Bank of America: Fortune 500 Company Essay

Bank of America Corp. , also known as Bank of America, has a history that dates all the way back to July 5th, 1784! Before the corporation was found by Amadeo Peter Giannini or known as Bank of America the company had taken quite a journey to be at today’s successful status. The BofA predates five years before America’s first president was inaugurated but at the time was known as the Massachusetts Bank. At the time when John Hancock was the Governor of Massachusetts he signed the bank’s charter providing authorization for the bank to operate.

In 1784 there were only three commercial banks in the United States and the Massachusetts Bank was one of those three banks! Company Vision and Goals Bank of America’s vision is to be the world’s finest financial services company. The big bank states its primary goal is to help strengthen the economic and social well-being of communities. They strive to do the through the preservation of affordable housing in neighborhoods, lending to minority and women owned business and providing charitable funding to nonprofit organizations that address the critical needs of individuals and families and community member most in need.

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Company Mission Bank of America Corp. ultimately desires to be the best bank services and provide more benefits than any other financial organization in the world. BofA wants their goal to be straightforward and to have a strategized plan to meet this achievement. The financial institution has a customer demographic made up of the following three entities: people, businesses of all capacities, and institutional investors. To be the best bank in the world, BofA is serving patrons in 150 countries with operations based in 40 countries.

In the United Stated alone BofA has 57 million clients and small business partners. To remain on top of the company’s game the organization provides approximately 5,700 retail-banking offices and 17,250 ATMs. Not to mention this bank has award-winning online services. The corporation’s mission is only completed when acknowledging their commitment to produce an economic value in surrounding communities and regions in which they live and work. Without this dedication BofA understands the company will not be unique in comparison to other financial institutions.

To conclude, Bank of American CEOs and managers understand that their company is not the only commercial bank in the market. They are competing for their client’s loyalty by exceeding all customers’ expectations. When customer complaints rose on a five-dollar debit card fee, BofA called off the charge. This proves that the commercial bank works with customer’s feedback and towards customer’s requests. Within the organization the company emphasizes that employees should strive for professional development and growth.

BofA staff that takes the intuitive to seek professional development are recognized and honored with promotions and reward programs. To BofA, supporting employee’s intellectual growth is an investment in the businesses’ collective well being. Fundamentally, the organization accepts that the employee’s alleviation is directly connected to the customer’s happiness. Employees are encouraged to master skills that are the center of their particular job. With proficient skills the BofA workers can provide first-class bank services to customers and clients alike.

To promote understanding and familiarity of BofA operations the financial institution has a plethora of leadership, management, and professional development programs. The company educational programs do not only train workers for the job they do today, but provide opportunities for growth so they can advance within the company in the future. The organization cultivates and maintains a culture of recognition that encourages employee’s participation and happiness. Employees and managers foster a work environment of camaraderie to contribute to an uplifting organizational culture for advancement.

BofA even goes as far as to implementing a Global Recognition Program that honors employees for giving excellent services to customers, overreaching clients’ expectations, and showing the company’s core values and leadership behaviors. BofA is using all of the positive aspects of a successful organizational culture. The company has a defined mission and philosophy to make the company distinct and a desirable place to work. Moreover, the organization has reinforced explicit rewards, titles, and promotion criteria that in away praises an employee for their dedication.

In conclusion, BofA’s is working towards an organizational culture that gives the company a unique identity, creates collective commitment, devises a social system of stability, and implements a device that helps make sense of company surroundings. The business is embracing a team atmosphere through their organizational culture. That is the only way to tackle the challenge of getting your employees on board with a company’s overall mission. The company’s core competency is a being one of the largest bank in the world. Bank of America employs over 280,000 associates as of 2011.

It has locations in all 50 states and over 40 countries, with 5,700 retail-banking offices and 17,250 ATMs. It Bank of America employs over 280,000 associates as of 2011. It has locations in all 50 states and over 40 countries, with 5,700 retail-banking offices and 17,250 ATMs. Bank of America uses its employees and community ties to meet it goals, mission and vision http://about. bankofamerica. com/en-us/global-impact/strengthening-economies. html#fbid=V4PFFioS5AR under global impact tab http://about. bankofamerica. com/en-us/our-story/our-company. html#fbid=V4PFFioS5AR under our story