Bank of America and Technology.
Based on experience, give examples of how management at your company expects technology to improve business. Discuss how your company's current technology is meeting or not meeting business needs.

The Bank of America (BOA), the nation's premier bank and one of the premier banks in the world, is highly dependent on technology for meeting its business needs. On few occassions does it find itself being disappointed. Most times, it finds technology meeting its neeeds.

On the simple level, BOA uses its computers to store customer account information on its servers as well as employing accounting software. Computers are also invaluable for number crunching accurately solving inordinately complex equations in seconds. The bank also uses computers for user authentications, aside from which computers, used as network, connect the various BOA units and their customers so that all are kept in instant and effective intercommunication and are aware of development…...

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References

AP (3/1/2005). Bank of America loses customer data. Security on MSNBC.  http://www.banktech.com/news/showArticle.jhtml?articleID=171203551 

Financial News. (Aug. 20, 2010) Visa Tests Cell Phone Payment Technology With Bank of America.  http://www.mybanktracker.com/bank-news/2010/08/20/visa-bank-of-america-iPhone-payment/# 

Martelli, D. (Jan. 14, 2011) Bank of America website not responding for users. Technorati.

Bank of America SWOT Analysis:
Bank of America is one of the principal financial institutions across the globe with a broad range of customers that include individuals, small businesses, middle-market businesses and large corporations. The company also has a diverse range of products and services including asset management, banking, investing and other financial products. Currently, Bank of America is regarded as America's largest bank holding company in assets and the second largest in market capitalization ("SWOT Analysis of Bank of America," 2010). Bank of America basically operates in the United States, Europe, Canada and Latin America with its headquarters in Charlotte, North Carolina.

In addition to having a workforce of 284,000 employees, the company serves a diverse range of customers in over 150 countries around the world and has a strong relationship with the Fortune Global 500 companies. Since it market position is supported by a well-established distribution network which is unparalleled…...

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References:

"Bank of America Corporation Code of Ethics." (n.d.). Bank of America. Retrieved July 14, 2011, from http://phx.corporate-

ir.net/External.File?item=UGFyZW50SUQ9ODM3NDZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

"Bank of America Corporation: Company Profile." (2011, March 17). Data Monitor. Retrieved July 14, 2011, from  http://ehis.ebscohost.com/eds/pdfviewer/pdfviewer?vid=3&hid=2&sid=c5fcfc40-8896-4c80-9b4f-1cff34028b14%40sessionmgr14 

Moynihan, B.T. (2011, June 5). Investor Relations: Corporate Governance. Retrieved July 14,

Bank of America's Strategic Initiatives:
The traditional ways in which banks operate have been broken down by the recent political, socio-economic and technological changes that have occurred around the world. The recent changes have also influenced the economic trends, which have had a significant impact on the banking industry. Banks have largely been involved in product and geographical expansion in foreign and emerging markets because of globalization and deregulation. Notably, this process of expansion in the banking industry has been accelerated by the implementation of new technologies.

However, recent economic trends have also resulted in an essential change in the distribution and cost structure of financial services. This is because more non-banking institutions and online sources are offering banking business products because of the occurrence of disintermediation. Consequently, banks have been forced to alter their operations and change their ways of conducting business because of the resultant increased pressure on the whole…...

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References:

"Bank of America." (n.d.). Bank of America: Investor Relations. Retrieved July 27, 2011,

from http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=407277&highlight=

"Bank of America Small Business Banking." (n.d.). Economy Watch. Retrieved July 27, 2011,

from  http://www.economywatch.com/banking/small-business/bank-of-america.html

Bank of America was one of the largest recipients of the troubled assets relief program (TAP) which was created in 2008. The U.S. Government made the terms of the TAP program very favorable to the bank. As a result, in December, 2009 the bank was able to repurchase all shares of TAP Preferred Stock. Paying off TAP quickly saved the bank over $25M which would have been cash outflow as dividend payments. As a result of choosing to pay this off quickly, the bank will be able to move closer to profitability.
Second, the wealth management business unit has significant potential due to the acquisition of Merrill Lynch and LaSalle, the U.S. subsidiary of ABN Amro. These two acquisitions bring a much greater depth of services and product depth to the company, in addition to much greater diversity of clients globally. It also provides the wealth management business unit with…...

