04 April 2011 Bank of America Strategic Management Plan April 17, 2014 Shane Theriault Pierre-Oliver Lachance Garik Theriault Sierra Daigle 1 04 April 2011 Overview Company Overview Strategy Formulation Company History SWOT Matrix Existing Strategies IE Matrix Existing Mission and Vision Space Matrix Proposed Mission and Vision Grand Strategy Matrix External Assessment BCG Matrix Industry Analysis Matrix Analysis Organizational Chart QSPM Matrix Divisional Analysis Strategy Selection Opportunities and Threats Strategy EFE Matrix EPS/EBIT CPM Matrix Projected Financials Internal Assessment Foreseeable Problems Organizational Structure Evaluation Strengths and Weaknesses Balanced Score Card Financial Condition Company Update IFE Matrix 2 04 April 2011 Company History – Bank of Italy 1904 – Bank of Italy was founded in San Francisco by Amadeo Giannini for immigrants who were denied service at other banks 1906 – San Francisco earthquake 1922 – Giannini established the Bank of America and Italy by buying Banca dell'Italia Meridionale 1927 – Giannini consolidated the 101 branches of the Bank of Italy with the 175 branches of the Liberty Bank of America to create the Bank of Italy National Trust & Savings Association 1928 – He merged with Bank of America, Los Angeles to become the largest banking institution in the US 1930 – Bank of Italy was renamed BankAmerica Corp. with Gianni and Orra E. Monnette as co-chairs 3 04 April 2011 Company History Cont. BankAmerica Corp. 1953 – Clayton Antitrust Act & Bank Holding Company Act forced the separation of BoA and Transamerica Corporation, an insurance subsidiary 1953 – Banking regulators also force out of state activities into a new company, First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. 1958 – Creation of BankAmericard (Later to be names Visa) 1983 - Acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank 1992 – Acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington which was the largest bank acquisition in history 1992 - BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada 1994 - BankAmerica acquired the Continental Illinois National Bank and Trust Co. 1997 - BankAmerica acquired Robertson Stephens, a San Francisco-based investment bank specializing in high technology 4 04 April 2011 Company History Cont. Bank of America 1998 - BankAmerica was acquired by NationsBank of Charlotte in what was the largest bank acquisition in history at that time. The merged bank took the better-known name of Bank of America 2004 - Bank of America announced it would purchase Boston-based bank FleetBoston Financial 2005 - Bank of America announced it would purchase credit card giant MBNA 2006 - Bank of America and Banco Itaú entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil 2006 - Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation 2007 - Bank of America acquires LaSalle Bank Corporation from Netherlands's ABN AMRO Bank N.V. 2008 - Bank of America announced that it would buy Countrywide Financial for $4.1 billion 2008 - Bank of America announced it’s intention to purchase Merrill Lynch & Co., Inc. who was within days of collapse 5 04 April 2011 Current Strategies Get Lean Increase Global Excess Liquidity Sources by $442 billion to $378 Reduced risk-weighted assets by $171 billion to $1.28 trillion “A Strong Company Begins with a Strong Balance Sheet” “[Focus] on selling non-core assets, increasing capital ratios, building liquidity and reducing risk” Right the mortgage Crisis Risk “Our goal is to set a tone and create a risk management culture in which every employee is empowered to raise an issue or express a concern.” Become “customer focused” “[be] responsive to the needs of customers and clients — providing the products and services they want, when, how and where they want them” 6 04 April 2011 Existing Vision and Mission Statement Vision Statement Our vision is for Bank of America to be the World’s finest financial services company. We think that this is an appropriate and achievable goal. Mission statement We built Bank of America to meet the full range of financial needs for people, businesses, and institutional investors; to attract the best employees to serve our customers and clients; to support the communities where we do business; and to create long-term value for our shareholders. Todays Bank of America is a financial services leader serving customers and clients worldwide. We help them to see and act on opportunities to achieve their goals by delivering value, convenience, expertise, and innovation. 