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Bank of America Corporation

Bank of America Announces Third-Quarter Net Loss of US$1.0 Billion

Charlotte, North Carolina (ots/PRNewswire)

- Approximately US$2.6 Billion in Writedowns From Improvement in Company
      Credit Spreads
    - Terminating Government Guarantee Term Sheet Costs US$402 Million
    - Merrill Lynch Platform Continues to Boost Results
    - Extends US$183.7 Billion in Credit in the Third Quarter
    - Tier 1 Capital Ratio Rises to 12.46 Percent; Tier 1 Common Ratio Rises
      to 7.25 Percent
    - Adds US$2.1 Billion to Reserve for Credit Losses
Bank of America Corporation (NYSE: BAC) today reported a
third-quarter 2009 net loss of US$1.0 billion. After deducting
preferred dividends of  US$1.2 billion, including US$893 million
related to dividends paid to the  U.S. government, the diluted loss
per share was US$0.26.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b
)
Those results compared with net income of US$1.2 billion, or
diluted earnings per share of US$0.15, during the year-ago period.
Through the first nine months of the year, the company had net
income of US$6.5 billion, or US$0.39 per share after preferred
dividends, compared with US$5.8 billion, or US$1.09 per share a year
earlier.
Results were negatively impacted by continued weakness in the
U.S. and global economies and stress on the consumer, which continues
to result in high credit costs. Earnings in the quarter were affected
by US$2.6 billion in pretax mark-to-market and credit valuation
adjustments on certain liabilities, including the Merrill Lynch
structured notes, and a US$402  million pretax charge to pay the U.S.
government to terminate its asset  guarantee term sheet. Despite the
loss in the period, the company  strengthened its reserves, capital
position and liquidity through efficient  balance sheet and capital
management.
"The company's core performance was impacted by a number of
non-core items," said Chief Executive Officer and President Kenneth
D. Lewis. "The market's improved view of Bank of America's credit
cost the company due to non-cash marks on liabilities.
"Excluding those items, our revenue continued to hold up well,"
Lewis said. "Obviously, credit costs remain high, and that is our
major financial challenge going forward. However, we are heartened by
early positive signs, such as the leveling of delinquencies among our
credit card customers."
    Third-Quarter 2009 Business Highlights
    - Average retail deposits in the quarter increased US$93.0 billion, or 16
      percent, from a year earlier, including the net impact of US$72.1
      billion in balances from Merrill Lynch and Countrywide. Excluding
      Countrywide and Merrill Lynch, retail deposits grew US$20.9 billion, or
      4 percent, from the year-ago quarter.
    - Global Wealth and Investment Management was ranked No. 1 among U.S.
      wealth managers with more than 25 percent of the nation's top 100
      financial advisors, according to two surveys conducted by Barron's. The
      number of households with assets greater than US$250,000 increased 4
      percent compared with the second quarter including the impact of the
      market.
    - Bank of America received Federal Deposit Insurance Corp. (FDIC)
      approval to exit the debt guarantee program under the FDIC's Temporary
      Liquidity Guarantee Program (TLGP). Additionally, the company will opt
      out of the six-month extension of the Transaction Account Guarantee
      Program (TAGP) that guaranteed full insurance coverage from the FDIC
      on non-interest-bearing transactional accounts greater than US$250,000.
    - Bank of America completed the conversion of Countrywide's deposit
      systems. The integration of Merrill Lynch remained on track with cost
      savings expected to surpass original estimates for the first year.
    - For the nine months ended September 30, Bank of America Merrill Lynch
      ranked No. 1 in high-yield corporate debt, leveraged loans and
      mortgage-backed assets based on volume, both globally and in the U.S.,
      No. 3 and No. 2 in global and U.S. investment banking fees,
      respectively, and No. 2 in global and U.S. asset-backed securities and
      syndicated loans based on volume, according to Dealogic third-quarter
      league tables.
    - During the quarter, Bank of America signed an agreement to sell the
      long-term asset management business of Columbia Management to
      Ameriprise Financial for approximately US$1 billion, subject to certain
      adjustments. The transaction is expected to close in spring 2010.
    - Bank of America funded US$95.7 billion in first mortgages, helping
      nearly 450,000 people either purchase a home or refinance their
      existing mortgage. This funding included US$23.3 billion in mortgages
      made to 154,000 low- and moderate-income borrowers. Approximately 39
      percent of first mortgages were for purchases.
    - To help homeowners avoid foreclosure, Bank of America has provided rate
      relief or agreed to modifications with approximately 215,000 customers
      during the first nine months of 2009. In addition, approximately 98,000
      Bank of America customers are already in a trial period modification
      under the government's Making Home Affordable program at September 30.
    - Bank of America extended US$183.7 billion in credit during the quarter,
      including commercial renewals of US$50.9 billion, according to
      preliminary data. New credit included US$95.7 billion in first
      mortgages, US$65.5 billion in commercial non-real estate, approximately
      US$8.3 billion in commercial real estate, US$4.5 billion in domestic
      and small business card, US$2.7 billion in home equity products and
      nearly US$7.0 billion in other consumer credit.
    - During the third quarter, Small Business Banking extended more than
      US$471 million in new credit consisting of credit cards, loans and
      lines of credit to more than 29,000 customers.
    - Bank of America continued to respond to consumer needs during the
      quarter. The company announced an easy-to-understand BankAmericard(R)
      Basic(TM) Visa(R) credit card that features one basic rate for all
      types of transactions. The company also announced changes to checking
      account options and services that will help customers limit overdraft
      fees.
Third-Quarter 2009 Financial Summary
Revenue and Expense
Revenue net of interest expense on a fully taxable-equivalent
basis rose 32 percent to US$26.4 billion from US$19.9 billion a year
ago.
Net interest income on a fully taxable-equivalent basis was
US$11.8  Billion compared with US$11.9 billion in the third quarter
of 2008. The  decline was a result of securities sales and lower loan
levels. The decrease  was partially offset by a favorable rate
environment, the addition of Merrill  Lynch and higher deposit
levels. The net interest yield narrowed 32 basis  points to 2.61
percent mainly due to the previously mentioned factors and  also was
impacted by lower-yielding assets related to the Merrill Lynch
acquisition.
