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Bank Of America Research Paper

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Bank of America is one of the many banks in the financial services and banking industry that was originally based out of the United States. Bank of America started from the Bank of Italy in the early 1900’s and originated in San Francisco and now the headquarters is located in Charlotte, NC. Bank of America expanded outside of the U.S. and went global when it opened its first branch in London in 1931. Bank of American operates in over 35 countries around the world to support individuals, businesses and corporations.
This large array of financial services allows for more opportunities for expansion globally and a bigger enterprise. Being global and having all the banking options gives Bank of America and leading path to more consumer interest, …show more content…

One huge barrier is local banking institutions, not all countries and foreigners welcome out of country companies openly, most individuals want to support their local institutions not an American originated bank. This barrier makes it hard for integration; a U.S. bank might not understand the wants and needs of the locals in another country. While Bank of America has expanded to assist Americans in traveling overseas but they aren’t equipped and available everywhere to assist individuals in other countries travel to smaller areas overseas. Technology has been another major barrier, the technology that one country has might not be the same in another, and technology is a huge part of a banks ability to manage financial information in its system. There is also the competitive force between institutions that have tried to halt the integration of other banks into their territories. In dense more civilized areas local institutions have the technology and advances ability to attract consumers over foreign. A legal barrier is the difference between banking regulations in the U.S. versus other countries, the U.S. has more detailed laws for protecting the consumers, loaning procedures and rats of taxes, interest and returns. Trying to integrate country regulations to protect all banking institutions and individuals has been a huge focus for the Federal

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Bank of America is one of the world’s most substantial banking intuitions, whereas providing services for numerous large organizations, corporations, small and medium enterprises, and customers. According to Hitesh (2016), “Bank of America is the second largest bank in America by market capitalization after J. P. Morgan Chase and the largest in terms of bank holding”. The chart above displays the strengths and weaknesses as well as the opportunities and strengths. The scale of this corporation administers in over 100 countries worldwide which is of the biggest strengths. In this modern technologized world, the use of internet banking kept increasing in some developing countries.

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