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References

AlSagheer, A. (2011). Six Sigma For Sustainability In Multinational Organizations. Journal of Business Case Studies, 7(3), 7-15.

Gonzalez, M., Mueller, R., & Mack, R.. (2008). An Alternative Approach in Service Quality: An e-Banking Case Study. The Quality Management Journal, 15(1), 41-58,7.

Suzanne Kapner, & Justin Baer. (2011, May). BofA to cut $850bn bad loan book in half. FT.com

James L. McKenney, Richard O. Mason, & Duncan G. Copeland. (1997). Bank of America: The crest and trough of technological leadership. MIS Quarterly, 21(3), 321-353.

Key findings from the analysis are provided here:
Income Statement Variance Analysis

Bank of America achieved a 37.4% increase in revenue between 12/31/05 and 12/31/06, driven by acquisitions and organic growth in etail Banking and Card Services. Cost of evenue increased 53% in the same fiscal period.

Net Income increased 28% from $16.4B to $21.2B also driven by the acquisitions completed during the period. As a result Earnings per Share on a Net Income Diluted basis rose 13.61% from $4.04 to $4.59.

In the period between 6/30/06 and 3/31/07, evenues increased 5.4%, or $1.6B based on revenues of $28.8B rising to $30.4B. Cost of evenues in the same fiscal period rose $1.8B from $11.6B to $13.2B.

Net Income during the period of 6/30/06 to 3/31/07 dropped $220M from $5.4B to $5.2B, a 4% reduction in Net Income during the period.

Balance Sheet Variance Analysis

The most significant variance sin the 12/31/05 to 12/31/06 timeframe reflect the…...

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References

SEC Filings (2007) - a series of Form 10Ks and additional materials were used as the basis of this analysis. Accessed from the Internet on July 2nd, 2007 from location:

http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-sec

Financial Analysis Completed Using SEC Filings

Top among them were reduction in administrative costs, better self reporting for the impact of the gifts, more financial security within the organization, and a positive return on the investment among others. These all contribute to a positive mind-set in regards to high net-worth contributors.
It has been stated the larger charitable organization such as "toys for Tots" and the MD foundation have bloated administrative costs that consume more that 50% of the donations before it ever reaches its intended recipient. Charities would do well to assure that their administrative costs are in order as well as their back office and financial management. High net-worth donors usually have a keen eye for well run organizations and as espoused by this report, is a key factor in their desire to commit resources to any institution.

eferences

Indiana University. (2006). 'Bank of America: study of high net-worth philanthropy.' The Center of Philanthropy at Indiana…...

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References

Indiana University. (2006). 'Bank of America: study of high net-worth philanthropy.' The Center of Philanthropy at Indiana university. Retrieved on 8 October 2009 from  http://www.philanthropy.iupui.edu/Research/BAC+Study+of+HNW+Philanthropy_102606.pdf

Bank of America:
As part of its digital efforts and strategy, Bank of America introduced its mobile banking strategy in May 2007 to enable its customers to access services through their mobile phones. Through the initiative, the bank's customers can access services via applications on their smartphones, mobile web browser, and short message service (SMS) that was launched few months later. The mobile banking strategy proved to be a huge success since the bank had four million mobile banking customers three years after the launch. The company has continued to receive requests from line-of-business managers to leverage the mobile platform through the development of mobile application functionalities for their respective businesses. However, the financial firm has been hesitant to add complex features to its mobile applications on the basis that it could negatively affect users through slowing down the application.

Strategic Issues and Problems:

Bank of America's mobile banking strategy has been…...

