Bank of America Company Profile

jargon of the States is a ball-shaped fiscal services order headquartered in Charlotte, NC. It is unmatched of the worlds largest pecuniary institutions. assert of the States serves over 53 million customers. They serve these customers through 5,500 retail banking offices. shore of the States is known as a drawing card in the online banking world. Online al iness the high society services 30 million dynamical users. The troupe serves customers in all 50 posits and more than 40 countries. The bon ton has legion(predicate) different lines of melodic phrase and employs over 260,000 people. ( cant of the States 2012) Historical PerspectiveThe entire banking labor is made of mergers and acquisitions. The history of slang of the States is no different. swear of the Statess earliest predecessor was called the Massachusetts avow. capital of Massachusetts petiti acers wanted the right to start a bank. They were armed with $300,000 in capital and had legion(predicate) sup porters. 15 of the original shargonholders were woman. Among the founders and first customers were label like John autograph, General hydrogen Knox, and Paul Revere. That branch candid for business on July 5th 1784. This happened before the US Constitution had even been adopted.John Hancock was the governor of Massachusetts. In 1784 he sign(a) the banks charter making it only the mo bank to receive a state charter. In 1786 Massachusetts Bank financed one of the earliest sailings of an the Statesn ship to china. This opened up the china trade. The bank continue to grow throughout America. Expanding to new states and ever-changing names like Pacific internal. It is believed that the Easton National Bank, one of the predecessors to Bank of America, was the first counterbalance interest on deposits. Offering numerous financing to significant projects through history, one of the most notable is in 1815. afterward the fires that devastated the capital, the bank financed the reconst ruction of the capital. Fast off over a century to 1998. NationsBank merges with Bank of America. This move created the first coast-to-coast retail banking franchise. (Our Heritage, 2010) Bank of America continues to grow acquiring financial service companies like US commit and Merrill Lynch. With a storied history in the financial services sector, and make of our country, Bank of America is the most fitting name. Lines of work Bank of America focuses on 3 customers.They focus on the people, companies, and institutional investors. They are the leading provider of checking, savings, credit and calculate cards, and home equity lending. Bank of America is the nations largest loan servicer religious offering numerous different home mortgage options. Bank of America is a unattackable hold in Global embodied and Investment banking. The Bank also has a strong focus on financial advising and wealth management. The addition of Merrill Lynch has frame Bank of America as the leader in Financial Services. Financial business office Bank of America, or BAC, is often one of the most popularly traded stocks.In April, the voice price of BAC declined over 5% to $11. 63. (Oleinic, 2013) As interest rates start to stool out, the bank must ever rig to keep revenue up. Currently the 52 week range of BAC is $6. 90 $13. 99. Although it has a larger 52 week range, the company is tranquil somewhat stable. It has achieved this by building a strong balance sheet. In 2012 Revenue in millions was reported at $84,235 while authorise income was reported at $4,188. Compared to 2011 revenue dropped almost $10,000 however Net income increased from $1,446. As far as the shareholders are concerned, BAC has an EPS of $. 2. Overall the company is place itself to remain strong during the current downturn. (Bank of America 2012) Bank of America must constantly adhere to stricter policies from the SEC while still maintain a positive persona in the consumers mind. As the bank continue s ontogeny it must remain competitive against its 3 competitors Citi, Wells Fargo, and Chase. Conclusion Bank of America plays a major role in the global market place. From its beginning in the late 1700s, the bank has seen the value in financing international trade. Centuries later the said(prenominal) remains true.Any company as large as Bank of America provide be influential in the Global market place. As mentioned above, with 260,000 employees, the company has certainly left a rattling deep foot print in the global economy. The unique thing with Bank of America in the global economy is the amount of other global businesses that work out on the stability of the company. It is a company that finances several other global companies. For this reason, I think Bank of America will be here for a long time. It has positioned itself to grow during an economic downturn. We will have to wait to see if it has been well-behaved growth.