Bank of America Company (the "Corporation") today informed its securities holders that it has furnished a Current Report on Form 8-K with the U.S. Securities and Exchange Commission ("SEC") on April 8, 2015.
From time to time, including in its Annual Report on Form 10-K for the year ended December 31, 2014 (the "Annual Report"), the Corporation has indicated that it may reclassify its business segment results based on, among other things, changes in its organizational alignment.
In the Annual Report, the Corporation reported its results of operations through five business segments: Consumer Business Banking (CBB), Consumer Real Estate Services (CRES), Global Wealth Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. Effective January 1, 2015, to align the segments with how the Corporation manages the businesses in 2015, the Corporation changed its basis of presentation, and following such change, reports its results of operations through the following five business segments: Consumer Banking, Global Wealth Investment Management (GWIM), Global Banking, Global Markets and Legacy Assets Servicing (LAS), with the remaining operations recorded in All Other. The Home Loans subsegment, which was included in the former CRES segment, is now included in Consumer Banking, and LAS has become a separate segment. A portion of the Business Banking business, based on the size of the client, was moved from the former CBB segment to Global Banking, and the former CBB segment was renamed Consumer Banking. Also, Bank of America Merchant Services, the Corporation's merchant processing joint venture, moved from the former CBB segment to All Other. In addition, certain management accounting methodologies, including the treatment of intersegment assets and liabilities, and related allocations were refined. Prior periods have been reclassified for comparability.
Bank of America Corporation makes available all of its SEC filings on its website: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-irhome.
The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC's website at http://www.sec.gov. A copy of the document will also be available on the National Storage Mechanism's website at: http://www.morningstar.co.uk/uk/NSM.
Contacts:
Bank of America
Michael Pressman, Assistant General Counsel
+1 980-386-5083
