...Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2010, Bank of America is the fifth-largest company in the United States by total revenue, and the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the third biggest company in the world. Despite its success Bank of America is facing some issues with entering the Chinese credit card market. Some problems Bank of America is facing is, the strong sense of values to cultural beliefs among the Chinese customers, some card issuers show little loyalty to their primary cards, and are unprofitable to the market. There are various steps Bank of America should take in order to remain a segment leader. The first step Bank of America should take is to gain the support of the government by getting the Chinese people to understand the benefits of having credit a card. They should do surveys showing why Chinese customers not interested in credit card usage. They should also become very well acquainted with other banks that have already entered China to see how they became successful. The second process is to develop an infrastructure to have more atm’s and banks so they are easily accessible for the Chinese customers. Have more atm’s in place where Chinese customers can access them for example...
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...organization that will be the topic of discussion for my final project paper is Bank of America Corporation. Bank of America Corporate is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina. Bank of America consist of eight Lines of Business that operates the entire company with over 300,000-employee population across their global footprint. The Lines of Business Bank of America has operations in more than 40 countries across the globe – Europe and the Middle East and Africa (EMEA), Asia Pacific (AsiaPac), United States, Canada and Latin America. Bank of America Corporation provides people, companies and investors the financial products and services they need to achieve their dreams in their financial lives. The eight Lines of Business that Bank of America operates as are: Global Consumer & Small Business Banking, Global Banking & Markets, Global Commercial Banking, Global Wealth & Investment Management, Financial Advisors, Global Technology & Operations, Corporate Staff & Support and Mortgage. Bank of America planned to eliminate approximately 30,000 jobs by the end of 2013, largely in consumer and technology areas as company-wide cost-cutting initiative due to declining revenues. The decline in revenues was caused by the 2010 mortgage related losses. With the news of job cuts across the company, the employees are uneasy due to the instability of their position. Bank of America continues to work diligently to maintain employee satisfaction...
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...In an effort to gain market share in California, Bank of America, third largest bank in the US, aimed a major campaign at the Asian market. The attractive Asian consumer segment, comprised of such diverse groups a Chinese, Koreans, Japanese, Vietnamese, Cambodians, and Filipinos was large growing faster and had higher incomes than any other ethnic group. However, many Asian immigrants were unfamiliar with American financial institutions and avoided them. Bank of America ran translated ads in Asian language news papers in Los Angeles, San Francisco, and the Central valley because research showed that most Asians – particularly new arrivals speak their native language them. The bank first converted its English language ads into Chinese vernacular and aimed them at Chinese immigrants who had well established urban communities numerous media available, and high incomes. Messages were also tailored to the needs of various Asian segments. For recent refugees firm southeast Asia who are generally less sophisticated about financial institutions and distrusted banks ads simply urged readers to “Come See Us” and listed the bank’s retail services. Bank of America also used TV cautiously. It dubbed or added subtitles to English language spots and ran them on Asian language TV stations. Bank of America also increased its involvement in Asian community activities – such as running a special promotion during the Chinese New year celebrations in its Chinatown branches and in civic groups such...
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...Bank of Oklahoma: A Critical Review Management of Financial Institutions June 12, 2010 Bank of Oklahoma Bank of Oklahoma is one bank owned by Bank of Oklahoma Financial Corporation. Other Banks owned by BOKF include the Bank of Texas, Bank of Albuquerque, Bank of Arkansas, Bank of Arizona, Colorado State Bank and the Bank of Kansas. BOKF is a publicly traded commercial bank traded on the Nasdaq stock exchange and earns over $23 Billion every year. BOKF also owns a broker/dealer subsidiary which provides services in 10 states. According to the last 5 years financials from BOKF, the company has grown steadily. There was a drop in net income in 2008 but that should be expected with the economic conditions of the time. In just one year BOKF managed to increase their net income back to pre-2008 levels, up from $153K in 20008 to over $200K in 2009. Earnings per share also increased from 2005 through 2007 with a drop in 2008. The economic conditions in 2008 can make it difficult to rely on financial ratios and analysis from the time period before and after but further review will show that although the bank suffered a bad year, they still experienced a large profit during a year when many larger banks would have failed without government assistance. By examining common financial ratios for BOKF both by themselves and against Bank of America, the investor can see the stability of BOKF. The first ratio, Return on Equity, measures the overall profitability of the bank per...
