Corporation Profile

Corporation Profile

Bank of America

Bank of America is a bank holding company that provides a full range of banking and financial services and products to more than 28 million households and 2 million businesses in the U.S. and internationally. The banks operations are divided into the following main business segments: consumer and commercial banking? asset management? (Bonadio 1994) global corporate and investment banking and equity investments. Standard and Poor's describes the segments as follows:

Consumer and commercial banking provides a wide range of products services to individuals? small businesses? and mid-market companies through delivery channels that include about 4?277 banking centers and 13?241 ATMs? (Hector 1988) located in 21 states and the District of Columbia. The segment provides specialized services such as the origination and servicing of residential mortgage loans issuance of credit cards? student lending and certain insurance services? commercial lending? and treasury management services. (Johnston 1990)

Asset management includes the private bank (financial solutions for high net worth clients)? capital management (equity? fixed income? cash and alternative investments)? and investment services (full service and discount brokerage services). (Light 2007)

Global corporate and investment banking provides capital raising products? trade finance? treasury management? capital markets? leasing and financial advisory services to domestic and international corporations? financial institutions and government entities. (Ahmed 2007)

Some of the economic indicators related to Bank of America and its business include these five indicators by Michael D. Larson at Bankrate.com:

The centeral Consumer Price Index: federal Bureau of Labor Statistics liberates this data every month. The core index measures what consumers are paying for goods and services at malls? grocery stores and other retail locations.

Employment Cost Index or Average Hourly Earnings: data sets are as well put together by the BLS. (Yockey 1999) The ECI comes out quarterly while the Employment Situation report containing the earnings figures comes out monthly.

Gross Domestic Product: This report comes from the Bureau of Economic Analysis? which releases an advance? preliminary and final estimate of each quarter's GDP. GDP is the nation's total economic output for a given 3-month period.

Advance Retail Sales: This monthly report? which comes from the Bureau of the Census? tallies sales at retail stores.

New Home Sales or Existing Home Sales: reports release monthly. (Nash 1992) New home data comes from the Census Bureau while existing home sales data comes from the National Association of Realtors.

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