NEWS RELEASE

Exhibit 99.1

January 22, 2002

Investors may contact:
Kevin Stitt, Bank of America, 704.386.5667
Lee McEntire, Bank of America, 704.388.6780

Media may contact:
Eloise Hale, Bank of America, 704.387.0013
eloise.hale@bankofamerica.com


Bank of America reports 51 percent increase in fourth quarter EPS
2001 operating earnings increase to $8.04 billion, or $4.95 per share

CHARLOTTE - Bank of America Corporation today reported fourth quarter earnings
of $2.06 billion, or $1.28 per share (diluted), a 51 percent increase in
earnings per share from $1.39 billion, or $0.85 per share, a year ago. The
return on common equity was 16.7 percent.

For the full year, Bank of America reported operating earnings of $8.04 billion,
or $4.95 per share (diluted), which excludes the charges incurred to exit the
auto leasing and subprime real estate lending businesses. A year earlier, the
company reported operating earnings of $7.86 billion, or $4.72 per share. Net
income for 2001 was $6.79 billion, or $4.18 per share, compared to net income of
$7.52 billion, or $4.52 per share a year ago.

"The revenue and earnings momentum we experienced in the first nine months of
the year continued into the fourth quarter as our work to attract, retain and
deepen customer relationships takes hold," said Kenneth D. Lewis, chairman and
chief executive officer. "Our three major business lines -- Consumer and
Commercial Banking, Asset Management and Global Corporate and Investment Banking
- -- in total increased their revenue by 8 percent last year, which is within our
long-term target range. This was a considerable achievement, considering
economic conditions, and speaks to the power of our franchise, the effectiveness
of our strategy and the ingenuity and enthusiasm of our people. Their
achievement allowed us to overcome significantly higher credit costs plus much
lower equity market-related revenues and still increase operating earnings for
the year.

"In addition to growing earnings, we ended the year with stronger reserves and
capital, positioning us well for continued weak economic conditions," Lewis
continued. "Our strong cash flow coupled with the cost savings generated from
our company-wide quality and productivity initiatives allows us to continue to
make critical investments that we believe will position us for even stronger
earnings growth when the economy recovers."

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Fourth quarter highlights (compared to a year ago)
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o Investment banking income grew 29 percent, led by strong fixed-income
originations as well as increases in equity products and advisory
services.

o Trading account profits and investment and brokerage service fees grew
14 percent and 11 percent, respectively.

o Mortgage banking income grew 15 percent.

o Corporate and consumer service charges grew 9 percent due to higher
business volumes and higher fees paid in a lower rate environment.

o Card fee income rose 6 percent, driven by increased purchase volume.

o Average customer deposits grew 8 percent to $317 billion, promoted by a
pricing strategy adopted by the company to attract new customers and
deepen existing customer relationships. Core deposit levels exceeded
loans, which lowered the company's cost of funding its balance sheet.

o Balance sheet reduction efforts, part of the company's strategy to shed
lower yielding assets, continued to drive down asset levels. Total
period-end assets were $622 billion, down 3 percent from last year.

o The Tier 1 Capital Ratio rose 80 basis points to 8.30 percent, the
highest level in the company's history. This was driven primarily by
the reduction of risk weighted assets.

Revenue
- -------

Revenue grew 10 percent to $8.90 billion from the previous year.

Fully taxable-equivalent net interest income rose 16 percent to $5.50 billion.
The company continued to benefit from falling interest rates and a steepened
yield curve. Benefits also were achieved from trading activities and higher
deposit levels. These factors resulted in a 74 basis-point improvement in the
net interest yield to 3.95 percent.

Noninterest income increased by 2 percent to $3.40 billion, driven by growth in
investment banking income and increases in consumer-based fees, from products
like credit cards and mortgages.

In connection with its interest rate risk management strategy, the company
realized $393 million in securities gains.

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Efficiency
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Noninterest expense increased 15 percent to $5.32 billion from the prior year.
Litigation and severance charges, which together totaled approximately $480
million, were a major factor in the increase. The company expects these charges
to be non-recurring. Excluding these items, expenses were up 4 percent and the
efficiency ratio improved nearly 300 basis points to 54.36 percent from a year
ago.

