Bank of America 2010 Annual Report Download - page 3

1
Dear
Shareholders,
Opportunity Seized: Bank of America has the best franchise in the industry
with number one or two positions in the business segments
in which we compete and the largest customer and client
base in our industry.
Dear
Shareholders,
Our work in 2010 was focused on two key goals: first, rebalancing and realigning our company so
we can serve our customers and clients with the broadest and best financial services in the industry;
and second, strengthening our balance sheet and capital position to create the right conditions for
growth in long-term shareholder value.
This work is well underway, and we are making significant progress. As a result, we are a much
stronger company today than we were a year ago. We have a vision for our company, a strategy to
achieve that vision and well-defined operating principles to help guide our work as we pursue our goals.
These are important to understanding how we intend to operate the company, serve customers and
clients, and return value to shareholders.
Our Vision and Strategy
Our vision is for Bank of America to be the world’s finest financial services company. We think that
this is an appropriate and achievable goal. I firmly believe that we have all the businesses and
capabilities in place to meet the core financial needs of customers and clients more effectively than
any other company.
Our success in realizing this vision will be measured by our customers, by our own employees and
by you, the shareholder. We’ll know we are succeeding when our customers choose to bring us more
of their business, and make us their primary financial institution; when employees choose to build
their careers here, because they can achieve anything they set out to do; and when shareholders
realize the long-term value this franchise can deliver. That means solid returns on equity and assets,
steady growth in tangible book value per share, attractive total shareholder returns, and consistent
performance through economic cycles.
Opportunity Seized: Bank of America has the best franchise in the industry
with number one or two positions in the business segments
in which we compete and the largest customer and client
base in our industry.