NEW YORK, Jan. 15 /PRNewswire/ -- Bank of America Corporation today announced several changes in its Global Markets and Global Investment Banking businesses, to ensure these businesses are focused on corporate, sponsor, and investor client needs; are sized properly in view of market conditions; and are a stronger platform for future growth.

The announcements reflect the results of a strategic assessment announced in October 2007. The assessment better aligns the strategy of these businesses with the broader integrated platform of Global Corporate and Investment Banking, which also includes one of the strongest commercial banking platforms in the U.S. and market-leading corporate banking and treasury services.

"These changes will sharpen the focus of our capabilities and activities on the needs of our clients," said Kenneth D. Lewis, Chairman and Chief Executive Officer. "We should emerge from this realignment with profitable and more competitive Global Markets and Global Investment Banking businesses. We're committed to that, and it is important to our success."

  Among the realignments, Bank of America:

  -- Reaffirms its commitment to serving corporate, commercial and sponsor
     clients with debt and equity capital raising services, strategic
     advice, and the full range of corporate banking capabilities.

  -- Will focus investment banking and global markets coverage on areas of
     traditional strength to ensure continued growth.  This will lead to:

     -- Reduced activities in certain structured products, including
        Collateralized Debt Obligations (CDO)
     -- Resizing the international platform to emphasize core strengths in
        debt, cash management, and trading, including Rates and Foreign
        Exchange
     -- A reduction of 650 positions in Global Investment Banking and Global
        Markets

  -- Will sell its equity prime brokerage business to a buyer with a proven
     ability and commitment to continue serving our clients' prime brokerage
     needs

Brian Moynihan, President of Global Corporate and Investment Banking, added: "We have fundamentally strong investment banking and markets businesses, led by Brian Brille, Tom White and Jonathan Moulds. The changes and alignments we are making will position us to grow those businesses more profitably while continuing to put clients' needs at the center of everything we do."

The realignment will result in shifts in investment away from activities that do not directly contribute to the success of the company's integrated model, and to avoid risks that are not commensurate with the rewards available. The realignment will lead to revenue and expense reductions; additional guidance will be provided on January 22, 2008, when fourth quarter and full year 2007 financial results are presented.

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 more than 57 million consumer and small business relationships with more than 6,100 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 23 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 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

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Source: Bank of America

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