The BusinessWeek 50 Ranking
50
Bank of America
When Bank of America announced its $47 billion deal for FleetBoston Financial in October, 2003, Wall Street groaned. BofA's stock plunged 10% that day. But in its first year with Fleet, BofA wrung out $909 million in cost savings even while making a hard push to bring in new customers. The result: Charlotte (N.C.)-based BofA added 184,000 new consumer checking customers and 196,000 new savings accounts last year in Fleet's Northeast stronghold. BofA profits rose 31% last year. Its shares have returned 61.9% over the past three years Profile: not bad for what was once considered a terrible deal.
Company Info
| 2004 Rank | 104 |
| STOCK INFO | BAC |
| Market Value | $188.8 BILLION |
| Total Return | (1-yr.) 18.4%
(3-yr.) 61.9% |
| 2004 sales | $65.4 BILLION |
| Sales Growth | (1-yr.) 34%
(3-yr.) 7.0% |
| Net income | $14.1 BILLION |
| Net Income Growth | (1-yr.) 31%
(3-yr.) 26.6% |
| Net Margin* | 21.6% |
| Return on Equity* | 14.2% |
| Industry | BANKS |
| CORPORATE WEB SITE | |
More in S&P 500 Companies Scoreboard >
*Trailing 12 months
Company data as of 2/28/05 provided by Standard & Poor's Compustat
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Company Snapshot
Bank of America Corporation operates as a bank holding company that provides a diversified range of banking and nonbanking financial services and products in the United States and in selected international markets. The company operates in four segments: Global Consumer and Small Business Banking, Global Business and Financial Services, Global Capital Markets and Investment Banking, and Global Wealth and Investment Management. The Global Consumer and Small Business Banking segment provides a diversified range of products and services to individuals and small businesses through multiple delivery channels. It offers deposit products, including savings accounts, money market savings accounts, certificate of deposits and IRAs, regular and interest checking accounts, and various business checking options. The Global Business and Financial Services segment primarily provides treasury services, middle market banking, commercial real estate banking, leasing, business capital, and dealer financial services to middle-market companies. The Global Capital Markets and Investment Banking segment provides capital-raising solutions, advisory services, derivatives capabilities, equity and debt sales, and trading for the company’s clients, as well as traditional bank deposit and loan products, treasury management, and payment services to large corporations and institutional clients. The Global Wealth and Investment Management segment offers investment, fiduciary, and banking and credit solutions; asset management services to institutional clients, high-net-worth individuals, and retail customers; investment securities and financial planning services to affluent and high-net-worth individuals; and retail clearing services for broker/dealers. As of March 15, 2005, the company operated approximately 5,800 retail banking offices and 16,700 ATMs in the United States. Bank of America is headquartered in Charlotte, North Carolina.
No. of Employees
175,742
Data provided by 
