Bank of America Essay Example | Topics and Well Written Essays - 2000 words

Bank of America - Essay Example The services offered by the Bank of America range from banking, asset management, investing as well as other additional products and services in the financial domain. The Bank of America Corporation offers a broad assortment of financial services and products by means of their numerous banking as well as nonbanking subsidiaries all over the United States of America and in certain parts of the global market. The bank offers its services in six major business divisions, viz. Deposits, Home Loans & Insurance, Global Card Services, Global Banking & Markets, Global Commercial Banking and Global Wealth & Investment Management (Bank of America, 2011). As on December 31, 2010, the Bank of America Corporation possessed assets worth $2.3 trillion and revenue values worth $111,390 million. The bank undertook the acquisition of Merrill Lynch & Co., Inc. on January 1, 2009. Consequent to the acquisition, the Bank of America has become one of the biggest wealth management companies in the globe wi th almost 19,700 wealth advisors and further 3,000 front-line consumers facing specialized staffs and in excess of $2.2 trillion in customer assets (Bank of America, 2010). Furthermore, Bank of America Corporation is the worldwide leading organization in corporate and investment banking as well as trading over an extensive variety of asset classes catering to the large corporations and institutions, governments, and individual clients throughout the world. The Bank of America also provides industry-leading support to around four million people owing small businesses and is the issuer of highest number of debit cards in the United States of America. It holds the leading position in credit card loans in Europe and possesses the second largest market share for credit offerings in the United States. The Bank of America has a well-built foothold in the mortgage business sector and is one of the foremost two mortgage service providers and instigators in the US (Bank of America, 2010). SWO T Analysis Strengths of Bank of America The Bank of America holds an important market position in the banking industry of the US and operates an enormous extent of operations in the nation. Bank of America has well-built and structured investment banking as well as trading operations. The performance of the bank in these two segments compensates any failures in commercial banking or other segments. The wide variety of financial products and services offered by the bank to both individual and institutional clients enable the bank to perform as a financial superstore. The Bank of America had in the past successfully and effectively incorporated with the organizations it has acquired. This successful integration with the acquired companies, with Merrill Lynch being the latest, has acted as an immense strength for the bank. Bank of America had paid off the Troubled Asset Relief Program funds worth $45 billion to the government. This has enhanced and strengthened the bank’s capabi lity to sponsor private funds (Bank of America, 2010). The Bank of Amer