Credit quality
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Credit quality continued to decline in the wake of the U.S. recession.

o Provision for credit losses exceeded net charge-offs by $207 million in the
fourth quarter, as the company added to the loan loss reserve in light of
economic uncertainty. Provision was $1.4 billion compared to $1.2 billion a
year earlier.

o Net charge-offs were $1.2 billion, or 1.42 percent of loans and leases, up
from $1.1 billion, or 1.07 percent, a year ago. Commercial charge-offs
increased $50 million from a year ago, including those associated with
Enron Corporation which are described below. An increase in consumer
bankcard outstandings and personal bankruptcy filings along with the steep
rise in unemployment contributed to a $69 million increase in consumer
charge-offs from a year earlier.

o The company incurred $231 million in losses associated with its credit
exposure to Enron, including $210 million in loan charge-offs and $21
million in writedowns of securities related to a collateralized-loan
obligation (CLO). Most of the charge-offs involved the company's unsecured
loans. Total remaining credit exposure to Enron at Dec. 31, 2001 was $272
million, comprised of $226 million in nonperforming loans, of which $42
million were unsecured, and $46 million in other exposure, mostly undrawn
letters of credit.

o Nonperforming assets were $4.9 billion, or 1.49 percent of loans, leases
and foreclosed properties at Dec. 31, 2001, down from $5.5 billion, or 1.39
percent, a year earlier. The decrease in nonperforming assets from a year
ago is due to the company's exit from the subprime real estate business and
its aggressive program to shed problem credits.

o At December 31, 2001, the allowance for credit losses totaled $6.9 billion,
equal to 2.09 percent of loans and leases, up from 1.74 percent a year ago.
The allowance for credit losses represented 153 percent of nonperforming
loans, up from 131 percent a year ago.

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Capital management
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Total shareholders' equity was $48.5 billion at December 31, 2001. That was up 2
percent from 12 months earlier and represented 7.80 percent of period-end assets
of $622 billion. The Tier 1 Capital Ratio rose 80 basis points from December 31,
2000 to 8.30 percent.

During the quarter, Bank of America repurchased 28 million shares. For the year,
82 million shares were repurchased, representing an investment in Bank of
America stock of $4.7 billion. In the fourth quarter, the company's Board of
Directors authorized a new buyback program for up to 130 million shares to be
repurchased over an 18-to-24 month timeframe.

Average (diluted) common shares outstanding were 1.60 billion in the fourth
quarter, down 2 percent from 1.64 billion a year earlier.

Income taxes
- ------------

During the year, the company realigned operations that manage distressed assets
to make them more effective. The establishment of this new unit and the disposal
of distressed assets generated a $418 million tax benefit which resulted in a 17
percent tax rate for the company.

2001 full year summary:
- -----------------------

Lewis commented that 2001 marked a turning point for the company. He said, "We
realigned our business units to focus on our customers, replacing our old
product and geography-based management structure. Our intense customer focus
began to pay off during the year, reflected by the solid performance of our core
customer businesses. We remain completely committed to the execution of this
strategy in 2002."

Revenue

Revenue increased 5 percent to $35.0 billion.

Net interest income rose 11 percent to $20.6 billion. The company benefited from
falling interest rates and a steepened yield curve during 2001, allowing it to
shed lower yielding assets. Benefits from trading related activities and higher
deposit and equity levels contributed to a 48 basis-point improvement in the net
interest yield to 3.68 percent.

Noninterest income declined by 2 percent to $14.3 billion. Solid growth of 9
percent in consumer-based fee income, from products like credit cards and
mortgages, was unable to offset a sharp decline in Equity Investments revenue
due to the economic downturn.


Efficiency

Noninterest expense increased 7 percent to $19.4 billion over the prior year,
excluding the cost of exiting the subprime real estate and auto leasing
businesses.

Growth in expenses during 2001 was driven primarily by charges for litigation
and severance in the fourth quarter. Other drivers of expenses were increases in
marketing related to the company's advertising campaign, higher incentive
payments and professional fees.

Credit quality

Provision expense rose 69 percent to $4.3 billion. Provision included $395
million related to the exit of the subprime lending business.

Net charge-offs totaled $4.2 billion, or 1.16 percent of loans and leases,
compared to $2.4 billion, or 0.61 percent of loans and leases, in 2000. The
progressive decline in the economy primarily accounted for the significant rise
in charge-offs compared to the prior year. 2001 net charge-offs included $635
million related to the exit of the subprime lending business.

Excluding charge-offs related to the exit of the subprime lending business,
commercial charge-offs comprised the majority of the increase in 2001 loan
losses. These were primarily concentrated in the domestic portfolio.

Consumer and Commercial Banking
- -------------------------------

Consumer and Commercial Banking (CCB) earned $4.84 billion in 2001, up 6 percent
from a year ago, despite higher credit costs. Total revenues grew 7 percent
while expenses increased 3 percent. Return on equity was 25.1 percent and
Shareholder Value Added (SVA) grew $335 million to $3.17 billion.

