BAC: Bruno Stanziale Joins Energy Sales Team at Bank of America

Bank of America today announced that Bruno Stanziale has joined the firm as Principal in Commodities Sales responsible for marketing energy derivatives to the bank's corporate and institutional client base. Based in New York, he reports to Stephen Griffin, Head of Commodities Sales.


Stanziale brings to Bank of America nearly 13 years of energy commodities sales and general financial markets experience.

"We are thrilled to have such an experienced and successful energy derivatives marketer as Bruno join our team and look forward to leveraging his expertise as we continue to grow the Commodities platform at Bank of America," said Richie Prager, global head of Commodities.

Stanziale holds a B.S. in Finance from Fairfield University.

BAC: Bank of America Expands Hybrid Vehicle Program Nationally

Bank of America today announced that it is expanding its program to reimburse $3,000 to associates purchasing a new hybrid vehicle. The program will now be available to more than 185,000 U.S.-based associates. Last June, the company introduced the program to associates living within 90 miles of the three pilot program cities, Boston, Charlotte, and Los Angeles.


"Our associates were very enthusiastic about this program and have responded well to the opportunity," said Anne Finucane, Bank of America chief marketing officer and head of the company's environmental council. "In fact, since we launched the program and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled. The program continues to expand our commitment to the environment and offers our associates a way to participate in making a difference while cutting down on their commuting costs."

The company will continue to evaluate the program, assessing how it could be rolled out to associates outside of the U.S. The program mirrors the Internal Revenue Service's hybrid vehicle tax credit program and applies toward a new hybrid vehicle as defined by the agency. Associates are eligible for this reimbursement only once, and the reimbursement is subject to all applicable federal, state and local withholdings. All full-time and part- time, U.S.-based associates working at least 20 hours per week are eligible.

Bank of America is committed to continued leadership on environmental issues. The bank's environmental initiatives include:

  Facilities and operations:
   -- The company is building the Bank of America Tower at One Bryant Park
      in Manhattan, which will be the world's most environmentally-sound
      sky scraper.
   -- The company is also building a 32-story office tower in Charlotte,
      which will be one of the most environmentally-sound office towers in
      the Southeast.
   -- The company has set aggressive, voluntary goals to reduce greenhouse
      gas emissions across the company nine percent by 2009 through the
      reduction of its energy consumption.  On track to achieve this target,
      the company reduced electric consumption by four percent through 2005
      by taking steps such as monitoring and controlling energy consumption
      in many bank buildings across the franchise.

  Paper usage and recycling:
   -- From 2000-2005, the company reduced operational paper usage 32 percent
      even as its customer base grew 24 percent.
   -- Annually, the bank recycles nearly 50,000 tons of paper, effectively
      recycling more paper than it uses for internal operations.
   -- The bank has an industry-leading paper procurement policy that
      furthers paper reduction and recycling, addresses illegal logging,
      promotes sustainable forest practices and protects endangered forests.
   -- The company offers online banking customers the option of electronic
      statements in place of paper, for which more than 5 million customers
      have signed up.  Additionally, for every paper statement suppressed,
      Bank of America donated $1 to The Nature Conservancy's reforestation
      programs, up to a total donation of $500,000.

  Lending practices:
   -- Bank of America has comprehensive policies covering forestry and
      biodiversity issues that prohibit the bank from financing projects
      that would destroy primary moist tropical rainforests, certain
      endangered forests or from financing companies involved in illegal
      logging.
   -- Bank of America works with its energy and utility customers to reduce
      greenhouse gas emissions in their operations.
   -- Through Community Development Banking, we have financed the
      construction of notable "green" buildings including 1400 Fifth Avenue,
      NYC -- the largest "green," affordable mixed-use condominium
      development in the U.S.

  External reporting:
   -- We report on environmental issues annually through the Global
      Reporting Initiative,
    http://www.bankofamerica.com/environment/pdf/EnvironmentalReport_FN2.pdf

BAC: Bank of America Directors Authorize 200 Million Share Repurchase Program

Bank of America Corporation announced its Board of Directors approved the repurchase of up to 200 million additional shares of common stock, authorizing management to spend up to $14 billion during the next 12 to 18 months.

Over the last three years, Bank of America has returned 78 percent of its earnings in the form of dividends and share buybacks.

