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The second point raises questions about acquisition selection, price and risk. We look at companies that can strengthen our position in a given market, which can be defined by customers, geography or product. We look to acquire products, technologies, skills or capabilities that will enhance our value proposition with both customers and shareholders. Of the many opportunities we have evaluated over the past several years, we believe that both Fleet and MBNA met our standards.
Regarding price, we start with a sound financial analysis, requiring that identifiable cost savings and projected revenue gains will offset the proposed premium. We also consider our long-term view of the changing marketplace; the competitive landscape; whether the company represents a good fit with our business model, brand and culture; and the benefits that we believe will accrue to our customers and shareholders over time.
It is in the context of all these criteria that we make an acquisition decision, and our track record over the past five years demonstrates both selectiveness and discipline in our decision-making process.
While all acquisitions include elements of risk, our company has demonstrated our ability to execute effective, efficient and profitable merger transitions. We proved this point in the Fleet transition, which we executed on time and with greater expense savings and revenue gains than we originally forecast. I expect nothing less in the MBNA transition. And I am confident that we will take advantage of the growth potential our new teammates and customers from MBNA bring to our company.
Growing with our customers. In December 2000 I told investors, “We are changing the basic thrust of our company from acquisition- and expense-driven to a more customer-focused, revenue-driven organization.” It would be easy to assume after our acquisitions of Fleet and MBNA that I have changed my position.
I have not.
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From left, Brian T. Moynihan, president, Global Wealth and Investment Management; Liam E. McGee, president, Global Consumer and Small Business Banking; and R. Eugene Taylor, president, Global Corporate and Investment Banking, at the Bank of America Corporate Center in Charlotte.
Bank of America has the vision, the skills and the financial wherewithal to pursue growth opportunities when and where we find them. That fact does not lessen our commitment to attracting, retaining and deepening our customer relationships. In fact, I believe there are three characteristics that give us a particular advantage with customers and prospects: operational excellence, scale and scope, and innovation.
Achieving operational excellence has been a top priority for years, and it is most evident in our pursuit of process excellence through our use of Six Sigma tools. Since we adopted Six Sigma as a core operating discipline four years ago, we have achieved billions of dollars in savings and revenue growth, shortened cycle times, reduced error rates and improved associate performance throughout the company.
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