Bank_of_America

Bank of America corporate Headquarters is located at Charlotte. charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424 , making it the 17th largest city in the United States based on population. Charlotte has become a major U.S. financial center and is now the second largest banking center in the United States (after New York). The nation's largest financial institution by assets, Bank of America, calls the city home because they think it will be the future . Bank of America is in the business of helping people achieve their financial goals and strengthening the fabric of the communities where we do business. We take our responsibilities - to our customers, our shareholders, our associates and our communities - seriously. We know that community strength depends on the interplay of complex and diverse elements and we mobilize many resources - financial experts, jobs, loans, grants, volunteer hours and policy leadership - to help communities thrive. Doing the right thing is a core value at Bank of America. We take a holistic view of our role and responsibilities as a company, seeking to do the right thing by our environment and by each other. We believe that sustainable growth is rooted in respect and responsibility and that our company can succeed only when our communities succeed. From coast to coast, Bank of America works in local communities through the following channels: In 1998, Bank of America made a 10-year goal to lend and invest $350 billion for community development, including affordable housing and home ownership, small business and low- and moderate-income initiatives. This ambitious goal was later increased to $750 billion in 2004 against which we have achieved nearly $274 billion in just three years. Beginning in 2009, we announced a new nationwide goal --- the largest community development goal ever established by an American financial institution -- to lend and invest $1.5 trillion over ten years, targeting four main areas, including affordable housing, economic development, consumer lending and small business lending. Bank of America is a leader on environmental issues and has instituted operating principles that are environmentally friendly and encourage associates to take responsibility for the world around them. In addition to its new eco-friendly office tower in Manhattan, Bank of America has pledged to spend billions on commercial lending and investment banking for projects that it considers "green". The corporation supplied all of its employees with cash incentives to buy hybrid vehicles, and began providing mortgage loan breaks for customers whose homes qualified as energy efficient. In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase. Bank of America embraces the desire to challenge the boundaries of athletic performance, which is a testament to the strength of the human spirit. We encourage this spirit as a primary sponsor of the U.S. Olympic Teams, the PGA Tour, and other professional sports teams across the nation. We are the first company ever to be designated the Official Bank of Baseball -- a unique relationship with Major League, Minor League and Little League baseball. In its 33rd year and a member of the World Marathon Majors, the Bank of America Chicago Marathon annually attracts 45,000 participants, including a world class elite field and a world class elite wheelchair field, and 1.7 million spectators. As a result of its national and international draw, the iconic race assists in raising $10 million for a variety of charitable causes while generating a $150 million economic impact to its host city according to a report by the University of Illinois at Urbana-Champaign’s Regional Economics Applications Laboratory (R.E.A.L.). Bank of America Community Volunteers is the company's associate-led volunteer program active in markets across the globe, represented by associates from across all lines of business, who are passionate about giving back to the communities we serve. Volunteer focus areas are aligned with the company's philanthropic priorities of education, health and human services, community development, arts and the environment for greater community impact. In addition, the company supports the individual commitment of associates to improve communities through programs such as volunteer grants and time off to volunteer. Volunteers participate in a variety of projects to strengthen the economic and social health of local communities through ongoing opportunities as well as special one-time projects. No matter someone's interest, there is a volunteer opportunity. Through volunteering, associates gain valuable opportunities for leadership, teambuilding and skills development. Bank of America Community Volunteer Officers plan, organize and implement local events working closely with local market leadership. Some of the skills developed through participation in Bank of America Community Volunteer activities: Budget management Conflict resolution Decision-making Delegating Event planning Interpersonal skills Listening skills Managing people Motivating others Negotiating skills Networking Organization skills Presentation skills Problem solving Project management Recruitment Risk taking Teamwork Time management / Prioritizing Verbal communication skills Written communication skills The Merrill Lynch deal was first questioned after Bank of America disclosed that Merrill's losses were far more than expected. Bank of America then asked for and got an additional $20 billion from the government, in