The new program is intended to be implemented through purchases made from time to time either in the open market or through private transactions. On December 31, 2006, Bank of America had 4 billion common shares outstanding. The Board of Directors last approved an authorization of 200 million shares in April 2006. As of today, there are about 63 million shares remaining in that authorization.

Separately, the board today declared a regular quarterly dividend on common stock of $0.56 per share, payable on March 23, 2007 to shareholders of record on March 2, 2007.

The board also declared three additional dividends. The first was a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable April 25, 2007 to shareholders of record on April 11, 2007. The second was a regular quarterly cash dividend of $0.38775 per depositary share representing the corporation's 6.204% Non Cumulative Preferred Stock, Series D, payable March 14, 2007 to shareholders of record on February 28, 2007. The third declared dividend was a regular quarterly cash dividend of $0.40106 per depositary share representing the corporation's Floating Rate Non Cumulative Preferred Stock, Series E, payable February 15, 2007 to shareholders of record on January 31, 2007.

BAC: Bank of America Reports Record 2006 Earnings of $21.13 Billion, or $4.59 Per Share

Bank of America Corporation today reported that 2006 net income rose 28 percent to $21.13 billion from $16.47 billion a year earlier, reflecting both the addition of MBNA at the start of the year and organic growth in most major customer segments.

Per share earnings increased 14 percent to $4.59 per diluted share from $4.04 per share last year. Return on average common equity for the year was 16.27 percent.

Excluding pre-tax merger and restructuring charges of $805 million, or 11 cents per share, Bank of America earned $21.64 billion, or $4.70 per share, for the full year 2006.

In the fourth quarter of 2006, net income was $5.26 billion, or $1.16 per diluted share, compared with $3.57 billion, or $0.88 per share, a year earlier. Excluding pre-tax merger and restructuring charges of $244 million, equal to 3 cents per share, earnings per share were $1.19. For the fourth quarter of 2005, pre-tax merger and restructuring charges were $59 million, or 1 cent per share.

The increase in 2006 earnings was driven by growth in card income, including the addition of MBNA, strong growth in capital markets and investment banking activities reflecting the company's recent investments in those areas, increased equity investment gains, growth in service charges paced by deposit account growth, higher other income and strong expense control. These improvements were partially offset by higher credit costs, again in part because of the addition of MBNA.

For the year, revenue on a fully taxable-equivalent basis increased 30 percent while expenses rose 24 percent. On a pro forma basis (adjusting for the inclusion of MBNA), revenue increased 10 percent while expenses were flat.

"Bank of America had another strong year in 2006," said Kenneth D. Lewis, chairman and chief executive officer. "We created opportunities for our customers and clients through improved service, product innovations such as the $0 Online Equity Trade program and Business 24/7™ for small businesses, new more convenient ATMs and excellent investment performance in our Columbia Funds. Our capital markets groups served more clients than ever before, increasing our market share in important product categories. In short, our associates are proving that when you combine listening to customers to understand their needs with our advantages of scale, innovation and execution, it creates a powerful value proposition that wins in the marketplace."

2006 Business Highlights

- During 2006, the company acquired and successfully integrated MBNA
Corporation, making Bank of America the largest credit card issuer in
the U.S. and U.K.

- In November, Bank of America entered into an agreement to acquire US
Trust to help bolster its capabilities in serving high net worth
clients and expand its base of assets under management.

- Total sales of retail products increased 7 percent in 2006 to 44
million, driven by record sales in checking, debit and online banking
products. Online sales increased 44 percent in 2006 across all
products, representing 16 percent of total retail sales.

- The company opened a record 2.4 million net new checking accounts
supported by programs such as Keep the Change™ as well as eCommerce
accessibility and customer referrals.

- Bank of America began offering $0 Online Equity Trades on Oct. 12 in
selected markets and in November through most of its franchise,
contributing to accelerated growth at Banc of America Investments. The
program rewards customers who keep at least $25,000 in deposit
balances. In the fourth quarter, the number of self-directed brokerage
accounts opened was up 54 percent from the third quarter.

- Average aggregate retail deposits and Columbia money market mutual fund
balances rose 6 percent from 2005. The company takes an integrated view
of these products, encouraging customers to choose what is best for
them.

- Debit card revenue increased 23 percent to a record $1.91 billion.

