Buy an essay on Bank of America

The task is: ‘Describe how the Bank of America competes or works with other financial institutions’
“At a time when the world economic outlook is more uncertain than it has been in years, the banking industry finds itself at the vortex of a financial market storm that originated in subprime mortgages in the United States and has spread to global money, debt and equity markets.“ (Green & Guerrero, 2007)
But as far as the Bank of America is the largest bank in thee US by assets and also and the second from the top by assets, this unstable situation doesn’t influence it significantly like other smaller players of the financial market.
Among its major competitors the following corporations could be named: BB&T Corporation (NC), KeyCorp (OH) and Royal Bank of Canada (ON, Canada).
The competitive strategy of Bank of America includes acquisitions of its competitors, increasing the market share. This financial organization is in competition with other banks for consumer, small business, and corporations.
The most important sectors for Bank of America are: Money Center Banks, Financial Planners, Mutual Fund Management, Investment Banking, Mortgage Banking & Related Services and Securities Brokers.
It needs to be mentioned that the Bank of America is a “member of the Federal Deposit Insurance Corporation and a part of the S&P 500 Index and the Dow Jones Industrial Average.” (Green & Guerrero, 2007)
Bank of America cooperates with a huge number of companies and government. Various kinds of financial organizations such other banks, trust companies, insurance companies, pension funds, brokers, investment funds, and others are among the bank’s partners as well.
Bank of America operates in a number of markets including the United States via its subsidiaries. There are six sectors of Bank of America services: “Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets and Global Wealth & Investment Management, and All Other.” (Green & Guerrero, 2007)
References
Green, Paula & Guerrero, Antonio (October, 2007) World’s Best Banks, Global Finance. 21(9): 46