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Bank of America 2008 Annual Report

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Bank of America 2008 Annual Report Bank of America Annual Report 2008 Bank of America 2008 Annual Report Please recycle. The front section of this annual report is printed on 100% post-consumer waste (PCW) recycled paper that is manufactured with wind power. The Financial Review is printed on 30% PCW recycled paper. © 2009 Bank of America Corporation 00-04-1364B 3/2009 668294ba_cov8294ba_cov 1 33/11/09/11/09 111:12:101:12:10 AAMM About Bank of America Corporation Bank of America Corporation (NYSE: BAC) is a publicly traded company headquartered in Charlotte, NC. As of December 31, 2008, the Corporation operated throughout the United States and in more than 30 foreign countries. The Corporation provides a diverse range of banking and nonbanking financial services and products domestically and internationally through three business segments: Global Consumer & Small Business Banking, Global Corporate & Investment Banking and Global Wealth & Investment Management. Bank of America is a member of the Dow Jones Industrial Average. The Corporation acquired Merrill Lynch & Co., Inc. on January 1, 2009. Financial Highlights (Dollars in millions, except per share information) For the year 2008 2007 $58,344 Revenue* 79% Revenue, net of interest expense* $73,976 $68,582 (in millions) Net income 4,008 14,982 Earnings per common share 0.56 3.35 Diluted earnings per common share 0.55 3.30 Dividends paid per common share 2.24 2.40 $13,440 Return on average assets 0.22 % 0.94 % 18% $7,785 Return on average common 11% shareholders’ equity 1.80 11.08 $(5,593) Efficiency ratio* 56.14 54.71 (8)% Average diluted common shares issued Global Global Global and outstanding (in millions) 4,612 4,480 Consumer Corporate & Wealth & All Other** & Small Investment Investment Business Banking Management At year end 2008 2007 Banking Total assets $1,817,943 $1,715,746 Total loans and leases 931,446 876,344 $4,234 Net Income Total deposits 882,997 805,177 106% (in millions) Total shareholders’ equity 177,052 146,803 Book value per common share 27.77 32.09 Market price per share of common stock (closing) 14.08 41.26 $1,416 Common shares issued 35% and outstanding (in millions) 5,017 4,438 $(14) $(1,628) *Fully taxable-equivalent basis (1)% (40)% **All Other consists primarily of equity investments, the residential mortgage portfolio associated with asset and liability management activities, the residual impact of the cost allocation processes, merger and Global Global Global restructuring charges, intersegment eliminations, and the results of certain consumer fi nance, investment Consumer Corporate & Wealth & management and commercial lending businesses that are being liquidated. All Other also includes the & Small Investment Investment offsetting securitization impact to present Card Services on a managed basis. Our view of Global Consumer Business Banking Management All Other** & Small Business Banking operations are also shown on a managed basis. Banking Total Cumulative Shareholder Return*** 5-Year Stock Performance $200 $60 $180 $50 $160 $140 $40 $120 $100 $30 $80 $20 $60 $40 $10 $20 $0 $0 12/03 12/04 12/05 12/06 12/07 12/08 2004 2005 2006 2007 2008 December 31 2003 2004 2005 2006 2007 2008 High $47.44 $47.08 $ 54.90 $ 54.05 $45.03 BAC Bank of America Corporation $100 $122 $125 $150 $122 $45 Low 38.96 41.57 43.09 41.10 11.25 SPX S & P 500 Index $100 $111 $116 $135 $142 $90 S5CBNK S & P 500 CM Banks Index $100 $115 $117 $135 $104 $67 Close 46.99 46.15 53.39 41.26 14.08 BKX KBW Bank Index $100 $110 $114 $133 $104 $55 ***This graph compares the yearly change in the Corporation’s cumulative total shareholders’ return on its common stock with (i) Standard & Poor’s 500 Index, (ii) Standard & Poor’s 500 Commercial Banks Industry Index and (iii) the KBW Bank Index for the years ended December 31, 2004 through 2008. The graph assumes an initial investment of $100 at the end of 2003 and the reinvestment of all dividends during the years indicated. The KBW Bank Index has been added to better refl ect the evolving fi nancial sector and because it includes the stock price performance of a broader range of larger diversifi ed U.S. fi nancial services companies. 668294ba_cov8294ba_cov 2 33/11/09/11/09 111:12:121:12:12 AAMM 2008 Lines of Business Global Consumer & Revenue* Net Income (in millions) (in millions) Small Business Banking $28,433 Global Consumer & Small Business Banking has approximately 59 million consumer and $20,649 small business relationships. We serve consumers through checking, savings, credit and debit cards, home equity lending, mortgages and insurance. We $9,262 serve mass-market small businesses with $6,210 capital, credit, deposit and payment services. Businesses $521 $(2,497) Deposits & Student Lending Deposits Card Mortgage, Deposits Card Card Services & Student Services Home Equity & Student Services Lending & Insurance Lending Mortgage, Services Home Equity Mortgage, Home Equity & Insurance Services & Insurance Services Global Corporate & Revenue* Net