Bank of America 1999 Annual Report Download - page 4

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Building Bank of America
2
To Our Shareholders:
One year ago on these pages I wrote that, while the creation of our new company
was the culmination of an aggressive growth strategy, making the pieces of
Bank of America work in ways that create value for customers, clients and
shareholders would be an even more challenging task.
In 1999, the 160,000 associates that make up your company attacked this
challenge with creativity, enthusiasm and confidence.
•Together, we made significant progress on the largest and most complex merger
transition ever attempted in the financial services industry.
•At the same time, associates across the company continued to implement a
strategy focused on expanding customer and client relationships.
•We produced more than $8 billion in operating earnings, almost $2 billion or
27 percent, more than in 1998.
•Finally, our associates’efforts allowed Bank of America to make a bigger
difference in our communities than ever before.
These achievements, however, were not rewarded by investors. In fact, our stock
price fell significantly during the year. While it is true that the average bank stock
Our vision: Make banking work for
customers, clients, shareholders and
communities as it never has before.
Hugh L. McColl Jr.
Chairman and Chief Executive Officer