Bank of Project.docx - Olaekan Ajifowoke Joshua Sandoval...

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Olaekan Ajifowoke Joshua Sandoval Kaneisha Alexis Bank of America May 3, 2017
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Company History The Bank of America was founded in San Francisco, Italy by Amadeo Giannini in 1904. San Francisco earthquake struck in 1906. In late 1920, Giannini approached Orra E. Monnette about a merger between the two entities (Bank of America John P Costa Senior Vice-President). In early 1929, “Bank of America National Trust and Saving Association”. Nations Bank changed its name to BankAmerica in 1998 to form and what is known as Bank of America. The bank is one of the world’s largest financial institutions. It serves the individual consumers, retailer and wholesaler businesses, institutional investors, large companies and governments with various services such as banking, investing, asset management and other financial and risk management products and services. Bank of America was first headquartered in Charlotte, North Carolina, the bank is located in more than 40 countries: Europe, the Middle East and Africa, Asia Pacific and Americas. The bank is ranked 2 nd on the list of largest banks in the United States it was also the ranked 11 th for the largest company in the United States by Forbes Magazine Global. Bank of America is the second largest bank in the United States with $2.2 trillion in assets and over 208,000 employees. The company serve over 47 million consumers and small business relationships with 4,700 retail financial centers, 16,000 ATMs nationwide, award winning online banking with 33 million active accounts and more than 20 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 3 million small business owners through easy to use online products and services (Investor Relations). The bank is guided
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by the common purpose of helping in making financial lives better by connecting the customers and the society to resources they need for them to be successful. Mission and Philosophy The company’s vision statement is to offer lending and investment products that; Serve low-and moderate-income individuals and families, Improve underserved low- and moderate-income communities, Create sustainable practices for the long haul. Bank of America’s mission statement and philosophy, “We believe, very simply, that it is the actions of individuals working together that build strong communities ... and that business has an obligation to support those actions in the communities it serves.” Core Values Deliver together The bank believes in the advantages of treating each customer as a teammate and also by making use of every moment as an important moment and as one that matters. The company strives to go a mile to deliver with passion, commitment, and due care (Investopedia, 2017). They believe that their actions to their clients, their employees and the society at large help them build a foundation that delivers to shareholders.
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