CEO Addresses Shareholders at Annual Meeting in Chicago: BankAmerica Corporation Positions Itself For Change In A "Revolutionary" Financial Services Environment.CHICAGO--(BUSINESS WIRE)--May 25, 1995--Revolutionary changes in technology, capital markets, and the regulatory environment are redefining the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry and BankAmerica Corporation has developed strategies designed to manage successfully through the change, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Richard M. Rosenberg, chairman and chief executive officer. In a speech delivered at BankAmerica's Annual Meeting of shareholders here today, Rosenberg said his company aspires to be "the nation's premier financial services company for those markets we choose to serve and ... the most efficient international institution for delivering high quality financial products and services to clients around the world." Rosenberg said the bank hopes to achieve those goals by focusing on building relationships with customers, developing its core capabilities, and investing its capital "only in those businesses where we believe we can create value" for shareholders. "Our goal is to become more flexible, more cost competitive, and more disciplined in everything from balance sheet management to pricing, in order to compete profitably in this new, revolutionary world of banking," Rosenberg said. According to Rosenberg, "favorable positioning Noun 1. favorable position - the quality of being at a competitive advantage favourable position, superiority advantage, vantage - the quality of having a superior or more favorable position; "the experience gave him the advantage over me" in (BankAmerica's) markets, sound strategic direction, and the solid efforts of nearly 100,000 employees worldwide" enabled the corporation to achieve its primary financial goal for 1994 of increasing earnings per common share. Per-share earnings grew in every quarter of 1994, for a total increase of 12 percent for the year, Rosenberg said. In addition, the corporation increased its return on average common equity 32 basis points in 1994 and an additional 62 basis points in the first quarter of 1995. Rosenberg cited further increases in both earnings per share and return on equity as BankAmerica's chief objective for 1995. Consumer banking operations in California and Washington, wholesale operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad, and middle-market business in California, Washington and Illinois were the top contributors to earnings in 1994, according to Rosenberg. "The staff of the former Continental Bank played an important part in the success of these wholesale and middle market businesses," he added. CONTACT: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Lisa Hewitt, 312/923-5166 (Chicago) Russ Yarrow yarrow, a plant of the genus Achillea, perennial herbs of the family Asteraceae (aster family), native to north temperate regions. Several species are cultivated as ornamentals for their flat-topped clusters of flowers and scented foliage. , 415/953-1411 (San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ) |
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