Lines of Business
Bank of America provides financial products and services for our customers and clients throughout the Americas, Asia Pacific, Europe, the Middle East and Africa.
To find out where you might best fit within Bank of America, we invite you to read an overview of each of our businesses.
- Chief Finance Office
- Consumer Banking (Americas Only)
- Corporate Audit
- Global Banking and Markets
- Global Human Resources
- Global Marketing & Corporate Affairs
- Global Technology & Operations
- Global Wealth and Investment Management (Americas Only)
- Global Risk, Legal, Compliance and Regulatory Relations
Chief Finance Office
The Chief Financial Officer Group encompasses finance functions including Balance Sheet and Capital Management, Finance, Accounting, Corporate Treasury, Investor Relations and Corporate Investments as well as corporate services comprising vendor administration, corporate workplace, and employee services such as travel and records management.
- Balance Sheet and Capital Management partners closely with our lines of business, control partners and business support functions to ensure execution of capital-related priorities. This approach to Bank of America’s capital management process ensures the efficient and proactive management of economic and regulatory capital as well as the successful implementation of related initiatives.
- The Chief Accounting Officer group oversees the business controllers and groups that provide financial reporting and controls for support teams across the organization. The finance functions are responsible for strategic financial planning, forecasting and analysis processes; oversight of the internal control environment; financial reporting and strategic cost measurement. The Chief Accounting Officer group also has dedicated functions that deal with federal and state taxes, SEC and bank regulatory reporting, accounting policies and securitizations.
- The Line of Business Finance teams – Consumer & Business Banking and Home Loans Finance; Global Banking and Markets Finance; and Global Wealth and Investment Management Finance – provide strategic counsel and analysis to the lines of business, are responsible for executing all core finance functions and key control processes to ensure the integrity of financial results. The teams monitor and offer insight on appropriate market metrics for the business, helping to drive the business to deliver its financial commitments and contributing to the overall strategy. The Finance teams also ensure appropriate financial rigor is in place for all strategic initiatives.
- Corporate Treasury is responsible for providing world-class management of the company’s interest rate and liquidity risks using a state-of-the-art framework for balancing the tradeoffs between risk and return. Treasury's primary responsibilities include funding the company’s balance sheet, forecasting net interest income, managing relationships with rating agencies and fixed income investors, and analyzing interest rate and liquidity risks.
- Global Corporate Services (GCS) is responsible for: managing the company’s real estate footprint; shedding non-core assets; delivering quality, cost-efficient employee services (i.e. travel, print, office supplies); and providing a risk-based vendor operating model.
- Global Principal Investments (GPI) invests capital and manages investments on behalf of the enterprise to enhance strategic growth opportunities and generate returns.
- The Chief Investment Officer team manages the activities of the Corporate Investments Group and is responsible for ensuring that its actions are consistent with the policy, guidelines and direction of the Finance Committee and Asset Liability Risk Management Committee. The CIO has discretion in implementing the portfolio strategy to optimize execution and returns as market conditions allow.
- Investor Relations creates and implements programs to keep the financial community current on company performance and industry trends.
Consumer Banking (Americas Only)
Every day, employees in Bank of America's Consumer Banking group are working to make financial lives better for millions of customers and small businesses. Retail Banking, Consumer Banking Services and Preferred and Small Business Banking teams are all part of Consumer Banking and are focused on meeting the deposit, borrowing, saving, investment and small business needs of consumers. As the largest group in the company, our Consumer Banking teams serve approximately 51 million consumer households through checking, savings, credit and debit cards, investments, home equity lending and mortgages. Helping a family acquire its first home, assisting someone with establishing credit, paying bills via mobile phone, providing a six-year-old with a savings account, helping consumers save for retirement and funding a small business owner's dream — these are some of the opportunities we provide to our customers and to the thousands of Bank of America employees in our diverse groups.
