Bank of America 2000 Annual Report Download

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2000 Summary Annual Report
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Table of contents

  • Page 1
    2000 Summary Annual Report grow

  • Page 2
    ... 8. Letter from President 12. Serving Consumers 14. Asset Management 15. Card and Payment Services 18. Serving Small Businesses 22. Serving the Middle Market 24. Internet and e-Commerce 25. Investment Banking 28. Serving Large Corporations and the Institutional Market 30. Consolidated Statement of...

  • Page 3
    ...our relationships with customers and clients, to expanding our share of market, to increasing revenue and earnings and to building shareholder value. To do that, we must add value, take away obstacles to doing business with us, multiply the choices we offer customers and clients and divide resources...

  • Page 4
    ..., when we created the new Bank of America, the board of directors asked me to remain as CEO past the normal retirement age. I agreed to stay on long enough to see us through the merger transition and set the company on a strong course for the future. While we clearly have many challenges still to...

  • Page 5
    ..., calls for us to integrate the delivery of our products and services on behalf of our customers; reward customers for bringing us more of their business; and align our financial and intellectual resources with revenue opportunities and customer solutions. I've asked Ken, as the chief architect of...

  • Page 6
    ... products - say, a checking account or a credit card - are encouraged to consolidate their business with the bank, including savings and investments, brokerage services, auto or other consumer loans, mortgages or home equity Recognized by Global Finance magazine as one of the "Best Retail Internet...

  • Page 7
    ... is supported by positive trends in customer service and growth in our key businesses - is that we have the right business strategy and a sound long-term plan. I continue to believe that when the dust settles and the clouds lift, Bank of America will emerge as the best financial services company in...

  • Page 8
    .... Ken is supported by an outstanding executive management team, which will work directly with him to lead our company. I would like to congratulate Ken, and express the confidence I have in all our leaders and their ability to fulfill our vision for Bank of America. I also would like to thank the...

  • Page 9
    ...new business from the company's diverse customer base. The year-to-year comparison was negatively impacted by the absence of a number of one-time gains recorded in 1999 and by higher auto lease residual charges in 2000. Managed loans and leases rose 9% for the year, while deposit growth was 3%. Net...

  • Page 10
    ... associates access to more complete information regarding customers' relationships with the bank, and the creation of different value packages based on the amount of business customers choose to bring to the bank. These initiatives already are resulting in accelerated growth in our enhanced service...

  • Page 11
    ... centers; Asset Management: adding 10 Private Bank offices in high-potential markets and expanding investment products and sales forces nationwide; e-Commerce: investing in new technologies and capabilities to create financial portals, Web-enabling businesses and implementing more Internet payment...

  • Page 12
    My investment counselor really listens to me. Plus, he calls me when he thinks it's time to move some assets. I'm willing to take risks and together we've made decisions that have kept my portfolio steadily growing. add strengthen augment increase rise

  • Page 13
    grow a relationship Janet Hill in her living room in Danville, California

  • Page 14
    ... the customer. We are integrating the products and services we provide - checking and savings accounts, investment products, loans, across our various delivery channels, including banking centers, ATMs, relationship managers, telephones, personal computers and hand-held devices - to make it easy and...

  • Page 15
    ... Advantage or the Money Manager Account, which combine investment and banking, or by combining a checking account with a home loan. We are able to provide an attractive value package to Plus customers because we receive considerable value in return. The rate of customer retention increases 12% when...

  • Page 16
    ... through online, real-time access to their entire Bank of America relationship. In particular, we expect strong growth in our investment management business, Banc of America Capital Management (BACAP), which focuses on developing and managing products for retail investors, high-net-worth clients...

  • Page 17
    ... new products. Direct mail solicitations have doubled, as have new accounts from that source. Bank of America has launched "Photo Security" credit cards, upgraded Check Cards and introduced the new Visa BuxxTM card for teenagers, enabling parents to program value into the card and monitor purchases...