- Average small business loans grew 65 percent (25 percent pro forma with
MBNA) as the bank focused on deepening its penetration of this segment.

- Credit extended to Business Lending clients grew $15.20 billion to
$222.91 billion in the year.

- Capital Markets and Advisory Services revenue rose 21 percent in 2006,
driven by a 38 percent rise in debt underwriting fees and a 21 percent
increase in fixed income sales and trading as the company invested in
its capital markets platforms.

- Total assets under management in Global Wealth and Investment
Management grew 13 percent to more than $542 billion, driving an 11
percent increase in asset management fees. Seventy-three percent of
mutual fund assets under management were invested in funds (equity,
fixed income, and money market funds) where at least one share class
placed in the top two quartiles of their peer group as of December 31,
2006. (1)

Fourth Quarter Financial Summary

Revenue
Revenue on a fully taxable-equivalent basis increased 34 percent to $18.82 billion from $14.05 billion in the fourth quarter of 2005. The previous year's results did not include MBNA.

Net interest income on a fully taxable-equivalent basis was $8.96 billion, compared with $8.10 billion a year earlier. Besides the addition of MBNA, the increase was driven by loan growth and increased benefits from asset and liability management activity, partially offset by lower core deposit levels. The net interest yield tightened 7 basis points to 2.75 percent.

Noninterest income rose 66 percent to $9.87 billion from $5.95 billion. Besides the addition of MBNA, which helped boost card income, these results were supported by equity investment gains, continued strength in service fee income and investment banking. The sale of Bank of America's Asia Commercial Banking unit resulted in a $165 million gain.

Sales of debt securities resulted in a $21 million gain in the fourth quarter of 2006 compared with a $71 million gain a year earlier.

Efficiency

The efficiency ratio on a fully taxable-equivalent basis for the fourth quarter of 2006 was 48.31 percent (47.02 percent before merger and restructuring charges) driven by continued positive operating leverage. Noninterest expense increased to $9.09 billion from $7.32 billion a year ago. Expenses increased primarily because of the addition of MBNA.

Pre-tax cost savings for the merger in the fourth quarter were approximately $450 million primarily because of personnel reductions, technology savings and marketing synergies.

Credit Quality

Credit quality remained stable. Consumer credit costs rose in the fourth quarter from the third quarter of 2006 reflecting portfolio seasoning and the trend toward more normalized levels post-bankruptcy reform. Compared to the fourth quarter of 2005, consumer net charge-offs decreased primarily due to the impact of bankruptcy reform which accelerated charge-offs into 2005. Provision expense in the fourth quarter was higher than a year ago due to the addition of MBNA, partially offset by lower bankruptcy-related credit costs on the domestic consumer credit card portfolio.

- Provision for credit losses was $1.57 billion, up from $1.17 billion in
the third quarter of 2006, and $1.40 billion in the fourth quarter of
2005.

- Net charge-offs were $1.42 billion, or 0.82 percent of total average
loans and leases. This compared to $1.28 billion, or 0.75 percent, in
the third quarter of 2006 and $1.65 billion, or 1.16 percent, in the
fourth quarter of 2005.

- Total managed losses were $2.45 billion, or 1.23 percent of total
average managed loans and leases. This compared to $2.20 billion, or
1.11 percent, in the third quarter of 2006 and $1.71 billion, or 1.17
percent, in the fourth quarter of 2005.

- Nonperforming assets were $1.86 billion, or 0.26 percent of total
loans, leases and foreclosed properties, at December 31, 2006. This
compared to $1.66 billion, or 0.25 percent, at September 30, 2006 and
$1.60 billion, or 0.28 percent at December 31, 2005.

- The allowance for loan and lease losses was $9.02 billion, or 1.28
percent of loans and leases, at December 31, 2006. This compared to
$8.87 billion, or 1.33 percent at September 30, 2006 and $8.05 billion,
or 1.40 percent, at December 31, 2005, which did not include MBNA.

Capital Management
Total shareholders' equity was $135.27 billion at December 31, 2006. Period-end assets were $1.5 trillion. The Tier 1 Capital Ratio increased to 8.64 percent from 8.48 percent at September 30, 2006 and 8.25 percent a year earlier. The issuance of $2.03 billion of non-cumulative preferred stock contributed to the increase during the fourth quarter.

