Analysis Bank of America was founded in 1874 in North Carolina. They of all of the basic and standard services of any bank. Bank of America is a very powerful Bank. In fact bank of America is one of the four big banks of the United States which account for 39 % of customer deposit. They own the largest retail deposit market share in the U. S. They also own 5,328 Banking Centers and 16,354 ATM machine. They are number 3 in distributing Credit Cards and number 1 in Online Banking capabilities.
When analysis Bank of America Internal strength one key strength is that they are the second biggest bank of the United States based on Assets. Right behind J. P Morgan and Chase, Bank of America has over 2 billion dollars in total assets. Not to mention the fifth largest company in the United States based on revenue. Another one of their strengths is there constant acquisition of customer not Just in the US market but globally. They are known and operate in all 50 states plus an additional 40 countries.
Lastly Bank of America is the largest Wealth distributor in the World with their acquisition of Merrill and Lynch. Some of their internal weakness include their Frequent Law suit and mortgage battles. For example Bank of America was sued for $10 billion by American International Group Inc. In August 2011. Also another one of their weakness is their heavily dependent on the U. S market. 90 percent of their revenue heavily depends on the US market. On top of that Bank of America has also lost some of it reputation with it acquisition of Merrill and Lynch.
Some of its stockholder felt mislead with their acquisition and in fact filed a lawsuit against them. Lastly Bank of America last weakness is dissatisfied customers. Customers have logged in 20,512 complaints against them since December 2011 for example. Some of their opportunities that felt Bank of America should make is for starters is to continue purchasing other small Banks and business. That way Bank of America continue to dominate the Banking Industry as well as grown in others.
They also need to expand n their technological prowess for easement. With more efficient products and services their customer base will be a lot happier and would want to invest more into the company. Some of their biggest threats are Government Regulation, their competition of course and High Interest Rates and fees. The problem of Government Regulation is key because they have to be aware of what they can and cannot do. With the 2008 financial crisis the Government has played a major role in monitoring the Banks.
Their Competition should also be one of their biggest concern because they can lose client to this other company if there not offering the same type of services as they are. J. P Morgan is number one in total assets when it comes to banking and they have pretty satisfied customer base. Lastly they need to make sure they do not increase interest rate to high and extend their fees to high or else they would lose some of their customer. They need to give a clear and concise reason on why they are increasing their interest rate and fees.
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