Bank of America 1999 Annual Report Download - page 5

fell just as substantially, our management team has no illusions. We have something
to prove to the investment community. We have the best franchise and, I believe, the
right strategy.
During 1999, we set or reiterated long-term financial performance targets,
signaling our intention to produce premium earnings growth and profitability from
the unmatched franchise we’ve assembled. Our job is straightforward: execute the
strategy and march steadily toward these financial goals. If we can do that, the
stock price should follow.
Having built a leadership position in the country’s strongest growth markets and
a customer and client base that is the envy of the industry, we are now deploying
our people, technology, multiple-channel delivery network and broad product and
service offerings to deliver the comprehensive, convenient and efficient banking
experience our customers and clients demand.
This is the unmatched opportunity we have. We intend to seize it.
Putting the pieces together.
We began 1999 facing the task of merging two of the world’s largest banking com-
panies. The merger transition includes three major components: branding, products
and systems, and people.
Converting to our new brand — installing the look and logo in all our markets
that represent our company and what we stand for to customers and associates —
was, and is, a top priority. The brand conversion, one of the largest-ever corporate
identity conversions, has gone smoothly to date, and our new look has been met
with enthusiasm across the franchise.
During 1999, we converted most of our franchise, including 19 states and the
District of Columbia and nine major lines of business. Florida and California are
scheduled to convert to the new brand this year. By the middle of 2000, we will be
doing business in every market coast-to-coast as one company, with one look, one name
and one promise to our customers and clients to make banking work as never before.
Our systems conversions have gone just as smoothly, resulting in no adverse
customer reaction. We completed the installation of the Model Bank — our
technology, sales and service system that provides consistency and efficiency across
our retail franchise — in Texas, New Mexico, Arizona and Nevada over the
summer. California and the Northwest are next on the agenda.
Making the signs look the same and enabling the systems to talk to one another
are, to be sure, huge challenges in any transition. Rallying 160,000 people around a
common vision and strategy, however, is even more critical. Here, too, our efforts
have been successful and are ongoing. At a meeting of our senior leaders in
September, we outlined our corporate strategy.
A clearly defined strategy.
The strategy we adopted for our company is clear and straightforward. We
are integrating our businesses to make broad customer relationships easy and
convenient for customers and profitable for the bank. We are rewarding broad
customer relationships with enhanced products and services. And, we are aligning
our resources — financial and intellectual — with opportunities to generate revenue
and create customer solutions.
3
96 97 98 99
3.64
3.76
3.51
4.68
Operating earnings
per common share (diluted)
(Dollars)
0
96 97 98 99
6.49
6.81
6.06
8.24
Operating net income
(Dollars in billions)