Careers within Consumer Banking include our banking centers, call centers, on-line banking group, Preferred and Small Business Banking group, including Merrill Edge Financial Solutions Advisor™, and Home Loans, Mortgage Loan Officer. Consumer Banking operates within the United States.
Corporate Audit is a global team responsible for providing independent assessments of business activities throughout Bank of America. The group supports how the company manages risk by determining whether controls over key risks are in place and functioning properly. Corporate Audit also makes recommendations to management in support of Bank of America's strategies and business objectives. Our Corporate Audit team reports directly to the Audit Committee of the Board of Directors to maintain independence.
Our Credit Review team provides an independent assessment of credit risk and the quality of credit processes. These assessments are provided to executive management of the Board of Directors, regulators and other stakeholders.
Global Corporate Security protects Bank of America, its employees, customers and assets from a variety of threats and increasing risks we face across the globe. Through an intelligence-driven, prevention-focused program, our Background Screening Investigations, Protective Services and Security Operations Analysis Command Center (SOACC) business groups provide a safe and secure environment for employees and customers worldwide, protect the Bank of America brand, minimize risk and exposure from both current and emerging threats, and consistently deliver excellent service and results.
Global Banking and Markets
Whether raising capital in Singapore or hedging currencies in Frankfurt, Bank of America Merrill Lynch can do more for our clients than any other financial services firm. We understand the challenges our clients face around the world, and we use the full resources of our company to help them achieve their goals. Our solutions span the complete range of advisory, capital raising, banking, treasury and liquidity, sales and trading, and research capabilities.
Our Global Banking & Markets division serves mid to large sized corporations and institutional clients worldwide. It is comprised of Global Commercial Banking, Global Corporate & Investment Banking and Global Markets. Aligned with these client-facing groups are Global Capital Markets and Global Research.
Global Markets offers sales and trading services, including research, to institutional clients across fixed-income, credit, currency, and commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to our institutional investor clients in support of their investing and trading activities. We also work with our commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products.
More than 700 professionals in our award winning Global Research organization support the institutional sales and trading teams and their clients. Their expertise is at the core of the value delivered to investor clients. Our research analysts provide insightful, objective and decisive research designed to enable their clients to make informed investment decisions in six primary disciplines and Corporate Access:
- Global Equities
- Global Credit Research & GEM Fixed Income Strategy
- Global Equity Strategy
- Global Economics
- Global Commodities
- Global Rates and Currencies
Global Corporate & Investment Banking (GCIB)
Global Corporate & Investment Banking focuses on building long-term relationships with more than 3,000 large U.S. and multinational corporations, financial institutions and financial sponsors. We provide strong advisory expertise, capitalizing on powerful mergers and acquisitions, corporate banking, treasury, debt and equity product expertise to deliver integrated financial solutions.
Global Corporate Banking includes both Corporate Banking coverage officers, as well as the product development and delivery capabilities that are part of Corporate Credit and Transactional Banking. We’re bringing together corporate bankers, product delivery officers and the product development teams to help us fully integrate corporate banking product capabilities with our client coverage model, further pulling the business together end-to-end in partnership with investment banking.
Our Global Corporate & Investment banking business includes:
- Global Investment Banking
- Global Capital Markets
- Global Corporate Banking
Global Commercial Banking (GCB)
Global Commercial Banking serves approximately 24,000 companies with annual revenues of $50 million to more than $2 billion. GCB serves primarily U.S. and Canadian clients, working to deliver a full suite of financial solutions, including the international needs of our clients’ overseas subsidiaries.
GCB is organized by industry and geography, to deliver both local coverage and industry expertise. Our unique client coverage model and close partnerships with other businesses in Global Banking & Markets plus Global Wealth & Investment Management and Consumer Banking and Small Business, enable our commercial client teams to seamlessly deliver all of the company’s capabilities as integrated solutions.
