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Bank of America Annual Report

Bank of America Annual Report

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Published by tathaagat

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Published by: tathaagat on Jun 02, 2012
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 Whats next forBank of America?
We are transforming our company —making Bank of America simpler, more transparent,easier to do business with and focused onserving the needs of our customers and clients.
Bank of America Corporation2011 Annual Report
To our shareholders,In 2011, in the face of significant challenges, wemade great strides in transforming our company. We streamlined our businesses, built capital andliquidity and, most important, maintained or builton market-leading capabilities to serve our customers’and clients’ core financial services needs. Our com-pany has reduced risk and is less complex. As astronger, more straightforward company, we arebuilding deeper relationships with our customersand clients, and are doing what we can to helprestore confidence and strength to our economy.
Brian T. Moynihan
Chief Executive Officer
What does ‘customer-focused’mean, and what are youdoing to make it real?”
In 2010, we established a clear goal — to be the finestfinancial services firm in the world in the eyes of our custom-ers, our employees and each of you as shareholders. Thereis ample evidence that we are making progress on the coursewe set. Our focus and strategy are clear: We deliver to threegroups of customers and clients the leading capabilities theyneed to manage their financial lives and businesses. Simplyput: We can do more for people, companies and institutionalinvestors than any other financial services company. And dayafter day, we are proving it in the marketplace.Our financial results for 2011 show both the progress wehave made and the challenges that remain. For the full year,the company reported net income of $1.4 billion, or $0.01per diluted share, compared with a net loss of $2.2 billion,or $0.37 per diluted share, in 2010. Revenue, net of interest expense, on an FTE basis
, declined 15 percentto $94.4 billion, reflecting, among other things, increasedreserves for mortgage-related matters.Obviously, our stock price does not yet reflect the work weare doing to strengthen capital, reduce risk and attract morebusiness from our customers. There are many issuesweighing not only on us, but on the entire financial servicesindustry. These include concerns about the global economy;a sustained period of near-record low interest rates; theimplementation of new regulations and capital requirements;how these new rules may affect our ability to deliver for ourcustomers and clients; and the time it will take to resolvemortgage issues.There is more work to do, but today we are better organizedto serve our customers and clients; to offer customers morereasons to do more business with us; to earn the profits ourshareholders expect; and to contribute to economic growth inall of the communities we serve.
Continue to build a fortress balance sheet
When we set out to transform our company two years ago,our first urgent challenge was to strengthen our foundation —the balance sheet. We focused on selling non-core assets,increasing capital ratios, building liquidity and reducing risk.
“We listen to our customers and clients, learn whattheir needs are, and do all we can to provide the advice,services and products that respond to those needs.To do that best, we want to have the broadest possiblefinancial relationship with our customers and clients.Simply put: We can do more for them than anyone else,wherever they are in their financial lives.”
Fully taxable-equivalent (FTE) basis is a non-GAAP financial measure. For reconciliationto GAAP financial measures, refer to Supplemental Financial Data on page 32 andStatistical Table XV in the 2011 Financial Review section.

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