Bank of America 2005 Annual Report Download - page 41

The commercial banking business in the various local markets served by the Corporation’s business segments is
highly competitive. The four business segments compete with other banks, thrifts, finance companies and other
businesses which provide similar services. The business segments actively compete in commercial lending activities with
local, regional and international banks and nonbank financial organizations, some of which are larger than certain of the
Corporation’s nonbanking subsidiaries and the Banks. In its consumer lending operations, the competitors of the
business segments include other banks, thrifts, credit unions, finance companies and other nonbank organizations
offering financial services. In the investment banking, investment advisory and brokerage business, the Corporation’s
nonbanking subsidiaries compete with other banking and investment banking firms, investment advisory firms,
brokerage firms, investment companies, other organizations offering similar services and other investment alternatives
available to investors. The Corporation’s mortgage banking units compete with banks, thrifts, government agencies,
mortgage brokers and other nonbank organizations offering mortgage banking services. The Corporation’s card business
competes with other banks, as well as monoline and retail card product companies. In the trust business, the Banks
compete with other banks, investment counselors and insurance companies in national markets for institutional funds
and insurance agents, thrifts, financial counselors and other fiduciaries for personal trust business. The Corporation and
its four business segments also actively compete for funds. A primary source of funds for the Banks is deposits, and
competition for deposits includes other deposit-taking organizations, such as banks, thrifts, and credit unions, as well as
money market mutual funds.
The Corporation’s ability to expand into additional states remains subject to various federal and state laws. See
“Government Supervision and Regulation – General” for a more detailed discussion of interstate banking and branching
legislation and certain state legislation.
Employees
As of December 31, 2005, there were 176,638 full-time equivalent employees within the Corporation and its
subsidiaries. Of the foregoing employees, 75,202 were employed within Global Consumer and Small Business Banking,
22,957 were employed within Global Business and Financial Services, 7,765 were employed within Global Capital
Markets and Investment Banking and 12,338 were employed within Global Wealth and Investment Management. The
remainder were employed elsewhere within the Corporation and its subsidiaries.
None of the domestic employees within the Corporation is subject to a collective bargaining agreement. Management
considers its employee relations to be good.
Additional Information
See also the following additional information which is incorporated herein by reference: Business Segment
Operations (under the caption “Business Segment Operations” in Item 7, Management’s Discussion and Analysis of
Financial Condition and Results of Operations (the “MD&A”) and in Note 20 of the Notes to Consolidated Financial
Statements in Item 8, Financial Statements and Supplementary Data (the “Notes”)); Net Interest Income (under the
captions “Financial Highlights—Net Interest Income” and “Supplemental Financial Data” in the MD&A and Tables I
and II of the Statistical Financial Information); Securities (under the caption “Interest Rate Risk
Management—Securities” in the MD&A and Notes 1 and 6 of the Notes); Outstanding Loans and Leases (under the
caption “Credit Risk Management” in the MD&A, Table III of the Statistical Financial Information, and Notes 1 and 7 of
the Notes); Deposits (under the caption “Liquidity Risk Management—Deposits and Other Funding Sources” in the
MD&A and Note 11 of the Notes); Short-Term Borrowings (under the caption “Liquidity Risk and Capital Management”
in the MD&A and Note 12 of the Notes); Trading Account Liabilities (in Note 4 of the Notes); Market Risk Management
(under the caption “Market Risk Management” in the MD&A); Liquidity Risk Management (under the caption “Liquidity
Risk and Capital Management” in the MD&A); Operational Risk Management (under the caption “Operational Risk
Management” in the MD&A); and Performance by Geographic Area (under Note 22 of the Notes).
The Corporation’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
are available on the Corporation’s website at http://investor.bankofamerica.com under the heading Complete SEC
Filings as soon as reasonably practicable after the Corporation electronically files such material with, or furnishes it to
the Securities and Exchange Commission (the “SEC”). In addition, the Corporation makes available on its website at
http://investor.bankofamerica.com under the heading Corporate Governance its: (i) Code of Ethics and Insider Trading
Policy; (ii) Corporate Governance Guidelines; and (iii) the charters of each of Bank of America’s Board committees, and
also intends to disclose any amendments to its Code of Ethics, or waivers of the Code of Ethics on behalf of its Chief
Executive Officer, Chief Financial Officer and Chief Accounting Officer, on its website. These corporate governance
materials are also available free of charge in print to stockholders who request them in writing to: Bank of America
Corporation, Attention: Shareholder Relations Department, 101 South Tryon Street, NC1-002-29-01, Charlotte, North
Carolina 28255.
5