7 04 April 2011 Proposed Vision Statement Our vision is for Bank of America to be the World’s finest financial services company. 8 04 April 2011 Proposed Mission statement We built Bank of America to meet the full range of financial needs(2) for people, businesses, and institutional investors(1); to attract the best employees (9)to serve our customers and clients; to support the communities where we do business(8); and to create long-term value for our shareholders(5). Bank of America is a financial services leader serving customers and clients worldwide(3). We help them to see and act on opportunities to achieve their goals(6) by delivering value, convenience, expertise(7), and innovation(4). 1.Customers 2.Products or services 3.Markets 4.Technology 5.Concern for survival, growth, and profitability 6.Philosophy 7.Self-concept 8.Concern for public image 9.Concern for employees 9 04 April 2011 External Audit 10 04 April 2011 Industry Analysis # of employees % operating Margin $ Net Income $ EPS # branches # Shares outs Bank of America 288K 15.29 1,446 .01 5700 10.5B Citigroup 260K 19.8 9.30B 3.06 JP Morgan Chase 242K 39.01 17.93B 4.5 2.92 3.97 Wells Fargo 270K 33.91 12.83B 2.43 9000 5.29B 11 04 April 2011 Opportunities 1. Smartphones will reach more than 2.5 billion users by 2015 2. According to industry sources, mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011 3. The US banks sector grew by 11.3% in 2010 to reach a value of $11,713.2 billion 4. Projected increase of population in the United States of 82% from 2005 to 2050 5. consolidation of the financial services sector provides potential for company acquisitions 6. Expansion into the global market 7. President Obama unveiled a stimulus plan totaling 447 Billion 12 04 April 2011 Threats Mortgage rates hit record low: 30-year fixed nears 4% Stock price dropped over 50% since 2008 The number of bank failures increased from 25 in 2008 to 92 in 2011. The cost to businesses worldwide adds up to a staggering $221 billion each year. Consumer defaults on credit cards, mortgages, etc. The possibility of the Federal Reserve increasing interest rates. Dodd-Frank Act was signed into law on July could have significant impact on the US banking industry Potential for United States economic relapse 13 04 April 2011 EFE Matrix External Factor Evaluation Matrix (EFE) Opportunities Weight Rating Weighted Score 1. Smartphones will reach more than 2.5 billion users by 2015 0.09 3 0.27 2. According to industry sources, mobile banking users worldwide 0.07 3 0.21 will reach 530 million by 2013, up from just over 300 million in 2011 3. The US banks sector grew by 11.3% in 2010 to reach a value of 0.07 4 0.28 $11,713.2 billion 4. Projected increase of population in the United States of 82% from 2005 to 2050 5. consolidation of the financial services sector provides potential for company acqusitions 6. Expansion into the global market 7. President Obama unveiled a stimulus plan totaling 447 Billion Threats 1. Mortgage rates hit record low: 30-year fixed nears 4% 2. Stock price droped over 50% since 2008 3. The number of bank failures increased from 25 in 2008 to 92 in 2011. 4. The cost to businesses worldwide adds up to a staggering $221 billion each year. 5. Consumer defaults on credit cards, mortgages, etc. 6. The possibility of the Federal Reserve increasing interest rates. 7. Dodd-Frank Act was signed into law on Julycould have significant impact on the US banking industry 8. Potential for United States economic relapse TOTALS 0.05 4 0.20 0.06 2 0.12 0.09 0.06 3 3 0.27 0.18 Weight Rating Weighted Score 0.09 3 0.27 0.07 2 0.14 0.06 3 0.18 0.06 4 0.24 0.05 0.06 2 3 0.10 0.18 0.05 3 0.15 0.07 1.00 2 0.14 2.93 14 04 April 2011 CPM 15 04 April 2011 Internal Audit 16 Organizational Structure 04 April 2011 Chairman CEO, Brian T Moynihan Global Technology and Operations Executive, Catherine P. Bessant Co-Chief Operating Officer, David C. Darnell Global Strategy and Marketing Officer, Anne M. Finucane Corporate General Auditor, Christine P. Katziff Chief Risk Officer, Terry P. Laughlin Global General Counsel, Head of Compliance & Regulatory Relations, Gary G. Lynch Co-Chief Operating Officer, Thomas K. Montag Global Head of Human Resource s, Andrea B. Smith Legacy Asset Servicing Executive, Ron D. Strurzeng ger Chief Financial Officer, Bruce R. Thompson 17 04 April 2011 Divisional Analysis 18 04 April 2011 Divisional Analysis 19 04 April 2011 Financial Information: Income Statement 20 04 April 