Bank of America 2009 Annual Report Download - page 52

Global Wealth & Investment Management
2009
(Dollars in millions) Total
Merrill Lynch
Global Wealth
Management
(1)
U.S.
Trust
Columbia
Management Other
Net interest income
(2)
$ 5,564 $ 4,567 $ 1,361 $ 32 $ (396)
Noninterest income:
Investment and brokerage services 9,273 6,130 1,254 1,090 799
All other income (loss) 3,286 1,684 48 (201) 1,755
Total noninterest income 12,559 7,814 1,302 889 2,554
Total revenue, net of interest expense 18,123 12,381 2,663 921 2,158
Provision for credit losses
1,061 619 442 – –
Noninterest expense 13,077 9,411 1,945 932 789
Income (loss) before income taxes 3,985 2,351 276 (11) 1,369
Income tax expense (benefit)
(2)
1,446 870 102 (4) 478
Net income (loss) $ 2,539 $ 1,481 $ 174 $ (7) $ 891
Net interest yield
(2)
2.53% 2.49% 2.58% n/m n/m
Return on average equity
(3)
13.44 18.50 3.39 n/m n/m
Efficiency ratio
(2)
72.16 76.01 73.03 n/m n/m
Year end – total assets
(4)
$254,192 $195,175 $55,371 $2,717 n/m
2008
(Dollars in millions) Total
Merrill Lynch
Global Wealth
Management
(1)
U.S.
Trust
Columbia
Management Other
Net interest income
(2)
$ 4,797 $ 3,211 $ 1,570 $ 6 $ 10
Noninterest income:
Investment and brokerage services
4,059 1,001 1,400 1,496 162
All other income (loss)
(1,047) 58 18 (1,120) (3)
Total noninterest income
3,012 1,059 1,418 376 159
Total revenue, net of interest expense
7,809 4,270 2,988 382 169
Provision for credit losses 664 561 103 – –
Noninterest expense
4,910 1,788 1,831 1,126 165
Income (loss) before income taxes
2,235 1,921 1,054 (744) 4
Income tax expense (benefit)
(2)
807 711 390 (275) (19)
Net income (loss) $ 1,428 $ 1,210 $ 664 $ (469) $ 23
Net interest yield
(2)
2.97% 2.60% 3.05% n/m n/m
Return on average equity
(3)
12.20 36.66 14.20 n/m n/m
Efficiency ratio
(2)
62.87 41.88 61.26 n/m n/m
Year end – total assets
(4)
$189,073 $137,282 $57,167 $ 2,923 n/m
(1) Effective January 1, 2009, as a result of the Merrill Lynch acquisition, we combined Merrill Lynch’s wealth management business and our former Premier Banking & Investments business to form Merrill Lynch Global
Wealth Management (MLGWM).
(2) FTE basis
(3) Average allocated equity for GWIM was $18.9 billion and $11.7 billion at December 31, 2009 and 2008.
(4) Total assets include asset allocations to match liabilities (i.e., deposits).
n/m = not meaningful
December 31 Average Balance
(Dollars in millions) 2009 2008 2009 2008
Balance Sheet
Total loans and leases $ 99,596 $ 89,401 $103,398 $ 87,593
Total earning assets
(1)
219,866 179,319 219,612 161,685
Total assets
(1)
254,192 189,073 251,969 170,973
Total deposits 224,840 176,186 225,980 160,702
(1) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).
50 Bank of America 2009