8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 25, 2006)

Filed May 25, 2006For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing from Bank of America (BAC) on May 25, 2006, primarily serves to update its business segment reporting structure, effective January 1, 2006. The company has combined its former "Global Business and Financial Services" and "Global Capital Markets and Investment Banking" segments into a new, larger segment called "Global Corporate and Investment Banking." Investors should note that this change impacts only the presentation and disclosure of segment-specific results and does not alter Bank of America's consolidated financial statements (balance sheets, income statements, statements of changes in shareholders' equity, or statements of cash flows). The filing references updated sections of its previously filed Annual Report on Form 10-K for the year ended December 31, 2005, specifically the Management's Discussion and Analysis and the Financial Statements and Supplementary Data, to reflect this revised reporting methodology. The information provided pertains to the reporting structure as of December 31, 2005.

Key Highlights

  • 1Bank of America has reorganized its business segments, effective January 1, 2006.
  • 2Two segments, "Global Business and Financial Services" and "Global Capital Markets and Investment Banking," have been merged.
  • 3The new combined segment is named "Global Corporate and Investment Banking."
  • 4This change affects the presentation of segment-specific results, not consolidated financial statements.
  • 5The filing updates previously reported segment information from the 2005 Annual Report (10-K).
  • 6Updated financial data reflects the reporting structure as of December 31, 2005.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally announce and update Bank of America's business segment reporting structure. Effective January 1, 2006, the company combined two existing segments into a new one, and this filing provides the updated segment information.

This segment reclassification only impacts how the company reports results at a segment level. It does not change Bank of America's consolidated financial statements or its overall financial performance, such as total revenue, net income, or assets.

Previously, Bank of America reported results across 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. Effective January 1, 2006, Global Business and Financial Services and Global Capital Markets and Investment Banking were combined into a new segment called Global Corporate and Investment Banking. The other two segments remain as they were.

No, this filing does not introduce new financial results subsequent to December 31, 2005, or any other changes since the 2005 Annual Report. It primarily serves to present the segment information consistently with the new reporting structure as of December 31, 2005.