Global Commercial Banking Business Includes:
- Bank of America Business Capital
- Commercial Real Estate Banking
- Global Credit Products
- Middle Market Banking
- Specialized Industries
- Healthcare & institutions
- Commercial Dealer Financial Services
- Sports Finance
- Financial Sponsors
Global Corporate Credit & Transaction Banking
Global Corporate Credit and Transaction Banking consists of three businesses:
Global Transaction Services (GTS)
The Global Transaction Services business provides liquidity management, payments and receipts, trade and supply chain finance, foreign exchange and commercial card services to three million small businesses, thousands of middle market companies, and to multinational corporations, financial institutions and governments around the world.
Global Leasing provides equipment finance solutions to more than 62,000 clients worldwide--small businesses, middle-market companies, large corporations and government entities. Leasing offers product expertise in wholesale vendor financing as well as tailored programs specific to industry segments, including aviation, healthcare, energy services and renewable energy. The team includes employees with a wide range of skills and expertise, including sales originators, syndicators, attorneys, accountants, appraisers, credit underwriters, contract administrators and equipment managers.
Global Loan Products (GLP)
Global Loan Products is responsible for driving improved performance of GCIB's loan exposure and capital, including pricing, profitability and returns, as well as utilization and allocation of the balance sheet across the business.
Global Human Resources
We recognize that talented, engaged and satisfied employees are the foundation to help make the financial lives of our customers and clients better. Our Global Human Resources (GHR) team is focused on making Bank of America a great place for people to work by creating an environment where all employees have the opportunity to achieve their goals. We align human resources strategy to the business strategy, enabling the company to connect with customers and clients by attracting, developing and retaining a world-class workforce.
In addition to advising our clients on a wide variety of topics, our GHR team helps the company provide comprehensive and competitive benefits, development opportunities and an inclusive workplace for our employees worldwide. GHR employees must display strong business acumen, strategic partnership skills and a commitment to realizing the power of our people. Our HR teams consist of Global Staffing, Global Mobility, Global Learning, Leadership Development, Diversity and Inclusion, Advisory Services, HR Business Controls, Compensation and Benefits and Corporate Security.
Global Marketing & Corporate Affairs
The mission of Global Marketing & Corporate Affairs (GM&CA) is to proactively build, advance and protect the Company’s brand, interests and reputation globally. GM&CA is comprised of the following teams:
Consumer Marketing is responsible for marketing and analytics, operations for online and mobile platforms as well as the design, development and delivery of digital user experiences through Online Banking.
Enterprise Marketing and Local Delivery manages the bank’s brand through a Market President Network that integrates businesses, brand activities and corporate social responsibility activities with the aim of delivering one company locally to customers, clients and communities.
Global Corporate Communications and Public Policy is responsible for internal and external communications that promote and protect the Bank of America brand and positively influence the attitudes and behaviors of key audiences, including employees, the media, legislators and customers.
Global Corporate Social Responsibility leads efforts to improve our neighborhoods and create and maintain sustainable and profitable business practices that benefit employees, stakeholders and the communities that we serve through the Bank of America Charitable Foundation. This includes programs supporting arts and culture; Community Development Financial Institutions; Community Reinvestment Act and Low and Moderate Income programs; Community Affairs and Environmental programs.
Global Wealth and Investment Management Marketing provides comprehensive, integrated programs covering the Global Wealth and Investment Management business, including U.S. Trust, Merrill Lynch Wealth Management, Merrill Lynch Private Banking and Investment Group, Global Wealth and Retirement Solutions and Global Wealth Banking.
Our integrated structure ensures strong, coordinated and strategic management of communications activities with customers, employees and shareholders.
Global Technology & Operations
With nearly 100,000 employees and contractors in 35 countries, Global Technology & Operations (GT&O) delivers technology and operating services that form the backbone of Bank of America. As with other Bank of America groups, the GT&O culture expects excellence, rewards high performance, develops its leaders, encourages innovation, demands integrity, cultivates trust and teamwork, and promotes diversity and inclusion. That culture, combined with existing talent, expertise, market leadership and a wide array of professional opportunities, enables GT&O to attract and retain the brightest minds in the business.
