Bank of America Merrill Lynch Shared Service Center Forum Reveals Sentiments on Global Operating Models

  Bank of America Merrill Lynch Shared Service Center Forum Reveals Sentiments
  on Global Operating Models

   Corporate Companies Believe Centralized Treasury Operations Can Deliver
                                   Benefits

Business Wire

NEW YORK -- June 21, 2012

Companies are seeing a positive impact from centralizing treasury operations,
found recent findings from a poll of nearly 50 clients attending the Shared
Service Center Conference hosted by Bank of America Merrill Lynch. During the
forum, held recently in Chicago, representatives from client companies met for
an interactive discussion of ideas and best practices regarding global
operating models and shared service centers that serve a company’s global
operations.

The two-day program offered attendees a unique opportunity to voice their
thoughts on global operating models through a series of polling questions
addressing “myths, misconceptions and controversies.” Among key findings from
the companies:

  * For 52 percent, centralizing treasury operations exceeded their
    expectations for delivering tangible benefits.
  * Fifty percent disagreed that an Asian treasury operation can be
    effectively managed from Europe.
  * Ninety percent disagreed with “if we centralize we lose control of
    processes and outputs – controls, service delivery and quality.”
  * Only 26 percent agreed that U.S. multinational companies are managed as
    global companies (as opposed to U.S. companies with international
    operations).

“The collective message from our clients is that they view centralizing
treasury operations as beneficial, but regional centralization may be
preferable to total global centralization in some cases,” said Paul Simpson,
head of Global Transaction Services at BofA Merrill. “Most believe they still
have progress to make toward operating in a true global operating model and
mindset.”

Themed “Perspectives on Global Operating Models,” the forum featured sessions
co-led by corporate treasurers and the BofA Merrill Global Business Solutions
team from Global Transaction Services. A central focus of the forum were case
studies and perspectives of corporate treasurers such as Ed Scott of
Caterpillar, Inc., who explained what led Caterpillar to establish shared
service centers as part of its global operating model.

“For Caterpillar, the 2008 financial crisis drove change and a refocus on cash
flow, including generating cash from working capital,” Scott said. "In regards
to shared service centers, the key elements of our successful deployments
included processes that were rules-based, well documented and enabled by
effective technology platforms. Timing of deployment was best during business
expansion when work could be transitioned to shared service centers at a time
when the people displaced by the transfer could be moved to different
positions."

The forum also featured breakout sessions led by the BofA Merrill Global
Business Solutions team. Clients chose between sessions focused on either the
Americas or Europe and Asia Pacific, and then sessions focused on the emerging
phase or the mature phase regarding their global operating model.

“The conference was a success for bringing together global clients to exchange
ideas and hear a wide range of views, to learn about new opportunities and
collaborate on solutions,” Simpson added. “Some companies who attended
discovered they shared many of the same challenges and opportunities regarding
centralizing global operations. Others found the discussions reassuring, as
they realized their company was moving in the direction.”

BofA Merrill’s Global Business Solutions team works with clients to provide
holistic, integrated solutions that enable them to improve their operating
model and achieve increased efficiencies in their finance organization. Team
members are based around the globe in five continents, are fluent in six
languages and have a combined 240+ years of experience in corporate treasury,
finance and business transformation.

Bank of America

Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. The company
provides unmatched convenience in the United States, serving approximately 57
million consumer and small business relationships with approximately 5,700
retail banking offices and approximately 17,250 ATMs and award-winning online
banking with 30 million active users. Bank of America is among the world's
leading wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to approximately 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE: BAC) is a component of the
Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and
global markets businesses of Bank of America Corporation. Lending,
derivatives, and other commercial banking activities are performed globally by
banking affiliates of Bank of America Corporation, including Bank of America,
N.A., member FDIC. Securities, strategic advisory, and other investment
banking activities are performed globally by investment banking affiliates of
Bank of America Corporation (“Investment Banking Affiliates”), including, in
the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which
is a registered broker-dealer and member of FINRA and SIPC, and, in other
jurisdictions, a locally registered entity. Investment products offered by
Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not
Bank Guaranteed.

Copyright 2012 Bank of America Corporation.

For more Bank of America news, visit the Bank of America newsroom.

                            www.bankofamerica.com

Contact:

Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360
will.wilson@bankofamerica.com