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...

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