Key organizations within GT&O are:
- Consumer Banking Technology & Operations
- Global Markets Risk Technology & Operations
- Global Wealth & Investment Management Technology & Operations
- Global Wholesale Banking Technology & Operations
- Technology Infrastructure
- Enterprise Chief Information Officer
- Global Information Security
- Chief Operating Officer
A leader in technology
GT&O invests billions of dollars each year to develop and deploy leading-edge technology in the following areas:
- New capabilities for 30 million U.S. online retail banking customers and 13 million mobile banking customers
- Platforms for handling the trillions of dollars in client assets under management and the billions of dollars that move each day through the company’s wealth management, commercial banking and global markets businesses
- Platforms for global risk and capital management to enable real-time monitoring for management and regulatory reporting
- Expertise in everything from desktop support to data center management for the company’s extensive technology infrastructure
- Protection of customer and client information, which includes defending the company against cyber-security threats
- Management of enterprise data, including business intelligence analytics
- Technology expertise in disciplines ranging from coding to systems architecture to project management
A leader in operations
GT&O operations professionals provide fulfillment and customer support for Bank of America’s businesses. Every year, operations professionals in GT&O handle a mind-boggling flow of transactions with tremendous accuracy and efficiency. These transactions, which are the lifeblood of the global economy, include:
- $225 billion in wire payments
- 3.4 billion separate trades in stocks, bonds and other financial instruments
- 1 billion online banking payments and transfers
- 6 billion checks cleared
- 1.1 billion ledger items posted
Excellence in operating services is core to GT&O’s mission. Several client contact centers are perennial winners of J.D. Power & Associates recognition for “customer satisfaction excellence.” In 2013, the Merrill Lynch Retirement Services contact center was recognized by J.D. Power & Associates, as was the Corporate and Commercial Banking contact center and the Merrill Edge contact center.
GT&O was granted 119 U.S. patents in 2012, and has been credited with 1,500 U.S. patents overall. GT&O stays abreast of the latest innovations in technology and operations so it can support business colleagues around the world, and provide customers and clients with tools that allow them to do business with Bank of America whenever and wherever they want.
Quartz is revolutionizing the way Global Markets does business at Bank of America Merrill Lynch. Quartz will become the single platform for pricing trades, managing positions, and computing risk exposure. It is a part of a multi-year effort to build a cross-asset, front-to-back risk and trading system.
Thousands of developers are using the platform to deliver applications to thousands of end users. As a part of the Quartz team, you will contribute to the technology that will define the future of our business. You will work with a cutting-edge, massive-scale, highly-agile technology stack, including:
- A shared Python based environment for agile development
- Globally distributed object-oriented petabyte-class databases
- Linux compute farms on-tap
- A core framework of reusable business objects
- A multi-million line code base
Automated tools for testing, integration, and global application deployment. Our developer community is our greatest asset. We invest in training and mentoring to improve technical and business skills through:
- "Quartz University" lectures
- Virtual, self-guided, and in person training
- Participation and sponsorship of Python conferences and events
Women in Technology & Operations advocacy group
In addition to the Employee Networks and other interest groups that are available to all Bank of America employees, GT&O promotes an advocacy group called “Women in Technology & Operations” that supports female employees in GT&O through development, outreach and networking opportunities. Women in Technology & Operations has 1,300 members in 15 local chapters in five countries.
Global Wealth and Investment Management (Americas Only)
Global Wealth & Investment Management (GWIM) provides comprehensive wealth management to affluent and high-net-worth clients. We also provide retirement and benefit plan services, philanthropic management and asset management to individuals and institutions.
GWIM is committed to promoting an inclusive environment where all employees have the opportunity to achieve personal success and contribute to our company. Visit our GWIM Diversity & Inclusion site to learn more.
Our clients have access to a range of services offered through the following businesses:
BofA™ Global Capital Management focuses on the needs of individual and institutional cash investors. Our clients benefit from a diverse array of investments, which includes domestic taxable and tax-exempt money market funds, offshore funds and separately managed accounts for those who require more customized strategies.
