Bank Of America Company Analysis

3497 words - 14 pages

The company I chose for my analysis is Bank of America. This bank provides a full service Bank and Financial services. The full range of products and services help more than 28 million households and 2 million businesses in the United States and abroad. Bank of America was founded in 1874 known as the Nations Bank until its acquisition of a San Francisco-based Bank of America which is now its current name (Bank of America web). Its central market areas includes the entire United States, after numerous acquisitions in the past few years, as well as many international markets. Bank of America's operations include the following primary industry segments: consumer, commercial banking, asset management, global corporate and investment banking, and equity investments. Bank of America is one of the biggest financial companies in the world. When dealing with assets, it is the second largest. The factors that hurt the company would be due to competition, bad management, new federal regulations, and customers closing accounts. Also they have experienced problems with their online banking as well as human resource errors. First, I am going to discuss the environment of Bank of America. Second, I will discuss Bank of America's globalization, diversity and ethics. Third, I am going to discuss the company's leadership, motivation, and teamwork culture. Last, I will provide recommendations how to improve Bank of America's business.First, the environment of Bank of America, as with other banks as well, consists of external and internal environment. The external environment plays an important role of the bank. Most of the external factors are beyond their control. The factors such as competition, political, economic, legal, government rules and regulations influence the bank's choice of direction and action and also affects the internal settings of the bank. The external environment effects a company's strategic options as well as the decisions made because of them. The bank's understanding of its external environment must be aligned with knowledge about its internal environment. Understanding the conditions of the two environments is mandatory to form Bank of America's strategic intent, develop its mission, and to take strategic actions in the pursuit of strategic competitiveness and above-average earnings. The external environment includes many different factors which make the tasks of CEOs more difficult. The second difficulty is that of the speed of change. The impact of technological changes on businesses is much faster than ever before. Technology has transformed the way in which the banking business is carried out. In addition, competition drives Bank of America to diversify their product range in response to market demands. I can broadly categorize this environment into two types: remote environment and operating environment. Remote environment: This environment consists of factors that come from beyond the bank's operating environment. This comprises of...

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