Noninterest income rose to US$14.6 billion from US$8.0 billion a
year earlier. Higher trading account profits, investment and
brokerage services fees and investment banking income reflected the
addition of Merrill Lynch. These increases, as well as gains on the
sale of debt securities, were partially offset by US$1.8 billion in
losses related to mark-to-market adjustments on the Merrill Lynch
structured notes, as the company's credit spreads narrowed during the
quarter, and US$714 million in credit valuation adjustments on
derivative liabilities. Card income declined US$1.6 billion mainly
from higher credit losses on securitized credit card loans and lower
fee income.
Noninterest expense increased to US$16.3 billion from US$11.7
billion a  year earlier. Personnel costs and other general operating
expenses rose,  driven in part by the Merrill Lynch acquisition. The
increase was partially  offset by a change in compensation that
delivers a greater portion of  incentive pay over time. The increase
also includes the US$402 million pretax  charge to pay the U.S.
government to terminate its asset guarantee term  sheet. Pretax
merger and restructuring charges rose to US$594 million from  US$247
million a year earlier.
The efficiency ratio on a fully taxable-equivalent basis was
61.84 percent compared with 58.60 percent a year earlier.
Pretax, pre-provision income on a fully-taxable equivalent basis
was US$10.1 billion compared with US$8.2 billion a year earlier.
Credit Quality
Deterioration in credit quality slowed compared with the prior
quarter, however, credit costs remained high as most economies around
the world remained weak. Consumers continued to be under stress as
unemployment and underemployment rose and individuals spent longer
periods without work. However, the increases in losses slowed in
almost all consumer portfolios from the prior quarter.
Declining home and commercial property values and reduced
spending by consumers and businesses negatively impacted the
commercial portfolios resulting in broad-based increases in
criticized and nonperforming loans. The rate of the increases,
however, was below the levels experienced in recent quarters.
Commercial losses rose from the prior quarter driven primarily by
higher charge-offs in the non-homebuilder portion of the commercial
real estate portfolio. Higher losses in the commercial domestic
portfolio occurred across a broad range of borrowers and industries.
The provision for credit losses was US$11.7 billion, US$1.7
billion lower than the second quarter and US$5.3 billion higher than
the same period last year. The addition of US$2.1 billion to the
reserve for credit losses was  lower than the second quarter as
delinquencies improved in the unsecured  consumer portfolios. This
was partially offset by higher reserve additions on  the impaired
consumer portfolios obtained through acquisitions. Net charge- offs
were US$923 million higher than the prior quarter, though the pace of
the increase slowed. Nonperforming assets were US$33.8 billion
compared with  US$31.0 billion at June 30, 2009, reflecting a slower
rate of increase than  in recent quarters. The 2008 coverage ratios
and amounts shown in the  following table do not include Merrill
Lynch.
    (All figures in financial tables are in US$)
    Credit Quality
    (Dollars in millions)          Q3 2009         Q2 2009          Q3 2008
    --------------------           -------          -------          -------
    Provision for credit losses    $11,705         $13,375           $6,450
    Net charge-offs                  9,624           8,701            4,356
    Net charge-off ratios(1)          4.13%           3.64%            1.84%
    Total managed net losses       $12,932         $11,684           $6,110
    Total managed net
     loss ratio(1)                    5.03%           4.42%            2.32%
                                At 9/30/09      At 6/30/09       At 9/30/08
                                ----------      ----------       ----------
    Nonperforming assets           $33,825         $30,982          $13,576
    Nonperforming
     assets ratio(2)                  3.72%           3.31%            1.45%
    Allowance for loan and
     lease losses                  $35,832         $33,785          $20,346
    Allowance for loan
     and lease losses ratio(3)       3.95%           3.61%            2.17%
    (1)  Net charge-off/loss ratios are calculated as annualized held net
         charge-offs or managed net losses divided by average outstanding
         held or managed loans and leases during the period.
    (2)  Nonperforming assets ratios are calculated as nonperforming assets
         divided by outstanding loans, leases and foreclosed properties at
         the end of the period.
    (3)  Allowance for loan and lease losses ratios are calculated as
         allowance for loan and lease losses divided by loans and leases
         outstanding at the end of the period.
    Note: Ratios do not include loans measured under the fair value option.
    Capital Management
                                   At 9/30/09     At 06/30/09     At 9/30/08
                                   ----------     -----------     ----------
    Total shareholders' equity
     (in millions)                  $257,683        $255,152        $161,039
    Tier 1 common ratio                 7.25%           6.90%           4.23%
    Tier 1 capital ratio               12.46           11.93            7.55
    Total capital ratio                16.69           15.99           11.54
    Tangible common equity ratio(1)     4.82            4.67            2.75
    Tangible book value per share     $12.00          $11.66          $10.50
     (1)  Tangible common equity and tangible book value per share are non-
          GAAP measures. Other companies may define or calculate the tangible
          common equity ratio and tangible book value per share differently.
          For a reconciliation to GAAP measures, please refer to page 19 of
          this press release.
Capital ratios increased from the prior quarter as the company
reduced risk-weighted assets through balance sheet management.
Tangible common equity benefited from the positive impact of market
movement on available-for-sale securities.
During the quarter, a cash dividend of US$0.01 per common share
was paid, and the company recorded US$1.2 billion in preferred
dividends. Period-end common shares issued and outstanding were 8.65
billion for the third and second quarters of 2009 and 4.56 billion
for the third quarter of 2008.
    Third-Quarter 2009 Business Segment Results
    Deposits
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                   $3,666               $4,725
    Provision for credit losses               102                   98
    Noninterest expense                     2,336                2,098
    Net income                                798                1,575
    Efficiency ratio(1)                     63.72%               44.41%
    Return on average equity                13.26                26.01
    Deposits(2)                          $418,511             $377,778
                                        At 9/30/09           At 9/30/08
                                        ----------           ----------
    Period-ending deposits               $416,949             $381,811
     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
Deposits net income fell 49 percent from a year ago as revenue
declined and noninterest expense rose. Revenue declined as a result
of lower residual net interest income allocation related to asset and
liability management activities and spread compression due to
declining interest rates. Noninterest expense increased as a result
of higher FDIC insurance costs.
Average customer deposits rose 11 percent, or US$40.7 billion,
from a year ago due to the transfer of certain client deposits from
Global Wealth and Investment Management and strong organic growth.
