Bank of America 2001 Annual Report Download - page 25

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opportunity for growth. Our 2001 sales performance in this
area was significant, which has given us tremendous
momentum going into 2002.
In 2001, for example, we generated double-
digit growth in fees from treasury management-
related products and services. We envision
continued growth in our treasury business over
the next five years, given our product expertise
and strong treasury sales culture.
According to an independent survey of large
and middle-market U.S. corporations, Bank of
America is recognized as the No. 1 provider of
treasury management services. Additionally, we
have been recognized as a leader for strategic
treasury management advice.
Our strategy for growth in 2002 includes
expanding our treasury management advisory
capabilities and investing in technology for new
product development. Both are critical to achiev-
ing our goals of acquiring new and expanding
existing relationships.
Central to our client advisory role is our work-
ing capital management approach, in which we
analyze a client’s return on sales, assets, invested
capital and equity. This approach allows us to uncover
opportunities and delivery solutions, drawing from
our comprehensive U.S. and international payments, receipts,
treasury and global trade capabilities. Services are delivered
based on clients’ preferences, including paper, electronic and
Web-based solutions.
Due to the demand for Web-based products and services,
we continue to invest in this delivery channel for current and
next-generation treasury management services. For example,
we’ve recently added an electronic payment system to Bank
of America Direct™, our Web-based transaction and informa-
tion network. It allows clients to create and send payment
files to the bank for direct deposit of payroll, pre-authorized
debits, corporate payments and federal and state tax payments.
The payments are then processed through the U.S. Automated
Clearing House network.
In addition to treasury management growth, we also
foresee continued growth in investment banking
activities. Merger and acquisition advisory serv-
ices, as well as debt and equity capital raising,
both public and private, have become increas-
ingly important products and services for many
commercial and real estate companies. With the
breadth and reach of our Commercial franchise,
the opportunity to expand our investment bank-
ing business is tremendous.
We continue to gain market recognition
for our investment banking expertise. One of the
best indicators is our investment banking revenue,
which has grown at a compounded annual rate of
16% since 1999. We successfully completed more
than 190 investment banking deals in 2001.
We believe our strategies put us in a strong
position to meet ambitious long-term revenue and
net-income growth goals. Achieving these goals,
coupled with our reduced dependency on the
balance sheet and improved asset quality, should
drive us toward our long-term goal of double-digit
improvement in both return on equity and SVA.
We have a strong foundation for growth in
the future. Our sales success in the past and throughout
2001 provides momentum for aggressive growth.
We are focused on leveraging the power and potential of
the Bank of America franchise and our team of financial and
investment banking experts to continue expanding our busi-
ness and creating value for our clients and our shareholders.
We believe we have the right people, products and
processes to provide our clients with a world-class banking
experience and to grow their businesses, as well as our own,
to their full potential.
<Serving the Commercial Markets
INVESTMENT BANKING
INCOME
TREASURY MANAGEMENT
SERVICE CHARGES
1999 2000 2001
(Dollars in millions)
$289
$331
$386
$300
$200
$100
$400
1999 2000 2001
(Dollars in millions)
$332 $344
$398
$300
$200
$100
$400