Write down executive summary bank of america

Reference no: EM132196409

Question: Executive Summary Bank of America

Banking in and outside of the US has its many advantages and disadvantages. Bank of America has been successful in doing both. It is a billion-dollar company who has endured many challenges but remain profitable in both local and foreign markets. Bank of America is a multinational and financial services banking corporation stationed in North Carolina. It is considered one of the biggest banks holding companies in the United States by assets and serves clients and consumers in more than 145 countries. Bank of America has acquired many other banks through many mergers and acquisition. Its merger with Merrill Lynch has made it one of the largest investment banks and wealth managers in the world. Both the bank and investment firm contain large market shares and is considered the third largest investment bank in the world. Its wealth management side manages US 1.1 trillion assets under management as the second largest wealth manager in the world. Bank of American operates but does not necessarily maintain retail branches in all fifty states and more than 45 other countries. Its commercial banking encompasses 45 million consumers, small business relationships at over 4,500 banking centers and 16.000 teller machines (America, 2018).

This year along it has over 315 billion market capitalization, this makes it the thirteenth largest company in the world and the sixth American public company (America, 2018). It has plateau in sales reaching over 103 billion. It was ranked 24 on the fortune five hundred list of the largest US banks by revenue. Euro Institutional Investor named it the World's Best Bank for this year.

Bank of America, a billion-dollar banking company continued to expand throughout the US and abroad including China, Brazil, Turkey, Argentina, Australia, India, France, Germany, Greece, Ireland, Italy and many others. It makes millions of dollars doing business aboard as well.

It is a member of the Global ATM Alliance, a joint venture of several major international banks that provide for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. There are some restrictions to withdrawals using debit cards and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Bank of Americas Global divisions provides a variety of banking and lending services. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The Global Markets division offers services to clients, including trading in financial securities, research and many other services such as market and risk management.

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in New York, European headquarters in London, and Asian headquarters in Hong Kong and Singapore. Over 90% of its revenue is generated in the domestic market.

America, B. o. (2018). Bank Of America. Retrieved from Bank of America.

Reference no: EM132196409

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