In its mission statement, BoA has identified its responsibilities towards all its stakeholders which include the shareholders, the customers and the clients, its employees, the institutional investors, government, the community and the society in which it operates. BoA’s vision is to become the World’s finest financial service company. At the heart of BoA’s mission statement lays its core values and strategies which highlights how it intends to achieve its mission. BoA believes in doing the right thing for its stakeholders, work in teams while developing trust, focusing on achieving results and respecting each others differences and becoming leaders to build a better future. (Editors) 2. Identify the five (5) forces of competition and how it impacts the company. The first force of Porter’s five forces is threat of new entrants. Banking and financial services industry in general faces severe competition. Being a multinational bank operated worldwide, BoA faces tough competition. The potential of absolutely ‘new’ entrants in the banking sector is low as operating a bank is a highly regulated business which requires vast amount of investment. However already established banks worldwide can very easily enter regions and compete with each other which makes competition quite tough for BoA in many regions. (Schmidt. 2010; Henry. 2008) The second force to determine competition in the industry is competition form established rivals. In BoA’s case this seems to be high too as due to globalization in the financial institution the competition has become tougher within already established companies. All the US based and international institutions are trying to win the market share and strengthen their customer base. (Schmidt. 2010; Henry. 2008) The third Porter’s force is competition from substitutes. This seems to be reasonably low for the financial institutions as they offer services like wealth management, investment banking, insurance, loans, advisory etc that have no substitutes. (Schmidt. 2010; Henry. 2008) The power of customer and the power of supplier are the fourth and fifth forces of Porter’s model. The power of supplier seems to be weak in BoA’s case as there are no significant suppliers in the financial services sector. The power of customers is high as in most of the businesses due to increased globalization and competition the customers can now exercise greater influence on the pricing and need of new offers which can accelerate competition. However in an industry like financial services providers where the intervention of government and other regulators is high the companies are restricted to a certain level. (Schmidt. 2010; Henry. 2008) 3. Create a SWOT analysis for the company identifying the major strengths, weakness, opportunities, and threats. BoA’s presence world wide gives it a wider geographical coverage to avail opportunities. Its geographical spread enables it to serve various markets, business segments and needs of customers all around the world. BoA deals in various products which is an additional strength that serves millions of customers all around the world through its strong network. Product diversification- offering services like retail banking, investment banking, cards, capital and wealth management along with continuous product development and keeping pace with latest technology and promoting learning and innovation have been major strengths of the company. Additionally it operates a very strong risk management
SWOT ANALYSIS OF BANK OF AMERICA Name University 1. Identify the company’s mission, vision, and primary stakeholders. A bank’s mission statement and its publicized vision and strategies should give an insight of company’s values and how it intends to work for its different stakeholders…
The New York Liquidation Bureau known as the NYLB is a unique entity which does not receives any fund from the taxpayers but carriers out the functions of Superintendent of financial services as a receiver and discharges his statutory duties in order to take care of the interest of the creditors and policyholders of those insurance companies which have been declared insolvent and impaired.
PricewaterhouseCoopers LLP is the auditor of the Bank of America. PricewaterhouseCoopers LLP (PwC) is the firm’s registered public accounting firm and they conduct the audit of the business. The auditors (PwC) are recognized worldwide and are very popular in the auditing department.
A Strategic Analysis of Bank of America Corporation Name of University Instructor Name of Student Date A Strategic Analysis of Bank of America Corporation Executive Summary Bank of America Corporation is one of the world’s largest financial institutions with corporate offices located in Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255.
West Coast air carrier. The airline company is based in Seattle, Washington, and has a large number of passengers. Alaska Airlines has immensely expanded to cater for Canadian, East Coast and Mexican routes. Historically known for its Alaskan origins represented by the Eskimo decorated on the train of the aircraft, Alaska Airlines presents a friendly and relaxed approach to services, one that travelers have come to acknowledge as the Alaska Spirit.
It is slightly smaller than the United States, as far as land area is concerned (Australia - Location, size, and extent). Some of the neighboring countries of Australia are; Indonesia, East Timor and Papua New Guinea, the Solomon Islands, Vanuatu New Zealand etc.
With the acquisition, BAC acquired Countrywide’s mortgages and a 25% combined share of the mortgage market. However, problems in relation to fraudulent mortgages originated by Countrywide soon surfaced and BAC found itself entangled in legal battles with investors who were suing the bank in a bid to recover their assets from Countrywide.
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Motor vehicle production is one of the biggest multi-national industries in the world. It contributes to the income of many countries in terms of taxes and foreign exchange. With that in mind, this paper is meant to carry out a SWOT analysis of two members of the larger Motor vehicle manufacturing fraternity.
One of the banking institutions that have made a stride in the global banking sector is the Bank of America Corporation. One reason why it is important to analyze Bank of America Corporation as a profitable banking sector is its large market share and the amazing offers it provides to its customers in all its branches that put it as the world’s biggest one.
It renders its services to individual clients, market enterprise both emerging, medium and developed corporations. Since 2009, the American bank is one of the prominent companies of wealth management in the globe wealth and a world leader in corporate and banking investment, (Carter & Goldsmith, 2009).
6 pages (1500 words)Research Paper
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