8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Apr 29, 2015)

Filed April 29, 2015For 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 Corporation (BAC) on April 29, 2015, primarily announces changes to its business segment reporting structure, effective January 1, 2015. The company has reorganized its five reporting segments to better align with how management oversees the business. This reclassification impacts how results are presented but does not alter the consolidated financial statements or overall financial performance. Investors should note that while the segment names and the allocation of certain businesses (like Home Loans moving from CRES to Consumer Banking, and a portion of Business Banking moving to Global Banking) have changed, the overall consolidated financial results remain the same. Prior periods have been reclassified for comparability, and updated disclosures related to these segment changes are incorporated by reference to updated sections of their previously filed Form 10-K.

Key Highlights

  • 1Bank of America has updated its business segment reporting structure effective January 1, 2015.
  • 2The company's five reporting segments are now: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, and Legacy Assets & Servicing (LAS).
  • 3The former Consumer Real Estate Services (CRES) segment has been dissolved and its components reallocated.
  • 4Home Loans are now part of Consumer Banking (previously CRES).
  • 5Legacy Assets & Servicing (LAS) has become a new, separate reporting segment.
  • 6Certain Business Banking clients have been moved from Consumer & Business Banking (CBB) to Global Banking.
  • 7The changes are primarily presentational and do not impact consolidated financial statements or overall financial performance.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors and the public about Bank of America's updated business segment reporting structure, effective January 1, 2015. This change aims to better align the company's reporting segments with its current management and operational structure.

No, the filing explicitly states that the revised business segment reporting methodology did not impact the consolidated balance sheet, consolidated statements of income, changes in shareholders' equity, or cash flows. The changes are purely presentational for how results are categorized and managed.

The former segments included Consumer & Business Banking (CBB), Consumer Real Estate Services (CRES), Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, and All Other. The new structure features Consumer Banking (renamed CBB), GWIM, Global Banking, Global Markets, Legacy Assets & Servicing (LAS), and All Other. Key changes include the creation of LAS as a separate segment, the relocation of Home Loans into Consumer Banking, and the reallocation of some Business Banking clients to Global Banking.

No, the consolidated financial statements for Bank of America as a whole will not show different numbers. The changes only affect how the company breaks down its results into different business segments. Prior periods have been reclassified for comparability, so you can compare the new segment structure to historical data, but the total company figures remain consistent.