Bank of America 2007 Annual Report Download - page 11

our commercial, corporate and institutional clients, and provide shareholders with the
best returns.
We are aggressively implementing the recommendations of that study.
Here are the highlights:
• We will continue to serve corporate, commercial and financial-sponsor clients
with debt and equity capital-raising services, strategic advice and a full range
of corporate banking services.
• We will focus investment banking and global markets coverage on areas of
strength, leading to reduced activity in some structured products and refocusing
of our international platform on debt, cash management and trading, including
rates and foreign exchange.
• We made a decision to exit the equity prime brokerage business, which provides
investment banking services to hedge funds.
Our goal has always been to be the primary financial and strategic partner to our clients. That continues
to be our goal today. Simply put, this business is important to us because we know it’s important to our clients.
The changes outlined above will enable us to grow the business profitably and will make us a leaner and
tougher competitor where we know we have the advantages necessary to win.
Even before the capital markets meltdown in the second half of the year, our team in GCIB was reorganizing
to better serve clients. One important step was to consolidate accountability within Global Commercial Banking
for all aspects of client relationship management, including client revenue and profitability. At the same time, we
consolidated credit and treasury management product delivery in a new team called Global Product Solutions.
Client satisfaction scores in GCIB have been rising consistently — up a total of 25 percent over the past
three years. We believe the combination of meaningful organizational change with the results of the strategic
review will put this business — which continues to take market share — back on the right track for growth.
Other paths to growth. As I’ve written here before, we believe the best companies have the skills,
knowledge, resources and will to pursue multiple paths to growth. Each of the activities I’ve highlighted
below represents a key part of our overall strategy for growth — by expanding the franchise, investing
in a fast-growing economic sector, claiming a leadership role in a key product category or helping to strengthen
the communities in which we do business.
Acquisitions
Our acquisition of LaSalle, which closed last October, brings our company several immediate advan-
tages. We now hold leading market positions in both Chicago and Detroit, the third and 10th largest
metropolitan statistical areas (MSAs) in the United States, respectively. We can greatly expand on the
range of services available to our new consumer and commercial customers in these markets. Greatly
heightened visibility in these markets also creates opportunities for our wealth management business.
Our acquisition strategy over the past several years has been tightly focused on the markets that,
according to extensive research, have the greatest potential to produce growth for our company in the
coming years. We have methodically built leading positions in the most important wealth and growth
markets, cornerstone products and key distribution areas to drive the company’s future growth.
Bank of America 2007 9
Dividends Paid Per
Common Share
Earnings Per
Common Share
(diluted)
’05 ’06 ’07
$1.90 $2.12 $2.40
’05 ’06 ’07
$4.04 $4.59
$3.30