Bank of America
Bank of America is your bank. They are ready to provide you latest and modern a banking services. Such as ” Banking, Credit Cards, Mortgages and Auto loans.
They have a strong commitment to the communities and regions in which we live and work. Through our lending, investing, advising, transacting and employment, we provide valuable resources to our customers and clients around the world.
Strategy of the Bank of America:
They must grow and win in the market
They serve three groups of customers — people, companies, and institutional investors. In the U.S. they serve all three customer groups, and outside the U.S. we serve larger companies and institutional investors.
People: For the people they serve, they believe they have the best consumer, small business, and wealth-management franchise in the country. They serve 47 million households, and every week they interact with customers more than 130 million times.
Companies: For the companies they serve, Their Global Banking business works with virtually every company in the S&P 500. Global Banking delivers solid and recurring profitability. Recognizing the businesses they serve are the engines of the economy, they bring the broadest array of solutions, both domestic and international, to their clients to help companies grow, improve cash flow and invest for the future.
Institutions: Turning to the institutional investors they serve, their Global Markets business is one of the most capable platforms in the world. This business provides capital to companies necessary for growth, and serves many of the world’s largest institutional investors who manage savings and investments through pension and retirement funds. Their presence and global reach in fixed income and equity products allow us to provide them access to investment opportunities.
Bank of America must grow with our customer-focused strategy
Bank of America has a simple goal. They need to do more with our customers by bringing them everything they need to live their financial lives.
One of the ways we drive our customer-focused strategy is through their business integration work. Bank of America takes a local market-driven approach. They service customers and clients in the United States through integrated businesses organized across more than 90 markets.
At the local market level, their teams are working together to look at every customer and client relationship in their market and ask: are they doing all they can for them?
Bank of America must grows within their Risk Framework
As a financial services company, risk is inherent in all of our business activities. Managing risk well is fundamental to our business, and they strive to be the very best at managing all types of risk, and to do so in a responsible manner that serves their clients, shareholders, and communities, and helps the economy grow.
Whether investing in a small business, making a credit decision, or preventing fraud, our work calls for sound judgment and a commitment to doing what’s right for our customers, shareholders, and communities. Their culture emphasizes that they are one team, and they have a shared responsibility to manage risk well, act responsibly, and escalate issues so they can be addressed proactively.
They must grow in a sustainable manner
Building a sustainable company is about how, at the core of everything they do, they are guided by their principles to make the right decisions that will hold them in good stead today and in the future. They think about this in a variety of ways.
First, it’s important to maintain focus on operational excellence, and on the momentum they have built managing expenses. They maintain discipline in managing their operating expenses, even while making investments to improve efficiency and grow.
Sustainability also includes having the right governance. They have a diverse and experienced Board of Directors that provides independent oversight. They monitor corporate governance best practices to adapt and improve when necessary.
This rigorous oversight extends across their businesses. For example, each line of business makes decisions through a governance process made up of business leaders and control partners who debate the issues—ensuring we are striking the right balance between risk, business opportunity, and customer focus. And, our Global Environmental, Social and Governance Committee (ESG Committee), led by Anne Finucane, Vice Chairman at Bank of America, with senior leaders from each business line, meets regularly to ensure we are looking at our progress through an environmental, social and governance lens. This committee is accountable to the CEO and reports at least annually to our Board’s Corporate Governance Committee. Learn more about our governance processes.
Their approach to sustainability also comes through in our commitment to ensure their policies, practices, products, and programs all align to their purpose. They have done this in part by creating simple, safe, transparent, and easy-to-use financial solutions that give people greater control of their finances. Explore how we’re giving clients and consumers greater control of their finances through our responsible products and services.
Another way we think about sustainability is the work we do to strengthen our local economies and invest in our communities. Find out how sustainable practices are helping us make an impact.
Finally, to be a sustainable company, we must be a company that values our people and gives all employees the support they need to build their careers, achieve their goals, and have the resources they need to improve their lives and the lives of their families. Learn how we’re valuing our people.
We have a diverse and inclusive workplace that reflects the diversity of the customers, clients, and communities we serve around the world through operations. We provide resources and strategies to help employees develop no matter where they are in their careers. Through our recruitment programs and partnerships, we are investing in the future by bringing the best and brightest to work at Bank of America.
As we think about all the ways we pursue sustainability, our focus is to use our size and scale in ways that contribute positively to our communities, create opportunity for our customers and employees, and grow our company responsibly.
Traded as NYSE: BAC
S&P 500 Component
Industry Banking, Financial services
Predecessor Bank America
Founded October 17, 1904; 112 years ago (as Bank of Italy)
February 1930; 86 years ago (as Bank of America)
1998; 18 years ago (current)
Founder Amadeo Giannini
Headquarters Charlotte, North Carolina, United States
Brian T. Moynihan
Chairman & CEO
Products: Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue Decrease US$82.50 billion (2015)
Decrease US$21.89 billion (2015)
Increase US$15.89 billion (2015)
Total assets Increase US$2.185 trillion (2016)
Total equity Increase US$256.2 billion (2015)
Number of employees
Divisions Bank of America Home Loans, Bank of America Merrill Lynch
Subsidiaries Merrill Lynch
Capital ratio 10.2% (2015)
Source of the above information:
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