The increase was partially offset by the expected decline in
higher-yielding Countrywide deposits.
    Global Card Services
    (Dollars in millions)                 Q3 2009             Q3 2008
    --------------------                  -------             -------
    Total managed revenue, net
     of interest expense(1),(2)           $7,327               $7,753
    Provision for credit losses(3)         6,975                5,602
    Noninterest expense                    1,968                2,405
    Net income (loss)                     (1,036)                (167)
    Efficiency ratio (2)                   26.87%               31.03%
    Managed loans(4)                    $213,340             $239,951
                                       At 9/30/09          At 9/30/08
                                       ----------          ----------
    Period-ending loans                 $207,727             $235,998
     (1)  Managed basis. Managed basis assumes that credit card loans that
          have been securitized were not sold and presents earnings on these
          loans in a manner similar to the way loans that have not been sold
          (i.e., held loans) are presented. For more information and
          detailed reconciliation, please refer to the data pages supplied
          with this press release.
     (2)  Fully taxable-equivalent basis
     (3)  Represents provision for credit losses on held loans combined with
          realized credit losses associated with the securitized credit card
          loan portfolio
     (4)  Balances averaged for period
The net loss in Global Card Services widened to US$1.0 billion as
credit costs continued to rise amid weak economies in the U.S.,
Europe and Canada. Managed net revenue declined 5 percent to US$7.3
billion mainly due to lower fee income. The decline was partially
offset by higher net interest income, as lower funding costs outpaced
the decline in average managed loans.
The provision for credit losses increased to US$7.0 billion from
a year earlier due to higher net losses driven by economic conditions
and higher bankruptcies. The increase in losses was partially offset
by reductions in the reserves as a result of improving delinquencies.
This compares with reserve additions in the year-ago quarter.
Noninterest expense fell 18 percent on lower operating and
marketing costs.
    Home Loans and Insurance
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                   $3,411               $3,474
    Provision for credit losses             2,897                  818
    Noninterest expense                     3,041                2,741
    Net income (loss)                      (1,632)                 (54)
    Efficiency ratio(1)                     89.19%               78.90%
    Return on average equity                  n/m                  n/m
    Loans(2)                             $132,599             $122,034
                                         At 9/30/09          At 9/30/08
                                         ----------          ----------
    Period-ending loans                  $134,255             $122,975
     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
     n/m = not meaningful
The net loss in Home Loans and Insurance widened to US$1.6
billion as credit costs continued to increase. Net revenue decreased
2 percent as higher income from loan production was more than offset
by lower servicing revenue driven by unfavorable mortgage servicing
rights hedge performance.
The provision for credit losses increased to US$2.9 billion
driven by continued economic weakness and lower home prices. Reserves
were increased due to further deterioration in the Countrywide
purchased impaired portfolio.
Noninterest expense rose to US$3.0 billion mostly due to
increased compensation costs and other expenses related to higher
production volume and higher delinquencies.
    Global Banking
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                   $4,670               $4,284
    Provision for credit losses             2,340                  802
    Noninterest expense                     2,258                1,849
    Net income                                 40                1,024
    Efficiency ratio(1)                     48.35%               43.15%
    Return on average equity                 0.26                 8.06
    Loans and leases(2)                  $308,764             $320,813
    Deposits(2)                           214,286              177,668
     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
Global Banking net income fell to US$40 million. Strong deposit
growth  and the impact of the Merrill Lynch acquisition were more
than offset by  higher credit and FDIC insurance costs.
The provision for credit losses increased to US$2.3 billion as
net charge-offs continued to rise within the commercial real estate
and domestic portfolios. Also contributing were reserve additions in
the commercial real estate portfolio. These increases reflect
deterioration across a broad range of industries and property types.
- Commercial Banking revenue was flat at US$2.9 billion
      reflecting strong deposit growth and credit spread improvement on loan
      yields offset by lower residual net interest income, narrower spreads
      on deposits and reduced loan balances. Net income was negatively
      impacted by a significant increase in credit costs and FDIC insurance
      costs.
    - Corporate Banking and Investment Banking revenue rose 24 percent or
      US$345 million driven by the acquisition of Merrill Lynch and strong
      deposit growth. The increase was partially offset by the costs of
      credit hedging and lower residual net interest income. Net income was
      negatively impacted by higher credit costs, operating expenses
      associated with the Merrill Lynch acquisition and FDIC insurance costs.
Note: Total investment banking income in the quarter of US$1.3
billion  was shared primarily between Global Banking and Global
Markets based on an internal fee-sharing arrangement among the two
segments. Debt and equity issuance fees primarily led to an increase
from the year-ago quarter while advisory fees increased 71 percent,
reflecting the larger investment banking platform from the Merrill
Lynch acquisition.
    Global Markets
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                   $5,827                $161
    Provision for credit losses                98                 (24)
    Noninterest expense                     2,328               1,120
    Net income                              2,190                (588)
    Efficiency ratio(1)                     39.96%                n/m
    Return on average equity                19.87                 n/m
    Total assets(2)                      $633,909            $430,539
     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
    n/m = not meaningful
Global Markets net income increased US$2.8 billion driven by the
addition of Merrill Lynch and a more favorable trading environment.
Revenue was strong in the period, partially offset by US$714 million
in credit valuation adjustments on derivative liabilities. Market
disruption charges had a reduced impact compared with the prior year.
Noninterest expense increased due to the Merrill Lynch acquisition.
The increase was partially offset by a change in compensation that
delivers a greater portion of incentive pay over time.
- Fixed Income, Currency and Commodities revenue of US$4.4 billion was
      primarily driven by sales and trading results. Credit products
      continued to benefit from improved market liquidity and tighter credit
      spreads. Investment banking fees were positively impacted by new
      issuance capabilities from the combined Merrill Lynch and Bank of
      America platform.
    - Equities revenue of US$1.4 billion was driven by the addition of
      Merrill Lynch.
