Bank of America Corp.

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Profile Overview: Bank of America Corporation

Contents

Fortune 1000 Rank: 9 (Down 4 from previous placement of 5)

http://www.bankofamerica.com/
NYSE: BAC Company Investor Page
Bank of America Corporation on Wikipedia

Rankings

  • 9 in FORTUNE 1000 (May 2011)
    • 9 in FORTUNE 500 (May 2011)
  • S&P 500
  • Dow Jones Industrials
  • Dow Jones Global Titans
Bank of America Corporation Rank 9, Public
Number of Employees 288,122
HeadQuarters 100 N. Tryon St., Charlotte, NC 28255
CEO Brian T. Moynihan
Phone 704-386-5681
Fax 704-403-0968
Toll Free 800-299-2265
Industry Commercial Banks
Current Market Cap 54.9b


Fortune Snapshot

Company Financials $ millions  % Change From Latest Quarter $ Millions
Revenue 134,194.0 -10.8 34,186.0
Profits -2,238.0 -135.7 -8,826.0
Assets -.01
Stockholder Equity 228,248.0

Abstract

Bank of America Corporation is, in a word, huge. In the United States alone it boasts more than 6,000 locations. However, for the first time in years, it looks like plans are in the works, not to expand, but to cut back. After acquiring Merrill Lynch in 2009, the financial elephant the company blundered badly, angering shareholders with early bonuses to the upper execs totaling billions given “with the approval of Bank of America leadership” (Hoover's). Considering the leadership were the ones receiving the inflated bonuses, that approval does not exactly come as a surprise. The entire fiasco ended with the corporation agreeing to pay a $150 million settlement for misleading shareholders after an initial $33 million fine from The Securities and Exchange Commission was rejected and a federal judge ordered a trial.

It is never a good idea to upset your shareholders. Though they were unsuccessful at booting the corporation's CEO at the 2009 annual meeting, they ultimately did cause Bank of America to play musical chairs with its top executives. In the spirit of public accountability, the CEO position was split, creating separate CEO and Chairman positions. Previous CEO Ken Lewis (who “stepped down” after his position diminished) was out soon after and Brian Moynihan, until then the head of consumer and small business banking was in as the new CEO - albeit sitting in a slightly smaller chair. Previous Director Walter Massey was initially named as Chairman in the newly minted position, and was replaced upon retiring by former Dupont CEO Charles Holliday in 2010. Overall, the amount of merry-go-CEO was impressive - and amazingly, stopped before needing a flow chart to understand.

Since then, the company has been scrambling to mend fences and trust. According to the NY Times, “The billionaire Warren E. Buffett invested $5 billion in the company in August by buying preferred shares. That deal was widely seen as a crucial endorsement of Bank of America’s management team amid growing doubts among investors.” [1] All the efforts may be for naught however, considering the recent September 2011 announcement to cut over 30,000 jobs in an economy already hurting. Unsurprisingly, the news, while expected, is not going over well with American consumers - who, ultimately, are the real ones in charge.

Works Cited

Relevant Information

Corporate Body

[2] Bank of America Governance

  • Chairman
Charles O. (Chad) Holliday Jr.
  • President, CEO, and Director
Brian T. Moynihan
  • CFO
Bruce Thompson
  • Bank Spokesman
Scott Silvestri
  • SVP and Global Strategy and Marketing Officer
Anne M. Finucane

Fiscal Information

  • Fiscal Year-End
December
  • 2010 Sales (mil.)
$134,194.0
  • 1-Year Sales Growth
(10.8%)
  • 2010 Net Income (mil.)
($2,238.0)
  • 2010 Employees
288,000
  • 1-Year Employee Growth
1.4%

(Hoover's)

Top 5 Competition

Worldwide

  1. Citigroup
  2. JPMorgan Chase
  3. Wells Fargo
  4. Bank of New York Mellon
  5. Capital One

United States

  1. J.P. Morgan Chase & Co.
  2. Citigroup
  3. Wells Fargo
  4. Goldman Sachs Group
  5. Morgan Stanley

External Links & References

References, Resources, Citations

  1. https://www.bankofamerica.com/
  2. Bank of America About Us Page
  3. Bank of America Investor Page
  4. [3] Fortune Snapshot
  5. Hoover's Company Records Ba-Bl. (Dec 15, 2011).
  6. [4] New York Times
  7. http://en.wikipedia.org/wiki/Bank_of_America
  8. [5] Bank of America Governance
  9. [6] Bank of America Governance Overview


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