Income Investment Banking (in millions) (in millions) $7,823 $7,784 Global Corporate & Investment Banking provides comprehensive financial solutions to clients ranging from companies with $2.5 million in revenues to large multinational corporations, governments, financial sponsors, $2,732 insti tutional investors and hedge funds. $1,722 $851 $480 Businesses $(3,018) $(4,948) Business Lending Business Capital Treasury ALM†/Other Business Capital Treasury ALM†/Other Lending Markets & Services Lending Markets & Services Capital Markets & Advisory Services Advisory Advisory Treasury Services Services Services Global Wealth & Revenue* Net Income Investment Management (in millions) (in millions) $3,201 Global Wealth & Investment Management provides a wide offering of customized $2,650 banking and investment services for individual and institutional clients. Businesses $1,543 U.S. Trust, Bank of America Private Wealth Management $831 $584 Columbia Management $391 $460 Premier Banking & Investments™ $(459) U.S. Trust, Columbia Premier ALM†/Other U.S. Trust, Premier ALM†/Other Bank of Management Banking & Bank of Banking & America Investments America Columbia Investments Private Private Management *Fully taxable-equivalent basis Wealth Wealth †ALM=Asset and Liability Management Management Management Bank of America 2008 1 668294ba_18294ba_1 1 33/5/09/5/09 55:20:50:20:50 PPMM Chairman’s Letter Kenneth D. Lewis CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT 2008 was an extraordinarily difficult year for our company. The economy, which had struggled for most of the year, hit a wall in the fourth quarter, posting the largest quar- terly decline in gross domestic product since 1982. Credit costs, which had been rising steadily all year, escalated as unemployment and underemploy- ment rose sharply. We expect credit costs to continue to rise this year. Trading results took a sharp turn for the worse as credit spreads suddenly widened in the fourth quarter. Trends in the credit markets are difficult to predict, but we are hopeful that a move toward normalcy will allow our capital markets operations to return To Our Shareholders to profitability in 2009. Our size, scale, revenue diversity and ability These developments resulted in our to execute are never more crucial than during first quarterly loss since 1991, and a a year of extraordinary challenges. sharp drop in our profitability for the year. In view of the challenging environ- ment, we took a number of difficult steps: We cut our dividend — which had increased every year since 1977 — to $0.01. To lower our expense base, we accelerated and expanded our cost-cutting initiatives. The board accepted my recommenda- tion that no members of our Executive Management Team should receive any bonus or incentive compensation for 2008. And, to help us close our acquisition of Merrill Lynch, we 2 Bank of America 2008 668294ba_2-118294ba_2-11 2 33/10/09/10/09 55:57:14:57:14 PPMM Total Shareholders’ Equity $177,052 $146,803 $135,272 ’06 ’07 ’08 In millions, at year end negotiated with the U.S. government lead the mortgage market to a healthier evolution of the global markets. We to invest another $20 billion in Bank of and more stable future. Merrill Lynch, are heading toward a simpler, more America in the form of preferred stock. I believe, is a tremendous long-term transparent financial services environ- I am very aware of the financial bur- strategic fit for our company, notwith- ment. And a smaller and more humble den our decisions have created for our standing the large losses they reported financial services industry. shareholders, but we felt it necessary in the fourth quarter largely due to Despite all this change — and, in to maintain our capital strength and sharp writedowns in various capital some ways, encouraged by it — we stability in these uncertain times. markets instruments. remain committed to our core vision for Despite a year with no shortage I discuss both of these transactions this company. We are working to build of bad news, I maintain a positive in more detail in a separate section of a global financial services company and optimistic outlook for our future. this letter. that offers our customers and clients Here’s why: For the full year, in Our top priority right now, as the unmatched convenience and expertise, the midst of the worst recession in economy continues to weaken, must high-quality service and a variety of generations, we earned more than be to build on our capital strength, so financial products and services deliv- $4 billion, ranking us second among we’ll be in a good position to continue ered as a single relationship. all U.S. financial institutions. Two of to support customers and clients. Unlike many of our competitors our three major lines of business made Bank of America has been a strong and in the financial services industry, we money (Global Consumer & Small stable presence in the world’s financial are well-capitalized, deposit-funded Business Banking and Global Wealth & system since this crisis started almost and extremely liquid.
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