Profile: Bank of America Corp (BAC)
6 Mar 2014
Bank of America Corporation (Bank of America), incorporated on July 31, 1998, is a bank holding company, and a financial holding company. Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking and various nonbanking subsidiaries throughout the United States and in international markets, the Company provides a range of banking and nonbanking financial services and products through five business segments: Consumer & Business Banking (CBB), Consumer Real Estate Services (CRES), Global Banking, Global Markets and Global Wealth & Investment Management (GWIM), with the remaining operations recorded in all Other. Effective May 17, 2012, Bank of America and its related bodies corporate ceased to be shareholders of Elders Limited. Effective June 7, 2012, Bank of America ceased to be holder of Indophil Resources NL. In October 2012, Noble Mineral Resources Ltd announced that Bank of America ceased to be a substantial holder in the Company. In February 2013, announced closing of sale of International Wealth Management Business Outside the United States to Julius Baer Group. Effective March 20, 2013, it acquired 10.4% interest in Freenet AG. In October 2013, Bank of America Corporation announced the completion of the merger of its Merrill Lynch & Co., Inc. subsidiary into Bank of America Corporation. In January 2014, Berkshire Hills Bancorp Inc announced that banking subsidiary, Berkshire Bank, completed the acquisition of 20 retail bank locations from Bank of America. In February 2014, Kingsgate Consolidated Limited announced that Bank of America Corporation and its related bodies corporate ceased to be a share holder in the capital of the Company.
Consumer & Business Banking
Consumer & Business Banking which is comprised of Deposits, Card Services and Business Banking, offers a diversified range of credit, banking and investment products and services to consumers and businesses. Its customers and clients have access to a franchise network that stretches coast to coast through 32 states and the District of Columbia. The franchise network includes approximately 5,500 banking centers, 16,300 automated teller machine (ATMs), nationwide call centers, and online and mobile platforms.
Consumer Real Estate Services
Consumer Real Estate Services provides an line of consumer real estate products and services to customers nationwide. Consumer Real Estate Services products include fixed- and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, HELOC and home equity loans. First mortgage products are either sold into the secondary mortgage market to investors, while generally retaining MSRs and the Bank of America customer relationships, or are held on the Corporation’s Consolidated Balance Sheet in All Other for ALM purposes. HELOC and home equity loans are retained on the CRES balance sheet. CRES services mortgage loans, including those loans it owns, loans owned by other business segments and All Other, and loans owned by outside investors.
Global Banking provides a range of lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams along with various product partners. Global Banking’s lending products and services include commercial loans, leases, commitment facilities, trade finance, real estate lending, asset-based lending and direct/indirect consumer loans. Global Banking’s treasury solutions business includes treasury management, foreign exchange and short-term investing options.
Global Markets offers sales and trading services, including research, to institutional clients across fixed income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets also works with commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products.
Global Wealth & Investment Management
Global Wealth & Investment Management provides comprehensive wealth management solutions to a broad base of clients from emerging affluent to the ultra-wealthy. These services include investment and brokerage services, estate and financial planning, fiduciary portfolio management, cash and liability management, and specialty asset management. Global Wealth & Investment Management also provides retirement and benefit plan services, philanthropic management and asset management to individual and institutional clients.
All Other consists of ALM activities, equity investments, liquidating businesses and other. ALM activities encompass the whole-loan residential mortgage portfolio and investment securities, interest rate and foreign currency risk management activities including the residual net interest income allocation, gains/losses on structured liabilities, and the impact of certain allocation methodologies and accounting hedge ineffectiveness. All Other includes certain residential mortgage and discontinued real estate loans that are managed by Consumer Real Estate Services.
Bank of America Corp
Bank of America Corporate Center
100 North Tryon Street
CHARLOTTE NC 28255