PRESS RELEASE TEXT DATED JANUARY 19, 1999

EXHIBIT 99.1
FOR IMMEDIATE RELEASE
January 19, 1999


Contact: Investors Susan Carr (704-386-8059) or Kevin Stitt (704-386-5667)
Media Bob Stickler (704-386-8465)



BANKAMERICA REPORTS FOURTH QUARTER OPERATING EARNINGS OF $1.6 BILLION;
EARNS $6.5 BILLION FOR 1998

CHARLOTTE, NC, January 19, 1999 - BankAmerica Corporation today reported
operating earnings of $1.60 billion, or $.92 ($.91 diluted) per share, for the
fourth quarter of 1998. That compared to $1.68 billion, or $.96 ($.94 diluted)
per share, a year earlier. Historical results reflect both the former
BankAmerica and NationsBank corporations, which merged on September 30, 1998.

The company recorded a $441 million after-tax charge to cover costs associated
with the merger of NationsBank and BankAmerica. As a result, net income for the
fourth quarter of 1998 was $1.16 billion, or $.67 ($.66 diluted) per share,
compared to $1.46 billion, or $.84 ($.81 diluted) per share, a year earlier,
when the company took an after-tax charge related to its merger with Barnett
Banks of $220 million.

"We enter 1999 with renewed momentum, having rebounded from the third quarter,"
said Hugh L. McColl, Jr., BankAmerica chairman and chief executive officer. "The
major components of our business are reporting solid results. Our challenge now
is to unlock the huge potential of the unmatched growth franchise we have
built."


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For all of 1998, BankAmerica's operating earnings totaled $6.49 billion, or
$3.73 per share ($3.64 diluted), compared to $6.81 billion, or $3.86 per share
($3.76 diluted), in 1997. Net income in 1998 was $5.17 billion, or $2.97 per
share ($2.90 diluted), compared to $6.54 billion, or $3.71 per share ($3.61
diluted) a year earlier.

Fourth Quarter Earnings (compared to a year ago)
- -----------------------------------------------
While the company benefited from strong performance in its core consumer and
commercial banking franchise, reduced revenues primarily from investment
banking, trading and other market-related sources caused income to fall below
the level of a year earlier. Operating earnings represented a 14.12 percent
return on equity.

Net Interest Income
- -------------------
Taxable-equivalent net interest income increased 1 percent from a year earlier
to $4.65 billion, as loan and deposit growth offset the impact of asset
securitizations and loan sales and continued pressure on the company's margin.
Average managed loans grew 11 percent to $382 billion, reflecting increases in
both consumer and commercial loans. The net yield on earning assets declined by
27 basis points to 3.58 percent due to a higher level of investment securities
and lower loan and deposit spreads.

Noninterest Income
- ------------------
Noninterest income declined 18 percent to $2.66 billion, as turbulence in the
financial markets affected the company's capital markets businesses. The primary
factors were a $286 million reduction in investment banking fees and a $255
million decline in other income from a year earlier. Credit card and brokerage
registered healthy gains.

At the same time, strong investor demand for U.S. Treasury securities led to a
significant increase in the value of the company's securities portfolio. The
company recorded realized securities gains of $404 million in the fourth
quarter, up from $111 million a year earlier.


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D.E. Shaw
- ---------
The company significantly reduced its exposure to D.E. Shaw, a New York trading
and investment company, during the fourth quarter and sharply reduced its losses
derived from that relationship below third quarter levels.

The company acquired a $20 billion fixed-income portfolio and related hedge
positions from Shaw, effective October 7, 1998. More than $13 billion of that
portfolio was liquidated. Another $6 billion was absorbed into the company's
trading portfolio because the securities were attractive and met the company's
portfolio strategies and risk parameters. The company now considers those
positions as part of its operations and does not anticipate reporting on them
separately in the future. Trading losses incurred from the fixed-income
portfolio and related hedge positions acquired from Shaw totaled $43 million
during the fourth quarter.

As previously reported, the company is carrying the original loan to Shaw as an
investment on its books and marking it to market value each quarter. During the
fourth quarter, the company marked down the investment by $158 million, mainly
as a result of trading losses early in the quarter and, to a lesser extent,
expenses connected with the restructuring of the strategic alliance. In
addition, Shaw made a regularly scheduled $100 million repayment. As a result of
the revaluation and repayment, the investment was valued at $770 million on
December 31, 1998, down from approximately $1 billion on September 30.

The $43 million in trading losses and $158 million markdown in the company's
investment meant the total impact on the company from the Shaw relationship in
the fourth quarter was a pre-tax loss of $201 million, equal to $.07 per diluted
share.

Efficiency
- ----------
Noninterest expense decreased 1 percent to $4.69 billion, reflecting cost
reductions resulting from recent mergers somewhat offset by continued spending
on transition projects associated with the merger of NationsBank and
BankAmerica. Personnel expenses dropped by more than 2 percent, and other
operating expenses were generally flat.

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Credit Quality
- --------------
Nonperforming assets were $2.76 billion, or .77 percent of net loans, leases and
foreclosed properties on December 31, 1998, up from $2.42 billion, or .71
percent a year earlier. The allowance for credit losses totaled $7.12 billion on
December 31, 1998, equal to 287 percent of nonperforming loans and 1.99 percent
of net loans and leases. The allowance was $6.78 billion, or 1.98 percent of net
loans and leases, a year earlier.

The provision for credit losses in the fourth quarter was $510 million, up from
$498 million a year earlier. Net charge-offs rose to $544 million, equal to an
annualized .60 percent of average net loans and leases, from $491 million, or
.58 percent, a year earlier.

Full-Year Earnings
- ------------------

Results for the year also reflected solid gains in the company's core consumer
and commercial banking businesses offset by the impact of volatile financial
markets on the corporate banking and capital markets businesses as well as
higher credit costs.

Taxable-equivalent net interest income declined less than 1 percent to $18.46
billion, as an 8 percent increase in average managed loans was offset by a 31
basis point reduction in the company's net yield on earning assets.

Noninterest income rose 4 percent to $12.19 billion. Investment banking, which
included results from investment banking units acquired late in 1997, credit
card and brokerage registered significant year-over-year gains which were
somewhat offset by lower trading results.

Noninterest expense increased 6 percent, reflecting the addition of NationsBanc
Montgomery Securities which was acquired on October 1, 1997 and Robertson
Stephens, acquired in the fourth quarter of 1997, and spending on transition
projects.

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The provision for credit losses was $2.92 billion, up from $1.90 billion a year
earlier. Net charge-offs rose to $2.47 billion, equal to an annualized .71
percent of average net loans and leases, from $1.85 billion, or .54 percent, a
year earlier.

Capital Strength
- ----------------
Total shareholders' equity was $45.9 billion at December 31, 1998. This
represented 7.44 percent of period-end assets, compared to 7.81 percent on
December 31, 1997. Book value per common share rose 4 percent to $26.60 at
December 31, 1998, from a year earlier.

BankAmerica Corporation, with $618 billion in total assets, is the largest bank
in the United States. It has full-service operations in 22 states and the
District of Columbia and provides financial products and services to 30 million
households and 2 million businesses, as well as providing international
corporate financial services for business transactions in 190 countries.
BankAmerica Corporation stock (ticker: BAC) is listed on the New York, Pacific
and London stock exchanges and certain shares are listed on the Tokyo Stock
Exchange.


www.nationsbank.com
www.bankamerica.com





BANKAMERICA CORPORATION