During the quarter, Bank of America paid a cash dividend of $0.56 per share. Additionally, the company issued approximately 20 million common shares primarily related to employee stock options and ownership plans, and repurchased 60 million common shares. Period-ending common shares issued and outstanding were 4.46 billion for the fourth quarter of 2006, compared to 4.50 billion for the third quarter of 2006 and 4.00 billion for the fourth quarter of 2005.

Full-Year 2006 Financial Summary

Revenue
Revenue on a fully taxable-equivalent basis increased 30 percent to $74.25 billion from $56.92 billion from the previous year.

Net interest income on a fully taxable-equivalent basis increased 13 percent to $35.82 billion from $31.57 billion in 2005. The increase was driven by the addition of MBNA, consumer and middle market business loan growth and increases in the benefits from asset liability management activity, partially offset by lower core deposit levels and higher trading-related earning assets. The net interest yield tightened 2 basis points to 2.82 percent.

Noninterest income increased 52 percent to $38.43 billion from $25.35 billion. These results were driven by higher card income, which included MBNA, equity investment gains, increases in investment banking income and trading account profits and an increase in other income related to the sale of the Brazil and Asia Commercial Banking businesses.

Losses on sales of debt securities were $443 million in 2006 compared to gains on sales of debt securities of $1.08 billion in 2005.

Efficiency

The efficiency ratio on a fully taxable-equivalent basis for 2006 was 47.94 percent (46.86 percent excluding merger and restructuring charges). Noninterest expense increased 24 percent to $35.60 billion from $28.68 billion a year ago primarily due to MBNA. Included in expenses for 2006 were $805 million in pre-tax merger and restructuring charges related to the MBNA merger. Full year 2006 cost savings from the merger with MBNA were approximately $1.25 billion, accelerating original projections.

Credit Quality

Provision expense was $5.01 billion in 2006, a 25 percent increase from 2005. The increase in provision expense was driven by the addition of MBNA and 2005 commercial reserve releases, partially offset by lower bankruptcy- related credit costs on the domestic consumer credit card portfolio.

Net charge-offs totaled $4.54 billion, or 0.70 percent of average loans and leases, compared with $4.56 billion, or 0.85 percent of average loans and leases in 2005. The decrease in net charge-offs was due to the impact of bankruptcy reform which accelerated net charge-offs into 2005, partially offset by the addition of MBNA.

Capital Management

For 2006, Bank of America paid $9.64 billion in cash dividends to common shareholders. The company also issued 118.4 million common shares, primarily related to employee stock options and ownership plans, and repurchased 291.1 million common shares for $14.36 billion.

The company also issued 631 million shares of common stock associated with the acquisition of MBNA, resulting in a net increase of 458.4 million common shares outstanding for the year.

2006 Business Segment Results


  Global Consumer and Small Business Banking

  (Dollars in millions)                  YTD 2006              YTD 2005

  Total Revenue (1)                      $41,691               $28,323

  Provision for credit losses              5,172                 4,243
  Noninterest expense                     18,830                13,124

  Net Income                              11,171                 7,021

  Efficiency ratio                         45.17%                46.34%
  Return on average equity                 17.70                 23.73

  Loans and leases (2)                  $192,072              $144,027
  Deposits (2)                           330,072               306,098

     (1) Fully taxable-equivalent basis
     (2) Balances averaged for period

Net income rose 59 percent to $11.17 billion in 2006 and revenue grew 47 percent to $41.69 billion from the previous year. Results for 2005 did not include MBNA. Net income was driven by higher card income including the MBNA acquisition, higher net interest income, partially offset by higher provision expense primarily due to MBNA. On a pro forma basis (including MBNA's 2005 results), revenue increased 7 percent while net income increased 19 percent.

Sales of consumer financial products increased across-the-board, as the business leveraged its leading franchises in both banking centers and online capabilities. Franchise sales totaled 44 million units, a 7 percent increase compared to 2005, including record performance in checking, debit and online sales.

Average deposit balances increased by $23.97 billion, or 8 percent, driven by the addition of the MBNA deposit portfolio. On a pro forma basis, deposits decreased $3.21 billion in 2006 from a year earlier as the company continued to balance growth and profitability. As part of Bank of America's integrated offerings, customers also chose alternative instruments such as Columbia money market mutual funds.

