Bank of America Case Study

1472 Words Sep 9th, 2013 6 Pages
Executive Summary
Bank of America

Bank of America Corp.
Group Members:
Mary Bruton
Shawn Harsaran
Carlos Leal
Tom Egurrola
Jennifer Stanis Broward College
MAN4720

September 09, 2013 Professor James Popino

According to Bank of America, they’re focusing on creating real, meaningful connections with individuals, businesses and communities to help them connect with what matters most. Bank of America is proud to partner with 57 million customers, bringing them skills and expertise, to help make their financial lives better. (Bank of America company overview, n.d). These ideas and objectives are further exemplified through Bank of America’s mission and vision statements, as well as its objectives
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Strategies
According to an article published in Forbes Magazine, Bank of America's strategy is to find better ways to serve banking customers through automation and get all of its customers to use all of its products. CEO Brian Moynihan said in a presentation to investors when the company gets its customers crossing over from investment services to banking to borrowing, it gets seven times the revenue. The bank's research shows Merrill Lynch customers have more than $500 billion of deposits in other banks and $400 billion worth of mortgages with competitors. Bank of America was among the hardest hit during the credit crisis. It received $45 billion in bailout funds from the federal government, including $20 billion for Merrill Lynch. The company faced waves of loan defaults as more customers fell behind and investments soured. Banking customers will see some changes as the bank adjusts to new regulations that have cut into fees. The bank has reduced branch numbers and cut jobs, which will continue as more automated and less expensive ways of serving customers are implemented. Automated transactions are growing at a rate of 8 to 9 percent a year while teller-based transactions are down 5 percent year after year. Additional growth opportunities come from international expansions. Bank of America hired 800 people abroad as it worked to boost investment banking services in other countries.

Industry

Bank of America offers

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