PRESS RELEASE

EXHIBIT No. 99.1

October 15, 2001

Investors may contact:
Susan Carr, Bank of America, 704.386.8059
Kevin Stitt, Bank of America, 704.386.5667
Media may contact:
Eloise Hale, Bank of America, 704.387.0013
eloise.hale@bankofamerica.com

Bank of America reports operating earnings of $2.09 billion, or $1.28 per share,
in the third quarter


CHARLOTTE - Bank of America Corporation today reported third quarter operating
earnings of $2.09 billion, or $1.28 per share (diluted), compared to $2.18
billion, or $1.31 per share, a year ago. Operating earnings increased 3 percent
from the second quarter of 2001. The return on common equity was 16.9 percent.

Operating earnings excluded the previously announced $1.25 billion in after-tax
costs to exit the auto leasing and subprime real estate lending businesses.
Including exit charges, net income for the third quarter was $841 million, or
$0.51 per share.

For the first nine months of 2001, operating earnings were $5.98 billion, or
$3.66 per share (diluted). This compared to operating earnings of $6.48 billion,
or $3.87 per share, reported during the same period in 2000.

"The strength and diversity of our business has enabled us to produce solid
bottom line results even in the face of a rapidly declining economy," said
Kenneth D. Lewis, chairman and chief executive officer. "Like many other
companies who were affected by the tragic events of September 11, we focused on
doing the right thing for our customers and associates. While we cannot predict
the financial impact of these events on our company, we remain optimistic about
the future and that our efforts to build our core businesses will create
significant increases in shareholder value over time.

"We continue to successfully execute our customer-focused strategy to attract
new customers, and deepen existing customer relationships," continued Lewis. "We
are implementing process improvements and reengineering businesses to make our
customers' experience with us even better, while at the same time reducing
costs. In addition, we are changing measurements and incentives for associates
that reward them for building better customer relationships, not just selling
products. And we are implementing new tools and technology that help associates
manage customer information better to ensure that we continually increase
relationship value for our customers."

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Third Quarter Operating Earnings Highlights (compared to a year ago)
--------------------------------------------------------------------

. The company achieved solid results despite a $421 million increase in
provision expense.

. Net interest income increased 14 percent. The net interest yield
increased 68 basis points to 3.78 percent.

. Consumer-based fee income continued its momentum with growth of 5
percent led by services charges and card fee income due to higher
business volumes and increased customer activity.

. Trading account profits and investment and brokerage service fees
showed strong results, up 8 percent and 12 percent, respectively.

. Average customer deposits grew 5 percent to $307 billion, driven by a
22 percent balance increase in money-market savings.

Revenue
-------

Revenue grew 5 percent to $8.72 billion in the third quarter from the previous
year, driven by a significant increase in net interest income.

Fully taxable-equivalent net interest income rose 14 percent to $5.29 billion.
The company continued to benefit from falling interest rates and a steepened
yield curve, which again allowed it to shed lower yielding assets. Benefits also
were achieved from trading activities and higher deposit and equity levels.
These factors resulted in a 68 basis point improvement in the net yield to 3.78
percent.

Noninterest income declined 7 percent to $3.43 billion. While the company
experienced growth in card fee income and service charges, this growth was more
than offset by lower market-related revenue across business lines. In
particular, equity investment gains were down $400 million from a year ago.

In connection with the repositioning of the investment portfolio, the company
realized $97 million in securities gains.

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Efficiency
----------

Noninterest expense increased 4 percent from the prior year. Primary drivers of
expenses were increases in marketing related to the company's national
brand-building campaign, costs associated with various international activities
and increases in professional fees. Direct losses associated with the events of
September 11, such as property losses and costs to re-establish business
operations, are expected to be substantially covered by insurance. The
efficiency ratio was 52.82 percent on an operating basis, an improvement of 19
basis points over a year ago.


Costs Associated With the Exit of Consumer Finance Businesses
-------------------------------------------------------------

In August, the company announced that it was exiting both its auto leasing and
subprime real estate lending businesses, because these businesses did not fit
its strategic and profitability objectives. To cover the cost of exiting these
businesses, the company incurred $1.7 billion in pre-tax ($1.25 billion
after-tax) related charges during the third quarter. The components included:

. Noninterest expense charges of $1.31 billion, representing goodwill
write-offs, adjustments to auto lease residual and subprime real
estate servicing asset values and miscellaneous expenses.

. A one-time provision expense of $395 million, which combined with existing
reserves of $240 million, was used to write the loan portfolio down to
estimated market value. As a result, charge-offs of $635 million were
recorded. In addition, $21 billion in loans, including $1.2 billion in
nonperforming loans, were transferred to assets held for sale as part of
the exit initiative, significantly reducing the company's loan portfolio.

Credit Quality
--------------

In line with the company's expectations, credit quality declined as the economy
continued to slow.

. Net charge-offs were $1.5 billion, or 1.65 percent of loans and
leases, up from $435 million, or 0.43 percent, a year ago. The third
quarter included $635 million in charge-offs resulting from the exit
of the subprime business and $135 million from the sale of problem
commercial and consumer loans.

