8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 28, 2009)

Filed May 28, 2009For 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 28, 2009, serves primarily as an informational update regarding the reclassification of its historical business segment information. Following the acquisition of Merrill Lynch & Co., Inc., effective January 1, 2009, Bank of America restructured its reporting segments from three to six. This change aims to better align with the integration of Merrill Lynch and to enhance the coordination of its consumer payment businesses. The reclassified segments are: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, and Global Wealth & Investment Management, with 'All Other' for residual operations. This filing does not introduce new financial results or alter previously reported consolidated financial statements for the period ending December 31, 2008. Instead, it provides updated disclosures within its Annual Report on Form 10-K for the year ended December 31, 2008, to reflect these new segment definitions.

Key Highlights

  • 1Bank of America has reorganized its business reporting segments from three to six, effective January 1, 2009, following the Merrill Lynch acquisition.
  • 2The new segment structure includes: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, and Global Wealth & Investment Management.
  • 3This 8-K filing is specifically to reclassify historical segment data in the company's 2008 Form 10-K.
  • 4The reclassification involved moving debit card operations from 'Deposits' to 'Global Card Services'.
  • 5The former 'Global Consumer and Small Business Banking' segment has been broken down into 'Deposits', 'Global Card Services', and 'Home Loans & Insurance'.
  • 6The former 'Global Corporate and Investment Banking' segment is now split into 'Global Banking' and 'Global Markets'.
  • 7These segment changes do not impact previously reported consolidated financial results or balance sheets as of December 31, 2008.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report a change in Bank of America's business segment reporting structure. The company has reclassified its historical segment information to align with the new operational structure implemented after the acquisition of Merrill Lynch.

Bank of America has changed its reporting segments from three to six. The new segments are Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, and Global Wealth & Investment Management. This change reflects the integration of Merrill Lynch and better coordination of consumer payment businesses.

No, these segment reclassifications do not impact Bank of America's previously reported consolidated financial statements (balance sheets, income statements, etc.) for periods up to December 31, 2008. The filing only changes how historical data is presented across different business segments.

The reclassification is a result of the acquisition of Merrill Lynch & Co., Inc., which became effective January 1, 2009. Additionally, Bank of America consolidated its consumer and small business card products into a new 'Global Card Services' segment, moving debit card operations from 'Deposits'.