Bank of America 2004 Annual Report Download - page 24

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'02 '03 '04
$44
$28
$22
side, there is the geographic
scope and deposit and credit
expertise of America’s largest
consumer bank. For asset
growth and preservation, our
investment management areas
provide a rich spectrum of tools
and products, ranging from
brokerage services to trust and
estate planning to investment
products offered through our
proprietary asset management
organization, Columbia Man-
agement Group, as well as
third-party providers. Premier Banking & Investments’
capabilities span the financial universe—from jumbo
mortgages through equity and fixed-income products
to retirement accounts and wealth transfer strategies.
For daily banking transactions, Premier Banking &
Investments delivers priority service
from its Premier Relationship Centers—
backed up by the nation’s largest network
of banking centers and ATMs and the
nation’s most extensive online banking
capability. The Centers provide Premier
clients immediate telephone contact with
specially trained banking professionals.
Calls are answered in less than 20
seconds on average, and most questions
and banking needs, such as funds
transfers and CD rollovers, are responded
to during the initial call. If additional
help is needed, the Center
staff procures it.
And if our customers’
needs become more complex
over time, The Private Bank at
Bank of America will serve
them through its nationwide
network of wealth manage-
ment experts.
Premier Banking &
Investments plans to contin-
ue growing in key markets
across the country, particu-
larly in the Northeast—home
to the nation’s largest concentration of personal wealth
and to 400 new Premier Banking client managers.
With the “home-field advantage” of Bank of
America’s scale and scope and a powerful, industry-
leading solution, Premier Banking & Investments is well
positioned to propel business growth.
The results are already impressive. The
revenue from a consumer banking cus-
tomer grows more than 12% on average
during the year he or she becomes
a Premier Banking & Investments
client, and client retention rates
increase significantly. The percentage of
clients who rank our service 9 or 10 on a
10-point scale—our measure of client
delight—is growing every year. In 2004,
three out of four clients with client
managers ranked our service 9 or 10.
(Number of client relationships)
Premier Banking & Investments
has seen dramatic growth
in its client base.
'02 '03 '04
$84
$48
$33
Deposits
'02 '03 ’04
$71
$51
$43
Loans Client Brokerage
Assets
($ in billions)
Client satisfaction has produced growth in
deposits, loans and client brokerage asset balances
among Premier Banking & Investments clients.
BANK OF AMERICA 2004 23
“We are building upon America’s most powerful consumer
banking franchise to deliver tailored, relationship-driven services that meet the
specific needs of affluent clients nationwide. Customers are responding
with increased satisfaction and increased business.”
BRIAN T. MOYNIHAN, PRESIDENT,
GLOBAL WEALTH AND INVESTMENT MANAGEMENT
'02 '03 '04
606,000
425,000
383,000