Bank of America is one of the largest financial institutions (Corporate Profile, 2011). The nature of the bank is to serve a full range of investing, banking, asset management along with financial and risk management services and products through its various credit and other lines of credit. Currently, the Bank serves, only in the United States, around 57 million small business relationships and consumer along with 5,900 retail banking offices together with 18,000 ATMs and with 29 million online active users of the Bank (Corporate Profile, 2011). Globally, Bank is known for its leading wealth management policies and practices particularly in investment and corporate banking together with trading in a wide range of asset classes, institutions, governments, and corporations. Additionally, the Bank is a registered member of the New York Stock Exchange and the Dow Jones Industrial Average. And, internationally, the Bank of America provides its banking services in more than 40 countries. However, having such a huge corporate portfolio does not ensure smooth sailing, particularly, in this tougher and rather uncertain period in the financial history. The Bank seems to be facing some financial and human resource problems. in this regard, the Bank, in the third quarter 2011, has announced to cut its cost by shedding 40,000 jobs out of 287000 employees currently working in the Bank (Vault.com, n.d). Several legal issues hunt the management of the Bank of America.
Organizational Analysis of Bank of America