Bank of America Announces Third-Quarter Net Loss of US$1.0 Billion (4)

    
    - Fixed Income, Currency and Commodities revenue of US$4.4 billion was
      primarily driven by sales and trading results. Credit products
      continued to benefit from improved market liquidity and tighter credit
      spreads. Investment banking fees were positively impacted by new
      issuance capabilities from the combined Merrill Lynch and Bank of
      America platform.
    - Equities revenue of US$1.4 billion was driven by the addition of
      Merrill Lynch.
    Global Wealth and Investment Management
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense (1)                  $4,095               $1,570
    Provision for credit losses               515                  150
    Noninterest expense                     3,169                1,286
    Net income                                271                   80
    Efficiency ratio(1)                     77.38%               81.90%
    Return on average equity                 5.61                 2.74
    Loans(2)                             $101,181              $88,255
    Deposits(2)                           214,994              162,192

     (in billions)                        At 9/30/09          At 9/30/08
    ------------                         ----------          ----------
    Assets under management                 $739.8              $564.4
    Total client assets(3)                $1,921.3              $828.6

     (1)  Fully taxable-equivalent basis
     (2)  Balances averaged for period
     (3)  Client assets are defined as assets under management, client
          brokerage assets and other assets in custody

Global Wealth and Investment Management net income rose to US$271 million driven by the addition of Merrill Lynch and a decline in support for certain cash funds. This was partially offset by higher credit costs, lower net interest income partly due to the transfer of certain client balances to the Deposits and the Home Loans and Insurance segments.

Net revenue increased to US$4.1 billion as investment and brokerage service income rose due to the addition of Merrill Lynch and the level of support for certain cash funds declined.

The provision for credit losses increased to US$515 million primarily driven by a single large commercial charge-off and reserve increases in the consumer real estate and commercial portfolios reflecting the weak economy.

    
    - Merrill Lynch Global Wealth Management net income increased 9
      percent to US$310 million from a year earlier as the addition of
      Merrill Lynch was partially offset by higher credit costs. Net revenue
      rose to US$3.0 billion from US$1.0 billion a year ago as investment and
      brokerage income increased mainly from the addition of Merrill Lynch.
    - U.S. Trust, Bank of America Private Wealth Management swung to a net
      loss of US$52 million as net revenue declined and credit costs
      rose mainly due to a single large commercial charge-off. Net revenue
      fell 11 percent driven by lower equity market levels and reduced net
      interest income.
    - Columbia Management's net loss narrowed to US$48 million compared with
      a net loss of US$356 million a year earlier driven by lower support for
      certain cash funds. As a result of actions taken during the quarter,
      Columbia's Prime Funds no longer have exposure to structured investment
      vehicles or other troubled assets and all capital support agreements
      have been terminated.

    All Other
    (Dollars in millions)                 Q3 2009              Q3 2008
    --------------------                  -------              -------
    Total revenue, net of
     interest expense(1)                  $(2,631)             $(2,068)
    Provision for credit
     losses(2)                             (1,222)                (996)
    Noninterest expense                     1,206                  161
    Net income (loss)                      (1,632)                (693)
    Loans and leases(3)                  $147,666             $146,305

     (1)  Fully taxable-equivalent basis
     (2)  Numbers in parentheses represent a provision benefit
     (3)  Balances averaged for period

The net loss in All Other widened to US$1.6 billion. Increased gains on the sale of debt securities and higher equity investment income were offset by mark-to-market adjustments related to certain Merrill Lynch structured notes and other-than-temporary impairment charges related to non-agency collateralized mortgage obligations. Excluding the securitization impact to show Global Card Services on a managed basis, the provision for credit losses increased compared with the same period last year due to higher losses in the residential mortgage portfolio and reserve additions on the Countrywide purchased impaired portfolio. Noninterest expense increased due to merger and restructuring charges related to the Merrill Lynch acquisition and a pretax charge to pay the U.S. government to terminate its asset guarantee term sheet.

All Other consists primarily of equity investments, the residential mortgage portfolio associated with asset and liability management (ALM) activities, the residual impact of the cost allocation process, merger and restructuring charges, intersegment eliminations, fair-value adjustments related to certain Merrill Lynch structured notes and the results of certain consumer finance, investment management and commercial lending businesses that are being liquidated. All Other also includes the offsetting securitization impact to present Global Card Services on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this press release. Effective January 1, 2009, All Other includes the results of First Republic Bank, which was acquired as part of the Merrill Lynch acquisition.

Note: Chief Executive Officer and President Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss third-quarter 2009 results in a conference call at 9:30 a.m. EDT today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial +1-877-200-4456 (U.S.) or +1-785-424-1734 (international) and the conference ID: 79795.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward-Looking Statements

Bank of America and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation reform Act of 1995. These statements are not historical facts, but instead represent Bank of America's current expectations, plans or forecasts of its integration of Merrill Lynch and Countrywide acquisitions and related cost savings, future results and revenues, credit losses, credit reserves and charge-offs, nonperforming asset levels, level of preferred dividends, service charges, the closing of the Columbia Management sale, competitive position, effective tax rate and other similar matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

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