Bank of America

Bank of America (BoA) is one of the largest banking and financial services companies in the world. This wealth management company is a market leader in offering corporate and investment banking solutions across a wide array of asset classes. The company has business relationships with most US Fortune 500 and Fortune Global 500 companies and offers innovative and easy-to-use online products. BoA serves large corporations, middle-market businesses and individual consumers with a complete range of investing, banking, asset management and risk management products and services.

Bank of America (BoA) is one of the largest banking and financial services companies in the world. This wealth management company is a market leader in offering corporate and investment banking solutions across a wide array of asset classes. The company has business relationships with most US Fortune 500 and Fortune Global 500 companies and offers innovative and easy-to-use online products. BoA serves large corporations, middle-market businesses and individual consumers with a complete range of investing, banking, asset management and risk management products and services. The company serves more than 50 million individual customers and small businesses.[br]  

Bank of America: Merrill Lynch Acquisition 

Bank of America is one of the eight US banks to receive capital investments from the Treasury Department. The Treasury Department considers the money not as a bailout, but a fund to help bolster healthy banks in difficult times. The bank received additional government aid to offset the losses due its acquisition of Merrill Lynch. The bank received a federal bailout of $20 billion under the Trouble Asset Relief Program (TARP) during January 2009. The additional $20 billion apart from the $25 million it received during 2008 is considered to be a deal with the US government to complete the merger of Merrill Lynch. Bank of America’s top management was not comfortable with completing the merger, since Merrill Lynch reported huge losses after the announcement of the merger.[br] 

Bank of America – Competition 

Bank of America is facing severe competition in all of its business segments. However, the bank continues to expand its market leadership through mergers and acquisitions. BoA is a market leader in the small business banking segment. With endorsed marketing, the bank continues to be the leader provider of credit cards in the US. It is the largest holder of deposits across the US. BoA has significant growth opportunities in the non-US markets. The company’s market share in the US is six times higher than the non-US markets. . Given the global financial crisis and the losses associated with Merrill Lynch merger, the company is undertaking structural adjustments to achieve solid growth going forward.