Profile: Bank of America Corp (BAC.N)
18 Jan 2019
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, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through its business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets and All Other.
The Company's Consumer Banking segment, which comprises Deposits and Consumer Lending, offers a range of credit, banking and investment products and services to consumers and small businesses. Its deposit products include traditional savings accounts, money market savings accounts, certificate of deposits (CDs) and individual retirement accounts (IRAs), non-interest- and interest-bearing checking accounts, as well as investment accounts and products. Its Consumer Lending offers products to consumers and small businesses across the United States. The products offered by Consumer Lending include credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans, such as automotive, recreational vehicle and consumer personal loans. Consumer Lending products are available to its customers through its retail network, direct telephone, and online and mobile channels.
Global Wealth & Investment Management
The Company's GWIM segment consists of two primary businesses: Merrill Lynch Global Wealth Management (MLGWM) and U.S. Trust, Bank of America Private Wealth Management (U.S. Trust). MLGWM provides tailored solutions to meet its clients' needs through a set of investment management, brokerage, banking and retirement products. Its U.S. Trust, together with MLGWM's Private Banking & Investments Group, provides wealth management solutions, as well as customized solutions to meet clients' wealth structuring, investment management, trust and banking needs, including specialty asset management services.
The Company's Global Banking segment, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through its network of offices and client relationship teams. Its lending products and services include commercial loans, leases, commitment facilities, trade finance, real estate lending and asset-based lending. Its treasury solutions business includes treasury management, foreign exchange and short-term investing options. The Company also provides investment banking products to its clients, such as debt and equity underwriting and distribution, and merger-related and other advisory services.
Within Global Banking, Global Commercial Banking clients include middle-market companies, commercial real estate firms and not-for-profit companies. Global Corporate Banking clients include global corporations, financial institutions and leasing clients. Business Banking clients include the mid-sized United States-based businesses requiring customized and integrated financial advice and solutions.
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 around the globe to its institutional investor clients in support of their investing and trading activities. It also works with its 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.
The Company's All Other segment consists of asset and liability management (ALM) activities, equity investments, the non-United States consumer credit card business, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing right (MSR) valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and accounting hedge ineffectiveness. Equity investments include its merchant services joint venture, as well as Global Principal Investments (GPI), which comprise a portfolio of equity, real estate and other alternative investments.
Bank of America Corp
Bank of America Corporate Center
100 N Tryon St
CHARLOTTE NC 28255-0001