SWOT ANALYSIS ON BANK OF AMERICA CORPORATION

by Abhijeet S on Wednesday 24 November 2010, 4:56 PM | Category: Operations| View: 6612 views
 
 
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 SWOT ANALYSIS ON BANK OF AMERICA CORPORATION

Bank of America Corporation is a financial services company, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.

As of 2010, Bank of America is the fifth largest company in the United States by total revenue, as well as the second largest non-oil company in the US (Behind Walmart). In 2010, Forbes listed Bank of America as the third largest company in the world.

The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.

The company holds 12.2% of all U.S. deposits, as of August 2009, and is one of the Big Four Banks of the United States, along with Citigroup, JP Morgan Chase and Wells Fargo — its main competitors

 

SWOT ANALYSIS ON BANK OF AMERICA CORPORATION

Strengths

  • Huge Customer Base
  • Diversified range of banking and non-banking financial services & products
  • Innovations in products and services give it a major strength in attracting customers
  • Convenience (online banking, mobile banking, large retail branch availability)
  • Brand recognition
  • Strong internet banking presence

 

Weakness

  • Weak wholesale banking operations
  • Not as nimble as smaller, regional operators
  • The company has lost the ability to compete head-to-head in an environment where it lacks a size advantage

 

Opportunity

  • Expansion in international markets
  • Further consolidation in the banking industry
  • Merrill Lynch acquisition
  • Countrywide Home Loans acquisition

 

Threats

  • Subprime exposure.
  • Consolidation in financial service industry.
  • Increased regulatory pressure on interchange rates.
  • Volatibility in financial markets

 

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