Bank of America Earns US$3.2 Billion in Second Quarter (4)

    
    - Fixed Income, Currency and Commodities revenue of $3.2 billion was
      driven by a more than fourfold increase in sales and trading revenue
      and by investment banking revenue that nearly doubled. Sales and
      trading was positively impacted by the addition of Merrill Lynch and an
      increase in liquidity in certain credit markets. Investment banking
      fees were positively impacted from the combination of the legacy
      Merrill Lynch and Bank of America debt issuance capabilities and the
      opening up of credit issuance markets.
    - Equities revenue of $1.3 billion was driven by the addition of Merrill
      Lynch and the ability to take advantage of the increase in equity flows
      during the quarter, which resulted in higher commission revenue and a
      fivefold increase in equity issuance revenue, partially offset by lower
      market volatility.

    Global Wealth and Investment Management
    (Dollars in millions)                       Q2 2009              Q2 2008
    --------------------                        -------              -------
    Total revenue, net of
     interest expense(1)                         $4,196               $2,295
    Provision for credit losses                     238                  119
    Noninterest expense                           3,304                1,244
    Net income                                      441                  581
    Efficiency ratio(1)                           78.74%               54.21%
    Return on average equity                       9.45                19.84
    Loans(2)                                   $101,748              $87,574
    Deposits(2)                                 214,111              157,113

     (in billions)                            At 6/30/09           At 6/30/08
    ------------                             ----------           ----------
    Assets under management                      $705.2               $589.4
    Total client assets(3)                     $1,824.3               $867.4
     (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 fell 24 percent due to lower residual net interest income, lower equity market levels, higher credit costs and the transfer of certain client balances to the Deposits and the Home Loans and Insurance segments, partially offset by the addition of Merrill Lynch.

Net revenue increased to $4.2 billion as investment and brokerage service income rose and net interest income increased 12 percent due to the addition of Merrill Lynch.

    
    - Merrill Lynch Global Wealth Management net income declined 15 percent
      to $283 million from a year earlier as the addition of Merrill Lynch
      was more than offset by the impact of the significant transfer of
      client balances during the quarter to the Deposits and the Home Loans
      and Insurance segments and lower net interest income. Net revenue
      increased to $3.0 billion from $1.1 billion a year ago as investment
      and brokerage income rose mainly from the addition of Merrill Lynch.
    - U.S. Trust, Bank of America Private Wealth Management net income fell
      65 percent to $67 million as net revenue declined and credit costs
      rose. Net revenue fell 13 percent to $674 million driven by reduced
      residual net interest income and the effect of lower equity market
      levels.
    - Columbia Management net income nearly doubled to $72 million from a
      year earlier on lower support for certain cash funds and reduced
      expenses. The increase was partially offset by lower investment and
      brokerage revenue which was mainly impacted by lower equity market
      levels.
    All Other (1),(2)
    (Dollars in millions)                       Q2 2009              Q2 2008
    --------------------                        -------              -------
    Total revenue, net of
     interest expense(3)                           $487                $(563)
    Provision for credit losses                      (9)              (1,033)
    Noninterest expense                           1,471                  286
    Net income                                      757                  226
    Loans and leases(4)                        $159,142             $117,504
     (1) 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.  
     (2) Effective January 1, 2009, All Other includes the results of First
         Republic Bank, which was acquired as part of the Merrill Lynch
         acquisition.  
     (3) Fully taxable-equivalent basis
     (4) Balances averaged for period

All Other net income increased to $757 million. Higher equity investment income related to the gain on the sale of CCB shares and increased gains on the sale of debt securities were partially offset by fair value adjustments related to certain Merrill Lynch structured notes and other-than-temporary-impairment charges related to non-agency collateralized mortgage obligations. The provision for credit losses rose primarily due to continued deterioration in the residential mortgage portfolio. Noninterest expense increased mostly on merger and restructuring charges related to the Merrill Lynch acquisition.

Note: Chief Executive Officer and President Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss second 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 +1-785-424-1732 (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 more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 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 future earnings, integration of acquisitions and related cost savings, mortgage originations and market share, credit losses, credit reserves and charge-offs, consumer credit card net loss ratios, mortgage delinquencies, core net interest income margin 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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