Complete 7 page paper and correlating powerpoint presentation with at least 20 slides

COMPANY: BANK OF AMERICAPLEASE FOLLOW IMSTRUCTIONS CLOSELY, NO PLAGIARISM..PLEASE REFER TO MY PREVIOUS BANK OF AMERICA ASSIGNMENT FOR INFORMATION TO COMPLETE THIS ASSIGNMENTStrategy Assignment #3Assignment #3 – MGMT 4199Topic: Bank of AmericaPlease cite all material in APA format including pictures in the PowerPoint presentation.Strategy Assignment #3 is due is the final Assignment of the course. Assignment 3 is used as acapstone for the course. In this assignment, you get to use all the concepts and ideas you garnered fromthe text inclusive of the case studies to construct a plan that will aid the company you choose as aresearch subject to gain and sustain a competitive advantage in their respective industries.The assignment is in two parts as detailed below. The first is and executive summary and the second isa PowerPoint Presentation document.Bullet 1Based on your research and SWOT analysis you are to complete an executive summary to thecompany’s CEO (minimum 2000 words) in which you provide recommendations that will enable thecompany to gain and sustain a competitive advantage in its industry.Bullet 2You have assembled information about the company you chose to work on in assignments 1 and 2. Youwill now combine that information into one PowerPoint Presentation adding the information requested.Your work must reflect the learnings derived from David, other strategy assignments, and correctionsand input from strategy assignments 1 and 2.1 – What is the Company Strategy now?2 – What is the Vision?3 – What is the Mission?4 – What are the Objectives?5 – What is the Market share for this company?You are to act as a consulting company and develop recommendations for improvement in all 5areas above. Please consider the following:What action(s) should be taken?Defend why you are making these recommendation(s).Describe the expectations that you have for the result(s) of your recommendations.Develop contingency plan(s), in the event that your recommendations were to have anadverse effect on the company, what should be done.PART 2:Prepare 20 (minimum) Power Point Slides on your company assignment. Here is an outline example;Slide 1 – Introduction (company name, course information, date)Slide 2 – Background on your company (what industry? what does this company do?)Slide 3 – What is the current Company Strategy?Slide 4 – VisionSlide 5 – MissionSlide 6 – ObjectivesSlide 7 – Market Share REQUIRED – Do not use Stock quotation data as it is not market shareinformationSlides (8-15) SWOT analysis bullet points REQUIREDSlides – as many as needed – what are the recommended changes and why? REQUIREDSlide – as many as needed – – Social Responsibility Plan – Why/why not? REQUIREDSlide- as many as needed – Expectations as the result of implementing these changes. REQUIREDSlide – as many as needed – Contingency Plans – again these are plans used in the event yourfirst recommendations do not have the impact you predicted. REQUIRED
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Running head: BANK OF AMERICA
1
Bank of America
student
Strategy Assignment #2
03/11/2018
BANK OF AMERICA
2
Bank of America
The Bank of America Corporation (BAC) operates in the U.S. financial sector. The
company has its headquarters in Charlotte, North Carolina. Since its inception, BAC has engaged
in multiple mergers that have allowed it to become a multinational bank. As of June 30, 2017,
the bank had branches in all the 50 states in America. In addition, it had opened branches in more
than 35 nations outside North America (Bank of America, 2018a). Despite this achievement, the
leadership of the bank must reexamine the forces (both internal and external) that influence the
company’s profitability. In essence, such a move would enable them to develop strategies that
would help the organization gain a sustainable competitive edge and long-term profitability in
the market.
Internal Environment
BAC has many factors within its environment that affect its performance. These factors
fall into two main groups namely strengths and weaknesses.
Strengths
Scale of operations
The BAC is one of the leading financial institutions in the world. It offers unrivaled
customer service in all its branches. In other words, the bank has built a reputation for itself.
Therefore, many people prefer to bank their money with BAC. According to the bank’s website,
BAC’s retail banking is provided to about 80% of the United States population (Bank of
America, 2018a). Additionally, it renders its services to over 47 million clients and small
BANK OF AMERICA
3
enterprises that have an estimated 4,500 retail financial settings. By mid-2017, the bank had over
16,000 ATMs.
Technological advancement
BAC was deemed the leader in digital banking. As of 30 June 2017, the company had
over 34 million active online bank accounts. Furthermore, it had over 25 million mobile banking
active users (Bank of America, 2018a). This indicates that the company embraces technology in
its activities both at domestic and international levels.
Diversified Portfolio
BAC offers financial services to a dynamic group of customers around the world. These
include individuals, governments, and enterprises (both small and large). The bank provides
these customers with a wide range of banking, investing, uncertainty and asset management
services (Bank of Africa, 2018c).
Adequate Capital
Banks should have sufficient capital to meet the loaning and withdrawal desires of their
clients. The BAC has about 2.5 trillion dollars customer balances. With such a huge capital base,
the bank can offer tailored solutions that meet its customers’ needs (D&B Hovers, 2018). It has
achieved that through a set of brokerages, banking, investment management, and retirement
products.
High Score on Return on Capital
The bank also ranks among the top financial institutions that offer the highest return on
capital (ROC). In 2016, the bank compared favorably with other established banks on this aspect.
BANK OF AMERICA
4
Precisely, BAC had a common equity of 175.7 billion dollars and a ROC of 11.2% (Bos, 2017).
It was ranked second after JP Morgan.
