Exhibit
99.1
December 16, 2009
Investors May Contact:
Kevin Stitt, Bank of America, 1.704.386.5667
Lee McEntire, Bank of America, 1.704.388.6780
Reporters May Contact:
Robert Stickler, Bank of America 1.704.386.8465
robert.stickler@bankofamerica.com
Bank of America Board of Directors Elects Brian Moynihan CEO
Moynihan to Assume New Office Effective January 1, 2010
CHARLOTTE — The Bank of America Board of Directors today elected Brian T. Moynihan as chief
executive officer and president of the company. He will assume the office and join the Board of
Directors following the retirement of Kenneth D. Lewis on December 31, 2009.
Moynihan, 50, has held senior leadership positions at Bank of America representing experience
across virtually all business lines. He currently is president of Consumer and Small Business
Banking, which has relationships with about 53 million households and small businesses across the
United States.
“Brian’s wide range of experience, his relationships inside and outside of the company, and his
demonstrated ability to understand business dynamics and effect constructive change made him the
best person for the position,” said Dr. Walter E. Massey, chairman of Bank of America, who led a
search that considered both internal and external candidates.
“Brian has been the top executive leading wealth management, corporate and investment banking and
consumer banking. His work with international clients in our capital markets businesses has given
him broad knowledge of and perspective on global financial services markets. He has excelled in
every role, earning the loyalty and respect of customers and associates alike. In short, Brian
brings the right combination of knowledge, experience and leadership to achieve all of our
company’s goals for the future.
“While we considered external candidates,” Massey continued, “the Board decided after listening to
shareholders, regulators and others that Brian’s experience was commensurate with or better than
any of those candidates, and he offered the advantage of a smooth transition. Bank of America has a
talented team, and one of our principal jobs as directors is to support that team as it goes about
creating value for all of our constituencies.”
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Moynihan, who was named to his current role earlier this year, joined FleetBoston Financial (a
predecessor to Bank of America) in 1993. He subsequently rose to senior positions at that company.
Fleet was acquired by Bank of America in 2004.
“I am honored to have the opportunity to lead this important company,” said Moynihan. “We have
everything we need at Bank of America to be the best financial services company in the world. We
have leading positions in every important sector and market. We have capabilities that I believe
match or exceed all our competitors. We have the right values and culture, and we have an
unbelievably dedicated management team and associate base.
“What we need to do now is very simple,” Moynihan continued. “We need to execute. This company has
a long tradition of operational excellence and strong execution. My goal is to refocus our efforts
and attention on those core capabilities that will make us the best financial services firm in the
world.
“Clearly, customers and clients have benefited from the franchise Ken Lewis, Hugh McColl and others
have built over the decades. Our business model has also worked for shareholders. Before the
crisis, we were the most efficient banking company with our business mix in the country, and we
will see that as a target going forward. I believe we have the scale, capital, liquidity and
diversity of income that all support safety and soundness.
“But as the world has changed, we must continue to be flexible and build on our strong tradition,
and change to meet our customers’ needs,” Moynihan said. “We think of this not as changing the
business model, but changing the way we do business. We are committed to fairness and transparency
as we seek to provide the best financial products and services in the world.”
Since taking over Consumer and Small Business Banking last August, Moynihan has spearheaded the
introduction of a new Basic Credit Card, the freezing of credit card rates and the amending of
overdraft policies to benefit customers.
Moynihan will succeed Lewis, who has served as Bank of America’s chief executive officer since
2001. Lewis recently announced that he will retire from the company after a 40-year career on
December 31, 2009.
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“I have worked closely with Brian Moynihan for six years, and I believe he is the right person to
lead our company forward,” Lewis said. “He is a decisive leader and an exacting manager. He
understands the U.S. and global financial services markets, and is extremely adept at the art of
managing risk and reward. He knows this company and its capabilities as well as, if not better
than, anyone. Most importantly, he cares deeply about our customers, our shareholders, our
associates and the communities we serve. I applaud the Board’s choice — Brian is the perfect
leader to bring our many market-leading businesses together, to build on our long-standing culture
of operational excellence, and to make sure our focus stays 100 percent on our customers and
clients as we move ahead.”
About Brian Moynihan
Brian Moynihan joined FleetBoston Financial in April 1993. He was promoted to lead Corporate
Strategy and Development and then went on to lead Global Wealth and Investment Management at the
company. Following Bank of America’s 2004 merger with
FleetBoston Financial, he joined Bank of America as president
of Global Wealth and Investment Management, overseeing the delivery
of industry-leading financial services to individual and institutional investors, commercial
businesses and large corporations, financial institutions and government entities across the United
States and in more than 150 countries.
From 2007
to 2009, Moynihan served as president of Global Corporate and Investment Banking, leading a business
delivering a wide range of financial services products and services to more than 140,000 clients
around the world, ranging from small, high-growth and middle-market companies to large
multinational corporations, government entities, financial sponsors and institutional investors.
Moynihan is a member of the bank’s executive management team, and chairs Bank of America’s Global
Diversity and Inclusion Council.
Moynihan is a graduate of Brown University and the University of Notre Dame Law School. He serves
on the boards of directors of YouthBuild Boston and the Boys and Girls Clubs of Boston. He is a
former chairman of the Travelers Aid Society of Rhode Island and Providence Haitian Project, Inc.
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About Kenneth D. Lewis
Lewis was named chief executive officer in 2001, succeeding Hugh L. McColl, Jr., who served as CEO
from 1983 to 2001. Lewis joined North Carolina National Bank (NCNB, predecessor to NationsBank and
Bank of America) in 1969 as a credit analyst in Charlotte. After serving in a variety of leadership
roles across the company, he was named chief executive officer and president of Bank of America in
April of 2001.
Lewis was born in 1947 in Meridian, Mississippi. He earned a bachelor’s degree in finance from
Georgia State University, and is a graduate of the Executive Program at Stanford University.
Lewis is the only two-time winner of American Banker newspaper’s “Banker of the Year” award (2002,
2008). He was named in 2007 as one of the 100 most influential people in the world by Time
magazine.
During Lewis’ tenure, Bank of America attracted millions of new customers and expanded existing
relationships through the creation of new financial products, services, delivery channels and
technologies, and by improving customer satisfaction significantly across every major line of
business. Through selective acquisitions, Lewis garnered market-leading positions and opportunities
for future growth for the bank in important markets and sectors of the financial services industry,
including the Northeast and Midwest U.S. banking markets, private banking, card services, home
lending, wealth management and investment banking.
Under Lewis’ leadership, Bank of America announced new 10-year, nationwide goals for community
development lending and investing ($1.5 trillion) and philanthropic giving ($2 billion), and a $20
billion Environmental Initiative aimed at investing in the companies and technologies that are
helping to create environmental and economic sustainability around the world.
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.
www.bankofamerica.com
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