighter balance sheet control have resulted in re-pricing of loans and advances. Competition for retail deposits is expected to intensify further in 2010 as conditions in the global wholesale markets are still not favorable. Consequently, funding costs could go up and decrease net interest margin. Increases in FDIC insurance premiums and other proposed fees likely to affect margins Federal Deposit Insurance Corporation (FDIC) insurance premiums increased in the last twelve to eighteen months as higher levels of bank failures in 2008 and 2009 have dramatically increased resolution costs of the FDIC and depleted the deposit insurance fund. In order to maintain a strong funding position and restore reserve ratios of the deposit insurance fund, the FDIC has increased, and may further increase in the future, assessment rates of insured institutions. In November 2009, the FDIC adopted a rule requiring banks to prepay three years of estimated premiums to replenish the depleted insurance fund. There have also been proposals to change the basis on which these assessment rates are determined. Moreover, the Obama Administration has suggested the imposition of other fees on banking institutions. If there are additional bank or financial institution failures, BoA may be required to pay even higher FDIC premiums than the recently increased levels. These announced increases and prepayments, and any future increases or other required fees, could adversely impact its earnings.

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Bank of America Corporation

Citigroup Inc. TriCo Bancshares, Inc. Comerica Bank Texas Capital Bancshares, Inc Wells Fargo & Company Edward Jones HSBC Holdings plc JPMorgan Chase & Co. Morgan Stanley SunTrust Banks Inc US Bancorp (New)

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Company View

COMPANY VIEW
A statement by Brian T. Moynihan, President and Chief Executive Officer of Bank of America is given below. The statement has been taken from the company's 2009 annual report. A Tough Year 2009 was a difficult year by almost every measure. As the largest lender in the United States during the worst recession in 70 years, we knew 2009 would be a stern test and it was. For the full year, we reported net income of $6.3 billion a good overall result given the economic environment. After accounting for preferred dividends and the cost of exiting the federal governments Troubled Asset Relief Program (TARP), we reported a net loss applicable to common shareholders of $2.2 billion, or a loss of $0.29 per diluted share. TARP, and other actions by public officials, stabilized our financial system, and were grateful to U.S. taxpayers for making these funds available. We repaid the Treasury the full $45 billion for the TARP preferred stock investment in December. Government support of our company and the industry also carried a heavy cost for our shareholders. In 2009, dividends and fees associated with government support programs reduced our net income available to you, our shareholders, by $9.6 billion. At the same time, we faced high credit costs in 2009, as provision expense for the year totaled $49 billion. While credit costs will continue to be high in 2010, most credit quality metrics have begun to improve. Net charge-offs fell in the fourth quarter for the first time in more than four years. We think the economy will gain strength through the year, so we expect credit costs to improve. Despite the many challenges we faced in 2009, we came through the worst year for banks in several generations with net income up more than 50% over 2008. We strengthened our capital through a series of actions that increased Tier 1 common capital by $57 billion. And we moved ahead on our merger integrations LaSalle is complete, Countrywide is close, and the Merrill Lynch transition is progressing on schedule and under budget. Bringing these projects to a successful close is critical as we look forward to putting all of our focus on customer and client satisfaction this year and beyond. Leadership in a Changing Industry Early in this crisis, it became clear that consumers across all our markets were frustrated with their banking experience. They wanted clarity, consistency, transparency and simplicity in their financial products and services. Weve responded with Clarity Commitment documents in our home loans and credit card businesses that explain in plain English the terms of each product or service; with limited and simplified fee structures in our deposits business; and with other changes that make it easier for our customers to manage their finances. In our capital markets businesses, were working with policy leaders on reforms for derivatives trading, securitization and other sectors that aim to improve transparency and accountability. We are working to ensure that reforms balance safety and soundness with innovation, and allow us to deliver the products our clients need to run their businesses. While we have always had a pay for performance culture, we have made important changes to our compensation practices to more closely align pay with long-term financial performance

