Bank of America 2000 Annual Report Download - page 31

29
The bank’s strategic expansion
of investment banking operations
(see page 25) zeroes in on integrat-
ing equity securities and M&A with
our debt capital raising activities.
The execution of our strategy has
produced tangible momentum and
energized our securities business.
Banc of America Securities ranked
seventh in lead investment banking
relationships in 2000, up from 12th
in 1999. The independent research
company that compiles these rank-
ings cited this as one of the largest
year-over-year gains ever recorded.
In all, Global Corporate and
Investment Banking has steadily
increased market share and rankings
and, at year end, ranked among the
top 10 in all of its key product areas.
Bank of America continues to
lead the rankings in market penetration
for the highly profitable treasury man-
agement services to large U.S. cor-
porations and is also No. 1 in volume
for a variety of product categories.
Beyond rankings, Global
Treasury Services adds valuable
annuity earnings to the company’s
bottom line through full-service
transaction capabilities in treasury
management, foreign exchange
dealing, short-term investments,
financing and trade services.
This expertise is complemented
by the “one bank” capability of our
Global Banking System, which pro-
vides corporate clients with consis-
tent, reliable, real-time processing
when initiating payments, collecting
receipts or gathering account infor-
mation from around the world.
Conducting transactions across
five continents through a network of
offices in 38 countries, we operate
among a very select tier of global
financial institutions.
Bank of America is a powerful
and competitive market maker in
the global capital markets. A leader
in derivative products, our company
ranked No. 1 in overall quality for
interest rate derivatives among U.S.
liability managers as well as in abil-
ity to understand client needs, and
in dealer’s market penetration.
Our global FX business is among
the leading participants in the world’s
currency markets, trading $80 bil-
lion in foreign exchange in nearly 90
currencies on the average day.
Our company’s distribution
strength derives from strong relation-
ships with thousands of institutional
investors worldwide, in particular
the 200 largest U.S. institutions,
which manage more than 80% of
all equity assets.
Global Corporate and Investment
Banking continues to penetrate high-
growth industry sectors, including
technology, where we have first-tier
relationships with more than 100 key
companies, combined commitments
to the industry in excess of $6 billion
and top standings 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, tools, analy-
sis and other information.
Global Corporate and Investment
Banking is committed to pursue an
aggressive organic growth strategy.
We continue to focus resources and
investment where we can leverage
our unparalleled client franchise
and extensive capital raising capa-
bilities to build a leading position in
targeted markets.
Most important of all, associates
are committed to excellence in client
service to garner a more significant
share of clients’ business.
It’s just six years since Everett Dobson
(page 27) assumed control of the
Oklahoma telephone company his
grandfather founded as a single tele-
phone exchange in Paradise, Oklahoma
in 1936. In that time, he’s built the
company into the eighth-leading wire-
less carrier in the United States and
the second-largest rural cellular car-
rier. Today, Dobson Communications
serves customers in 19 states. “The
bigger cellular companies have tar-
geted major cities,” Dobson said.
“We’ve gone after the rural and subur-
ban areas that have been under-valued
and under-managed. Our revenues
since 1994 have grown many fold.”
The company recently entered into a
joint venture with AT&T to purchase
another cellular provider and purchased
expired cellular licenses in a Federal
Communications Commission auction.
“This is a very opportunistic business,”
Dobson said. “Bank of America has
helped us seize opportunities by pro-
viding us with excellent advice, indus-
try expertise and capital strength.”