Bank of America 2010 Annual Report Download - page 8

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As we build on the foundation we have laid, I want to thank our employees for
their tremendous focus and effort over the past year; our customers and clients
for giving us the opportunity to serve their needs; and our shareholders for your
continued faith in the bright future of our company.
We are guided by our vision, have a strategy to pursue it, and operating principles to
keep us focused and to guide our growth. I welcome your feedback as we proceed.
Brian T. Moynihan
Chief Executive Officer
March 15, 2011
To Our Shareholders,
2010 was a rebuilding year for our company. Brian
Moynihan and our management team accomplished
a great deal, from implementing a new customer-
focused business strategy, to strengthening our capital
position, to working through issues related to the
economic downturn.
The board worked closely with Brian and the team on a range of issues, including
the implementation of the company’s new risk management process and manage-
ment’s thoughtful and aggressive plans to put matters resulting from the mortgage
crisis behind us. Together, we also focused on ensuring productive interactions
with regulators and elected officials.
I would like to note the retirement from our board of my predecessor as chairman,
Walter Massey. Walter retired last spring after 17 years on the board, and one year
as chairman. He guided the board with a steady hand during a challenging period
for the company. Walter has our best wishes for the future, and my personal appre-
ciation for the skill with which he discharged his responsibilities.
With leading positions in the major markets in which we compete, I see boundless
opportunities for Bank of America to grow and prosper. I believe we are on the right
path, and that we have a CEO and management team with a vision and strategy
that is appropriate and achievable.
Charles O. Holliday
Chairman of the Board of Directors
March 15, 2011
Executive Management Team
Brian Moynihan
Chief Executive Officer
Catherine Bessant
Global Technology and Operations
Executive
David Darnell
President, Global Commercial Banking
Barbara Desoer
President, Bank of America Home Loans
and Insurance
Anne Finucane
Global Strategy and Marketing Officer
Sallie Krawcheck
President, Global Wealth and
Investment Management
Terrence Laughlin
Legacy Asset Servicing Executive
Thomas Montag
President, Global Banking and Markets
Charles Noski
Executive Vice President and
Chief Financial Officer
Edward O’Keefe
General Counsel
Joe Price
President, Consumer and
Small Business Banking
Andrea Smith
Global Head of Human Resources
Bruce Thompson
Chief Risk Officer
We’re working to keep families in their homes. Since the
start of 2008, Bank of America and previously Countrywide
have completed nearly 775,000 loan modifications
with customers.
In 2010, Bank of America extended nearly $685 billion
in credit to businesses around the world, helping fuel the
economic recovery.