Bank of America issued the first Lending & Investing Initiative quarterly report, a comprehensive look at the company’s business activity in 10 areas key to reviving the nation’s economy.
The report follows up on a pledge made in January by Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis to provide greater transparency into the company’s lending and investing efforts across the enterprise.
“In times of economic difficulty, one of the most important economic assets we have – and one of the most rare – is confidence,” says Lewis. “The point of this report is to illustrate the things we are doing through our businesses and with our partners to drive economic growth and support our communities.”
In the first quarter of 2009 alone, Bank of America extended USD183.1 billion in credit, including USD85 billion in mortgages, USD82 billion in commercial loans, more than USD5 billion in domestic and small business card, USD4 billion in home equity products and more than USD6 billion in other consumer credit.
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