Merrill Lynch Global Wealth and Retirement Solutions delivers high quality investment advice and product capabilities to external clients and internal businesses. Investment solutions include equity, debt and structured products, and alternative investments and deliver due diligence and cohesive investment management solutions for client portfolios. This group within Merrill Lynch also provides administration, recordkeeping, custodial, communications, consulting and execution services to approximately 40,000 workplace-based benefit plans.
GWIM Banking provides Liquidity, Credit and Cash Management Solutions to clients of Merrill Lynch Wealth Management, and U.S. Trust. Our clients' needs are met through a network of Wealth Management Specialists and Credit Specialists who provide banking solutions to clients through our Financial Advisors or Private Client Advisors.
Merrill Lynch provides clients with a personalized financial review, hands-on advice and guidance through a network of approximately 15,000 Financial Advisors throughout the world. Clients with a personal wealth profile of at least $250,000 of investable assets can meet with a highly trained Merrill Lynch Financial Advisor who is committed to understanding their needs and supported by the broad resources of Merrill Lynch.
Private Banking and Investment Group provides tailored solutions to meet the sophisticated needs of ultra-high net worth individuals. Our clients are served by over 150 Private Wealth Advisor teams across the country, along with a team of experts in areas such as investment management, concentrated stock management and inter-generational wealth transfer strategies.
U.S. Trust, Bank of America Private Wealth Management, U.S. Trust provides comprehensive investment and wealth management solutions to wealthy and ultra-wealthy clients with investable assets of $3 million or more. Our company has 4,400 associates serving clients in more than 140 offices in 32 states across the country.
Chief Operating Officer, GWIM, creates and drives business and strategic planning across lines of business within GWIM and works outside of GWIM on key cross-organizational strategies and projects.
Global Risk, Legal, Compliance and Regulatory Relations
Global Risk Management is led by the Company's Chief Risk Officer (CRO), who has the mandate, authority and independence needed to develop and implement meaningful risk management measures and guide management in managing risk. Global Risk Management is organized into enterprise risk teams and independent business risk teams that work collaboratively in executing their respective duties.
The Legal Department is comprised of attorneys, paralegals and support staff located across the globe that manages the bank's legal affairs and legal risks. The Legal Department provides professional legal services for Bank of America and its subsidiaries by addressing legal risks, providing creative solutions, and identifying opportunities for our business partners. As a key control partner for Bank of America, we understand the businesses we support and their ultimate customer, shareholder and employee goals.
And lastly, Global Compliance is responsible for overseeing "compliance risk," which is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the company arising from the failure of the company to comply with requirements of applicable banking and financial services laws, rules, and regulations, related self-regulatory organization standards, and codes of conduct.
The Legal Department is comprised of attorneys, paralegals and support staff located across the globe that manage the bank’s legal affairs and legal risks. Our Legal Department provides professional legal services for Bank of America and its subsidiaries by addressing legal risks and identifying opportunities for our business partners. As a key control partner for Bank of America, we understand the businesses we support and their ultimate customer, shareholder and employee goals.
Global Compliance is responsible for overseeing “compliance risk,” which is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the company arising from the failure of the company to comply with requirements of applicable banking and financial services laws, rules, and regulations, related self-regulatory organization standards, and codes of conduct.
Functional activities currently performed in Compliance can be broken down into the categories below:
- Line of Business (LOB) Compliance – Advice and guidance to LOB’s to prevent and remediate violations of financial services laws, rules and regulations in their day-to-day business activities
- Corporate Compliance – Drives common standards, reporting and oversight for the Global Compliance function and adherence to the Global Compliance Framework
- Compliance Operations – Volume-driven operations serving the Enterprise
- Regulatory Interaction – Various activities focused on the coordination of regulatory agencies and bodies including regulatory relationship management, regulatory inquiries and exam management