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If a mutual fund has a portfolio with a market value of $1 million and liabilities of $0.2 million, what is the net asset value if the fund has 0.5 million shares?
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”?