Bank of America’s mission statement is to help make financial lives better byconnecting those we serve with the resources they need to be successful.The company is committed to delivering this by focusing on responsible growthtogether with social, environmental, and governance leadership.
The brand explains that it isinvesting in the success of its employees, helping to create jobs, developingcommunities, and fostering economic mobility. At the same time, it works onrisk management and seeks to provide a return to its clients and businesses.
Table of Contents
Bank of Americamission statement explained through its components:
Helpmake financial lives better: Bank of America seeks to improve people’s financiallives. To do this, it proposes eight lines of businesses that address everystage of their financial activities. The brand focuses on three segments withdifferent services for each one.
For people, it providesfinancial products for retail, investment solutions for preferred and smallbusinesses, investment advice and guidance, and solutions to manage substantialwealth. For companies, it offers integrated financial guidance and solutions,global commercial banking, and global corporate and investment banking. Forinstitutional investors, it provides services across the world’s debt, equity,commodity, and foreign exchange markets.
Byconnecting those we serve with the resources they need: All Bank of America’sproducts and services have been developed to attend the mentioned three groupsof customers in the US, while outside the country it serves larger companiesand institutional investors.
To besuccessful: With the bank’s help and capabilities, it is expected that all thecustomers can achieve both their business and personal goals. The bank willprovide the necessary guidance and assistance to succeed. The bank states thatit can only be successful when the individuals, companies, communities, and employeesit serves are able to reach their own vision of success.
Introduction
Bank of America Corporation isone of the main financial branches in the United States that was formed in1998, after Nation’s Bank’s acquisition. The bank’s history started in 1904when AmadeoPeter Giannini opened the Bank of Italy in San Francisco. In 1958, it issued the firstbank credit card under the brand of BankAmeriCard.
Bank of America makes money, like any other bank institution, by net interest income from loans and other earning assets, which contributes about half of the company’s total income. The remaining half, the noninterest income, comes from fees and commissions it charges for the rest of the services it provides such as investments, brokerage, card income, and investment banking income.
Bank of America’s business model is known as click-and-mortar, which combines both the online and offline operations. Customers can access financial services through the company’s website and mobile apps too, increasing the convenience. It has managed to achieve this by investing in IT to support this model where it optimizes the operating speed and efficiency and adds customer satisfaction.
Despite it works with this omnichannel strategy, there are few services that are not available online. Many wonder how to delete Bank of America account and this is not possible. Customers need to sign a written consent to close an account.
First, it is recommended tocancel any recurring debits or credits linked and to clear the outstandingtransactions. Then, they must visit a local financial center to speak with apersonal banker and submit a requestin writing to Bank of America.
Bank of America’s competitors are JPMorgan Chase, the top bank branch in the US with a balance sheet total of $2.74 trillion; Citigroup, with $1.96 trillion; and Wells Fargo / Co, with $ 1.89 trillion. BOA is positioned in second place with a balance sheet total of $ 2.38 trillion.
This case can be seen as an oligopoly because by 2016, the bank industry was already consolidated after 20 years of purchases and fusions. Almost 37 banks became the mentioned four in that period of time. Therefore, Bank of America is not a monopoly as it is comnpeting with three other big groups and it doesn’t hold the exclusive possession or control of the trade within this industry.
Visionstatement
Bank of America’s vision statement is to be the world’s finest financial services company, and it was communicated by CEO Brian Moynihan during a corporate meeting held in 2019.
The company is in a strongposition to fulfill this statement as it is one of the largest bank branchesworldwide. The expansion process started in the 1930s and today, it has operationsin 35 countries in Europe, Middle East and Africa, Asia Pacific and theAmericas.
CoreValues
Bankof America’s core values are
Delivertogether: They treat each client and employee as an individual and each moment asone that matters. They apply discipline and passion to such delivery.
Actresponsibly: The company works with integrity and discipline. They are aware thattheir decisions and actions affect people’s daily lives. They strive for clear,fair, and grounded decisions.
Realizethe power of our people: Bank of America is committed to help employees developtheir full potential by respecting their differences in style, culture,ethnicity, and experience.
Trustthe team: It fosters the team work to succeed and reach goals. The company acts asa whole to satisfy the customers’ needs.
Resources
Bank of America official site;Who we are; available at: https://about.bankofamerica.com/en-us/who-we-are.html#fbid=IenrNBjqeYI
Bank of America official site;Account Information & Access FAQs;available at: https://bit.ly/35CLc3M
Bankof America; posted at Britannica.com; available at: https://bit.ly/3ivS1I8
HARRIS, Pauline; Bank of America’s Business Model, GenericStrategy & Intensive Growth Strategies; posted at Rancord Society on06/21/2019; available at: https://bit.ly/2FxEDVe
JOHNSON, Robert; Bank of America’s Corporate Mission &Vision Statements; posted at Rancord Society on 06/21/2019; available at: https://bit.ly/2FD74Rv
KING, Ruth; How does Bank of America make money?;posted at Market Realist on 01/20/2015; available at: https://yhoo.it/32tR65f
Clickand Mortar; posted at A Better Lemonade Stand; available at: https://bit.ly/32xZ0uJ
PHANEUF, Alicia; The Making of the “Big Four” BankingOligopoly in One Chart; posted at Visual Capitalist on 01/25/2016;available at: https://bit.ly/2Rnh7wH
PHANEUF, Alicia; Here is a list of the largest banks in theUnited States by assets in 2020; posted at Business Insider on 08/26/2019;available at: https://bit.ly/32sWxkX
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