netrashetty
MP Guru
Leadership Style at Bank of America Corporation : Bank of America Corporation (NYSE: BAC, TYO: 8648) is an American global financial services company, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization.[3][4][5][6] 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.[7][8][9]
As of 2010, Bank of America is the 5th largest company in the United States by total revenue,[10] as well as the second largest non-oil company in the U.S. (after Wal-Mart). In 2010, Forbes listed Bank of America as the 3rd "best" large company in the world.[11]
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.[12]
The company holds 12.2% of all U.S. deposits, as of August 2009,[13] and is one of the Big Four banks of the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.[14][15][16][17][18][19][20][21] According to its 2010 annual report, Bank of America operates "in all 50 states, the District of Columbia and more than 40 non-U.S. countries." It has a "retail banking footprint" that "covers approximately 80 percent of the U.S. population and in the U.S." it serves "approximately 57 million consumer and small business relationships" at "5,900 banking centers" and "18,000 ATMs."[22]
Many associates have used the strengths and contacts they've developed through Bank of America Community Volunteer positions to advance their careers. Bank of America managers often include Bank of America Community Volunteer events in associates' formal job development plans to help promote skill growth in a nonthreatening environment.
Leadership skills
Some of the skills developed through participation in Bank of America Community Volunteer activities:
Budget management
Conflict resolution
Decision-making
Delegating
Event planning
Interpersonal skills
Listening skills
Managing people
Motivating others
Negotiating skills
Networking
Organization skills
Presentation skills
Problem solving
Project management
Recruitment
Risk taking
Teamwork
Time management / Prioritizing
Verbal communication skills
Written communication skillsank of America Corp.’s internal auditors are reviewing why two top finance and accounting executives weren’t consulted before the bank disclosed to investors that a dividend increase had been rejected by regulators, according to people familiar with the situation. Chief Executive Brian Moynihan complied federal guidelines. But there are serious questions about the lack of communication. It highlights questions about Moynihan’s management style, and how decisions are made at Bank of America.
Brand Bubble: Board Chair Chad Holliday is standing behind Moynihan publicly but the WSJ reports governance specialists say it is unusual for a public company to file without consulting top finance and accounting people. Proposed dividend increases goes to the “heart of what they do.”
On the plus side, Moynihan has reportedly asked for an internal review. On the downside, he hasn’t been true to his word. According to the WSJ he pledged to U.S. regulators that he would seek consensus among bank executives to improve the company’s decision making. To an outside observer it looks like the same ol’ same ol. It isn’t easy to change your stripes, but this seems like a big, obvious example of the more things stay the same, the more they stay the same.
Advice: Moynihan shouldn’t wait for the end of this review to take a new approach and get some outside help realigning his style and the way the top management team works together. He has been known, according to the published report, to say “this is the way,” and, “it shall be done.”
Now he has a chance to rescue his reputation and turn this embarrassment into a catalyst for change. Build a team of executives who you trust, create a shared set of values, learn to communicate with each other and protect the CEO brand as well as the bank’s long term reputation.
As of 2010, Bank of America is the 5th largest company in the United States by total revenue,[10] as well as the second largest non-oil company in the U.S. (after Wal-Mart). In 2010, Forbes listed Bank of America as the 3rd "best" large company in the world.[11]
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.[12]
The company holds 12.2% of all U.S. deposits, as of August 2009,[13] and is one of the Big Four banks of the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.[14][15][16][17][18][19][20][21] According to its 2010 annual report, Bank of America operates "in all 50 states, the District of Columbia and more than 40 non-U.S. countries." It has a "retail banking footprint" that "covers approximately 80 percent of the U.S. population and in the U.S." it serves "approximately 57 million consumer and small business relationships" at "5,900 banking centers" and "18,000 ATMs."[22]
Many associates have used the strengths and contacts they've developed through Bank of America Community Volunteer positions to advance their careers. Bank of America managers often include Bank of America Community Volunteer events in associates' formal job development plans to help promote skill growth in a nonthreatening environment.
Leadership skills
Some of the skills developed through participation in Bank of America Community Volunteer activities:
Budget management
Conflict resolution
Decision-making
Delegating
Event planning
Interpersonal skills
Listening skills
Managing people
Motivating others
Negotiating skills
Networking
Organization skills
Presentation skills
Problem solving
Project management
Recruitment
Risk taking
Teamwork
Time management / Prioritizing
Verbal communication skills
Written communication skillsank of America Corp.’s internal auditors are reviewing why two top finance and accounting executives weren’t consulted before the bank disclosed to investors that a dividend increase had been rejected by regulators, according to people familiar with the situation. Chief Executive Brian Moynihan complied federal guidelines. But there are serious questions about the lack of communication. It highlights questions about Moynihan’s management style, and how decisions are made at Bank of America.
Brand Bubble: Board Chair Chad Holliday is standing behind Moynihan publicly but the WSJ reports governance specialists say it is unusual for a public company to file without consulting top finance and accounting people. Proposed dividend increases goes to the “heart of what they do.”
On the plus side, Moynihan has reportedly asked for an internal review. On the downside, he hasn’t been true to his word. According to the WSJ he pledged to U.S. regulators that he would seek consensus among bank executives to improve the company’s decision making. To an outside observer it looks like the same ol’ same ol. It isn’t easy to change your stripes, but this seems like a big, obvious example of the more things stay the same, the more they stay the same.
Advice: Moynihan shouldn’t wait for the end of this review to take a new approach and get some outside help realigning his style and the way the top management team works together. He has been known, according to the published report, to say “this is the way,” and, “it shall be done.”
Now he has a chance to rescue his reputation and turn this embarrassment into a catalyst for change. Build a team of executives who you trust, create a shared set of values, learn to communicate with each other and protect the CEO brand as well as the bank’s long term reputation.
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