Profile: Bank of America Corp (BAC.N)
27 May 2016
Bank of America Corporation, incorporated on July 31, 1998, is a bank holding company (BHC) and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. The Company's segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.
The Company's Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, certificate of deposits (CDs) and individual retirement accounts (IRAs), noninterest- and interest-bearing checking accounts, investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the United States. The franchise network includes approximately 4,700 financial centers, over 16,000 automated teller machines (ATMs), across the nation call centers, and online and mobile platforms.
Global Wealth & Investment Management
The Company's GWIM segment provides tailored solutions for clients through a set of investment management, brokerage, banking and retirement products. GWIM also provides wealth management solutions, as well as customized solutions for clients' wealth structuring, investment management, trust and banking needs, including specialty asset management services.
The Company's Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services through a network of offices and client relationship teams. Global Banking's lending products and services include commercial loans, leases, commitment facilities, trade finance, real estate lending and asset-based lending. Global Banking's treasury solutions business includes treasury management, foreign exchange and short-term investing options. Global Banking also provides investment banking products to clients, such as debt and equity underwriting and distribution, and merger-related and other advisory services.
The Company's Global Markets segment 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 across the globe 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 Markets also manages risk in a range of financial products, including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, mortgage-backed securities (MBS), commodities and asset-backed securities (ABS).
Legacy Assets & Servicing
The Company's LAS segment is engaged in providing mortgage servicing activities related to residential first mortgage and home equity loans serviced for others and loans held by the Company, including loans that have been designated as the LAS Portfolios, and manages certain legacy exposures related to mortgage origination, sales and servicing activities (litigation, representations and warranties). LAS segment also includes the results of mortgage servicing rights (MSR) activities, including net hedge results.
The Company's All Other operations consists of asset and liability management (ALM) activities, equity investments, the international consumer card business, liquidating businesses, residual expense allocations and other. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities. Additionally, certain residential mortgage loans that are managed by LAS are held in All Other segment.
Bank of America Corp
Bank of America Corporate Center
100 N Tryon St
CHARLOTTE NC 28255-0001
Company Web Links
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- Bank of America $1.27 bln U.S. mortgage penalty is voided
- Bank of America $1.27 billion U.S. mortgage penalty is voided