    Global Wealth and Investment Management
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense (1)                  $4,095               $1,570
    Provision for credit losses               515                  150
    Noninterest expense                     3,169                1,286
    Net income                                271                   80
    Efficiency ratio(1)                     77.38%               81.90%
    Return on average equity                 5.61                 2.74
    Loans(2)                             $101,181              $88,255
    Deposits(2)                           214,994              162,192
     (in billions)                        At 9/30/09          At 9/30/08
    ------------                         ----------          ----------
    Assets under management                 $739.8              $564.4
    Total client assets(3)                $1,921.3              $828.6
     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
     (3)  Client assets are defined as assets under management, client
          brokerage assets and other assets in custody
Global Wealth and Investment Management net income rose to US$271
million driven by the addition of Merrill Lynch and a decline in
support for certain cash funds. This was partially offset by higher
credit costs, lower net interest income partly due to the transfer of
certain client balances to the Deposits and the Home Loans and
Insurance segments.
Net revenue increased to US$4.1 billion as investment and
brokerage  service income rose due to the addition of Merrill Lynch
and the level of  support for certain cash funds declined.
The provision for credit losses increased to US$515 million
primarily driven by a single large commercial charge-off and reserve
increases in the consumer real estate and commercial portfolios
reflecting the weak economy.
- Merrill Lynch Global Wealth Management net income increased 9
      percent to US$310 million from a year earlier as the addition of
      Merrill Lynch was partially offset by higher credit costs. Net revenue
      rose to US$3.0 billion from US$1.0 billion a year ago as investment and
      brokerage income increased mainly from the addition of Merrill Lynch.
    - U.S. Trust, Bank of America Private Wealth Management swung to a net
      loss of US$52 million as net revenue declined and credit costs
      rose mainly due to a single large commercial charge-off. Net revenue
      fell 11 percent driven by lower equity market levels and reduced net
      interest income.
    - Columbia Management's net loss narrowed to US$48 million compared with
      a net loss of US$356 million a year earlier driven by lower support for
      certain cash funds. As a result of actions taken during the quarter,
      Columbia's Prime Funds no longer have exposure to structured investment
      vehicles or other troubled assets and all capital support agreements
      have been terminated.
    All Other
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                  $(2,631)             $(2,068)
    Provision for credit
     losses(2)                             (1,222)                (996)
    Noninterest expense                     1,206                  161
    Net income (loss)                      (1,632)                (693)
    Loans and leases(3)                  $147,666             $146,305
     (1)  Fully taxable-equivalent basis
     (2)  Numbers in parentheses represent a provision benefit
     (3)  Balances averaged for period
The net loss in All Other widened to US$1.6 billion. Increased
gains on  the sale of debt securities and higher equity investment
income were offset  by mark-to-market adjustments related to certain
Merrill Lynch structured  notes and other-than-temporary impairment
charges related to non-agency collateralized mortgage obligations.
Excluding the securitization impact to show Global Card Services on a
managed basis, the provision for credit losses increased compared
with the same period last year due to higher losses in the
residential mortgage portfolio and reserve additions on the
Countrywide purchased impaired portfolio. Noninterest expense
increased due to merger and restructuring charges related to the
Merrill Lynch acquisition and a pretax charge to pay the U.S.
government to terminate its asset guarantee term sheet.
All Other consists primarily of equity investments, the
residential mortgage portfolio associated with asset and liability
management (ALM) activities, the residual impact of the cost
allocation process, merger and restructuring charges, intersegment
eliminations, fair-value adjustments related to certain Merrill Lynch
structured notes and the results of certain consumer finance,
investment management and commercial lending businesses that are
being liquidated. All Other also includes the offsetting
securitization impact to present Global Card Services on a managed
basis. For more information and detailed reconciliation, please refer
to the data pages supplied with this press release. Effective January
1, 2009, All Other includes the results of First Republic Bank, which
was acquired as part of the Merrill Lynch acquisition.
Note: Chief Executive Officer and President Kenneth D. Lewis and
Chief Financial Officer Joe L. Price will discuss third-quarter 2009
results in a conference call at 9:30 a.m. EDT today. The presentation
and supporting materials can be accessed on the Bank of America
Investor Relations Web site at http://investor.bankofamerica.com. For
a listen-only connection to the conference call, dial +1-877-200-4456
(U.S.) or +1-785-424-1734  (international) and the conference ID:
79795.
Bank of America
Bank of America is one of the world's largest financial
institutions, serving individual consumers, small- and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience in
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more than 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company
serves clients in more than 150 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones
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Forward-Looking Statements
Bank of America and its management may make certain statements
that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation reform Act of 1995. These
statements are not historical facts, but instead represent Bank of
America's current expectations, plans or forecasts of its integration
of Merrill Lynch and Countrywide acquisitions and related cost
savings, future results and revenues, credit losses, credit reserves
and charge-offs, nonperforming asset levels, level of preferred
dividends, service charges, the closing of the Columbia Management
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You should not place undue reliance on any forward-looking
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risks, as well as those more fully discussed under Item 1A. "Risk
Factors" of Bank of America's 2008 Annual Report on Form 10-K and in
any of Bank of America's subsequent SEC filings: negative economic
conditions that adversely affect the general economy, housing prices,
the job market, consumer confidence and spending habits; the level
and volatility of the capital markets, interest rates, currency
values and other market indices; changes in consumer, investor and
counterparty confidence in, and the related impact on, financial
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on Bank of America's financial statements; increased globalization of
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mergers and acquisitions and their integration into Bank of America;
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Forward-looking statements speak only as of the date they are made,
and Bank of America undertakes no obligation to update any
forward-looking statement to reflect the impact of circumstances or
events that arise after the date the forward-looking statement was
made.
Columbia Management Group, LLC ("Columbia Management") is the
primary investment management division of Bank of America
Corporation. Columbia Management entities furnish investment
management services and products for institutional and individual
investors. Columbia Funds and Excelsior Funds are distributed by
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Columbia Management Distributors, Inc. is part of Columbia Management
and an affiliate of Bank of America Corporation.
Investors should carefully consider the investment objectives,
risks, charges and expenses of any Columbia Fund or Excelsior Fund
before investing. Contact your Columbia Management representative for
a prospectus, which contains this and other important information
about the fund. Read it carefully before investing.
Bank of America Merrill Lynch is the marketing name for the
global banking and global markets businesses of Bank of America
Corporation. Lending, derivatives, and other commercial banking
activities are performed by banking affiliates of Bank of America
Corporation, including Bank of America, N.A., member FDIC.