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Company View

and enable the company to recover funds when risks go bad. We also have adopted an improved approach to risk management. Each year, the management team will recommend, and the board of directors will approve, an aggregate risk appetite for the company that management will then allocate across the lines of business. Weve clarified risk management roles and responsibilities. Were putting in place management routines that will foster more open debate on risk-related issues, and were taking action based on those debates. Before and during the recent crisis, many of our collective business judgments missed the mark. We believe the changes were making now will put us in a much better position to see and respond to macroeconomic risks in the future. We are moving ahead and making changes we believe are responsive to our customers and clients needs. And we are urging constructive dialogue with policymakers to make sure well be able to continue to meet the needs of our clients, while at the same time protecting the future of our industry. Growing the Right Way There is nothing more important to our more than 280,000 Bank of America teammates and me than our belief that theres a right way to do business an approach that balances our responsibilities to all our stakeholders. This belief has guided our efforts as weve worked to help customers, clients and communities ride out the economic storm. Clearly, the most urgent need has been loan modifications, to help families and businesses manage their monthly cash flow to get through the crisis. Weve reported regularly on our efforts to ease the crisis in home foreclosures, and we continue to accelerate our work to match the growing need. We lead the nation in the number of home loans weve modified nearly 700,000 trial and permanent modifications since January 2008. Another key area of focus is small- and medium-sized businesses. In 2009, we lent more than $16 billion to these businesses, and we announced in December that we would increase lending to small- and medium-sized businesses by $5 billion in 2010. We also modified more than 60,000 small business card loans. In the current crisis, we believe this is not only the right thing to do, but that its also good business. A renegotiated loan is better than a defaulted loan and we believe many of these customers will become loyal advocates for Bank of America as they get back on their feet in the coming years. That our company is taking this approach should not surprise anyone who has known or followed us over the years. A healthy sense of enlightened self-interest is a cornerstone of our culture, and continues to find life in our 10-year goals for community development ($1.5 trillion) and philanthropy ($2 billion), our industry-leading environmental initiatives and other endeavors. Our Vision for Bank of America Our vision for our company is simple. Its Bank of America associates all over the world pulling together to create the right solutions for our customers and clients. Its customers and clients telling us were the best by bringing us more of their business. Its shareholders investing in our stock because they can see our bright future. Its associates choosing to build their careers here because they believe this is the best place to work. Its community leaders acknowledging that Bank of America is the most important business partner helping to drive success in their communities. Thats what I mean when I talk about the finest financial services company in the world. We have the best domestic and global franchise in the industry, and capabilities across all our businesses that we believe meet or beat those of our competitors. Now, its all about execution about meeting and exceeding our customers and clients expectations every day. Our great challenge is to take this large, diverse

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Company View

company weve built and make it the best in the business at helping customers, clients, shareholders and communities achieve their financial goals. Helping our team meet this challenge by achieving operational excellence on a global scale is the goal I have set for myself as chief executive officer. Id like to close by thanking Walter Massey and the board for their confidence in me as I begin my journey as CEO. Most of all, I want to thank our customers, clients and shareholders for your continued confidence in us. We take our responsibilities very seriously, and we are working hard every day to win in the marketplace.

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office
Bank of America Corporation Bank of America Corporation Bank of America Corporate Center 100 North Tryon Street Charlotte North Carolina 28255 USA P:1 704 386 5681 http://www.bankofamerica.com

Other Locations and Subsidiaries

Bank of America Corporation 18 Tower 1 9 Raffles Place SGP Bank of America Corporation 888 3rd Street SW Calgary Alberta T2P 5C5 CAN Bank of America Corporation 200 Front Street West Suite 2700 Toronto Ontario M5V 3L2 CAN Bank of America Corporation 231 South LaSalle Street Chicago Illinois 60604 USA Bank of America Corporation 5 Canada Square London E14 5AQ GBR

Bank of America Corporation 1250 Boulevard Rene Levesque West Montreal Quebec H3B 4W8 CAN Bank of America Corporation 1055 Dunsmuir Street Vancouver British Columbia V7X 1L3 CAN

Bank of America Corporation 9 West 57th Street New York City New York 10019 USA

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