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References:

Gabriel, A.R. (2011, August 5). 10 Keys to Mobile Banking Success. Retrieved January 30, 2012,

from  http://www.informationweek.com/news/development/mobility/231300303 

"Mobile Banking Creates Brand Loyalty for Bank of America." (n.d.). Mobile Mavens.

Retrieved January 30, 2012, from http://mobilemavens.net/?p=399

BofA
The Bank of America is one of the country's largest retail banks. It is mid-2009, the recession has been declared to be over but there is still a lot of economic uncertainty, and the Bank must set strategy going forward. Traditionally, the bank has grown through acquisitions, and there are a lot of low-priced assets in the financial industry right now. However, any acquisition must fit with the bank's overall strategy and its current financial position. The bank has just complete a major merger and that is one strategic issue, the ongoing economic troubles in particular in the housing market is another major issue, and at this point another issue is simply defining what the bank will look like going forward. Therefore, this is as much about setting strategy as it is about implementing strategy.

BCG Matrix

The BCG Matrix is a means by which the company's strategic position can be understood.…...

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References

Dahl, D. (2011). How to prepare your management team for an acquisition. Inc. Magazine. Retrieved February 21, 2014 from  http://www.inc.com/guides/201106/how-to-prepare-your-management-team-for-an-acquisition.html 

MSN Moneycentral: Bank of America (2014). Retrieved February 21, 2014 from  http://investing.money.msn.com/investments/stock-income-statement/?symbol=BAC 

Son, H. (2013). BofA will dissolve Merrill Lynch unit while keeping name. Bloomberg. Retrieved February 21, 2014 from  http://www.bloomberg.com/news/2013-08-16/bofa-plans-to-dissolve-merrill-lynch-to-simplify-company.html 

VBN. (2013). BCG Model. Value-Based Management.net. Retrieved February 21, 2014 from  http://www.valuebasedmanagement.net/methods_bcgmatrix.html

A most useful means of revealing just how affected it was, is that of analyzing the annual report. The data for 2008 indicates a strong company with an ability to develop and implement the most adequate strategies, but which also reveals increased levels of sensitivity relative to the industry. Also, 2009 came to confirm the suspicions relating to deepening financial challenges on the part of the bank and holding organization.
In response to these difficulties, the Obama administration has created the Troubled Assets elief Program, a plan which aims of create a state bank to purchase the underperforming stocks from the Bank of America and other banks. A simpler and more efficient solution however would be that of eliminating the mark-to-market accounting technique. The measure would ensure that the assets of the Bank of America and other players in the banking industry are not continually depreciated. This would in turn…...

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References:

Wesbury, B.S., Stein, R., Mr. President, Suspend Mark-to-Market, Forbes, January 21, 2009

Bank of America 2008 Annual Report, Retrieved from on April 27, 2009http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-reportsannual

Bank of America Corporation, Website of the New York Stock Exchange, 2009,   last accessed on April 27, 2009http://www.nyse.com/about/listed/bac.html 

Market Price of Common Stock, Spireframe, 2008,   last accessed on April 27, 2009http://www.spireframe.com/docs/financial_statement_market_price_of_common_stock.aspx 

Bank of America: Life's Better When We're Connected
Strategic Audit & Analysis

Current Situation

Bank of America, as of 2010 was the 5th largest company in the United States by total revenue and the second largest non-oil company in the United States following Wal-Mart. Bank of America was listed by Forbes as the third largest company in the world. In 2008, Bank of American acquired Merrill Lynch making Bank of America the world's largest wealth manager as well as being a major player in the investment banking industry. eports state that Bank of America "received U.S. $20 billion in the federal bailout from the U.S. government through the Troubled Asset elief Program (TAP) on 16 January 2009 and also got guarantee of U.S. $118 billion in potential losses at the company. This was in addition to the $25 billion given to them in the Fall of 2008 through TAP." (Business Insider, 2012) The…...