part to offset those losses. The brokerage lost $15 billion in the fourth quarter and more than $27 billion for the year. Bank of America ultimately received $45 billion in government assistance. But Ken Lewis came under even greater attack after Merrill Lynch, with the knowledge of Bank of America executives, gave billions in bonuses to Merrill employees even as Bank of America asked for more bailout money from the government. The deal was forged a year ago at the height of the financial crisis and closed Jan. 1; the bonuses, which would normally have been paid in January, were moved up and paid out in December. We’ve partnered with Field Diagnostics Services to reduce greenhouse gas emissions and energy costs in our 3,300 banking centers. We’ve installed a 5.1-megawatt cogeneration system in our new office building in Manhattan to produce 70 percent of the building’s energy needs — and helped it earn the U.S. Green Building Council’s LEED® (Leadership in Energy and Environmental Design) CS Platinum certification. We’ve even been offering our employees a $3,000 reimbursement for purchasing hybrid vehicles. when choosing a bank, location matters. Most consumers consider the availability of branches and bank ATMs a key deciding factor when choosing a financial institution, and on that point Bank of America delivers. The largest bank in the US, Bank of America certainly boasts an incredible number of locations- 150 countries and over 6,000 branches, to be exact. The convenience factor of ATM locations and proximity of the bank to work or home are popular reasons for picking a financial institution to house your hard earned dough. The biggest of the "big four" banks, Bank of America holds an estimated 12.2% of deposits in the US (according to the Wall Street Journal). But what else makes this banking monolith worth the billions it pumps through the economy each day' A Bit of B.O.A. History Bank of America began in 1904 when Italian American Amadeo Giannini founded the "Bank of Italy" in San Francisco. Set in a former saloon, Giannini initially began the bank as a way to provide loans to immigrants, middle-class Americans, and farmers denied services by major financial institutions of the time period. As deposits grew and word of mouth carried, the name was changed to "Bank of America," which Giannini felt better expressed the mission of his bank. Expansion, acquisitions, and branch openings quickly followed. Giannini's tiny bank grew to a powerhouse which backed everything from Disney's production of Snow White to the early start up of Hewlett Packard. The 21st century saw Bank of America rise and fall in public opinion through the rapid acquisition of Merrill Lynch, NationsBank, and other financial institutions. Seemingly swallowing the competition whole, the rapid growth rate took its toll. Accusations of insider trading and fraud surfaced in 2008, and public opinion of the banking sector dropped steadily during the recession of 2009. Consumer Criticism Despite the setbacks, Bank of America has admirably held its own in the financial industry. Love them or hate them, Bank of America's execs seem to know what consumers want. A huge variety of financial services, user friendly website, and locations from Main Street to Dubai have provided Bank of America with a loyal customer base. Sentiments may vary, but it's difficult to argue with the sizeable percentage of Americans who choose Bank of America as their primary financial institution. With the perks of a big bank, though, come drawbacks. Tales of never-ending bureaucracy, slow turnaround times for mortgages, impersonal customer service, and widely charged fees have a long history in criticisms of Bank of America. The image of Bank of America as a giant unconcerned with customer service left a small but vocal minority jumping ship for local banks. Bank of America Survival Skills and Strengths What keeps Bank of America one step ahead (and holding onto its market share) is the remarkable ability to deal with PR troubles quickly. New products, new services, and blankets of marketing targeted towards customers are constantly being rolled out. One example is the brilliant marketing campaign behind the "keep the change" program - customers enroll to have the "change" from each Visa check card transaction deposited into their savings account, like a virtual piggy bank. Products like 'keep the change" maintain the bank's heavyweight position when delivering ease of banking to clients. A Constantly Moving Banking Machine To that end, Bank of America has made remarkable improvements to its website. Once overly complex and hard to navigate, the bank's site now offers simply structured sections. Choices range from personal account management, mortgages, and investments to software that allows customers to monitor and graph their spending. There's even a way to send wires online to accounts in the US and abroad. Talk about a time saver - no more lengthy phone calls or trips to the branch. Just enter the routing information, go through a few security checks, and sending money is as simple as a few clicks of a button. New online video tools walk consumers through steps to using select online features- another innovative way to avoid a dreaded phone call to customer service. Bank of America has also done a great job at creating a "one stop shop" for clients. A checking account, savings account, investment portfolio, and mortgage held by the same customer can all be accessed with the same Bank of America login ID.