Bac Company Profile

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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
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