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References

Bank of America Corporation (2013) The New York Times. Retrieved from:   Still Behaving Badly (2013) 8 Mary 2013. The New York Times. Opinion. Mylant, J. (2013) 2013. Will Be A Foundation Laying Year For Bank Of America. Retrieved from:  http://seekingalpha.com/article/1097651-2013-will-be-a-foundation-laying-year-for-bank-of-america http://topics.nytimes.com/top/news/business/companies/bank_of_america_corporation/index.htmlBanks 

Bank of America is sorry it broke your heart. (2013) The Fool Investor. New Slogan for BOA. Retrieved from:  http://www.fool.com/investing/general/2013/04/08/bank-of-america-is-sorry-it-broke-your-heart.aspx 

Bank of America. (2013) Market Research Report. Retrieved from:  http://www.marketresearch.com/GlobalData-v3648/Bank-America-Corporation-BAC-Financial-2758851/view-toc/ 

Bank of America Corporation: Select Major Subsidiaries. 17 Apr 2013. Retrieved from: http://media.corporate-ir.net/media_files/IROL/71/71595/BAC_Corporate_Structure_2013_0331.pdf

Bank of America
Vision and Mission Statement and Long-Term Objectives

The mission statement of Bank of America (BOA) is that the actions of individuals working in tandem build strong communities and businesses such as BOA are obligated to support the communities that it operates in and serves. The vision of the BOA Company is to become the finest financial corporation in the world. Thus, the Bank of America plans to use its proficiencies to generate economic value in the communities and regions where its customers live and work. The purpose of the company is to assist in improving the financial lives of its consumers and clients. The long-term objectives of the BOA include increasing its market share, increasing its consumer base, increasing its level of profitability, decreasing its overhead expenses, and decreasing the service fees that it incurs (Bank of America Website, 2015).

Bank of America's Background as an organization

Bank of America has…...

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References

Bank of America. (2014). Annual Report 2014. Retrieved 1 July 2015 from:  http://media.corporate-ir.net/media_files/IROL/71/71595/AR2014.pdf 

Bank of America. (2015). Corporate Website. Retrieved July 1, 2015 from:  http://about.bankofamerica.com/ 

Cetorelli, N. (2002). Life-cycle dynamics in industrial sectors: The role of banking market structure.

Citigroup Company Website. (2015). Retrieved 1 July 2015 from: www.citigroup.com/

Merrill Lynch
During the depths of the financial crisis in September 2008, the Bank of America agreed to purchase troubled investment bank Merrill Lynch. The deal, valued at $50 billion, created a bank that rivaled Citigroup as one of the largest in the United States by assets (AP, 2008). The deal created a combination retail/investment bank that had multiple revenue streams and expanded Bank of America's international presence as well. The deal capped off a run of acquisitions made by Bank of America. Previously, it has acquired MNBA in 2006, that company being one of the largest issuers of credit cards in the world (AP, 2006). In January of 2008, BoA purchased struggling mortgage banker Countrywide Bank in a deal that now ranks as one of the worst ever in the banking industry, costing Bank of America nearly $31 billion on top of the $4 billion acquisition cost (Ovide, 2011). In…...

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Works Cited:

AP. (2008). Bank of America to purchase Merrill Lynch. MSNBC. Retrieved December 13, 2011 from  http://www.msnbc.msn.com/id/26708958/ns/business-us_business/t/bank-america-purchase-merrill-lynch/#.TueorFaxsQo 

AP. (2006). Bank of America buys credit card firm MNBA. MSNBC. Retrieved December 13, 2011 from  http://www.msnbc.msn.com/id/8414809/ns/business-us_business/t/bank-america-buys-credit-card-firm-mbna/ 

Dolan, M. (2011). San Francisco police arrest 100 in Bank of America protest. Los Angeles Times. Retrieved December 13, 2011 from  http://articles.latimes.com/2011/nov/17/local/la-me-sf-occupy-20111117 

