Bank of America 2005 Annual Report Download - page 72

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and Africa. Our products and services include loan originations, mergers and acquisitions advisory, debt and equity
underwriting, distribution and trading, cash management, derivatives, foreign exchange, leveraged finance, structured
finance and trade services. During the third quarter of 2005, our operations in Mexico were realigned and are now
included in the results of Global Business and Financial Services, rather than Global Capital Markets and Investment
Banking. Also during the third quarter of 2005, we announced the future combination of Global Business and Financial
Services and Global Capital Markets and Investment Banking that was effective on January 1, 2006. This new segment
is called Global Corporate and Investment Banking.
During the fourth quarter of 2004, we announced a strategic initiative to invest approximately $675 million in
Global Capital Markets and Investment Banking to expand on opportunities in the business’s platform. These
investments were primarily focused on expanding our fixed income activities with both the issuer and investor client
sectors. As of December 31, 2005, approximately 80 percent of this investment had been invested on personnel,
technology and other infrastructure costs, which are all in various phases of execution. We remain committed to the
build out of this business and believe that in time we will be well-positioned in the markets where we choose to compete.
This segment offers clients a comprehensive range of global capabilities through the following three financial
services: Global Investment Banking, Global Credit Products and Global Treasury Services.
Global Investment Banking is comprised of Corporate and Investment Banking, and Global Capital Markets.Global
Investment Banking underwrites and makes markets in equity and equity-linked securities, high-grade and high-yield
corporate debt securities, commercial paper, and mortgage-backed and asset-backed securities. We also provide debt and
equity securities research, loan syndications, mergers and acquisitions advisory services, and private placements.
Further, we provide risk management solutions for customers using interest rate, equity, credit and commodity
derivatives, foreign exchange, fixed income and mortgage-related products. In support of these activities, the businesses
may take positions in these products and participate in market-making activities. The Global Investment Banking
business is a primary dealer in the U.S. and in several international locations.
Global Credit Products provides credit and lending services for our corporate clients and institutional investors.
Global Credit Products is also responsible for actively managing loan and counterparty risk in our large corporate
portfolio using risk mitigation techniques including credit default swaps (CDS).
Global Treasury Services provides the technology, strategies and integrated solutions to help financial institutions,
government agencies and corporate clients manage their cash flows. For additional information on Global Treasury
Services, see Global Business and Financial Services on page 34.
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