Bank of America 2008 Annual Report Download - page 15

That says Bank of America’s earnings
engine is still quite strong.
Within Global Consumer & Small
Business Banking, Deposits & Student
Lending net income increased by
9 percent. In 2008, average retail
core deposit balances grew nearly
$54 billion, excluding Countrywide, or
11.2 percent. In addition, we added
more than 2 million net new checking
accounts and increased the number of
active mobile banking customers to
nearly 2 million. Also, despite a
challenging economic environment, we
saw customer delight in our banking
centers climb to an all-time high. Our
Card Services business increased
revenues 12 percent in 2008, and,
while net income was lower due
to a very difficult credit environment,
it remained profitable for the year.
Within Global Wealth & Investment
Management, U.S. Trust and Premier
Banking & Investments reported profits,
although they were impacted by higher
credit costs and weaker equity markets.
We continue to attract new clients to
our wealth management business.
Within Global Corporate & Invest-
ment Banking, Treasury Services net
income increased 28 percent as net
revenue grew 10 percent, driven by
higher volumes, deposit growth and
service charges. Business Lending net
revenue grew 29 percent on average
loan growth of more than $62 billion.
Business Lending profits totaled
$1.7 billion, as higher revenue was
offset by increased credit costs. In
addition to deposits, many of our
clients trusted us to manage more
of their business, citing the need for
a stable, dependable partner to help
with their full range of financial needs.
We’ll be working hard to deepen all
of these new relationships.
in employment levels.
These actions are the blueprint
for how we will navigate the current
economic crisis and be a stronger and
more vibrant competitor in the future.
By focusing on the customer, carefully
managing expenses and delivering
innovative products and services, we
intend to enhance our leading positions
and strengthen our ability to be a
responsible lender.
Q. What businesses performed
well in 2008?
A. Despite a year with unprecedented
challenges, two of our three business
units — Global Consumer & Small
Business Banking and Global Wealth
& Investment Management — were
profitable, and while Global Corporate
& Investment Banking lost money,
Treasury Services and Business
Lending were both profitable.
Bank of America’s Executive Management Team includes, from left: TOM MONTAG, President, Global Markets; ANNE FINUCANE, Chief Marketing
Offi cer; GREG CURL, Vice Chairman of Corporate Development; AMY BRINKLEY, Chief Risk Offi cer; JOE PRICE, Chief Financial Offi cer; BARBARA
DESOER, President, Mortgage, Home Equity & Insurance Services; LIAM MCGEE, President, Consumer & Small Business Bank; BRIAN MOYNIHAN,
President, Global Banking & Wealth Management; STEELE ALPHIN, Chief Administrative Offi cer; RIC STRUTHERS, President, Global Card Services.
Bank of America 2008 13