BANK OF AMERICA

Bank of America

Abstract

Today's financial environment makes business analysis difficult and hard to predict. Globalization and rapid changing trends dominate business news and affect both Wall Street and Main Street in different yet substantial ways. Bank of America is a very popular topic of discussion in today's world of economics and global markets. The business environment Bank of America currently lives within is rapidly changing and fiercely competitive. Bank of America is seemingly in much trouble today in many different ways. The purpose of this essay is to discuss the business environment Bank of America operates within, and compare and contrast its practices and procedures with its competitors.

Table of Contents

Bank of America Corporation1

Services and Customers of the Bank1

Demographic Forces2

Task Environment2

Competitors3

Suppliers4

General Environment and Its Forces4

Major Mergers and Acquisition in Twenty-First Century5

Impact of Economic and Financial Crisis7

Crisis Leadership-Strategies to Overcome Economic Crisis10

Role of Human Resource Management11

Conclusion12

Business Analysis: Bank of America

Bank of America Corporation

Bank of America is one of the largest commercial, financial institutions in the world. It was founded by an Italian A. Giannini in 1904, in San Francisco, under the name Bank of Italy. The modern name was in 1930 after the merger with Bank of America and California. The Bank has actively funded by the U.S. industry and is a leader in the mortgage market and the savings in dollars. Bank headquarters is located in San Francisco and a significant proportion of its activities are concentrated in California. The bank plays a crucial role in placing foreign loans, owns subsidiary banks in New York, in Italy and participated in the work of credit agencies in many countries around the world. There are close long-term relations established between the Bank of America with automotive, steel, aluminum, oil companies, as well as the aviation company Douglas Aircraft, Hearst newspaper chains and the largest agricultural company, California Land (Bonadio, 1994).

Services and Customers of the Bank

Consumer and Commercial Banking provides a wide range of products and services for individuals, small businesses and midsize companies through the delivery channels, which include about 4,277 banking centers and 13,241 ATMs in 21 states and the District of Columbia. The segment provides specialized services, such as the emergence and maintenance of mortgage issuance of credit cards, student lending, and some insurance services, commercial lending, services and cash management(Bonadio, 1994).

Asset Management includes private banking (financial solutions for wealthy clients), management of capital (stocks, bonds, cash and alternative investments), and investment services (full service and discount brokerage services). Investment Banking and Global Corporate provide capital raising products, government agencies, cash management, financial institutions, leasing and financial advisory services to international and domestic corporations, capital markets and trade finance.

Demographic Forces

Demographics factors are hard to predict. Age is one of the factors that can be predicted easily. This factor of age affects various aspects at the operation of Bank of America such as interest rate, economic growth, asset prices, housing, inflation and government spending. The estimates of age of the population show that the emerging market of the bank would ...