Financial Organizations: Bank Of America Essay

1818 words - 7 pages

Bank of America
Bank of America Corp ranks in the 21th place in fortune 500, falling back from a previous rank of 13th place. Known as one of the American largest company of its kind in the world. This was one of the first commercial bank to be open for public and was open five years before the first president, George Washington, was establish in office. The company provides loans, credit cards, consumer and business banking.
Bank of America, was founded by Amadeo Peter Giannini and opened for business on July 5th, 1784. It was known as the Massachusetts Bank, which was signed by John Hancock for the bank’s charter providing authorization to operate, who was the Governor of Massachusetts at the time. Massachusetts Bank was one of the three commercial banks in 1784. In 1958, the first credit card was introduced as BankAmerica card, and licensed to other banks across the US. “In the later half of the 20th century the bank expanded outside its home state into the Pacific Northwest and the Southwest as well as the emerging Latin American and Asian markets.” (BankAmerica Corp) NationsBank of Boston and BayBank was merged with Massachusetts Bank in 1996 and in 1999 acquired by Fleet Bank. In 1998, NationsBank created the first coast to coast retail banking franchise soon after the name was changed to Bank of America Corp.
Bank of America states, “Our mission is to offer lending and investment products that; Serve low-and moderate-income individuals and families; Improve underserved low- and moderate-income communities; Create sustainable practices for the long haul” (Bank of America). In 1904, the CEO, Giannini, of Bank of Italy took some risks by issuing character loans, which was later acquired by NationsBank. This risk paid off by bringing more customers to the bank, the number of total deposits increased, and jumpstarted the city’s economy. This is why Bank of America’s vision is to be the world’s finest financial services company as well as setting and meeting their goal. Their goal is to help communities and strengthen the economy. Bank of America gives to those who most need it and to nonprofit organizations that address critical needs. Three major goals Bank of America set is “a 10-year, $1.5 trillion community lending and investing goal; a 10-year, $2 billion philanthropic giving goal; and a 10-year, $50 billion goal for lending to and investing in environmental initiatives.” (Brian T. Moynihan)
Bank of America is providing more benefits than any other financial organization in the world while at the same time having a high customer satisfaction, great customer service, and the best bank services. By having locations around the world, this gives Bank of America different characteristics. It also provides more benefits than any other financial organization in the world. Bank of America keeps up with the latest technology with the number one mobile banking. With 14 million users and 30 million active users of online banking. Even with a...

Find Another Essay On Financial Organizations: Bank of America

The History of Nonprofit Organizations in America

1401 words - 6 pages organizations could provide for. These pressures gave way for President Franklin D. Roosevelt to lead America into the New Deal. This included the creation of the U.S. Social Security Program, unemployment assistance, and needs-tested assistance (Salamon 1999, p.58). Roosevelt’s New Deal still left limited coverage, limited funding, and left much of the delivery of social service to state and local governments. Even with all the changes that have

Bank of America and the Mortgage Crisis

1002 words - 4 pages relevance to Bank of America. Bank of America is one of the major financial institutions affected and is losing money in the industry. It is hypothesized that the bank and other financial institutions are still struggling in the industry, due to several reasons. The research question in this paper is: What led to the mortgage down fall since the recent recession that occurred in 2008. In a research article by (Zhu, 2013), there are several causes

The Role of Shinsei Bank in Financial System

1051 words - 5 pages “Explain the role of Shinsei bank in the financial system. Access its exposures and performance during the financial crisis of 2007-2011. Did it do well or badly?” Bank description Shinsei bank has had a chequered history as its predecessor was called Long Term Credit Bank of Japan (LTCB), which declared bankruptcy during the financial crisis in Asia in 1998. Until 2000, New York-based Ripplewood’ Holdings made an acquisition, took over the bank

The Bank of England and The 2008 Financial Crisis

766 words - 4 pages Due to the 2008 financial crisis, the Bank of England employed quantitative easing (an unconventional monetary policy used to stimulate the economy) by cutting interest rates down to 0.5 % and has been keeping it until now. The Bank made the decision to keep QE and the interest rate unchanged in March. Spare capacity (the ability of a firm to produce more of a product than is now being produced) is used by the BoE to justify its use of forward