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...business world of today, society expects that large corporations will make moral decisions that will positively affect its business and its patrons. Recently, Wikileaks (not affiliated with Wikipedia) has been in the national and world spotlight as a corporate bad guy because it made the decision to release what is considered vital information on several large businesses that could adversely affect those said businesses. Reportedly, the information on Wikileaks is not just assumed authentic but is actually authentic and has been vetted so that the innocent are protected. With this being said, Wikileaks reportedly has in its possession a hard drive possibly belonging to an executive with Bank of America and plans to release the information contained on the hard drive to “take down” the bank and expose an “ecosystem of corruption” (Schwartz, 2011). In today’s world, freedom of press and freedom of speech is something that is held in the highest regard and is supported fully. The question is when does this freedom go too far and cross the line of moral acceptance. In addition, does the information in question violate the privacy of those involved and is it something that is just being used to draw attention to a particular person or organization. It is possible that by releasing confidential information about a large corporation, or how an organization operates for that matter, could damage that business beyond repair, and force it to close its doors forever. Is it morally...
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... Final Paper James Smith Hodges University GEB/PAD 6376 Dr. Forrer Week Due: 14 Due: 08/14/2011 Submitted: 08/10/2011 INTRODUCTION (Part 1) Why has the unemployment rate been above 12 percent for the last several years? Why have so many prior successful businesses closed in the last four years? Why have so many major corporations and publicly traded companies filed for bankruptcy? Why did a house that used to cost $200,000.00 just sell for $40,000.00? Why are foreclosures at the highest rate in US history? Maybe the question to ask is what has caused all of this? There are so many questions to be answered when it comes to the economic conditions in the United States. How did it get into the current condition? What were the signs of slipping into the crisis (economic indicators)? Whose actions were responsible? Was the responsible party also guilty of unethical behavior (big issue) or was it accidental. How long will it take for the economy to get back to being productive? In the past, America has been a very productive, successful country. There have been other recessions and a depression that have affected the U.S. but for some reason this current crisis was started by a completely different chain of events. What was the chain of events that triggered this current catastrophe? There are so many questions that need to be answered for the people of America and this student is now on a mission to give the...
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...Merrill Lynch and Co. was formed back in 1914 as a small investment firm on Wall Street, but over time grew into one of the largest firms in the world. In 1971 the company went public and at the time they were managing over 1.7 trillion dollars in assets. However come 2007 and the financial crisis Merrill Lynch and Co found themselves only days away from declaring bankruptcy. Bank of America Corporation is an American multinational banking and financial services corporation, is the largest bank holding company in the United States by assets, and the second largest bank by market capitalization (Top 50 bank, 2011). At the same time Merrill Lynch and Co was having trouble with consecutive multi-billion dollar loss quarters, Bank of America was in talks with Lehman Brothers about a possible acquisition. However the government could not make any guarantees to Bank of America for funding so talks died down in the last hours. Thus setting up what many professionals in the financial sector deem as the “Deal from Hell”. The exact cause of the downfall of one of the largest financial institutions in the world is up for debate among professionals from that field. According to some the collapse of Merrill Lynch started earlier in the years of 2006-2007 and can be widely attributed to then CEO Stanley O’Neal. According to Barry Grey, “The 93-year-old firm announced it had lost over $2.2 billion in the third quarter and written off $8.4 billion in failed investments, of which $7.9 was...
