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Question 3.14: The following is an excerpt from the 2009 Annual Report of B...

The following is an excerpt from the 2009 Annual Report of Bank of America (p. 24):
Through our banking and various nonbanking subsidiaries throughout the United States and in selected international markets, we provide a diversified range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets and Global Wealth & Investment Management.

a. What is meant by “Global Banking”?
b. What is meant by “Global Wealth & Investment Management”?

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a. Global banking is the area of finance that involves financing of entities, restructuring, and mergers and acquisitions. This is an area in which commercial banks and investment banks compete.
b. Global wealth and investment management involves investment policies, investment strategies, selection of investments, and evaluating investments’ performance.

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