The Merge of Bank of Italy in San Francisco to Bank of America

1292 words - 6 pages Bank of Italy in San Francisco founded a company that has been around for over one hundred years serving many, this bank, and it is directed toward immigrants, but it ultimately merged with Bank of America. This is one of the world’s largest financial corporations, serving individual consumers, and businesses of all times, they have a full range of banking, investing, and offering risk management services. Bank of America serves clients in

Discuss how financial markets in Australia are regulated by the Reserve bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission

1309 words - 5 pages Financial markets are an important component of Australia's economy. They provide a return for those who have extra income, while at the same time making loans available those who need additional funds. They influence all other industries because of their key role in the economy. To protect the overall economy and the individual sectors, there are three major regulators of financial markets; RBA, APRA, and ASIC.RBAThe Reserve Bank of Australia

Risk Factor Disclosure Analysis for Wells Fargo / Bank of America - Columbia University Strategic Risk Management - Paper

1421 words - 6 pages increasing cost for delivery. Warehousing cost will increase and create a financial burden for To build trustworthy relationship with current clientele and potential clients, to stabilize stock prices and the brand’s credibility, it is significant to change logistic service policy to better fit the market condition. CONCLUSION Alibaba and, Inc are examples of largest B2C companies, which are involved into logistic service problem

Business: Effective Innovations and Technological Advances

1287 words - 5 pages financial services industry are rare, however in 2005; Bank of America introduced a unique product called “Keep the Change.” The strategy was to assist in solving the problem of getting new customers to open new checking and savings accounts. Keep the Change product works by rounding up the purchase to the nearest dollar amount made with the customers debit card, and transfers that amount into the customer’s savings account. The program also

Staffing and Selection

1108 words - 4 pages      Bank of America is a corporation that employs over 175,000 associates that provide financial products, services, ideas, and solutions to customers in the United States. The Global Corporate and Investment Banking group (GCIB) has offices in 35 countries serving clients in more then 150 countries, with associates in all of the Americas, Europe, and Asia (Anonymous, 2004). Choosing the most qualified individual may

Financial Markets & Institutions - MISB Bocconi - Research Paper

614 words - 3 pages burden. Eg: The Citigroup and the Bank of America in the U.S. were provided with guarantees for real estate assets · Nationalizing institutions: Government authorities have been known to take action by making direct injections of public funds into at-risk financial institutions. In return, the government received equity shares and the insolvent financial institution became nationalized · Recapitalization of financial institutions facing a liquidity

The Independence Of the Chinese Central Bank

1852 words - 7 pages development. 1.1 Definition The central bank is a special financial institution, which has the power (given by the government)of making and carrying out monetary policy, giving the national economy control and management. The central bank is the bank of government; the bank of issue; the bank of banks; the bank of controlling macro-economy. The main difference between the central bank and the commercial banks is that the purpose of the central

Similar Essays

Bank Of America Essay

971 words - 4 pages Organizing Paper PAGE 1 Bank of AmericaBank of America is one of the biggest companies with a lot of employees. Bank of America was founded in 1874 known as the Nations Bank till its acquisition of a San Francisco-based Bank of America in which it assumed its current name.Bank of America is one of the leading financial companies in the world. When dealing with assets, it is the second largest. Bank of America has a profit of 31.61%. The

Bank Of America Innovation Essay

1176 words - 5 pages In early 2000, the American Banking sector was in consolidation phase. Over 7000 banks had closed down and the competition amongst the remaining was intense. But the banks viewed financial services as products and no efforts were made towards innovation. In such a scenario, Washington Mutual (WAMU) started innovating. Bank of America quickly picked up on this and started extending its product line by innovating. It established the Innovation and

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

Economic Analysis Of Bank Of America

1547 words - 6 pages Bank of America is a bank holding company that provides a full range of banking and financial services and products to more than 28 million households and 2 million businesses in the U.S. and internationally. Its primary market areas encompass the entire United States, after the recent merger with FleetBoston Financial Corporation, as well as selected international markets. The banks operations are divided into the following main business