Securities, financial advisory, and other investment banking
activities are performed by investment banking affiliates of Bank of
America Corporation ("Investment Banking Affiliates"), including Banc
of America Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, which are both registered broker-dealers and members of
FINRA and SIPC. Investment products offered by Investment Banking
Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank
Guaranteed. Bank of America Corporation's broker-dealers are not
banks and are separate legal entities from their bank affiliates. The
obligations of the broker-dealers are not obligations of their bank
or thrift affiliates (unless explicitly stated otherwise), and these
bank affiliates are not responsible for securities sold, offered or
recommended by the broker-dealers. The foregoing also applies to our
other non-bank, non-thrift affiliates.
                           www.bankofamerica.com
    (All figures in financial tables are in US$)
    Bank of America Corporation and Subsidiaries
    Selected Financial Data
    (Dollars in millions, except per share data; shares in thousands)
    Summary Income             Three Months Ended       Nine Months Ended
     Statement                    September 30            September 30
                              ---------------------  --------------------
                                  2009       2008        2009        2008
    Net interest income        $11,423    $11,642     $35,550     $32,254
    Noninterest income          14,612      7,979      59,017      24,848
                              --------  ---------   ---------   ---------
      Total revenue, net of
       interest expense         26,035     19,621      94,567      57,102
    Provision for credit
     losses                     11,705      6,450      38,460      18,290
    Noninterest expense,
     before merger and
     restructuring charges      15,712     11,413      48,140      29,953
    Merger and restructuring
     charges                       594        247       2,188         629
                              --------  ---------   ---------   ---------
      Income (loss) before
       income taxes             (1,976)     1,511       5,779       8,230
    Income tax expense
     (benefit)                    (975)       334        (691)      2,433
                              --------  ---------   ---------   ---------
      Net income (loss)        $(1,001)    $1,177      $6,470      $5,797
                              ========  =========   =========   =========
    Preferred stock dividends    1,240        473       3,478         849
                              --------  ---------   ---------   ---------
      Net income (loss)
       applicable to common
       shareholders            $(2,241)      $704      $2,992      $4,948
                              ========  =========   =========   =========
    Earnings (loss) per common
     share                      $(0.26)     $0.15       $0.39       $1.09
    Diluted earnings (loss)
     per common share            (0.26)      0.15        0.39        1.09
    Summary Average Balance    Three Months Ended       Nine Months Ended
    Sheet                         September 30            September 30
                              ---------------------  --------------------
                                  2009       2008        2009        2008
    Total loans and leases    $930,255   $946,914    $963,260     900,574
    Debt securities            263,712    266,013     268,291     240,347
    Total earning assets     1,790,000  1,622,466   1,837,706   1,544,617
    Total assets             2,390,675  1,905,691   2,442,905   1,808,765
    Total deposits             989,295    857,845     976,182     810,663
    Shareholders' equity       255,983    166,454     242,638     160,890
    Common shareholders'
     equity                    197,230    142,303     177,289     141,337
    Performance Ratios         Three Months Ended       Nine Months Ended
                                  September 30            September 30
                              ---------------------  --------------------
                                  2009       2008        2009        2008
    Return on average assets       n/m       0.25%       0.35%       0.43%
    Return on average common
     shareholders' equity          n/m       1.97        2.26        4.68
    Credit Quality             Three Months Ended       Nine Months Ended
                                  September 30            September 30
                              ---------------------  --------------------
                                  2009       2008        2009        2008
    Total net charge-offs       $9,624     $4,356     $25,267     $10,690
    Annualized net
     charge-offs as a % of
     average loans and leases
     outstanding (1)              4.13%      1.84%       3.53%       1.59%
    Provision for credit
     losses                    $11,705     $6,450     $38,460     $18,290
    Total consumer credit
     card managed net losses     5,477      2,996      14,318       8,119
    Total consumer credit card
     managed net losses as a
     % of average managed credit
     card receivables            12.90%      6.40%      11.06%       5.85%
                                  September 30
                                  2009       2008
    Total nonperforming
     assets                    $33,825    $13,576
    Nonperforming assets as
     a % of total loans,
     leases and foreclosed
     properties (1)               3.72%      1.45%
    Allowance for loan and
     lease losses              $35,832    $20,346
    Allowance for loan and
     lease losses as a % of
     total loans and leases
     outstanding (1)              3.95%      2.17%
    Capital Management            September 30
                                  2009       2008
    Risk-based capital ratios:
      Tier 1                     12.46%      7.55%
      Tier 1 common               7.25       4.23
      Total                      16.69      11.54
    Tier 1 leverage ratio         8.39       5.51
    Tangible equity ratio (2)     7.55       4.13
    Tangible common equity
     ratio (3)                    4.82       2.75
    Period-end common shares
     issued and outstanding  8,650,314  4,562,055
                               Three Months Ended       Nine Months Ended
                                   September 30            September 30
                              ---------------------  --------------------
                                  2009       2008        2009        2008
    Shares issued (4)              n/a    109,108   3,632,879     124,170
    Average common shares
     issued and outstanding  8,633,834  4,543,963   7,423,341   4,469,517
    Average diluted common
     shares issued and
     outstanding             8,633,834  4,547,578   7,449,911   4,477,994
    Dividends paid per
     common share                $0.01      $0.64       $0.03       $1.92
    Summary End of Period         September 30
    Balance Sheet                2009       2008
    Total loans and leases    $914,266   $942,676
    Total debt securities      256,745    258,677
    Total earning assets     1,711,939  1,544,907
    Total assets             2,251,043  1,831,177
    Total deposits             974,899    874,051
    Total shareholders'
     equity                    257,683    161,039
    Common shareholders'
     equity                    198,843    136,888
    Book value per share of
     common stock               $22.99     $30.01
    (1) Ratios do not include loans measured at fair value under the fair
        value option at and for the three and nine months ended September 30,
        2009 and 2008.
    (2) Tangible equity ratio equals shareholders' equity less goodwill
        and intangible assets (excluding mortgage servicing rights), net of
        related deferred tax liabilities divided by total assets less
        goodwill and intangible assets (excluding mortgage servicing rights),
        net of related deferred tax liabilities.
