Bank of America 2006 Annual Report Download - page 33

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GLOBAL WEALTH & INVESTMENT MANAGEMENT
Global Wealth & Investment Management (GWIM) provides comprehensive banking
and investment services tailored to meet the changing wealth-management goals of
more than 3 million individual and institutional customers. Clients have access to ser-
vices offered through three primary businesses: Premier Banking & InvestmentsTM,
The Private Bank of Bank of America and Columbia Management.
Premier Banking & Investments delivers integrated banking and investment
solutions through a network of approximately 4,400 client advisors serving affluent
clients with $100,000 in investable assets or $500,000 in investable assets includ-
ing a first mortgage. These clients can receive tailored services including financial
planning, customized products and relationship pricing through two key areas,
Premier Banking and Banc of America Investment Services, Inc.® (BAI), a full-service
and online brokerage.
The Private Bank provides integrated wealth-management solutions to high-
net-worth individuals, middle-market institutions and charitable organizations
with investable assets of greater than $3 million. The Family Wealth Advisors divi-
sion of The Private Bank serves ultra-high-net-worth individuals and families with
$50 million or more in investable assets. Clients of The Private Bank access wealth
strategy, credit, deposit, investment, trust and specialty asset management services
through relationship teams based in 32 states. More wealthy individuals and families
choose The Private Bank to provide personal trust and wealth-management solutions
than any other institution (VIP Forum, 2006).
Columbia Management, Bank of America’s asset management organization, pro-
vides investment management solutions to institutional clients and individual inves-
tors. These include separately managed accounts, liquidity strategies, and mutual
funds across a variety of investment disciplines within equities, fixed income and
cash. As of December 31, 2006, Columbia Management and its affiliates managed
assets of $542.9 billion.
GLOBAL CORPORATE & INVESTMENT BANKING
Global Corporate & Investment Banking (GCIB) provides comprehensive finan-
cial solutions to clients ranging from companies with $2.5 million in revenues to
large multinational corporations, governments, insti tutional investors and hedge
funds. Services include bank deposit and credit products; risk management, cash
management and payment services; equity and debt capital raising; and advisory
services based on industry expertise and deep knowledge of client strategies and
needs. Investors benefit from highly rated debt and equity research, leading-edge
sales and trading platforms, and risk management expertise across asset classes.
GCIB serves clients around the world, providing integrated delivery of our full
range of financial products and services through client managers and product
partners who understand each client’s unique needs.
Clients include 98 percent of the U.S. Fortune 500, 80 percent of the Fortune
Global 500 and one in three midsize companies in the United States. In 2006,
Bank of America was the fifth-largest underwriter of U.S. debt, equity and
equity-related securities. It ranks No. 1 in share of both U.S. and global treasury
revenues. GCIB businesses also include the leading bank-owned asset-based lender
and the No. 1 provider of financial services to commercial real estate businesses.
Bank of America 2006 31
Net
Income
Revenue
’04
’05
’06
’04
’05
’06
Net
Income
Revenue
’04
’05
’06
’04
’05
’06
$18 . 7
$20 . 6
$22 . 7
$5 . 9
$ 6 . 4
$ 6 . 8
$ 6 . 0
$7 . 3
$7 . 8
$1 . 6
$2 . 3
$2 . 4
(in billions, fully taxable-
equivalent basis)
(in billions)
(in billions, fully taxable-
equivalent basis)
(in billions)