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...example, raw materials might be extracted in South America, electronic components manufactured in Asia, computers assembled in the United States, and the final products sold in Europe.” [1] Consolidation strategies further empower firms to capitalize on economies of scale and focus on lowering their unit production costs. Firms often publicly declare that their mergers are motivated by a desire for revenue growth, an increase in product bases, and for increased shareholder value via staff consolidation, overhead reduction and by offering a wider array of products. However, the main reason and value of such strategy combinations is often related to internal cost reduction and increased productivity. [2] In banking, globalization has also affected us. Citibank, for example, two years ago moved their AML operations from Ft. Lauderdale, Florida to India where a friend of mine ended up for three weeks training her now ex-coworkers. Not only that, call centers are located around the world, I recently called Bank of America to report a problem and someone with perfect English helped me in a very efficient way, when I asked where was he located at, he mentioned that he was in San Jose de Costa Rica, Costa Rica. Most recently, the banking institution where I work was sold to a Spanish Bank in 2008 and recently, said Spanish Bank sold our Miami based bank to a Chilean Financial Institution. Technology makes it easier to bank from anywhere in the world, there is no longer need...
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...strategy assessment; and recommendations to the Bank of America on how to maintain and strenghen its competitive position. Paper Introduction: strategic Management analysis bank of america Introduction The report presents the findings of a strategic management analysis ofBank of America Corporation a financial services company that participatesin most facets of the financial services sector Bank of America is anationwide financial services company in the United States and the companyis the country's third largest banking company when measure by totalassets behind CitiGroup in first place and J P Morgan Chase in secondplace Hoover's Inc This report begins with an assessment of the external Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. Reliability in Service|.2 |3 |.6 |4 |.8 |3 |.6 ||Delivery | | | | | | | ||2. 8 |4 |.32 ||customer acquisition system | | | ||6. High-level of consumer awareness|.1 |4 |.4 ||3. Strong and effective online |human resources management ||customer acquisition system | ||6. Bank of Americaranks somewhat ahead of J.P. High-level...
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...Bank of America: Decisions for the Future ECO 550: Managerial Economics 16 June 2013 Abstract Long-term capital budgeting is the process used by many companies to make substantial term investments, in order to receive the greatest cash flow. A company must first look at an analysis of cash flows and cost and earnings of the project to determine whether to accept or reject a capital budgeting project. The three rules used to make decisions towards capital budgeting; the payback period, net present value (NPV), and internal rate of return (IRR). The Payback Period is the tool that is used to determine how long it takes for the project to recover its initial costs for funding the project. The Net Present Value shows how the present project will affect the company. The Internal Rate of Return reveals the discount rate if the NPV equals zero. The antitrust law is a federal and state law regulation of corporations. The law insures that company does not grow too large which may prevent the growth of other corporations. The government believes that without this law that prices can become fixed and demand will be unfair in the market. In Assignment 3, I discussed the publicly traded company, Bank of America Corporation, and how the corporation deals with competition and change. In this paper, I will discuss the government regulations for mergers, the possible merger that could occur, and how the merger could be profitable. Explain why government...
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...------------------------------------------------- ------------------------------------------------- Individual Final Project ------------------------------------------------- Case 2: “WorldCom, Inc.: Corporate Bond Issuance” Case Highlights This case is about the $37-billion bid for MCI Corp., by WorldCom – the United States’ second largest long distance phone company (after AT&T at the time). The purchase should come through by using its own stock to buy the public shares of MCI that did not belong to British Telecommunications (BT), and paying with cash the 20% stake BT held in MCI. In order to finance BT’s stake, WorldCom planned to issue the highest bond offering up to date in the markets of $6 billion. Also to be taken into account in this case, is the timing of the bond issuance, with some turmoil conditions in the bond and equity markets at the time due to the Asian crisis, the large volume of debt issues scheduled for issuance on the same week, and the pricing of the “jumbo” bond. For the remainder of this paper, I will analyze in detail each of these issues. WorldCom’s Background The company was born after the breakup of AT&T, in 1983, with the rise of long-distance telephone business. Bernie Ebbers, CEO, conducted a series of acquisitions which led LDDS (company’s name at the time – Long Distance Discount Services) to become the fourth-largest long-distance carrier in the USA. LDDS changed its name to WorldCom...
