Businessweek

clients. Global Corporate and Global Commercial Banking includes Global Treasury Services and Business Lending activities. Global Treasury Services includes deposits, treasury management, credit card, foreign exchange, short-term investment, and custody solutions to corporate and commercial banking clients. Business Lending includes various loan-related products and services, including commercial loans, leases, commitment facilities, trade finance, real estate lending, asset-based lending, and direct/indirect consumer loans. Global Markets This segment offers sales and trading services, including research, to institutional clients across fixed-income, credit, currency, commodity, and equity businesses. This segment’s product coverage includes securities and derivative products in both the primary and secondary markets. This segment provides market-making, financing, securities clearing, settlement, and custody services worldwide to the company’s institutional investor clients in support of their investing and trading activities. It also works with its commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. GWIM This segment consists of two primary businesses, such as Merrill Lynch Global Wealth Management (MLGWM) and U.S. Trust, Bank of America Private Wealth Management (U.S. Trust). MLGWM provides tailored solutions to meet the company’s clients’ needs through a set of brokerage, banking, and retirement products. U.S. Trust, together with MLGWM’s Private Banking & Investments Group, provides wealth management solutions targeted to wealthy and ultra-wealthy clients to meet clients’ wealth structuring, investment management, trust, and banking needs, including specialty asset management services. All Other All Other consists of the asset and liability management (ALM) activities, equity investments, liquidating businesses, and other. ALM activities include the whole-loan residential mortgage portfolio and investment securities; interest rate and foreign currency risk management activities, including the residual net interest income allocation; gains/losses on structured liabilities; and the impact of certain allocation methodologies and accounting hedge ineffectiveness. Other also includes certain residential mortgage and discontinued real estate loans that are managed by Legacy Assets & Servicing. Deposits Deposits include the results of consumer deposit activities, which consist of a range of products provided to consumers and small businesses. The company’s deposit products include traditional savings accounts, money market savings accounts, CDs and IRAs, and noninterest- and interest-bearing checking accounts, as well as investment accounts and products. Card Services Card Services is an issuer of credit and debit cards to consumers and small businesses in the U.S. Dispositions In 2012, the company sold its investment in a Japanese brokerage joint venture. Government Supervision and Regulation As a registered financial holding company and bank holding company, the company is subject to the supervision of, and regular inspection by, the Board of Governors of the Federal Reserve System (Federal Reserve). Its banking subsidiaries (the banks) organized as national banking associations are subject to regulation, supervision, and examination by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. The company’s U.S. broker/dealer subsidiaries are subject to regulation by and supervision of the U.S. Securities and Exchange Commission, New York Stock Exchange, and Financial Industry Regulatory Authority; commodities businesses in the U.S. are subject to regulation by and supervision of the U.S. Commodity Futures Trading Commission (CFTC); derivatives activity is subject to regulation and supervision of the CFTC and National Futures Association or the SEC, and in the case of the banks, certain banking regulators; and insurance activities are subject to licensing and regulati