    (3) Tangible common equity ratio equals common shareholders' equity less
        goodwill and intangible assets (excluding mortgage servicing rights),
        net of related deferred tax liabilities divided by total assets less
        goodwill and intangible assets (excluding mortgage servicing rights),
        net of related deferred tax liabilities.
    (4) 2009 amounts include approximately 1.375 billion shares issued in
        the Merrill Lynch acquisition.
    n/m = not meaningful
    n/a = not applicable
Certain prior period amounts have been reclassified to conform to
current period presentation.
Information for periods beginning July 1, 2008 include the
Countrywide  acquisition. Information for the period beginning
January 1, 2009 includes the Merrill Lynch acquisition. Prior periods
have not been restated.
This information is preliminary and based on company data
available at  the time of the presentation.
    Bank of America Corporation and Subsidiaries
    Business Segment Results
    (Dollars in millions)
    For the three months ended September 30
                                            Global Card       Home Loans &
                           Deposits       Services (1, 2)      Insurance
                         -------------     -------------      ------------
                         2009     2008     2009     2008      2009    2008
                         ----     ----     ----     ----      ----    ----
    Total revenue,
     net of interest
     expense (3)       $3,666    $4,725   $7,327   $7,753    $3,411   $3,474
    Provision for
     credit losses        102        98    6,975    5,602     2,897      818
    Noninterest
     expense            2,336     2,098    1,968    2,405     3,041    2,741
    Net income (loss)     798     1,575   (1,036)    (167)   (1,632)     (54)
    Efficiency
     ratio (3)          63.72%    44.41%   26.87%   31.03%    89.19%   78.90%
    Return on
     average equity     13.26     26.01      n/m      n/m       n/m      n/m
    Average - total
     loans and leases     n/m       n/m $213,340 $239,951  $132,599 $122,034
    Average - total
     deposits        $418,511  $377,778      n/m      n/m       n/m      n/m
                                                              Global Wealth
                                                              & Investment
                         Global Banking    Global Markets      Management
                         --------------    --------------     ------------
                         2009     2008     2009      2008     2009    2008
                         ----     ----     ----      ----     ----    ----
    Total revenue,
     net of interest
     expense (3)       $4,670    $4,284   $5,827     $161    $4,095   $1,570
    Provision for
     credit losses      2,340       802       98      (24)      515      150
    Noninterest
     expense            2,258     1,849    2,328    1,120     3,169    1,286
    Net income (loss)      40     1,024    2,190     (588)      271       80
    Efficiency
     ratio (3)          48.35%    43.15%   39.96%     n/m     77.38%   81.90%
    Return on average
     equity              0.26      8.06    19.87      n/m      5.61     2.74
    Average - total
     loans and
     leases          $308,764  $320,813      n/m      n/m  $101,181  $88,255
    Average - total
     deposits         214,286   177,668      n/m      n/m   214,994  162,192
                          All Other (1, 4)
                           2009     2008
                           ----     ----
    Total revenue,
     net of interest
     expense (3)       $(2,631)  $(2,068)
    Provision for
     credit losses      (1,222)     (996)
    Noninterest expense  1,206       161
    Net income (loss)   (1,632)     (693)
    Average - total
     loans and leases $147,666  $146,305
    Average - total
     deposits          108,244   104,370
    (1) Global Card Services is presented on a managed basis with a
        corresponding offset recorded in All Other.
    (2) Provision for credit losses represents provision for credit losses on
        held loans combined with realized credit losses associated with the
        securitized loan portfolio.
    (3) Fully taxable-equivalent (FTE) basis. FTE basis is a performance
        measure used by management in operating the business that
        management believes provides investors with a more accurate picture
        of the interest margin for comparative purposes.
    (4) Provision for credit losses represents provision for credit losses in
        All Other combined with the Global Card Services securitization
        offset.
    n/m = not meaningful
Certain prior period amounts have been reclassified to conform to
current  period presentation.
Information for periods beginning July 1, 2008 include the
Countrywide  acquisition. Information for the period beginning
January 1, 2009 includes the Merrill Lynch acquisition. Prior periods
have not been restated.   This information is preliminary and based
on company data available at  the time of the presentation.
    Bank of America Corporation and Subsidiaries
    Business Segment Results
     (Dollars in millions)
    For the nine months ended September 30
                                           Global Card
                                            Services         Home Loans &
                           Deposits           (1,2)            Insurance
                        --------------     -------------     -------------
                        2009      2008     2009     2008     2009     2008
                        ----      ----     ----     ----     ----     ----
    Total revenue, net
     of interest
     expense (3)     $10,560   $13,182  $22,181  $23,202  $13,101   $6,058
    Provision for
     credit losses       289       293   23,157   14,314    8,995    4,664
    Noninterest
     expense           7,318     6,566    6,024    6,980    8,519    4,211
    Net income (loss)  1,912     3,949   (4,527)   1,244   (2,850)  (1,775)
    Efficiency ratio
     (3)               69.30%    49.82%   27.16%   30.09%   65.03%   69.51%
    Return on average
     equity            10.81     21.59      n/m     4.28      n/m      n/m
    Average - total
     loans and
    leases               n/m       n/m $220,666 $237,817 $129,910 $100,237
    Average - total
     deposits       $403,587  $350,765      n/m      n/m      n/m      n/m
                                                            Global Wealth &
                                                              Investment
                        Global Banking     Global Markets     Management
                        --------------     -------------     -------------
                        2009      2008     2009     2008     2009     2008
                        ----      ----     ----     ----     ----     ----
    Total revenue, net
     of interest
     expense (3)     $18,100   $12,737  $17,236     $724  $12,606   $5,819
    Provision for
     credit
    losses             6,772     1,728      148      (63)   1,007      512
    Noninterest
     expense           7,131     5,505    7,962    2,802    9,747    3,841
    Net income (loss)  2,703     3,440    6,027   (1,263)   1,202      913
    Efficiency ratio
     (3)               39.40%    43.22%   46.20%     n/m    77.32%   66.01%
    Return on average
     equity             6.02      9.27    23.62      n/m     8.75    10.44
    Average - total
     loans and
    leases          $320,904  $314,031      n/m      n/m $104,454  $87,162
    Average - total
     deposits        205,285   170,162      n/m      n/m  226,967  156,762
                        All Other (1,4)
                        2009      2008
                        ----      ----
    Total revenue, net
     of interest
     expense (3)      $1,747   $(3,726)
    Provision for
     credit
    losses            (1,908)   (3,158)
    Noninterest
     expense           3,627       677
    Net income (loss)  2,003      (711)
    Average - total
     loans and
     leases         $158,721  $132,615
    Average - total
     deposits        106,944   104,143
    (1) Global Card Services is presented on a managed basis with a
        corresponding offset recorded in All Other.
