Bank of America 2006 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2006 Bank of America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 155

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155

Bank of America 2006 23
W
CATHERINE P. BESSANT,
PRESIDENT, GLOBAL
TREASURY SERVICES
AT MONSTER HEADQUARTERS
IN MILWAUKEE, DAVE GRIEBL,
VICE PRESIDENT OF NORTH
AMERICA SHARED SERVICES,
LEFT, KIMBERLY HOLLIE,
ACCOUNTS PAYABLE
COORDINATOR, AND JOSEPH T.
SCHMIDT, DIRECTOR OF
BILLING AND DISBURSEMENT,
DISCUSS EPAYABLES.
Opportunities in Global
Treasury Services
With a 19 percent share of U.S. revenue,
Bank of America dominates the treasury
services business in the United States and is
the No. 1 global provider. Notwithstanding this
position of strength, there remain excellent
opportunities to grow revenue. Realizing these
opportunities requires investment, and
Bank of America intends to deploy capital
over a multiyear period to accomplish three
objectives: expand sales and distribution
capability, enhance technology and platforms
and expand internationally.
“The treasury management needs of our
clients are becoming more complex,” said
Cathy Bessant, president of Global Treasury
Services. “At the same time, clients desire to
simplify their treasury processes. Our strategic
investment will give us the technology and
capabilities we require to stay ahead of the
market and grow in importance to clients.”
Over time, we have demonstrated the
capability to grow market share across all of
our client segments. By leveraging our banking
center distribution and sales force capacity, we
will continue to deepen our share of wallet with
existing clients and expand our client base.
Across our industry, the shift to electronic
payment mechanisms is accelerating. Our
investment strategy is specifically designed to
drive our capabilities and market share in elec-
tronic channels consistent with our dominant
share in traditional cash management products.
With a non-U.S. market share that is
one-sixth that of U.S. share, we must invest
in enhancing our international treasury
capabilities. Fully 92 percent of our planned
investment has international relevance and
will enable rapid growth.