Bank of America Reorganizes To Better Serve Business Clients

CHARLOTTE, July 28 /PRNewswire/ -- In a move to more effectively bring the benefits of its universal banking model to business clients, Bank of America said today it will combine and reorganize the two segments serving the full range of business clients, Global Business & Financial Services and Global Capital Markets & Investment Banking.

The new Global Corporate & Investment Banking business will be organized by client coverage segments, markets and products. By simplifying its business structure and aligning all product and distribution capabilities in one organization, Bank of America will be better able to make the full array of its products and services available to issuers and investors of all sizes. It will allow for more effective management of client relationship and product teams.

By combining capabilities in one organization, the company will also be able to more effectively meet the needs of investors in the capital markets who want to invest in residential mortgages, car loans, commercial credits and other kinds of products Bank of America originates.

"We have worked for many years to deliver the full range of our financial products and services to our business clients," said Kenneth D. Lewis, chairman and chief executive officer. "This change is a natural next step toward maximizing the potential of our universal bank model. We are bringing together in one group all the products and distribution teams that serve all businesses from smaller businesses to the largest multinational corporations. This will clear a path for client relationship managers serving all segments of the market to provide comprehensive, strategic financial solutions to our clients."

Gene Taylor, who currently heads Global Business & Financial Services, will be Global Corporate & Investment Banking Executive and has been named a vice chairman of Bank of America Corporation. Alvaro G. de Molina will be chief executive officer of Banc of America Securities, leading the markets and products aspects of the business and report to Taylor. He continues as a member of the Risk and Capital Committee, which helps the chief executive officer to determine the strategic direction for the company. He will be Taylor's key partner in ensuring the overall success of Global Corporate & Investment Banking.

"A year ago I asked Al to lead Global Capital Markets & Investment Banking," Lewis continued, "and one expectation I made clear was that he would figure out how this business should be organized in our company to best achieve our goals for clients and shareholders. When Al came back to me with this idea and began working with Gene to determine how their teams could come together, I knew it was the right move."

Taylor said, "This is a continuation of our long-held approach to client relationship management where the goal is to provide clients with simple access to the products, service and expertise. By creating one unified team that aligns client management with broader access to product and market expertise, we are better positioning ourselves to leverage the full capabilities of the company on behalf of our clients -- regardless of whether they are corporate clients or institutions, investors or issuers."

de Molina agreed, ""By encouraging more effective partnerships between client management teams and product specialists, this structure promotes innovation and enhances our ability to proactively create solutions for our clients. From the perspective of the product teams that I'll be leading, we'll have a unique opportunity to work across an expanded product set and clientele, and develop and distribute non-traditional products and solutions."

Reporting to Taylor within Global Corporate & Investment Banking will be: - Al de Molina, Chief Executive Officer of Banc of America Securities, leading markets and products aspects of the business - Tim Arnoult, Global Treasury Services Executive - Brian Brille, Global Investment Banking Executive, responsible for client coverage of large corporate segments - David Darnell, Global Commercial Banking Executive, responsible for client coverage of all other business segments - Katy Knox, Sales Performance Executive - Richie Prager, President of Latin America

In addition, Rich Higginbotham, who has run asset-backed lending and leasing, has announced his intention to retire at September 30. "We thank Rich for his many years of contributions to the company," Taylor said.

Reporting to de Molina will be: - Tom Berkery, Chief Operating Officer, Supervision and Control - John Daniels, Credit Products Executive - William Fall, EMEA/Asia Executive - Robb Hilson, Credit Services Executive - Stefan Selig, Mergers & Acquisitions Executive - Bob Strong, Capital Commitments Committee Executive - Mark Werner, Global Markets Executive

Carter McClelland, who has run Corporate and Investment Banking, has announced he will retire at the end of 2005. "Carter has made tremendous contributions to our company. In addition, we have enjoyed working with him as a colleague and friend," de Molina said.

The company will continue to report financial results externally for Global Business & Financial Services and Global Capital Markets & Investment Banking separately for the remainder of 2005.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.

http://www.bankofamerica.com/