For the full year, net interest income increased 6 percent to $13.36 billion,
driven by both loan and deposit growth. Managed loans grew 6 percent, led by
consumer loan growth of 15 percent, primarily in residential first mortgage,
home equity and bankcard.

Average customer deposits grew 4 percent, as the company's pricing strategy
began to attract more customer assets. Consumer deposit growth continued to be
led by higher balances in money market savings accounts. This growth was
partially offset by declining balances in CDs and savings accounts.

Noninterest income was up 9 percent, driven by consumer service charges, card
fee income and mortgage banking results. Core products like mortgages and cards
helped the company deepen both new and existing customer relationships.


Global Corporate and Investment Banking
- ---------------------------------------

Global Corporate and Investment Banking (GCIB) earned $1.88 billion, 7 percent
more than last year despite a $524 million increase in provision expense.
Revenue increased 13 percent to $9.23 billion. Expenses rose 7 percent primarily
due to higher market related incentives. Return on equity was 16.4 percent and
SVA grew $308 million to $644 million.

Net interest income was up 23 percent to $4.59 billion from a year ago,
primarily driven by trading related activities. Total trading-related revenue in
GCIB, which includes trading-related net interest income and trading fees, was
$3.38 billion, up 22 percent from gains in fixed-income and interest rate
contract trading. Investment and brokerage fees were up 36 percent, as a result
of higher equity and stock commissions from increased customer flow.

Investment banking income increased 4 percent to $1.58 billion from last year.
The demand for fixed-income originations offset the weaker demand for equity
products. In deepening relationships with key corporate clients and increasing
its investment-banking business, Banc of America Securities improved its market
share of lead-managed underwriting mandates in 2001 in every major category of
capital-raising transaction: common stock, high-grade debt, high-yield debt, and
asset-backed and mortgage-backed securitizations.

Asset Management
- ----------------

Asset Management earnings were $521 million, 12 percent below last year's
results due to higher credit costs and expenses as the company continued to make
critical investments in this growth business. Revenue of $2.47 billion remained
essentially unchanged while return on equity was 23.6 percent. SVA decreased
$109 million to $312 million.

Assets under management grew 13 percent, or $36 billion to $314 billion, despite
the impact of lower stock valuations. This increase was driven by the growth in
the Nations Funds family of mutual funds and the addition of Marsico Funds.

Equity Investments
- ------------------

Equity Investments reported a loss of $94 million, compared to earnings of $461
million a year ago. The loss was due to portfolio impairments in Principal
Investing of $335 million, of which $245 million occurred in the fourth quarter,
and lower cash gains.

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One of the world's leading financial services companies, Bank of America is
committed to making banking work for customers like it never has before. Through
innovative technologies and the ingenuity of its people, Bank of America
provides individuals, small businesses and commercial, corporate and
institutional clients across the United States and around the world new and
better ways to manage their financial lives.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and
London stock exchanges. The company's Web site is www.bankofamerica.com. News,
speeches and other corporate information can be found at
www.bankofamerica.com/newsroom.
- ------------------------------

Additional financial tables are available at www.bankofamerica.com/investor.

NOTE: James H. Hance Jr., vice chairman and chief financial officer, will
discuss fourth quarter and full year results in a conference call at 9:30 a.m.
(Eastern Time) today. The call can be accessed via a Webcast available on the
Bank of America Web site at http://www.bankofamerica.com/investor.

Forward Looking Statements
- --------------------------

This press release contains forward-looking statements, including without
limitation, the Corporation's financial conditions, results of operations and
earnings outlook. These forward-looking statements involve certain risks and
uncertainties. Actual conditions, results and earnings may differ materially
from those contemplated by such forward-looking statements. Factors that could
cause this difference include, among others, the following: 1) projected
business increases following process changes and other investments are lower
than expected; 2) competitive pressure among financial services companies
increases significantly; 3) costs or difficulties related to the integration of
acquisitions are greater than expected; 4) general economic conditions,
internationally, nationally or in the states in which the company does business,
including the impact of the events of September 11, 2001 and the energy crisis,
are less favorable than expected; 5) changes in the interest rate environment
reduce interest margins and affect funding sources; 6) changes in market rates
and prices may adversely affect the value of financial products; 7) legislation
or regulatory requirements or changes may adversely affect the businesses in
which the company is engaged; 8) litigation liabilities, including without
limitation, costs, expenses, settlements and judgements, that may adversely
affect the Corporation or its businesses; and 9) decisions to downsize, sell or
close units or otherwise change the business mix of the company. For further
information, please refer to the Bank of America reports filed with the SEC.