Bank of America 2001 Annual Report Download - page 117

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BANK OF AMERICA 2001 ANNUAL REPORT
115
Note 19 Business Segment Information
The Corporation reports the results of its operations through four business segments:
Consumer and Commercial Banking, Asset Management,
Global Corporate and Investment Banking and Equity Investments
. Certain operating segments have been aggregated into a single business
segment. A customer-centered strategic focus is changing the way the Corporation is managing its business. In addition to existing financial reporting,
the Corporation has begun preparing customer segment-based financial operating information.
Consumer and Commercial Banking
provides a diversified range of products and services to individuals and small businesses through multiple
delivery channels and commercial lending and treasury management services to middle market companies with annual revenue between $10 million
and $500 million.
Asset Management
offers investment, fiduciary and comprehensive credit expertise; asset management services to institutional
clients, high-net-worth individuals and retail customers; and investment, securities and financial planning services to affluent and high-net-worth
individuals.
Global Corporate and Investment Banking
provides capital raising solutions, advisory services, derivatives capabilities, equity and debt
sales and trading, as well as traditional bank deposit and loan products, cash management and payments services to large corporations and institutional
markets.
Equity Investments
includes Principal Investing which makes both direct and indirect equity investments in a wide variety of companies
at all stages of the business cycle. Equity Investments also includes the Corporation’s strategic technology and alliances investment portfolio.
Corporate Other
consists primarily of the functions associated with managing the interest rate risk of the Corporation and Consumer Special Assets,
which includes certain consumer finance businesses being liquidated and certain residential mortgages originated by the mortgage group (not from
retail branch originations).
In the first quarter of 2001, the thirty-year mortgage portfolio was moved from
Consumer and Commercial Banking
to
Corporate Other
. In the third
quarter of 2001, certain consumer finance businesses being liquidated were transferred from
Consumer and Commercial Banking
to
Corporate Other
.
Effective January 2, 2001, the Corporation acquired the remaining 50 percent of Marsico Capital Management LLC (Marsico), which is part of the
Asset Management
segment, for a total investment of $1.1 billion. The Corporation acquired the first 50 percent in 1999. Marsico is a Denver-based
investment management firm specializing in large capitalization growth stocks.