Bank of America Company Profile

coin bank of the States is a planetary monetary services order headquartered in Charlotte, NC. It is one of the worlds largest financial institutions. bank of the States serves over 53 million customers. They serve these customers with 5,500 retail buzzwording offices. bank of the States is known as a attraction in the online banking world. Online alone the union services 30 million alert users. The company serves customers in all 50 states and more than 40 countries. The company has numerous different lines of business and employs over 260,000 people. (Bank of America 2012) Historical positionThe entire banking industry is made of mergers and acquisitions. The history of Bank of America is no different. Bank of Americas earliest predecessor was called the mamma Bank. crown of Massachusetts petitioners wanted the right to arrest a bank. They were armed with $300,000 in capital and had many supporters. 15 of the original packageholders were woman. Among the founders an d premiere customers were names like gutter autograph, General Henry Knox, and Paul Revere. That branch opened 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 signed the banks charter making it provided the second bank to receive a state charter. In 1786 Massachusetts Bank financed one of the earliest sailings of an American ship to china. This opened up the china trade. The bank continued to grow throughout America. Expanding to new states and ever-changing names like Pacific National. It is believed that the Easton National Bank, one of the predecessors to Bank of America, was the first pay interest on deposits. Offering numerous financing to noteworthy projects through history, one of the most notable is in 1815.After the fires that devastated the capital, the bank financed the reconstruction of the capital. Fast forward 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 Trust and Merrill Lynch. With a storied history in the financial services sector, and construction of our country, Bank of America is the most fitting name. Lines of Business Bank of America focuses on 3 customers.They focus on the people, companies, and institutional investors. They argon the leading provider of checking, savings, deferred payment and debit cards, and home equity lending. Bank of America is the nations largest loan servicer offering numerous different home mortgage options. Bank of America is a strong 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 put Bank of America as the leader in Financial Services. Financial Position Bank of America, or BAC, is often one of the most p opularly traded stocks.In April, the share price of BAC declined over 5% to $11. 63. (Oleinic, 2013) As interest rates start to bottom out, the bank must constantly adjust to keep gross up. Currently the 52 week range of BAC is $6. 90 $13. 99. Although it has a big 52 week range, the company is still somewhat stable. It has achieved this by building a strong balance sheet. In 2012 Revenue in millions was report at $84,235 objet dart Net income was reported at $4,188. Compared to 2011 revenue dropped well-nigh $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 positioning itself to remain strong during the current downturn. (Bank of America 2012) Bank of America must constantly ad present to stricter policies from the SEC while still maintain a positive image in the consumers mind. As the bank continues growth it must remain competitive against its 3 competitors Citi, surface 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 order in financing international trade. Centuries later the same remains true.every company as large as Bank of America exit be influential in the Global market place. As mentioned above, with 260,000 employees, the company has certainly left a very deep foot sucker in the global economy. The unique thing with Bank of America in the global economy is the amount of other global businesses that depend 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 lodge to see if it has been good growth.