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.