E-Commerce reported sales of more than 7 million units in the year, driven by checking and credit card sales and supported by enhanced website design and a streamlined application process. Bankofamerica.com now has 21.3 million active users and 11.1 million active bill-payers.

- Deposits revenue increased 13 percent to $17.02 billion from 2005,
while net income increased 11 percent to $4.93 billion. On a pro forma
basis, deposits revenue increased 12 percent compared with 2005, while
net income increased 9 percent.

- Card Services had revenue of $21.49 billion, a 150 percent increase
from 2005 and recorded a five-fold increase in net income to $5.64
billion. On a pro forma basis, Card Services recorded an increase in
revenue of 14 percent compared with 2005, while net income increased 74
percent.

- Home Equity revenue rose 9 percent to $1.49 billion in 2006 from a year
earlier and net income increased 16 percent to $507 million. Pro forma
results were comparable for both revenue and net income.

- Mortgage revenue decreased 16 percent to $1.44 billion in 2006 from a
year earlier and net income declined 29 percent to $282 million. On a
pro forma basis, revenue decreased 17 percent and net income fell 33
percent.

- ALM/Other had revenue of $259 million, down significantly compared to
2005 and net income declined as well to a loss of $186 million. Pro
forma results for this segment were comparable for both revenue and net
income.
Fourth quarter net income for Global Consumer and Small Business Banking rose 44 percent to $2.53 billion from the year earlier period. Revenue in the period increased 46 percent to $10.63 billion, driven primarily by higher credit card income, including the addition of MBNA, and service charges. On a pro forma basis, net income increased 16 percent during the period and revenue increased 8 percent.

 Global Corporate and Investment Banking

  (Dollars in millions)                       YTD 2006             YTD 2005

  Total Revenue (1)                           $22,691              $20,600

  Provision for credit losses                      (6)                (291)
  Noninterest expense                          11,998               11,133

  Net Income                                    6,792                6,384

  Efficiency ratio                              52.87%               54.04%
  Return on average equity                      16.21                15.28

  Loans and leases (2)                       $243,282             $214,818
  Deposits (2)                                205,652              189,860
  Trading-related assets (2)                  338,364              314,568

     (1) Fully taxable-equivalent basis
     (2) Balances averaged for period

Net income increased 6 percent to $6.79 billion in 2006 compared with a year earlier impacted by the $885 million pre-tax gain from the sale of Bank of America's Brazil operations and its Asia Commercial Banking business. Revenue increased 10 percent to $22.69 billion as income from sales and trading, Treasury Services and investment banking increased. Excluding the impact of the Brazil and Asia transactions, revenue rose 6 percent to $21.17 billion from 2005 while net income declined less than 1 percent, including a lower provision benefit.

Capital Markets and Advisory Services benefited from strong sales and trading results and an increase in debt underwriting compared with a year earlier.

- Capital Markets and Advisory Services had net income of $1.69 billion
in 2006, a 26 percent increase from 2005, as investment banking income
and sales and trading income rose. Revenue grew 21 percent to $8.20
billion. Expenses grew 16 percent driven in part due to increases in
performance-based compensation.

- Business Lending net income declined 14 percent to $2.23 billion in
2006 from the year ago period due to spread compression and the cost of
credit mitigation. Revenue decreased 6 percent to $5.68 billion.
Average loans and leases rose 12 percent to more than $216 billion.

- Treasury Services net income grew 18 percent to $2.17 billion from a
year earlier as revenue rose 11 percent to $6.69 billion and income
from commercial credit cards and service charges increased.

- ALM/Other had revenue of $2.12 billion and net income of $702 million,
an increase of 15 percent primarily due to the sale of Brazil
operations and the Asia Commercial Banking business.
Global Corporate and Investment Banking's fourth quarter net income rose 23 percent to $1.57 billion from the same period a year earlier as income from sales and trading and investment banking increased, reflecting company investments in capital markets platforms and the sale of the Asia business. Revenue rose 9 percent in the quarter to $5.40 billion.

