Bank of America Corporation Research Paper Example | Topics and Well Written Essays - 1250 words

Bank of America Corporation - Research Paper Example One reason why it is important to analyze Bank of America Corporation as a profitable banking sector is its large market share and the amazing offers it provides to its customers in all its branches that puts it as the world’s biggest and wealthiest corporate company, as reported by Giannone (2009). If only the bank can reach out to the opportunities that exist by accommodating even the low-income earners, no doubt it can become the largest banking and financial service centre in the word. It has continued to offer banking and financial services to its clientele in the US. The bank boasts of featuring as the 13th largest corporate company, according to the CNN fortune 500 company ranking. It has a primary listing base in the United States. It has its headquarters in Charlotte, North Carolina, and enjoys a large market in the banking industry. This shows that the institution has a potential of expanding beyond measure if it decides to be tactical in its operation. Although it has the ability to compete favourably with other banking and financial institutions, it has to up its game since its rival banking institutions are also offering almost the same products. One thing it should do is to conduct a thorough feasibility study on some of the new range of products not yet tapped by other competitors. By the time competitors become aware of the existence of that particular product, the bank shall have identified another new product altogether. This is the actual utilization of the strengths of an organization to outdo other organizations through taking advantage of their weaknesses. According to a recent Annual Report by Moynihan (2011), the bank features as the second largest in the US by assets having its branches in 50 states in the US and about 40 branches in the world. The external analysis purely indicates that the bank operates where there is stiff competition almost in all its branches and therefore any mistake made by the bank results in insurmountable losses.