Bank of America Corporation is one of the world’s largest financial institutions with corporate offices located in Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255. …
Download file to see previous pages...
For this report, Bank of America may be referred to as “BofA” and other identifying names for the financial institution. Bank of America and its subsidiaries serves individual consumers, small and middle market businesses, large corporations, and governments. The firm offers a full range of banking, investing, asset management, and other financial and risk management products and services. Bank of America provides services through its subsidiaries (banks) and nonbanking subsidiaries around the world through six primary business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets (GBAM), and Global Wealth & Investment Management (GWIM). As of December 31, 2010 Bank of America had approximately $2.3 trillion in assets and approximately 288,000 full-time employees. The bank serves approximately 57 million consumers in 5,900 banks, 18,000 ATMs, a network of national call centers, and through online and mobile banking platforms. Bank of America has over 80% of the domestic banking market and operates in more than 40 countries around the world. On January 1, 2009, Bank of America acquired Merrill Lynch & Co., Inc. (Merrill Lynch) as a result the Bank of America became one of the largest wealth management businesses in the world with nearly 17,000 wealth advisors, an additional 3,000 investment advisors, and more than $2.2 trillion in client assets. The company has the No. 1 market share of U.S. retail deposits, is the No. 1 issuer of debit cards in the United States, No. 2 in credit card products in United States, and the No. 1 credit card issuer in Europe. Bank of America Home Loans is the No. 1 residential mortgage servicer and the No. 2 residential mortgage loan originator in the United States with 5,300 mortgage loan officers nationwide. Mission and Vision Mission Statement: The Mission Statement is the foundational philosophy and principles that a company is built on. The Statement usually reflects the values and beliefs of the founder(s) of the company. Over time the founding statement may change due to evolution of the company, however the essence of the original values still permeate through the modern day statement of mission for the company. Finding Bank of America’s mission statement was marred in a number of non-descriptive statements, fundamentally the stated mission is to be the “World’s Most Admired Company” (Bank of America “Executive Summary 1). Coupled with the philosophy which states “ We believe very simply that it is the action of individuals working together that build strong communities and that business has an obligation to support those acts in the communities it serves” the bank is describing itself and its purpose for existing (Bank of America “Executive Summary 2). Notably, another statement reflects Bank of America’s commitment to consumers and acknowledges the responsibility of being supportive of customer needs and goals. Our mission is to provide you with an outstanding member/Customer benefit that helps you meet your organization's objectives. We work very hard to understand your objectives, then create a program that can help you meet them. Whether you want to attract new members, retain existing ones, drive incremental sales, or reinforce member or brand loyalty, we will work with you to help you achieve those goals. (Bank of America “Executive Summary” 1) The bank’s philosophy is: The company slogan is “Changing the Way You Do Business” (Bank of America “Executive Summary 2). Theoretically, the underlying motivation of the company’s can be seen in the philosophy. The slogan is a clear offshoot of
...Download file to see next pagesRead More
Cite this document
(“Bank of America Corporation Research Paper Example | Topics and Well Written Essays - 26000 words”, n.d.)
Retrieved from https://studentshare.org/business/1396334-strategic-analysis-of-bank-of-america-corporation
(Bank of America Corporation Research Paper Example | Topics and Well Written Essays - 26000 Words)
“Bank of America Corporation Research Paper Example | Topics and Well Written Essays - 26000 Words”, n.d. https://studentshare.org/business/1396334-strategic-analysis-of-bank-of-america-corporation.
PricewaterhouseCoopers LLP is the auditor of the Bank of America. PricewaterhouseCoopers LLP (PwC) is the firm’s registered public accounting firm and they conduct the audit of the business. The auditors (PwC) are recognized worldwide and are very popular in the auditing department.
The bank’s formation took place in 1870 amidst economic turbulence. It is at this period in time when socio- economic transformation was radically taking place and industrialization was at the helm. The major driving force to its formation was the dire financial needs that the industries demonstrated.
It renders its services to individual clients, market enterprise both emerging, medium and developed corporations. Since 2009, the American bank is one of the prominent companies of wealth management in the globe wealth and a world leader in corporate and banking investment, (Carter & Goldsmith, 2009).
The bank's headquarter is situated at Honk Kong. The bank covers all the areas of banking ranging from personal and private banking. In addition to these it also covers investment banking, corporate banking and commercial banking. The bank now has got over 9000 offices in 80 countries and workforce around 215,000 employees (About HSBC, n.
The stock price of the Citicorp in January 1998 opened at $54.00 and closed at $49.56. The highest stock price reported in the month was at $54.38 with the lowest being $45.13 and the volume being traded at $7,562,600. The adjusted closing stock price for splits and dividends for the month stood at $17.33.
The banking sector has undergone a lot of dynamism in relation to technology and their roles in offering their products without which it is impossible to remain relevant in the market. One of the banking institutions that have made a stride in the global banking sector is the Bank of America Corporation.
Online services make it easier to reach more people, regardless of the geographical distance (Vee, Miller, & Bauer, 2008). Consequent to this, the company can increase its international operations, thus
The remainder will cover brokerage fee and other transaction cost.
RR DONNEY offers integrated communication solutions to private and public sector. The company announced a quarterly dividend of 26 cents per share which was 0.87%
2 Pages(500 words)Research Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Research Paper on topic Bank of America Corporation for FREE!