BANK OF AMERICA III

The Bank of America



The Bank of America

Introduction of the Bank

The history of Bank of America dates back to 1904, when Giannini established Bank of Italy in San Francisco to provide services to the immigrants who refused to avail services from their banks. After the San Francisco earthquake, Giannini got all the deposits of the bank out and away from fires. Later through various transitions and progress it turned into one of the leading banks of the world. Bank of America provides a wide range of financial and banking services in about 28 million households. It is an American global financial services company and the largest bank by market capitalization, and by assets. It serves clients in 150 countries and has a relationship with 99% of U.S fortune 500 companies. The main areas it covers are the United States. After it merged with the Boston Financial Corporation, the portfolio increased. The banking segments are divided into commercial and consumer banking.

The current customers and services of Bank of America

The main two areas where the bank operates are:

Asset based lending

Loan syndication

The bank's operations are divided into commercial and consumer markets. It provides a broad range of services to the small and midsize businesses and individuals through the banking channels and branches. Currently there are about 4,277 banking branches in 21 states and the Columbia district. The specialized services include the issuance of student loans, insurance services, and maintenance of mortgage, commercial loans, and cash management. Private banking i.e. the financial solution for rather wealthy clients is one of the private banking services. Other services include the management of capital that is stock, cash, and bonds, investment services which includes (Moscow, 2006).

The latest venture/diversification

Services and customers

The new venture will be the real estate services. The bank will diversify into this ...