Bank Of America Research Paper

The largest six publically traded banks in the United States who are FDIC insured account for seventy-eight percent of the market, while the top four account for sixty-eight percent of the market. These top six banks include: Wells Fargo and Company, JPMorgan Chase and Company, Bank of American, Citigroup, US Bancorp, and PNC Financial Services. Wells Fargo, the market share leader, holds over twenty-percent of the market with JPMorgan Chase falling just under twenty percent (Oja, 2015). The top four banks as listed above, accounted for almost half of the revenue, at nearly two hundred and eighteen billion dollars. The top eight banks, of the eighty-one, managed an astonishing seventy-five percent of the total revenue for all banks (Oja, 2015). These other two banks were Branch Banking and Trust Corporation (BB&T) and SunTrust Banks and the total revenue in 2014 were at four hundred and forty-three billion dollars. Specifically, as of 2014, JPMorgan Chase

The Second Bank of the United States was the countries national bank founded in 1816; this being just five short years after the first national bank expired (1833 Andrew Jackson Shuts Down Second Bank Of The U.S., n.d.). The first national bank was created by Washington and Hamilton in 1791 to house all federal funds. Jackson took office in 1829 and launched an investigation into the policies of this bank and the funding. Jackson, fought for the common man, not just the rich. He did not like his findings due to this and ordered banks closure in 1833; this is what is referred to as the Bank War. He also went as far as to veto an attempt by Congress to make a new branch of the bank, this and other reasons he had a spilt cabinet. Once closed he

Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.

Wells Fargo just gave little entrepreneurs about I billion motivations to grin. The San Francisco-based bank as of late settled an across the nation $1 billion advance program particularly focusing on African American entrepreneurs.

Quicken Loans is the largest online retail mortgage lender across the nation. In the year 2006, it closed almost $18 billion in home loans. It is the 11th largest retail lender and has more than 4,600 employees.

I really don’t have any clue, but I look online and i have found an article about Wells Fargo. Apparently Wells Fargo have set the vision for an organization. Wells Fargo vision is that they want to “satisfy all their customers’ financial needs, ect. Wells Fargo is the largest bank in the U.S. by market capitalization. It beat Bank of America and JP Morgan in last few years. Barron’s ranked it as the best financial services company in the world. Wells Fargo is the only “AAA” credit-rated bank in the United States. This is the highest possible rating from Moody’s.

In the summer of 2015, I interned with Bank of America. At Bank of America I was given the title Student Leader and was positioned to work in conjunction with a local non-profit partner, the YWCA of the Central Carolinas. Within the YWCA I helped to maintain the organization's day-to-day operations in order to ensure a successful implementation of their not for profit services within the Charlotte community. Throughout my time at the YWCA, my duties included, operating philanthropy initiatives, managing off-site youth learning centers, and organizing meetings for the board of directors.

Our paper today will be on Wells Fargo. Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees.

In the article, Bank of America ordered to pay $2.2 million to 1,000 black job seekers it discriminated against written by David Knowles there was a major issue regarding racism. This written piece discussed the court case against Bank of America and how this corporation was ordered to $2,181,593 in back wages and interest to 1,147 African Americans that were denied jobs. This bank’s office branch in Charlotte, NC had discriminated against blacks in 1993 and again between the years of 2002 and 2005. This case was first introduced in 1997 and settlements were not concluded until late 2013.

Bank of America is a bank and financial holding company. It is a financial institution that serves individuals small and large business, large corporations and the government. The bank offers banking, investing, asset management, risk management, and other financial services. Through its subsidiaries and other nonbanking subsidiaries in the United States and international markets it provides six major segments. They are Deposits, Global Card Services, Home Loans and Insurance, Global Banking, and Global Wealth & Investments Management. The company is headquartered in Charlotte North Carolina and employees more than 283M people.

Bank Of America - Yes, you earn cash back from Bank Of America. You get 3% off on gas, 2% at grocery stores and wholesale purchase, and 1% of every other purchase for the first $2,500 in combined grocery/gas/wholesale purchases. Bank of America is a 0.02% interest rate. Bank of America also has a 0% annual fee. You can get a percentage of your cash back as well.

Bank of America, on the other hand, has spent its time during the post great recession managing its Merrill Lynch purchase. With such a large wealth management force often referred to as the ‘thundering herd’, the Merrill acquisition allows the bank to explore untapped opportunities, as well as making the bank the biggest in the nation bypassing “JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N) in size, giving it about $2.7 trillion of assets” (Stempel, 2009). Similar to Morgan Stanley’s plans for its wealth management arm, Bank of America intends on trading the high volatility of traditional investment banking with the stability of the more retail investor focused wealth management. The strategy and benefits are evident, as various Wall Street firms try and reign in more riskier lines of business with more stable ways of income. Additionally, as explained by Halah Touryalai (2012), the advantage of cross selling traditional banking and mortgage products with wealth management clients “can be a very profitable.” The synergies created between both firms could lead to favorable results “as both sides look to tap into one another’s existing client base… sell more products to existing customers. The more products each one of your customers buys from the bank, the more profitable they become for the bank–not to mention it makes it more difficult for a customer to leave” (para. 5). To emphasize, just the size and scope of Bank of America could lead to more attractive

Bank of America purchased Security Pacific Corporation, and with that purchase Bank of America became the first bank to offer coast to coast operations. In the early 21st century bank of America was operating more than 5000 bank branches in the U.S. and conducting investment banking in multiple countries around the world. In 2004, Bank of America expanded its credit card business when they obtained National Processing, which is a transaction processing firm. To receive a high position in the wealth management business, Bank of America gained U.S Trust Corporation, a firm that manages investments in for high net worth clients.

The banking industry is highly competitive. The financial services industry has beenaround for hundreds of years and just about everyone who needs banking servicesalready has them. Because of this, banks must attempt to lure clients away fromcompetitor banks. They do this by offering lower financing, preferred rates andinvestment services. The banking sector is in a race to see who can offer both the

In 1904, the bank had officially opened for business. The company was founded by Amadeo Peter Giannini. By the age of 21, he earned half ownership of the business. Then in 1958, BankAmericard was introduced and licensed to other banks across the country. In 1998, Bank of America began creating the first coast-to-coast banking franchise. As the years went by, Bank of America made great progress. Between 2004-2006, the company bought FleetBosten Financial and MBNA. As of today, the company provides