    (2) Provision for credit losses represents provision for credit losses
        on held loans combined with realized credit losses associated with
        the securitized loan portfolio.
    (3) Fully taxable-equivalent (FTE) basis. FTE basis is a performance
        measure used by management in operating the business that management
        believes provides investors with a more accurate picture of the
        interest margin for comparative purposes.
    (4) Provision for credit losses represents provision for
        credit losses in All Other combined with the Global Card Services
        securitization offset.
    n/m = not meaningful
Certain prior period amounts have been reclassified to conform
to current period presentation.
Information for periods beginning July 1, 2008 include the
Countrywide  acquisition. Information for the period beginning
January 1, 2009 includes the Merrill Lynch acquisition. Prior periods
have not been restated.   This information is preliminary and based
on company data available at  the time of the presentation.
    Bank of America Corporation and Subsidiaries
    Supplemental Financial Data
     (Dollars in millions)
    Fully taxable-equivalent    Three Months Ended         Nine Months Ended
     basis data                    September 30              September 30
                                 -----------------         -----------------
                                 2009         2008         2009         2008
                                 ----         ----         ----         ----
    Net interest income       $11,753      $11,920      $36,514      $33,148
    Total revenue, net of
     interest expense          26,365       19,899       95,531       57,996
    Net interest yield           2.61%        2.93%        2.65%        2.86%
    Efficiency ratio            61.84        58.60        52.68        52.73
    Other Data                      September 30
                                  2009         2008
                                  ----         ----
    Full-time equivalent
     employees                 281,863      247,024
    Number of banking centers
     - domestic                  6,008        6,139
    Number of branded ATMs
     - domestic                 18,254       18,584
Reconciliation to GAAP financial measures
The Corporation evaluates its business utilizing non-GAAP ratios
including the tangible common equity ratio. The tangible common
equity ratio represents common shareholders' equity less goodwill and
intangible assets (excluding mortgage servicing rights), net of
related deferred tax  liabilities divided by total assets less
goodwill and intangible assets  (excluding mortgage servicing
rights), net of related deferred tax  liabilities. This measure is
used to evaluate the Corporation's use of  equity (i.e., capital). We
believe the use of this non-GAAP measure provides additional clarity
in assessing the results of the Corporation.
Other companies may define or calculate the tangible common
equity ratio  and the tangible book value per share of common stock
differently. See the tables below for corresponding reconciliations
to GAAP financial measures at September 30, 2009, June 30, 2009 and
September 30, 2008.
    Reconciliation of period end
     common shareholders' equity
     to period end tangible common
     shareholders' equity
                                 September 30       June 30    September 30
                                     2009             2009         2008
                                 ------------       -------    ------------
    Common shareholders' equity    $198,843        $196,492      $136,888
    Goodwill                        (86,009)        (86,246)      (81,756)
    Intangible assets
     (excluding MSRs)               (12,715)        (13,245)       (9,167)
    Related deferred tax
     liabilities                      3,714           3,843         1,914
                                      -----           -----         -----
      Tangible common
       shareholders' equity        $103,833        $100,844       $47,879
                                   ========        ========       =======
    Reconciliation of period
     end assets to period end
     tangible assets
                                 September 30       June 30    September 30
                                     2009             2009         2008
                                 ------------       -------    ------------
    Assets                       $2,251,043      $2,254,394    $1,831,177
    Goodwill                       (86,009)        (86,246)      (81,756)
    Intangible assets
     (excluding MSRs)              (12,715)        (13,245)       (9,167)
    Related deferred tax
     liabilities                     3,714           3,843         1,914
                                     -----           -----         -----
      Tangible assets           $2,156,033      $2,158,746    $1,742,168
                                ==========      ==========    ==========
Certain prior period amounts have been reclassified to conform to
current  period presentation.
Information for periods beginning July 1, 2008 include the
Countrywide  acquisition. Information for the period beginning
January 1, 2009 includes the Merrill Lynch acquisition. Prior periods
have not been restated.   This information is preliminary and based
on company data available at the time of the presentation.
Bank of America Corporation and Subsidiaries
    Reconciliation - Managed to GAAP
     (Dollars in millions)
The Corporation reports Global Card Services on a managed basis.
Reporting on a managed basis is consistent with the way that
management  evaluates the results of  Global Card Services. Managed
basis assumes that  securitized loans were not sold and presents
earnings on these loans in a  manner similar to the way loans that
have not been sold (i.e., held loans)  are presented. Loan
securitization is an alternative funding process that is used by the
Corporation to diversify funding sources. Loan securitization
removes loans from the Consolidated Balance Sheet through the sale of
loans  to an off-balance sheet qualified special purpose entity which
is excluded  from the Corporation's Consolidated Financial Statements
in accordance with  accounting principles generally accepted in the
United States (GAAP).
The performance of the managed portfolio is important in
understanding Global Card Services' results as it demonstrates the
results of the entire portfolio serviced by the business. Securitized
loans continue to be serviced by the business and are subject to the
same underwriting standards and  ongoing monitoring as held loans. In
addition, retained excess servicing  income is exposed to similar
credit risk and repricing of interest rates as  held loans. Global
Card Services' managed income statement line items differ  from a
held basis reported as follows:
    -- Managed net interest income includes Global Card Services' net
       interest income on held loans and interest income on the securitized
       loans less the internal funds transfer pricing allocation related to
       securitized loans.
    -- Managed noninterest income includes Global Card Services'
       noninterest income on a held basis less the reclassification of
       certain components of card income (e.g., excess servicing income) to
       record managed net interest income and provision for credit losses.
       Noninterest income, both on a held and managed basis, also includes
       the impact of adjustments to the interest-only strip that are recorded
       in card income as management continues to manage this impact within
       Global Card Services.
    -- Provision for credit losses represents the provision for credit losses
       on held loans combined with realized credit losses associated with the
       securitized loan portfolio.
