Bank of America 2000 Annual Report Download - page 10

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Banc of America Securities is
number 1 in dollar volume for
merger and acquisition trans-
actions in real estate, lodg-
ing and gaming industries.
Recognized by Smart
Money magazine as “best
in customer service” for
online banking.
Received the Dalbar
Mutual Fund Service
Award for achieving the
highest standard of service
to shareholders in the
mutual fund industry.
In 2000, despite a difficult economic environment for banking
that hampered our financial performance as the year advanced, we made significant tactical progress toward our
goal of becoming the top financial services company in the country. With the task of transitioning to the new
Bank of America nearly complete, we took measures to identify and to capitalize on the massive potential of the
company we have built. In 2001, as we continue to execute our strategy, we believe those measures will increasingly
reveal their ability to fuel our profitability, growth and overall success. In 2000, we:
• largely completed the merger transition;
• continued our transformation from a company that grows by acquisition to a customer-focused, internal
growth company;
• eliminated unnecessary layers of management and ensured we had the right people in key posts;
• identified and invested in businesses with the highest potential for growth; and
• accelerated the reengineering of company-wide processes to improve customer satisfaction.
Transforming Our Company It has become clear that revenue growth is the benchmark of our company’s value
in the marketplace. In 2000, we took action to accelerate the rate of revenue growth. Our goal is to produce consis-
tent annual revenue growth of 7% to 9% and improve earnings-per-share growth.
As Mr. McColl said in his letter, we are generating revenue growth from within our own franchise by working to
retain, broaden and deepen existing customer relationships, even as we work to gain new customers. Associates
throughout the company are working on projects and initiatives to drive this part of our strategy. These include
improvements to our technology infrastructure that give associates access to more complete information regarding
customers’ relationships with the bank, and the creation of different value packages based on the amount of busi-
ness customers choose to bring to the bank. These initiatives already are resulting in accelerated growth in our
enhanced service levels – Plus, Premier and Private Banking – and that growth has begun to show commensurate
increases in relationship-net-income and overall profitability.
Building a Growth Company