Bank of America Company Profile
BJ Humphrey
Overview Bank of America is a global financial services company headquartered in Charlotte, NC. It is one of the world’s largest financial institutions. Bank of America serves over 53 million customers. They serve these customers through 5,500 retail banking offices. Bank of America is known as a leader in the online banking world. Online alone the company services 30 million active users. The company serves customers in all 50 states and more than 40 countries. The company has numerous different lines of business and employs over 260,000 people. (Bank of America 2012)
Historical Perspective The entire banking industry is made of mergers and acquisitions. The history of Bank
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(Our Heritage, 2010) Bank of America continues to grow acquiring financial service companies like US Trust and Merrill Lynch. With a storied history in the financial services sector, and building of our country, Bank of America is the most fitting name.
Lines of Business Bank of America focuses on 3 customers. They focus on the people, companies, and institutional investors. They are the leading provider of checking, savings, credit and debit cards, and home equity lending. Bank of America is the nation’s largest loan servicer offering numerous different home mortgage options. Bank of America is a strong hold in Global Corporate and Investment banking. The Bank also has a strong focus on financial advising and wealth management. The addition of Merrill Lynch has put Bank of America as the leader in Financial Services.
Financial Position Bank of America, or BAC, is often one of the most popularly traded stocks. In April, the share price of BAC declined over 5% to $11.63. (Oleinic, 2013) As interest rates start to bottom out, the bank must constantly adjust to keep revenue up. Currently the 52 week range of BAC is $6.90 - $13.99. Although it has a larger 52 week range, the company is still somewhat stable. It has achieved this by building a strong balance sheet. In 2012 Revenue in millions was reported at $84,235 while Net income was reported at $4,188. Compared to 2011 revenue dropped almost $10,000 however Net income increased from
The banking industry is highly competitive. The financial services industry has been around for hundreds of years. Wells Fargo has many competitors itself. In this paper, I will be doing a comparison of Wells Fargo & Company (WFC) and one of its biggest competitors, Bank of America Corporation (BAC). By analyzing looking at the financial ratios, one can see whether the company is successful or not. In the following, I will try to analyze and make a comparison of Wells Fargo’s and Bank of America’s recent performance in growth, income, and efficiency. Using a these criteria, I will determine which bank is the better buy according my analysis. My analysis of WFC & BAC’s performances
Commonwealth Bank brand is the most recognised brand in Australian financial services industry. It is a brand that has evolved over its 102 years of operation with a strong brand history. Commonwealth Bank brand is highly regarded and trusted within the Australian financial services industry. Other well known brands under the Commonwealth Bank Group includes Colonial First State, CommInsure, ASB (New Zealand), Sovereign, FirstChoice, CommSec, and Bankwest.
The purpose of this report is to analyze the financial operations and financial conditions of BB&T Bank by evaluating financial, economic and market information available for the period from 2000 to 2008. This paper attempts to address key strengths and
In 2008, Bank of America gained Merrill Lynch which made it the world's biggest riches director and principle organization in the venture managing an account business. Because of different acquisitions, mergers, and joint ventures the organization has a solid position and nearness in residential market.
Financial statements for banks have uniquely different analytical problem than statements for manufacturing, service and most companies in general. Therefore this analysis of JPMorgan and Chase 's financial statements requires a different approach in order to recognize the banks worth as an investment.
This comprehensive paper will analyze the financial standing of PNC Bank. In the first part o we will look at PNC Bank’s profile, mission statement and future direction. An analysis of PNC’s strengths and weaknesses based on PNC’s financial statements and ratios will be conducted. PNC will also be compared to the industry and to Bank of America. The Federal Reserve interest rates over the past five years will be correlated to PNC’s Net income for the same timeframe. The analysis will conclude with my forecast for PNC’s future profitability.
The bank plans to accomplish this vision by not being the biggest but instead being the company of choice. FirstBank will build and expand relationships, always be responsive to customer needs, and expand service areas to offer the best products and services. The bank will work together as a team and will manage, lead, and communicate
Bank of America offers competitive pay and a benefits package which includes medical, dental, and vision coverage for all employees and any family member who are eligible. Bank of America also offers a retirement plan focused on 401(k) benefits which allows the opportunity for the employee to choose how they want to invest their money during retirement savings. Paid time off for Bank of America includes sick, vacation, holidays, and personal. In addition , they also offer parental leave, short term disability and long term disability. ("Bank Of America", 2017).
The number of NASCAR’s fans is over 75 million and NASCAR ranked NO.1 in corporate involvement and per-event attendance, and NO.2 in television viewership, which mean that Bank of America is going to have enormous customer accumulation.
Bank of America is the company I elected to discuss their unique benefits package. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate
Barclays as a financial institution has established itself as a major player in the global financial services and banking sector. The company has spread out from its native UK to the rest of the world and its presence in developing regions of South Asia and Africa is massive. Barclays has become a global player in the market for financial services and may continue to grow even further as the years go by.
Bank of America thrives off of the premise that they are aiming to enhance the financial lives of their customers. Per the Code of Conduct, Bank of America believes in treating all of their customers equally; they claim to expand beyond expectations to deliver satisfactory customer service; they implement discipline to eliminate financial risks to customers; they pride themselves on acting responsibly; and they strive to help individuals to reach their full financial potential. This company enforces the belief that they honor their ethics fully. This includes making
I believe that Bank of America will succeed because they do not restrict leadership styles within the company.
As a major upcoming financial service, Visa dominated this early market by establishing partnerships with major banks throughout the country. Soon after, other financial service holders came online including MasterCard and American Express.
Utiliscan is a smaller company with only 240 employees. In being a smaller company, you to not only recruit the best talent possible, but you have to also be very proactive in keeping employees happy and the turnover rate as low as possible. With small companies, there cannot be much turnover because it is costly, and it loads more work onto other employees when it is likely they do not have room to take on extra work. The majority of this responsibility falls onto human resources, which in this case is Paul. Paul is responsible for acknowledging the inefficiencies of the company, along with finding a solution to these issues. Paul is also responsible for growth opportunities for employees, benefit plans, and policies all while staying within a budget. Lastly, Paul is responsible for leading the company and the company’s leaders in ways to improve the attractiveness of the company to attract the best possible employees, and retain them long-term.