BOA Business Plan
Maharjan 1
Business Strategy of Bank of America
Sandhya Maharjan
Bus 210- Principle of Management
Hyun Lee
May 28th, 2018
BOA Business Plan
Maharjan 1
Table of Content
• Executive Summary
• Company Description (SWOT and PEST analysis)
• Competitor Analysis (Five force analysis)
• Leadership and Organization
• Supply Chain Strategy /Recommendation
• Customer Relation Management Strategy /Recommendation
• Marketing Strategy /Recommendation
• Execution
BOA Business Plan
Maharjan 1
Executive summary
History is not just about experience of people, rather it is about how today is shape and tomorrow
could be lead through the experience. Like-wise, two centuries have been covered by Bank of
America to achieve this level serving people and achieving advancement. Today, Bank of America
is known for world’s leading financial corporation, headquartered in Charlotte, North Carolina as
it has successfully served on the field of banking, investing, asset management, financial and risk
management from individual consumer to large multinational corporations. Approximately, the
bank serves 47 million consumer, 4,400 retail financial centers, 16,000 ATMs, 25 million mobile
users, 36 million active users (award winning) only in United States. Besides, United States, it
serves clients from operation in more than 35 countries (bankofamerica.com, 2018).
According to Brain T. Moynihan, Chief Executive Officer, Bank of America, “Bank of America
has been helping connect people to what is most important to them for more than 200 years. What
endures is our commitment to our customers, clients and communities, rooted in the knowledge
that our success is intrinsically connect to theirs”.
Being enthusiastic on making financial lives of people better, Bank of America includes more than
200,000 employees for which the bank received “the U.S. Department of Defense Freedom Award
for Support of employees serving in the National Guard and Reserve”.
Vision
“To continue to help our customers grow and demonstrate how opportunities can turn into reality
making financial lives better.”
Mission
BOA Business Plan
Maharjan 1
“To offer lending and investment products that serve low-and moderate-income individual and
families, improve underserved low-and moderate-income communities, create sustainable
practices for the long haul “(Alar Kolk, 2010, slide 42).
Company Value
To meet the Vision, the bank has some core values of 1. building solid foundation delivering for
client, employee, communities and shareholder, 2. acting responsibly managing integrity,
discipline, risk for business, 3. making clear, fair and grounded decision respecting peoples value,
4. believe on power of diversity, 5. ownership, trust and accountability of team.
Corporate Social Responsibility
Since 2007, our company has invested approximately $70 billion in environment, strengthening
communities and empowering employees. We have been delivering clean water and sanitation
through partnership with water.org that helped over 100,00 people. Moreover, our company has
extended $10 million loan to New York City Energy Efficiency Corporation (NYCEEC) for clean
energy project (bankofamerica.com).
Company Description
Bank of America is second largest bank in America with popular brand and active ATMs service.
To be more specific on the company, given are some SWOT and PEST Analysis
(SWOT&PESTLE.com, 2017).
SWOT Analysis
Strength:
• Its enormous brand and value among world’s financial institution take care of numerous of
client across the world, for which it received award for digital banking with active user.
BOA Business Plan
Maharjan 1
• The diversified portfolio includes client from individual costumer to large corporation in
field of banking to wealth management respecting regional, individual, economic and
cultural difference.
• The strategy of responsible growth in 2016 earned around $18 billion with 13% increase
rate than previous rate considering 2nd most profitable year after 2006 prior to economic
and financial recession.
• The multinational company has foot print across 35 countries besides United states.
Weakness:
• The overall description of BOA says 90% of the income come through United States and
remaining 10% come from outside the country which define that BOA’s major attributes
are from domestic market rather than global market.