Global Wealth and Investment Management

  (Dollars in millions)                       YTD 2006             YTD 2005
  Total Revenue (1)                            $7,779               $7,316

  Provision for credit losses                     (40)                  (7)
  Noninterest expense                           4,005                3,710

  Net Income                                    2,403                2,316

  Efficiency ratio                              51.48%               50.72%
  Return on average equity                      23.20                22.52

  Loans and leases (2)                        $61,497              $54,102
  Deposits (2)                                115,071              117,338

  (in billions)                             At 12/31/06          At 12/31/05
  Assets under management                      $542.9               $482.3

     (1) Fully taxable-equivalent basis
     (2) Balances averaged for period

Net income increased 4 percent to $2.40 billion compared with a year earlier. Revenue rose 6 percent, supported by 11 percent growth in asset management fees. Improved spreads on deposits and a 14 percent increase in average loan balances were largely offset by the impact of asset and liability management activity.

Assets Under Management grew $60.58 billion, or 13 percent in 2006, reflecting strong net inflows of $37.87 billion and market appreciation.

- Premier Banking & Investments had revenue of $2.88 billion, a 13
percent increase over 2005 and reported net income of $948 million, a
17 percent increase.

- The Private Bank had revenue of $2.10 billion up 1 percent over last
year, and net income of $553 million which declined 1 percent compared
with 2005.

- Columbia Management had revenue of $1.54 billion up more than 13
percent and net income of $335 million, up 15 percent when compared
with 2005.

- ALM/Other had revenue of $1.27 billion, down 4 percent from 2005 and
net income of $567 million, down 13 percent.
For the fourth quarter of 2006, Global Wealth and Investment Management net income declined 1 percent to $602 million from the previous year. Revenue increased 5 percent to $1.99 billion.

All Other

For 2006, All Other reflected $767 million of net income, compared with $744 million a year earlier. In 2005, All Other was negatively affected by the results of the asset liability management process, including the change in the value of derivatives used as economic hedges that did not qualify for SFAS 133. Equity Investment gains were $2.87 billion in 2006 compared with $1.96 billion in 2005 driven by increases in Principal Investing and Corporate and Strategic Investments. For the fourth quarter of 2006, All Other reflected $556 million of net income, compared with a net loss of $63 million for the same period in 2005. Equity Investment gains were $1.03 billion in the fourth quarter of 2006 compared with $493 million a year earlier.

Note: Ken Lewis, chairman and chief executive officer, and Joe Price, chief financial officer, will discuss fourth quarter and full-year 2006 results in a conference call at 9:30 a.m. (Eastern Time) today. The call and accompanying presentation can be accessed via a webcast available on the Bank of America Web site at http://www.bankofamerica.com/investor/

BAC: Bank of America expands Global Structured Finance team

Bank of America has announced two hires to its London-based Global Structured Finance team. Richard Downer joins as Head of Mortgage Principal Finance and Neil Warman joins as Deputy Head of Mortgage Principal Finance. Both report to Steve Skerrett, Head of Asset Backed Securities Origination for Europe, the Middle East and Africa (EMEA).

Skerrett said “We are delighted to welcome Richard and Neil to the team. Their expertise in developing principal opportunities within the residential mortgage sector will help us expand our EMEA capabilities. They have an excellent track record in creating opportunities within the niche lending sector and will help us reach our goal of becoming a global leader in Structured Finance."

Downer has over 18 years experience within the investment banking sector and has spent much of his career in structured finance roles for Greenwich NatWest, ANZ and Merrill Lynch. He has completed a number of market leading transactions, with a strong focus on the residential mortgage sector. He joins Bank of America from Bear Sterns.

Warman also joins from Bear Stearns where he was a banker in the company’s Mortgage and Consumer Finance group.

BAC: Kate Brown Joins Bank of America's Media Investment Banking Team

Bank of America today announced that Kate Brown has joined the Technology, Media & Telecom (TMT) Group in Banc of America Securities as a managing director based in New York. She reports to Stephen Ketchum, Global Head of Media Investment Banking, and will be responsible for covering a portfolio of media companies.

"We're glad to welcome Kate to the team. Her investment banking background combined with her experience at one of the world's largest media conglomerates provides her unique insight into the corporate finance and strategic needs of companies in the media sector," said Ketchum.

Kate Brown comes to Bank of America from Time Warner, where she was a senior vice president responsible for advising the executive leadership on overall corporate strategy and mergers & acquisitions. Before joining Time Warner, Kate was a managing director at Salomon Smith Barney, where she worked in the firm's M&A group focused on the media sector.

Kate Brown received a master of arts degree from Stanford University and a bachelor of arts degree from Brown University.