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...* Type of political system: Unitary state, Presidential system, Democratic republic, Constitutional republic * Who is the Prime Minister, President? Sebastián Piñera * What political party is in power? Democratic * Derivation of the form of law: based on the civil law model followed by Europe and Latin America * How would you classify its economic system? Most efficient economic system in Latin America * What are the GNI and the GNI per capita PPP? * GNI: 372.1 billion PPP dollars (2012) * GNI per capita PPP: 21,310 PPP dollars (2012) * Major Natural Resources: copper, timber, iron ore, nitrates, precious metals, molybdenum, hydropower * What major products are exported and to which countries? * Export- Agricultural, Mining and Industrial goods. (U.S, Japan, China and others) * What are the major imports and from which countries? * Import- Petroleum oils, refined & crude and Cars. (US, China, Argentina…) * Member of what economic integration organizations: Andean Community (CAN), Asia-Pacific Economic Cooperation (APEC) and Agency for the Prohibition of Nuclear Weapons in Latin America and the Caribbean (OPANAL) * Name of the currency: Chilean Peso * Is it freely exchanged? The Chilean peso is freely exchanged among several countries. It is a good opportunity for U.S companies to export in Chile because it has the best economic stability in Latin American, the country’s Free Trade...
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...Capital Management: Wells Fargo vs. BoA. Bank Management and Financial Services Individual Assignment 2 Report of discussion about banking capital issuecompare 2 banks: Wells Fargo and Bank of America. Prepared by Phan Ngọc Mẫn Student code: FB00422 Class: FB0605. 1|Page Capital Management: Wells Fargo vs. BoA. Content Executive Summary----------------------------------------------------------------------------------3 I. Introduction-----------------------------------------------------------------------------------------------3 1. Theoretical Overview--------------------------------------------------------------------------------------3 a. Bank capital-------------------------------------------------------------------------------------------3 b. Capital Risk of banks---------------------------------------------------------------------------------4 c. Managing capital risk in commercial banks-------------------------------------------------------5 2. Banks’ Profile------------------------------------------------------------------------------------------6 a. Wells Fargo-----------------------------------------------------------------------------------------------6 b. Bank of America-----------------------------------------------------------------------------------------7 c. Differences in economic context-------------------------------------------------------------------7 II. Analysis and Findings-------------------------------------------------------------------------------------7...
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...progressive era was the period of social, economic ,and political reform that took place after the gilded age. The primary purpose of the progressive era was to correct the mistakes in America that had taken place during the gilded age and progress the United States forward in the right direction. At the end of the gilded age the common American life was pretty crummy. People were controlled by corrupt governments and monopolies it was extremely difficult to get a job so many people were living in the streets. This all began to change with the election of Theodore Roosevelt and his Square Deal. The square deal aimed to help with the labor ,business, consumion , and environment of the American people. Theodore passed many laws to improve...
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...Pablo Tuku Etarock, HIST 1301, Professor Baker. 04/7/2015 • Some historians portray Andrew Jackson as the champion of the democracy and the common man. Others claim that Jackson was an autocrat who had little sincere regard for the interests of the American people. Which image of Jackson comes closer to being correct? Why? EARN 2 EXTRA CREDIT POINTS TOWARDS YOUR FINAL GRADE. President Andrew Jackson was the seventh president of the United States of America between 1767-1845.He is considered the first President to be democratically elected by Americans, and was the founder of the democratic party, many Americans view Andrew Jackson as champion, while others as an autocrat dew to certain actions and decisions he made during his term...
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