Excluding exit-related charge-offs, net charge-offs were $856 million, or
0.95 percent of loans and leases. Commercial charge-offs increased $267
million from a year ago, with growth largely concentrated in the commercial
domestic portfolio. Excluding exit-related charge-offs, consumer
charge-offs rose $154 million from a year earlier primarily due to an
increase in consumer bankcard outstandings and personal bankruptcy filings.
On a managed basis, consumer bankcard charge-offs remained consistent with
second quarter levels.


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. The provision for credit losses in the third quarter was $1.3 billion
compared to $435 million a year earlier. The provision for credit losses
was equal to net charge-offs, excluding the $240 million allowance
reduction associated with exiting the subprime lending business. Excluding
the exit charge, provision was $856 million.

. Nonperforming assets were $4.5 billion, or 1.33 percent of loans, leases
and foreclosed properties at September 30, 2001, compared to $4.4 billion,
or 1.09 percent, a year earlier. An increase in nonperforming assets in the
domestic commercial loan portfolio was offset by the transfer of $1.2
billion of nonperforming loans to assets held for sale as part of the exit
of the subprime real estate business. As a result of the loan transfer and
the sale of nonperforming loans during the third quarter, nonperforming
assets declined 27 percent, or $1.7 billion, from the second quarter.

. At September 30, 2001, the allowance for credit losses totaled $6.7
billion, or 1.97 percent of loans and leases, up from 1.67 percent a
year ago. The allowance for credit losses represented 162 percent of
nonperforming loans, up from 118 percent at June 30, 2001.

Capital Management
------------------

Total shareholders' equity was $50.2 billion at September 30, 2001, up 7 percent
from 12 months earlier and representing 7.83 percent of period-end assets of
$640 billion. The Tier 1 Capital Ratio rose 63 basis points from September 30,
2000 to 7.95 percent.

During the quarter, Bank of America repurchased 24 million shares, as the
company intensified its repurchase program following the events of September 11.
Since June 1999, 199 million shares have been repurchased, representing an
investment in Bank of America stock of $11.1 billion. As of September 30, 2001,
the remaining buyback authority for common stock under the currently authorized
program totaled 31 million shares. Average (diluted) common shares outstanding
were 1.63 billion in the third quarter, down 2 percent from 1.66 billion a year
earlier.

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

Consumer and Commercial Banking (CCB) earned $1.25 billion, essentially
unchanged from a year ago, despite a $222 million increase in provision expense.
Total revenues grew 6 percent while expenses increased 3 percent from a year
ago. Return on equity was 25.7 percent and Shareholder Value Added (SVA)
remained steady at $828 million.


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Net interest income increased 7 percent over a year ago, as loan and deposit
growth was partially offset by the additional cost of the money market savings
pricing initiative. Managed loans grew 5 percent, led by consumer loan growth of
16 percent, primarily in residential first mortgage, bankcard and home equity.

Average customer deposits grew 4 percent, led by a 22 percent increase in money
market savings account balances. This growth was partially offset by declining
balances in time and savings accounts.

Noninterest income was up 4 percent compared to a year ago.

. Service charges grew 7 percent, reflecting higher business volumes.

. Card fee income grew 4 percent, reflecting increased purchase volumes in
credit and debit cards as well as new account growth.

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

Global Corporate and Investment Banking (GCIB) earned $476 million, 8 percent
below last year's results. Revenue increased 12 percent to $2.21 billion, offset
by a $167 million increase in credit costs and higher expenses. Return on equity
was 16.6 percent for the quarter. SVA increased $18 million to $169 million.

Net interest income was up 27 percent from a year ago, primarily driven by
increased trading activity. Total trading-related revenue in GCIB was $795
million, up 34 percent, as the company adjusted for the rate environment during
the quarter, particularly in interest rate and fixed-income products. Investment
and brokerage fees were up 44 percent, as a result of higher equity and stock
commissions from increased customer flow.

Investment banking income decreased 19 percent to $305 million from last year.
While fixed-income originations were strong compared to a year ago, the demand
for synidications, equity products, and merger and acquisition services was
weak.

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

Asset Management earnings were down 5 percent to $148 million from a year ago.
Revenue remained essentially unchanged, reduced by increased credit costs and
increased expenses as the company continued investment in this business. Return
on equity was 26.8 percent and SVA decreased $17 million to $96 million.

Assets under management grew 2 percent, or $5 billion, over last year to $280
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, which the company acquired in the first quarter.


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

Equity Investments reported a loss of $58 million, compared to earnings of $197
million a year earlier. Equity investment gains were $7 million, all in
Principal Investing.

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 third quarter 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 with respect to the
financial conditions and results of operations of Bank of America, including,
without limitation, statements relating to the earnings outlook of the company.
These forward-looking statements involve certain risks and uncertainties.
Factors that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among others, the
following possibilities: 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 adversely affect the businesses in which the company is engaged; and 8)
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.


Bank of America