  • Page 18
    Before the bank helped us finance our new building, we had equipment all over the place. Now our operations are consolidated under one roof, improving efficiency and helping us keep our promise of perfection to our clients. decrease lower lessen shrink minimize

  • Page 19
    grow a business Wilson Alers in his new studio near Ft. Lauderdale, Florida

  • Page 20
    ... financial services that these customers expect, and more - flexible financing through an array of credit products, including conventional loans, lines of credit, SBA loans, business leasing and Business Credit Card, as well as checking accounts with around-the-clock access to help manage cash needs...

  • Page 21
    .... to benefit all of the bank's 2 million-plus business customers, is key to our small business relationship strategy. Customers with a business checking account or Business Check Card use it for convenient access to online suppliers. It automates the purchasing and procurement process, giving users...

  • Page 22
    As the Northwest grows more diverse and cosmopolitan, the demand for Asian products is increasing exponentially. With the bank's help, we doubled the size of our store and expanded our product lines to keep up with demand. expand multiply compound

  • Page 23
    grow a community Tomio Moriguchi, President of the Uwajimaya specialty markets, flanked by (from left) his niece Amy Maeda, brother Akira Moriguchi, sister Suwako Maeda, nephew Michael Moriguchi and sister Tomoko Moriguchi in the new Uwajimaya store in Seattle's International District

  • Page 24
    ... in the United States, Bank of America ranks No. 1 in: Number of banking relationships Investment banking Treasury management Syndications Secured and unsecured credit Leasing International services Short-term investments Comprehensive product and service offerings, coupled with cutting-edge...

  • Page 25
    ... in the world, over the Internet. Through Bank of America Direct, middle market clients can be assured of rapid access to cash management reports, stop payment capabilities, the ability to review paid checks and research exceptions, or to access online customer receivables records - all in a secure...

  • Page 26
    ... America Investment Services, Inc. portfolios; provide customers with electronic bill presentment and payment capabilities allowing them to receive and pay bills online; give customers the ability to make checking, ATM, debit and credit card payments to businesses; and deliver information, products...

  • Page 27
    ... Web site that provides borrowing and investing clients with timely information and perspective on the syndicated loan market. Among the largest bank providers of real estate finance in the world, Bank of America works with clients nationally and internationally to originate, structure, underwrite...

  • Page 28
    We began as a privately owned telephone company 64 years ago. Last year, we split off our cellular division and took it public. Bank of America is our lead bank. We've benefited from its size, services and grasp of our industry. apportion shrink share fraction

  • Page 29
    grow an industry Everett Dobson of Dobson Communications Corporation in Oklahoma City

  • Page 30
    ... 26% to the corporation's net income in 2000. This business has strategically redeployed capital to build higher-return, higher-growth, fee-based client relationships. Noninterest income growth of 8% contributed to an 8.8% revenue increase in the last year. These numbers confirm the successful shift...

  • Page 31
    ...in equity offerings and other services. Significant improvements are underway to make our Web site for corporate and institutional clients more robust. This single portal at http://corp.bankofamerica.com will give both issuers and investors easy access to the bank's full range of innovative products...

  • Page 32
    ... expense Deposits Short-term borrowings Trading account liabilities Long-term debt Total interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Gains on sales of securities Noninterest income Consumer service charges Corporate service...

  • Page 33
    ... Time deposits placed and other short-term investments Federal funds sold and securities purchased under agreements to resell Trading account assets Derivative-dealer assets Securities: Available-for-sale Held-to-maturity, at cost (market value - $1,133 and $1,270) Total securities Loans and leases...

  • Page 34
    ... Paul Fulton Chairman Bassett Furniture Industries, Inc. Winston-Salem, North Carolina Donald E. Guinn Chairman Emeritus Pacific Telesis Group San Francisco, California James H. Hance, Jr. Vice Chairman and Chief Financial Officer Bank of America Corporation Charlotte, North Carolina C. Ray Holman...

  • Page 35
    ... dividend checks, the SharesDirect dividend reinvestment plan, electronic deposit of dividends, tax information, transferring ownership, address changes or lost or stolen stock certificates, contact Mellon Investor Services LLC, P.O. Box 3315, South Hackensack, NJ 07606-1915, call Bank of America...

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    Bank of America Corporate Center 100 North Tryon Street, 18th Floor Charlotte, North Carolina 28255 Why not? © 2001 Bank of America Corporation 00-04-1198B 2/2001