Bank of America 2002 Annual Report Download - page 24

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22
Consumer and Commercial Banking
We serve nearly 28 million customers,
including 2 million small businesses,
in 21 states plus the District of
Columbia. Customers access us
through more than 4,200 banking
centers, more than 13,000 ATMs,
24-hour telephone banking and the
largest online bank in the world with
4.7 million active users at year-end 2002.
We are the financial services leader
in providing high-touch banking and
investment solutions to affluent clients
with balances up to $3 million who are
interested in building and preserving
their wealth through investing and credit strategies. Each of our
400,000 Premier clients is assigned an experienced client manager
who delivers the full resources of Bank of America for proactive
financial planning and personalized solutions.
We are the nation’s top bank for small businesses that have
annual sales of $10 million or less. We serve one in five small
businesses within our franchise and are the No. 1 SBA lender.
We are a leading provider of credit and debit cards with nearly
20 million active accounts.
We are the fourth-largest direct-to-customer mortgage provider
and the third-largest provider of mortgages to minority borrowers
through our Consumer Real Estate activities.
As the preeminent commercial bank in the United States, we’re
recognized for the financial expertise of our bankers and the
comprehensive range of services we provide to clients with annual
revenues of $10 million to $500 million. We provide banking
services through more than 25,000 relationships.
Asset Management Group
AMG is a leading provider of wealth
and investment management services,
financial planning, trust and estate
planning, and securities services
to individuals and families, small
businesses, corporations and
institutions.
Global Corporate and Investment Banking
GCIB is an integrated corporate and
investment bank that provides issuer
clients with innovative comprehensive
capital-raising solutions and advisory
services in addition to traditional bank
deposit and loan products. We also
provide cash management and
payments services. Investor clients
are served by strong equity and debt
sales and trading capabilities. Clients
benefit from extensive derivatives and
other risk management products.
Consumer
Products
$1.6
GCIB
$1.7
$1.2
Commercial
Banking
Asset
Management
$0.4
Net Income ($ in billions)
Net Income ($ in billions)
Net Income ($ in billions)
Growth Strategies
Consumer
•Acquire, deepen and retain relationships to increase market share
•Build relationship net income
•Expand the number of banking centers by nearly 13% over three years
•Capture multicultural growth
•Increase customer service delight
Premier
•Grow market share, leading with our top markets
•Deepen client relationships, leveraging investment solutions
•Increase client satisfaction through error-free service and expanded
wealth management services
•Deliver Bank of America’s full resources to meet the needs of our
affluent clients
Small Business
•Make it easy to do business with us
•Provide world-class value and advice
•Increase sales productivity through Six Sigma efforts
Card Services
•Grow revenue by deepening customer relationships
•Improve customer satisfaction
•Drive product innovation
•Improve core processes
Consumer Real Estate
•Listen to our customers to define and determine world-class service
•Deliver the industry’s best combination of product, price and experience
•Leverage all channels, processes and products to expand our
relationships with our customers
Commercial
•Build market share
•Increase lead relationships
•Reduce earnings volatility by growing noncredit revenue
•Earn the role of trusted wealth advisor to our clients
•Field a world-class team of financial advisors through training and devel-
opment of our associates and employing the most talented professionals
•Offer a wide array of high-quality investment solutions
•Provide the highest levels of customer service
•Capture more opportunities to work with other Bank of America
customers nationwide
•Increase fee-based business by focusing on strategic issuer clients
in key sectors
•Build leading capital-raising and advisory capabilities that will enable
us to meet the needs of our clients
•Build market share with investor clients by serving their needs in
an integrated way to deepen relationships
•Reduce credit risk to improve capital efficiency and lower volatility
Our Balanced Mix of Businesses at a Glance
BANK OF AMERICA 2002
Consumer,
Premier,
Small Business
$3.3