Bank of America Corporation - Research Paper Example

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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. …
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Bank of America Corporation
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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
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