Global Presence
BAC’s global presence is attributed to its engagement in mergers and acquisitions. In
2009, for instance, the bank acquired Merrill Lynch. The addition made BAC one of the
wealthiest organizations in the world. The bank had assets worth over $2 trillion. Besides, the
acquisition propelled it to a global stage where it could compete with other leading global
financial institutions (D&B Hovers, 2018). Today, BAC operates in over 35 countries outside
America (Bank of America, 2018b). Additionally, nearly all companies in the fortune list have
connections with the BAC.
Weaknesses
Overdependence on home turf
BAC has established a global presence, but much of its revenues come from the domestic
market. About 90% of its income comes from the United States. The remaining 10% comes from
countries outside America. For a multinational corporation, a 10% profit from foreign markets is
quite low and unsustainable (Bank of America, 2018b).
Overdependence on retrenching and cost cuts
In recent years, layoffs and cost cuttings have become characteristic of BAC. Such
activities have negatively impacted the reputation of the company. The company’s CEO argued
that low-interest rates were affecting BAC’s profitability. Thus, he was considering cost-cutting
measures to help the company sustain its profitability (Bank of America, 2018b). Apparently,
BANK OF AMERICA
5
this is suggestive that the CEO depends on retrenchment and cost discipline to rejuvenate the
company’s profitability. The impression is that BAC is becoming financially crippled.
Scandals
Between 2010 and 2011, BAC was associated with controversies that harmed its
reputation. The bank was involved in a scandal with WikiLeaks. The website claimed that it had
sufficient information to expose BAC’s malpractices including the selling of toxic mortgages to
stakeholders and giving lousy subprime loans (Jenkins, 2014). The company had to pay an
estimated $16.65 billion to settle the issue.
External Environment
BAC’s external environment would be discussed under two subheadings namely
opportunities and threats.
Opportunities
BAC has numerous opportunities it can explore. Firstly, the company can operate more
profitably if it increases its activities in foreign markets. Overdependence on the home turf is
detrimental to a business since a company might be unable to recover from risks and
uncertainties. Secondly, the success of the BAC is partly attributed to its willingness to embrace
the concept of mergers and acquisitions (Bank of America, 2018a). Therefore, the company can
deploy a similar strategy to penetrate new markets. Thirdly, BAC can improve its competitive
edge by developing or embracing new technologies that would improve customers banking
experiences. For instance, BAC’s market share increased due to its decision to adopt mobile
BANK OF AMERICA
6
banking technology. Thus, it must maintain pace with technological innovations to improve its
brand positioning in the market.
Threats
BAC faces stiff competition from other established brands in the market. Its main
competitors in the United States include JP Morgan Chase, Wells Fargo, and the Citigroup. The
Bank of America ranks second after JP Morgan (Maverick, 2015). As of September 27, 2017, JP
Morgan Chase was still the leader in the U.S. banking industry (Bos, 2017). At the global level,
BAC faces competition from other renowned brands including Standard Chartered Bank and
Barclays Bank. Most of these banks offer products and services that can substitute those
provided by the BAC. Apart from these brands, the banking industry does not have barriers to
entry. Therefore, the BAC also faces a threat from new entrants. Often, new entrants in the
banking industry come with innovative ways of addressing issues (Adamkasi, 2017). This may
include strategies that could lower prices, reduce operational costs or new value propositions to
clients. Thus, new entrants might have a negative impact on BAC’s profitability.
By analyzing the internal and external environments, BAC can develop strategies that
would impact its profitability positively. It can also identify trends that would enable it to explore
emerging opportunities. Overall, managers can manipulate the factors within and without their
organization’s environment to yield better results.
BANK OF AMERICA
7
References
Adamkasi (2017). Porter five forces analysis of banking industry. Porter analysis. Retrieved
from, https://www.porteranalysis.com/porter-five-forces-analysis-of-banking-industry/
Bank of Africa (2018c). Find the right products that fit your needs and lifestyle. Bank of
America, Retrieved from,
https://promo.bankofamerica.com/multiproduct/?cm_mmc=ENT-Consumer-_-GooglePS-_-bank%20of%20america-_-Control%20-%20High%20Volume%20%20Bank%20Of%20America%20Exact_Bank%20Of%20America%20Exact&device=c
&gclid=CjwKCAiA_ojVBRAlEiwAOLRxI40UcQlPrc2h3cuR8xK6r84Pv_6AsfX0HsUdNtRhyY7WQ5rIP786BoCUFsQAvD_BwE
&gclsrc=aw.ds
Bank of America (2018a). Our history & heritage. Bank of America, Retrieved from
https://about.bankofamerica.com/en-us/who-we-are/our-history-andheritage.html#fbid=N8EAtzC0KUZ/hashlink=our-history-heritage
Bank of America (2018b). A global company with a local focus. Bank of America, Retrieved
from https://about.bankofamerica.com/en-us/who-we-are.html#fbid=N8EAtzC0KUZ
Bos, W. (2017). Comparing bank of America, Wells Fargo, and JPMorgan Chase. Seeking
Alpha, Retrieved from, https://seekingalpha.com/article/4110076-comparing-bankamerica-wells-fargo-jpmorgan-chase
D&B Hoovers (2016). Bank of America corporation competition. Hoovers, Retrieved from
http://www.hoovers.com/companyinformation/cs/competition.bank_of_america_corporation.183a83bb3df4e047.html
Jenkins, N (2014). Bank of America to pay a record $16.65 billion fine. Time, Retrieved from
http://time.com/3153262/bank-of-america-record-16-billion-fine-mortgages-subprimeloans/
Maverick, J. B. (2015). Who are Bank of America’s main competitors? Investopedia, Retrieved
from https://www.investopedia.com/articles/markets/090915/who-are-bank-americasmain-competitors.asp

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