BOA’s Current Market Niche analysis Bank of America Corporation (BOA) is one of the world's largest financial institutions. It serves individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services (Andresen, 2012). The company operates in the Americas, Asia Pacific, Europe, the Middle East, and Africa. It is headquartered in Charlotte, North Carolina, and employs around 282,000 people. The company's market position is supported by a strong distribution network, unmatched by its competitors. The company, therefore, enjoys a dominant market position and leverages its position to gain competitive advantage over its peers. However regulatory changes and slow economic growth compounded by uncertainties could hurt its margins. According to the report from the official Bank of America website, as of December 31, 2011, the company operates in all 50 states, the District of Columbia and more than 40 countries. BOA’s retail banking footprint covers approximately 80% of the US population and in the US, the company serves approximately 57 million consumer and small business relationships with 5,700 banking centers, 17,750 automated teller machine (ATMs), nationwide call centers, and online and mobile banking platforms ( Martelli , 2012).
In addition, BOA provides support to approximately four million small business owners, and approximately a third of American families are now using BOA’s services or products. The company’s leading franchises give it scale benefits. Evidence showed that there is not much space for BOA to expand their current market niche. According to Wall Street Journal, since 2009, BOA’s revenues dramatically declined from 119.64 billions to 44.25 billions (Efrati, 2012). Therefore