    Global Card Services
                          Nine Months Ended          Nine Months Ended
                          September 30, 2009         September 30, 2008
                          ------------------         ------------------
                               Securit-                    Securit-
                     Managed   ization     Held   Managed  ization    Held
                     Basis(1)  Impact(2)   Basis  Basis(1) Impact(2)  Basis
                     -------   --------    -----  -------  --------   -----
    Net interest
     income(3)       $15,312   $(7,024)   $8,288  $14,279   $(6,402)  $7,877
    Noninterest
     income:
      Card income      6,462    (1,355)    5,107    7,564     1,768    9,332
      All other income   407       (94)      313    1,359      (179)   1,180
                      ------   -------    ------   ------    ------   ------
        Total
         noninterest
         income        6,869    (1,449)    5,420    8,923     1,589   10,512
                      ------   -------    ------   ------    ------   ------
        Total revenue,
         net of
         interest
         expense      22,181    (8,473)   13,708   23,202    (4,813)  18,389
    Provision for
     credit losses    23,157    (8,473)   14,684   14,314    (4,813)   9,501
    Noninterest
     expense           6,024         -     6,024    6,980         -    6,980
                      ------   -------    ------   ------    ------   ------
        Income (loss)
         before income
         taxes        (7,000)        -    (7,000)   1,908         -    1,908
    Income tax expense
     (benefit)(3)     (2,473)        -    (2,473)     664         -      664
                      ------   -------    ------   ------    ------   ------
    Net income
     (loss)          $(4,527)       $-   $(4,527)  $1,244        $-   $1,244
                      ======   =======    ======   ======    ======   ======
    Average - total
     loans and
     leases         $220,666 $(100,727) $119,939 $237,817 $(106,177) $131,640
    All Other
                       Nine Months Ended             Nine Months Ended
                       September 30, 2009            September 30, 2008
                       ------------------            ------------------
                              Securiti-                    Securiti-
                    Reported   zation     As     Reported   zation      As
                     Basis     Offset  Adjusted   Basis     Offset   Adjusted
                      (4)        (2)               (4)       (2)
                    --------  -------- --------  --------  --------- --------
    Net interest
     income
     (loss) (3)    $(5,399)    $7,024    $1,625   $(6,143)    $6,402    $259
    Noninterest
     income:
        Card income
        (loss)       (464)     1,355       891     1,797     (1,768)     29
        Equity
         investment
         income     8,191          -     8,191       651          -     651
        Gains on
         sales of
         debt
         securities 3,584          -     3,584       349          -     349
        All other
         income
        (loss)     (4,165)        94    (4,071)     (380)       179    (201)
                   ------    -------    ------    ------     ------  ------
        Total
         noninterest
         income     7,146      1,449     8,595     2,417     (1,589)    828
                   ------    -------    ------    ------     ------  ------
        Total
         revenue,
         net of
         interest
         expense    1,747      8,473    10,220    (3,726)     4,813   1,087
    Provision for
     credit
     losses        (1,908)     8,473     6,565    (3,158)     4,813   1,655
    Merger and
     restructuring
     charges        2,188          -     2,188       629          -     629
    All other
     noninterest
     expense        1,439          -     1,439        48          -      48
                   ------    -------    ------    ------     ------  ------
         Income
         (loss)
          before
          income
          taxes        28          -        28    (1,245)         -  (1,245)
    Income tax
     expense
     (benefit)(3)   (1,975)         -    (1,975)     (534)         -    (534)
                    ------    -------    ------    ------     ------  ------
          Net
           income
          (loss)   $2,003         $-    $2,003     $(711)        $-   $(711)
                   ======    =======    ======    ======     ======  ======
     Average -
      total
      loans and
      leases     $158,721   $100,727  $259,448  $132,615   $106,177 $238,792
    (1) Provision for credit losses represents provision for credit losses
        on held loans combined with realized credit losses associated with
        the securitized loan portfolio.
    (2) The securitization impact/offset on net interest income is on a funds
        transfer pricing methodology consistent with the way funding costs
        are allocated to the businesses.
    (3) FTE basis
    (4) Provision for credit losses represents provision for credit losses in
        All Other combined with the Global Card Services securitization
        offset.
Certain prior period amounts have been reclassified among the
segments to conform to the current period presentation.
Information for periods beginning July 1, 2008 include the
Countrywide  acquisition. Information for the period beginning
January 1, 2009 includes the Merrill Lynch acquisition. Prior periods
have not been restated.  This information is preliminary and based on
company data available at   the time of the presentation.

Contact:

Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire,
+1-704-388-6780, Grace Yoon, +1-212-449-7323, or Reporters, Scott
Silvestri, +1-980-388-9921, scott.silvestri@bankofamerica.com, all of
Bank of America

Plus de actualités: Bank of America Corporation
Plus de actualités: Bank of America Corporation
  • 17.07.2009 – 13:06

    Bank of America Earns US$3.2 Billion in Second Quarter

    Charlotte, North Carolina (ots/PRNewswire) - - Strong Pretax, Pre-provision Income of US$16 Billion - Another Good Quarter in Capital Markets and Home Loans - Enhanced Capital Strength, Tier 1 Capital Ratio at 11.93 Percent - Extends More Than US$211 Billion in Credit in the Second Quarter - Adds US$4.7 Billion to Credit Loss Reserves Bank of America Corporation today reported second-quarter ...

  • 17.11.2008 – 14:45

    Bank of America to Exercise Remainder of China Construction Bank Option

    Charlotte, North Carolina, November 17 (ots/PRNewswire) - Bank of America Corporation has given notice of its plan to exercise the remainder of its option to purchase ordinary shares of China Construction Bank Corporation from China SAFE Investments Limited (Huijin). Bank of America acquired the option from Huijin in connection with its investment in CCB in June ...

  • 02.10.2008 – 15:33

    Ken Lewis Announces John Thain Role With Bank of America

    Charlotte, North Carolina (ots/PRNewswire) - Bank of America Chairman and Chief Executive Officer Ken Lewis today announced that John Thain, current chairman and chief executive officer of Merrill Lynch, will have a major role in the combined companies. Lewis also announced that Brian Moynihan will continue as president of Global Corporate and Investment Banking at Bank of America until the merger, and will take on ...