Bank of America 2008 Annual Report Download - page 47
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Global Wealth and Investment Management
2008
(Dollars in millions) Total
U.S.
Trust
(1)
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income
(2)
$ 4,775
$ 1,237 $ 13 $ 2,141 $1,384
Noninterest income:
Investment and brokerage services
4,059
1,397 1,496 1,002 164
All other income (loss)
(1,049)
16 (1,118) 58 (5)
Total noninterest income
3,010
1,413 378 1,060 159
Total revenue, net of interest expense
7,785
2,650 391 3,201 1,543
Provision for credit losses
664
103 – 561 –
Noninterest expense
4,904
1,817 1,120 1,713 254
Income (loss) before income taxes
2,217
730 (729) 927 1,289
Income tax expense (benefit)
(2)
801
270 (270) 343 458
Net income (loss)
$ 1,416
$ 460 $ (459) $ 584 $ 831
Net interest yield
(2)
2.97%
2.40% n/m 1.75% n/m
Return on average equity
(3)
12.11
9.87 (63.35)% 30.41 n/m
Efficiency ratio
(2)
62.99
68.54 n/m 53.51 n/m
Period end – total assets (4)
$ 187,994
$ 57,166 $ 2,923 $ 136,079 n/m
2007
(Dollars in millions) Total
U.S.
Trust
(1)
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income
(2)
$ 3,917
$ 1,033 $ 7 $ 2,654 $ 223
Noninterest income:
Investment and brokerage services
3,781
1,230 1,435 950 166
All other income (loss)
(145)
57 (366) 145 19
Total noninterest income
3,636
1,287 1,069 1,095 185
Total revenue, net of interest expense
7,553
2,320 1,076 3,749 408
Provision for credit losses
14
(14) – 27 1
Noninterest expense
4,480
1,589 1,042 1,711 138
Income before income taxes
3,059
745 34 2,011 269
Income tax expense
(2)
1,099
275 13 744 67
Net income
$ 1,960
$ 470 $ 21 $ 1,267 $ 202
Net interest yield
(2)
3.11%
2.68% n/m 2.70% n/m
Return on average equity
(3)
19.83
17.36 3.91% 72.16 n/m
Efficiency ratio
(2)
59.31
68.49 96.85 45.64 n/m
Period end – total assets (4)
$155,683
$51,043 $ 1,943 $113,365 n/m
(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business
were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.
(2) FTE basis
(3) Average allocated equity for GWIM was $11.7 billion and $9.9 billion in 2008 and 2007.
(4) Total assets include asset allocations to match liabilities (i.e., deposits).
n/m = not meaningful
Bank of America 2008
45