Bank of America 1998 Annual Report Download

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 Summary Annual Report

Table of contents

  • Page 1
    Summary Annual Report

  • Page 2
    ... per-share data reflect a 2-for-1 stock split on February 27, 1997. ( 3) Cash basis calculations exclude intangible assets and the related amortization ex pense. Contents M essage to shareholders D iscussion of earnings Building the bank of the future Products and services Consolidated financial...

  • Page 3
    We want to be the people who make banking work for you in ways it never has before. 1

  • Page 4
    ... experience to all our clients and customers throughout the world. And we unveiled a new name and logo that will signify unequaled strength and leadership in the financial services industry in the century to come. In 1998, we became America's bank. We became the new Bank of America. As I said at our...

  • Page 5
    ... is helping us do this. Technology is enabling us to create a bank that is available to customers 24 hours a day every day of the year from any telephone or computer terminal in the world. Technology is enabling us to build connectivity and seamlessness for customers across product lines and company...

  • Page 6
    ...the next century, the Model Bank provides associates complete information about customer relationships across product lines, business lines and state lines. Operating on one system also greatly eases product upgrades and rollouts, internal communications and service consistency and uniformity across...

  • Page 7
    ...and the best place to work for our associates. Of course, it is Bank of America associates who will make all this happen. And, I am happy to report, my meetings with associates across your new company have made me more confident than ever in our future. In Dallas, we held our first senior management...

  • Page 8
    ...well in his retirement. I welcome Charlie to our new company in his new role as vice chairman for corporate...service, their guidance and their vision. Each has my sincere gratitude. In closing, as always, I welcome your thoughts and suggestions. Hugh L. McColl Jr. Chairman and Chief Executive Officer...

  • Page 9
    ... in managed loans was offset by a 31-basis-point reduction in the company's net yield on earning assets. N oninterest income rose 4 percent to $12.19 billion. Investment banking, which includes results from N ationsBanc M ontgomery Securities and Robertson Stephens acquired late in 1997, credit card...

  • Page 10
    ... One which offers tremendous resources to smalland mid-sized businesses, corporations and government agencies across the nation and around the world. An organization that delivers capacity and product breadth, global reach and superior execution to each client through teams of talented professionals...

  • Page 11
    ... of Asian Neighborhood Design in San Francisco. Fay Darmawi came to the Community Development Banking Group in 1994 after experience with a nonprofit housing development corporation in Hayward, California. She now works with nonprofit developers in the San Francisco area to customize financing for...

  • Page 12
    ... of America Summary Annual Report each corporate client, responding with innovative solutions and consistently delivering knowledge, creative ideas and excellence in execution. In short, a banking company with an outstanding global banking franchise and the best opportunity to create greater value...

  • Page 13
    ... From lines of credit to treasury management services, we can, and should be, a one-stop shop for our customers. "When I have a doctor who is keeping too high a balance in his checking account, I can call upon the resources of our investment team to help the customer make the most of their money. It...

  • Page 14
    ...same kind of service when they bank by telephone. Well-trained associates and our call center technology, which we think is among the best in the world, help us meet those expectations. The technology, In 1998, Bank of America provided more than $60 billion in commercial real estate financing. This...

  • Page 15
    ..., with teammate Carol Albo in Seattle. Jan Rosenlund is a self-professed career banker. She manages the King District in western Washington, where she is responsible for 35 banking centers. "I've spent my entire career working one on one with customers, serving customers. That's what it's all about...

  • Page 16
    1998 Bank of America Summary Annual Report which links call centers to the Model Banking platform, will be expanded nationwide as well. Similar investments give us the ability to stay in the forefront of such fast-growing operations as Internet banking, electronic payments and many other key ...

  • Page 17
    Sandy Copney (right), Telephone Banking, with Spanish consumer banker Gisel Cortés in Tampa. Sandy Copney is customer service manager at a 1,200-associate call center in Tampa. The center is equipped with one of the world's most advanced telephone and computer response systems. "You can sell till ...

  • Page 18
    ... many lines of business, funding, credit portfolios and other factors. The American appetite for invest- At the end of 1998, more than one million of our customers were banking online via the Internet, America Online or personal financial management software, up 75 percent from year-end 1997. ment...

  • Page 19
    ...Farmer, Mulvaney Homes, in Charlotte. Jesse Cureton manages the University City Mortgage office in Charlotte. "What you'll hear a lot of around here is customer experience and customer service. I can sit down with a customer and provide great mortgage products but the overall customer experience is...

  • Page 20
    ... for this market change for a number of years, building a strong mutual fund and brokerage operation We coordinate all aspects of our clients' finances. Products and services customized investment management, transferring wealth through estate planning and personal trust services, and leveraging...

  • Page 21
    ... phone calls a day from my customers, and my customer service philosophy is simple. If I'm not available when they call, I'll call back as soon as possible. My customers are very busy people who often don't have the time to manage their money closely. They trust me to provide them with the products...

  • Page 22
    1998 Bank of America Summary Annual Report Our predecessor corporate and invest- is a global reach that many corporations ment banking organizations could not be a more perfect fit for our clients. We do business with 80 percent of the Fortune Global 500. Our global network includes countries ...

  • Page 23
    ...the bank to our team to help solve our clients' problems and achieve their business goals. "In 1998, for example, we arranged and executed a multi-source financing plan for one of our UK companies to reduce their financing costs, extend the maturity of their debt, and cut expense and management time...

  • Page 24
    1998 Bank of America Summary Annual Report No bank serves more mid-sized shareholder value and achieve their personal goals. Bank of America also has the resources to provide unmatched international services to middle market companies which, in today's world, are more and more dependent on a world...

  • Page 25
    ..., negotiation and administration of our core product, credit. This change allows our client managers to focus on other services our clients want, such as deposit services, treasury management, debt other than senior debt, and private banking. "As an international city, we have a number of clients...

  • Page 26
    ... Hong Kong, plus through telephone and personal computers. Deposit Products. Checking, money market, savings accounts, time deposits, IR As. Consumer Finance. Home equity, personal, auto and student loans and auto leasing. Mortgage Banking. Home loans for one- to four-unit properties. Card Services...

  • Page 27
    ... and in our report dated January 15, 1999 we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet at December 31, 1998 and 1997 and the related condensed consolidated statement...

  • Page 28
    ... sales of securities Noninterest income Service charges on deposit accounts M ortgage servicing and other mortgage-related income Investment banking income Trading account profits and fees Brokerage income Other nondeposit-related service fees Asset management and fiduciary service fees Credit card...

  • Page 29
    Consolidated balance sheet BankAmerica Corporation and Subsidiaries ( Dollars in millions) 1998 Assets Cash and cash equivalents Time deposits placed and other short-term investments Securities H eld for investment, at cost (market value $1,853 and $4,905) Available for sale Total securities Federal...

  • Page 30
    ...Inc. N ewport Beach, California Alan T. Dickson Chairman Ruddick Corporation Charlotte, N orth Carolina Kathleen Feldstein President Economic Studies Inc. Belmont, M assachusetts Paul Fulton Chairman and Chief Executive Officer Bassett F urniture Industries Inc. Winston-Salem, N orth Carolina Donald...

  • Page 31
    ...checks, dividend reinvestment, electronic deposit of dividends, tax information, transferring ownership, address changes or lost or stolen stock certificates, please contact ChaseMellon Shareholder Services L.L.C., P.O. Box 590, R idgefield Park NJ 07660, phone (800) 642-9855. ChaseMellon's web site...