Full Description

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Through its banking subsidiaries and various non-banking subsidiaries throughout the United States and in selected international markets, it provides a diversified range of banking and non-banking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking and Global Wealth and Investment Management. Bank of America operates in 50 states, the District of Columbia and more than 40 foreign countries. Bank of America has 6,100 banking centers, approximately 18,700 automated teller machines (ATMs), nationwide call centers, and online and mobile banking platforms. On January 1, 2009, Bank of America announced the purchase of Merrill Lynch & Co., Inc. On July 1, 2008, Bank of America completed the acquisition of Countrywide Financial Corporation.

Global Consumer and Small Business Banking

Global Consumer and Small Business Banking offers a range of products and services through a franchise that stretches through 32 states and the District of Columbia. The Company provides credit card products to customers in Canada, Ireland, Spain and the United Kingdom. In the United States, it serves more than 59 million consumer and small business relationships utilizing its network of 6,139 banking centers, 18,685 domestic branded ATMs, and telephone and Internet channels. Within Global Consumer and Small Business Banking, there are three primary businesses: Deposits and Student Lending, Card Services and Mortgage, Home Equity and Insurance Services (MHEIS).

The Company’s Deposits and Student Lending business provides a range of products to consumers and small businesses. Its products include savings accounts, money market savings accounts, certificate of deposit (CDs) and individual retirement account (IRAs), and non-interest and interest-bearing checking accounts. During the year ended December 31, 2008, the Company added 2.2 million net new retail checking accounts. Card Services, excluding debit cards, provides an offering of products, including United States Consumer and Business Card, Unsecured Lending, Merchant Services and International Card. Bank of America offers a variety of co-branded and affinity credit card products. It also offers a variety of co-branded and affinity credit card products.

MHEIS generates revenue by providing a line of consumer real estate products and services to customers. MHEIS products are available to the Company’s customers through a retail network of personal bankers located in 6,139 banking centers, mortgage loan officers in nearly 1,000 locations and through a sales force offering its customers direct telephone and online access to the Company’s products. MHEIS products 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, MHEIS offers property, casualty, life, disability and credit insurance.

Global Corporate and Investment Banking

Global Corporate and Investment Banking provides a range of financial services to both the Company’s issuer and investor clients that range from business banking clients to international corporate and institutional investor clients. Global Corporate and Investment Banking’s products and services are delivered from three primary businesses: Business Lending, Capital Markets and Advisory Services (CMAS), and Treasury Services, and are provided to its clients through a global team of client relationship managers and product partners. The Company’s clients are supported through offices in 22 countries that are divided into four geographic regions: United States and Canada; Asia; Europe, Middle East and Africa, and Latin America.

Business Lending provides a range of lending-related products and services to Bank of America’s clients through client relationship teams along with various product partners. Products include commercial and corporate bank loans and commitment facilities, which cover its business banking clients, middle market commercial clients and its multinational corporate clients. Real estate lending products are issued primarily to public and private developers, homebuilders and commercial real estate firms. Leasing and asset-based lending products offer the Company’s clients financing products. Products also include indirect consumer loans, which allow it to offer financing through automotive, marine, motorcycle and recreational vehicle dealerships across the United States.

CMAS provides financial products, advisory services and financing globally to its institutional investor clients. The Company also works with its commercial and corporate issuer clients to provide debt and equity underwriting and distribution capabilities, merger-related advisory services and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed income and mortgage-related products. Underwriting debt and equity, securities research and certain market-based activities are executed through Banc of America Securities, LLC, which is its primary dealer.

Treasury Services provides integrated working capital management and treasury solutions to clients worldwide through Bank of America’s network of offices and special clearing arrangements. The Company’s clients include multinationals, middle-market companies, correspondent banks, commercial real estate firms and governments. Its products and services include treasury management, trade finance, foreign exchange, short-term credit facilities and short-term investing options. Net Interest Income is derived from interest and non-interest-bearing deposits, sweep investments and other liability management products.

Global Wealth and Investment Management

Global Wealth and Investment Management provides banking, investment and brokerage services to meet the wealth management needs of its individual and institutional customer base. The Company’s clients have access to a range of services offered through three primary businesses: U.S. Trust, Bank of America Private Wealth Management (U.S. Trust); Columbia Management (Columbia), and Premier Banking and Investments (PB&I).

U.S. Trust provides wealth management solutions to wealthy and ultra-wealthy clients with investable assets. In addition, U.S. Trust provides resources and solutions to meet client’s wealth structuring, investment management, trust and banking services, 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 U.S. Trust, PB&I, GCIB and non-proprietary channels, including other brokerage firms. PB&I includes Banc of America Investments, the Company’s retail brokerage business and its Premier Banking channel.

All Other

Equity Investments includes Principal Investing, Corporate Investments and Strategic Investments. Principal Investing consists of a diversified portfolio of investments in privately-held and publicly-traded companies at all stages of their life cycle from start-up to buyout. Corporate Investments primarily includes investments in publicly-traded debt and equity securities and funds which are accounted for as available for sale marketable equity securities. Other includes the residential mortgage portfolio, the residual impact of the cost allocation processes, merger and restructuring charges, intersegment eliminations, and the results of certain businesses that are expected to be or have been sold or are in the process of being liquidated.