Bank of America's Operation in US and UK Term Paper

Excerpt from Term Paper :

Bank of America is a large corporate entity with a global presence. The purpose of this discussion is to explore the company's operations in the United States and the United Kingdom. This discussion will identify the full range of products Bank of America offers both in the United States and the United Kingdom. In addition the paper will describe the company's market, structure and competitive environment. Let's begin our discussion by taking a look at Bank of America's Domestic and UK Operations.

Bank of America in the U.S. And the UK

According to Multexinvestor Bank of America became a corporation in 1968. Bank of America is headquartered in Charlotte, North Carolina.

Bank of America currently has facilities throughout the country in states that include; Virginia, North Carolina, the District of Columbia, Florida, New Mexico, Nevada and Arizona. (BAC Full Description) The company operates in several locations in the United Kingdom including London, Bank of America is one of the largest financial institutions in world and serves millions of customers a day in the United States. Although the company operates in the United King its operations are on a much smaller scale. In fact most of the company's profits are made domestically.

The Graph above depicts Domestic and International performance in the year 2002. As you can see from the graph, Bank of America's net income from domestic operations makeup the largest amount. While the portion of Net income gained from operations in Europe make up only a small percentage for the company.

The graph below depicts the United Kingdom's exposure exceeding one percent of total assets.

Structure

Multex explains that the company's domestic and global operations consist of four segments which include; asset management, commercial and consumer banking, equity investment and global corporate investment banking. (BAC Full Description) The company's structure exists in this way so that the needs of various clients can be met. For instance, the needs and desires of a corporation can differ greatly for the need of personal consumers. The corporation may need access to capital markets while the personal consumer may only need a checking account. This four way structure ensures that the needs of both types of client are met.

Range of Products and Services

The company has a plethora of services that it offers in the United States and the United Kingdom to personal consumers, small business and corporations and institutions. (BAC Full Description) The services provided to the personal customer include student loans, mortgage loans, private bank services, retirement accounts, savings and checking accounts and investment services. (BAC Full Description) The small business services that the company provides include; retirement planning, Internet commerce, merchant services, lines of credit, payment services, credit cards, leasing services, payroll and tax services, SBA loans, and business certificates of deposit. (BAC Full Description)

The company's annual report explains that,

Small business is big business. We have the deepest small business penetration of any banking institution in the nation. Two million small businesses-one in every five-bank with us...small business net income grew by an impressive 18% in 2002, and deposits increased by nearly 7%." (Bank of America Annual Report)

The bank also offers the following services to corporations and institutions such as; capital management, capital markets and capital investment. (BAC Full Description) The annual report explains that the services that Bank of America provides are extremely important to corporations and institutions. The report asserts that the commercial banking services that the bank provides for these entities are of particular importance because the service 90% of Fortune 500 companies. (Bank of America Annual Report) The report boasts that it provides financial services to corporations and institutions that have annual revenues of $10 million to $500 million. (Bank of America Annual Report) The company also provides real estate financing to commercial entities. (Bank of America Annual Report)

According to Bank of America's Annual report the company is also extremely innovative. The report explains that the company has recently developed several new products and services. These innovations include;

The palm scanner- this product scans the palm to provide greater security for safety deposit vaults.

Digital check imaging- this product allows customers to have copies of checks through local banking centers or over the internet.

Smart Automatic Teller Machines- this product aids those who are visually impaired with their…

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