BANK OF AMERICA

Bank of America

Bank of America

Introduction

The largest commercial bank in the US in terms of deposits, the largest American company in terms of market capitalization and largest company of its kind in the world, the Bank of America Corporation (B&A) is one of the biggest financial holding companies, which offers banking and non-banking services locally and internationally. It focuses on consumer and small business banking, global corporate and investment and global wealth and investment management. (Loosvelt, D. 2006) Founded in 1874, it was originally known as the Nations Bank till its acquisition of a San Francisco-based Bank of America in which it assumed its current name.  The Bank of America is the leading financial institution in the US. It is second-largest bank in terms of assets. It has the most extensive branch network covering some 30 states from coast to coast. In terms of profitability, it has a profit margin of 31.61%. On the other hand, the efficiency of its management can be reflected on its 16.6% return on equity.  Major weaknesses of the bank stem out from its financial policies (e.g. account closures without warning and prioritization in the clearing of biggest checks; withholding customers' direct deposit to cover debts); human resource policies (e.g. charges of racial discrimination in wage, promotion and training); and flaws in its online banking services (e.g. website redirection weakness; ineffective “site key” security.  

According to its present Chairman, CEO and President, Kenneth D. Lewis, the mission of Bank of America is to build vivacious and attractive communities where opportunities  abound for all people through the astute integration of human and financial capital. Under this premise, the mission of the organizations immediately underscores the critical role of human resource in attaining the organization's objectives. The success of the corporation relies heavily on the human capital. 

One of the world's leading financial services companies, Bank of America are committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 30 international offices serving clients in more than 150 countries, and an Internet Web site that provides online banking access to 4 million active users, more than any other bank (www.bankofamerica.com).

The Human Resource Department

Employees define an organization. In the case of Bank of America, their human resources are also an essential ingredient for the accomplishment of the mission. Thus, stress and emphasis has to be given to this particular resource by employing strategies that would adhere to the strong principles and philosophies for progress and development of the people at work. This is to be done to ensure of achieving the very same goal for the company. The sure way of focusing on this issue is to value the person at ...