MSN Moneycentral. (2011). Bank of America. Retrieved December 13, 2011 from  http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?symbol=BAC&stmtView=Ann

Business - Companies
Bank of America

In the last half of the 20th century, North Caroline National Bank (NCNB) began a string of acquirements that ultimately pulled together more than several thousand banks, and fashioned today's Bank of America. They have retained their headquarters in Charlotte, North Carolina, and have grown to be a global business. Through the years, generation after generation, the financial institutions that are part of their legacy have played a role in the development of this country's culture and economy. ith a pledge to awaiting the needs of their customers and a drive to spark opportunity, Bank of America continues a proud tradition of improvement, performance and service (Our Heritage, 2010).

Facts and Findings

Bank of America is committed to making opportunities possible for customers and clients by reacting to their financial needs, helping compel economic growth and supporting the neighborhoods where they do business. The company has supported areas…...

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Works Cited

"Bank of America." 2011. Web. 20 July 2011.

"Bank of America Annual Report." 2011. Web. 20 July 2011.

"Bank of America Corporation (BAC)." 2011. Web. 20 July 2011.

Motivational Strategies in Bank of America:
Given that several motivational strategies have a significant effect in the productivity of any workplace, Bank of America understands that the company's success is mainly dependent on employee satisfaction. The Bank and its associates hire and recruit qualified employee regardless of their gender, color, national origin, religion, age, race, citizenship and disability status among other factors. This reveals the management's philosophy and practice of promoting and supporting the idea of equal employment opportunity and positive action. As part of the management's employee motivational strategy, the Bank forbids discrimination on any grounds such as marital status, or medical condition among others. In order to guarantee success of the Bank and employee satisfaction, the Bank of America has a Global Human esource team which plays an integral role.

Global Human esource Team:

The Global Human esource team is an important department to the Bank of America since it enables…...

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References:

"Code of Ethics: Bank of America." (n.d.). Bank of America. Retrieved January 27, 2011, from http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-govconduct

Lindner, J.R. (1998, June). Understanding Employee Motivation. Journal of Extension, 36(3).

Retrieved from  http://www.joe.org/joe/1998june/rb3.php 

"Spreading the Net: Bank of America." (n.d.). HR Management. January 27, 2011, from  http://www.hrmreport.com/article/Spreading-the-net/

Privacy Policies of P Morgan, Bank of America and Citigroup
The P Morgan, Bank of America and Citigroup are the top three American banks with reference to their assets and revenues. Operating in different countries, these banks are the major actors in the U.S. financial industry. The objective of this paper is to explore the privacy policies of the P Morgan, Bank of America and Citigroup. Moreover, the study explores the mission statements of the three companies, and the strategies the companies can employ in improving their privacy policies.

Bank of America

The BOA (Bank of America) is one of the leading financial institutions in the United States. Headquartered in Charlotte, the Bank of America ranks the second largest financial institution in term of the asset. In 2013, the Bank of America is the 21st largest company in term of revenue in the United States. At the end of 2015 fiscal year,…...

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JP Morgan (2015). Annual Report 2015. United States.

Keys, R., Winstead, C., & Simmons, K. (2010). Cyberspace Security and Attribution. National Security Cyberspace Institute.

Smith, D.V. & Burg, J. (2012). What Are the Limits of Employee Privacy? American Bar Association. 29 (6).

The Profound Impact of the 2008 Financial Crisis on Global Economies and Banking Systems

The 2008 financial crisis, widely acknowledged as the most severe financial upheaval since the Great Depression, left an indelible mark on global economies and banking systems. The crisis's origins can be traced to various factors, including the subprime mortgage debacle, excessive risk-taking by financial institutions, and inadequate regulatory oversight. Its effects, however, reverberated far beyond the financial sector, affecting businesses, households, and governments worldwide.

Impact on Global Economies

The crisis triggered a deep and prolonged recession across the globe. Economic growth plummeted, unemployment soared to alarming levels, and international....