Uniform Bank Performance Report - Anderson School of Management

After having emerged from the Bank of Italy and expanded outside of California, Bank of America is now
one of the largest financial services companies and holds about 12% of U.S. deposits. It has 6,100
banking centers in the U.S., and 18,700 ATMs in 40 different countries including Asia, Europe, Latin
America, and Africa, totaling approximately 29 million users. It also provides support for clients in more
than 150 countries. B of A primarily focuses on banking operations, but also offers several non‐banking
financial products and services both nationally and internationally. The company’s operating segments
include Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and
Global Wealth and Investment Management, which includes investment banking, deposit products,
lending loans, capital markets, and leasing and financial advisory services.
Bank of America seeks to meet the needs of various individual consumers by providing products and
services that include not only checking, savings, CDs, and credit cards, but also mortgage, refinancing,
and auto loans. Other products and services include IRA’s, insurance, and investment services. These
address the needs of consumers ranging from personal banking to small business to corporate and
institutional.
Bank of America’s global consumer and small business banking account for the majority of its operations
with over four million small business owners under its support. It offers business credit solutions that
include business lines of credit, business loans, business leases, and SBA financing. Small businesses are
offered investment and retirement plans, as well as essentials like checking, savings, and business cards.
Other services that cater to small businesses include a resource center where small business owners can
find advice in starting, growing, and managing their business, as well as online payroll and invoicing. For
many small businesses, having access to all of these tools in one place makes the Bank of America their
main resource.
Kenneth D. Lewis became CEO of Bank of America in 2001. Prior to that, Lewis demonstrated a strong
capacity for leadership. In the same year, he was named Banker of the Year and honored Top CEO. On
January 1 2009, Bank of America’s acquisition of Merrill Lynch became final. Prior to this, Lewis
expressed disinterest in the acquisition, but later changed his mind. When Bank of America acquired
Merrill Lynch, its performance suffered in several ways. Between the bank’s debt, the subsequent
lawsuits, and the 78% fall in B of A shares brought upon by the acquisition, B of A had inherited a $15