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Crisis of Trust in Bank of America Corporation - Assignment Example

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As the paper outlines, the crisis of trust has become a major issue in the relationship between business organizations and their customers. The trust crisis in Customer Service Excellence entails that customers are losing the trust they have on the various business organizations they patronize…
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Crisis of Trust in Bank of America Corporation
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Download file to see previous pages The crisis of trust can be understood from two major perspectives; First, business to business and second business to individual customers. A business organization is a customer to another business organization when one buys goods and services from the other. This could be in the form of buying raw materials from a business for the purpose of producing it to a finished products or when a business rent the equipment of another business in order to further its business operation. There is a business to an individual customer relationship when the individual buys goods and services from a business organization. Whichever way one chooses to look at the issue, crisis of trust can emanate if proper management techniques were not ensured. Few examples will help us to understand the point. To buttress the point more succinctly, Crisis of trust in Bank of America Corporation (BAC): Bank of America Corporation is one of the largest financial institutions in America. It is a multinational bank with headquarters in Charlotte, North Carolina. According to the BMO capital market result, the bank is ranked as the highest financial institution in America by assets. In 2010, it was ranked as the fifth largest corporation in the generation of revenues and also the third largest company in America that does not deal in oil. The Forbes magazine listed the financial institution as the third biggest corporation in the world. In 2008, the bank acquired the famous Merrill Lynch, a move that made it be the largest corporation in wealth management. The bank has about 57 million customers, 5,600 branches throughout the USA and then 16,200 ATMS.
This enviable record helped in no small measure in building the public trust which the bank has. Regrettably, in 2010, the bank was accused by the USA government for defrauding organizations and institutions especially schools, hospitals, and government institutions through investing the revenues from the municipal bond sales. The bank, however, agreed to have defrauded the institutions and accepted to pay damages at the tune of $137.7 million, including the payment of $25 million to the coffer of the Internal Revenue Service, as well as $4.5 million to the attorney general of the state. Hence, it was reported that the former Bank Executive of the famous Bank of America, Douglas Campbell pleaded guilty to the charges of distrust, wire transfer, and conspiracy to defraud the bank1 Because of this development, the famous bank started losing customers; people started withdrawing their money because of distrust. Crisis of trust in the UK media: In recent times, the majority of the Europeans are displeased with the manner in which the media reports issues. The media was alleged to hide certain information from the public. It was alleged that the media is more interested in getting a story than telling the truth. This development has eroded the trust which people have on the media. The role of the media as a watchdog in the democratic process is no longer feasible, as some people argued. ...Download file to see next pagesRead More
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