2011 Financial Information: Balance Sheet 21 04 April 2011 Financial Information: Cash Flow 22 Financial Information: Ratio Analysis 04 April 2011 2010 2011 Current Ratio 0.66 0.64 Quick Ratio 0.66 0.64 0.19 0.18 1.9 1.65 0.56 0.52 Return on equity -0.009 0.006 Return on assets -0.0009 0.0006 0.93 0.89 15.77 16.75 Tier 1 leverage 7.21 7.53 Efficiency Ratio 74.61 85.01 Liquidity Ratios Leverage Ratios Debt-to-Total Assets Ratio Debt-to-equity Ratio Long-term debt-to-equity Ratio Key Ratios Loan to deposit ratio Total Capital 23 04 April 2011 Financial Information: Company Worth Bank of America Company Worth Analysis Stockholders' Equity Net Income x 5 (Share Price/EPS) x Net Income Number of Shares Outstanding x Share Price $229,095,000,000 $7,230,000,000 $803,976,000,000 $56,395,080,000 Method Average $274,174,020,000 JP Morgan Chase Company Worth Analysis Stockholders' Equity Net Income x 5 (Share Price/EPS) x Net Income Number of Shares Outstanding x Share Price $183,573,000,000 $94,880,000,000 $140,837,500,000 $125,442,275,000 Method Average $136,183,193,750 24 04 April 2011 Strengths 1. Bank of America serves clients in more than 150 countries and has a relationship with 99% of U.S. Fortune 500 companies 2. 21 in the Global 500. Bank of America Corp. 3. BOA serves approximately 55 million consumers, clients and small businesses around the world, doing business with one out of every two households in the U.S 4. BOA has approximately 5,700 banking centers and approximately 17,750 ATMs 5. The company’s new Merrill Edge account enables customers to manage their banking and investing activities through an integrated platform. 6. BOA lowered their long-term debt by $76 billion in 2011. 7. Revenue diversification is helping the company to serve a large customer base, as well as helping it to offset volatility in its revenue streams 8. Decreased Non-preforming loans by 5 billion in 2011 25 04 April 2011 Weaknesses 1. International markets only account for approximately 10% of the bank's revenue. 2. BOA efficiency ratio has increased over 10% in the last year to 85.59% 3. EPS of -0.37 in 2010 and 0.01 in 2011 4. Net income loss of 2.2 billion in 2010 5. BoA’s revenues have been declining since 2009 at a compounded annual change rate of 12% to $93,454 million in 2011 6. The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures. 7. Bank of America has a ACSI index rating of 68 26 IFE Matrix 04 April 2011 1. 2. 3. 4. 5. 6. 7. 8. 1. 2. 3. 4. 5. 6. 7. Internal Factor Evaluation Matrix (IFE) Strengths Bank of America serves clients in more than 150 countries and has a relationship with 99% of U.S. Fortune 500 companies 21 in the Global 500. Bank of America Corp. BOA serves approximately 55 million consumers, clients and small businesses around the world, doing business with one out of every two households in the U.S BOA has approximately 5,700 banking centers and approximately 17,750 ATMs The company’s new Merrill Edge account enables customers to manage their banking and investing activities through an integrated platform. BOA lowered their long-term debt by $76 billion in 2011. Revernue diversification is helping the company to serve a large customer base, as well as helping it to offset volatility in its revenue streams Decreased Non-preforming loans by 5 billion in 2011 Weaknesses International markets only account for approximately 10% of the bank's revenue. BOA efficiency ratio has increased over 10% in the last year to 85.59% EPS of -0.37 in 2010 and 0.01 in 2011 Net income loss of 2.2 billion in 2010 BoA’s revenues have been declining since 2009 at a compounded annual change rate of 12% to $93,454 million in 2011 The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures. Bank of America has a ACSI index rating of 68 TOTALS Weight Rating Weighted Score 0.10 3 0.30 0.04 3 0.12 0.07 4 0.28 0.09 4 0.36 0.05 3 0.15 0.05 3 0.15 0.06 4 0.24 0.05 4 0.20 Weight Rating Weighted Score 0.09 2 0.18 0.06 2 0.12 0.06 2 0.12 0.07 2 0.14 0.10 1 0.10 0.05 2 0.10 0.06 1.00 2 0.12 2.68 27 04 April 2011 Strategy Formulation 28 04 April 2011 SWOT Matrix SO Strategies 1 Increase positive presence in Social Media (S1 S3, O1, O2, O3, O7) 2 Increase marketing by 50% (S1, S2, S3, S4, O1, O2, O3, O4) 3 Increase marketing to mobile users (S1, S3, S4, O1, O2, O3, O4) ST Strategies 1 Increase number of ATMs (S1, S3, S4, T4) WO Strategies 1 Increase customer service training (W2, W7, O1, O2, O4) 2 Develop consumer banking applications (W7 O1, O2, O3, O7) 3 Continue expansion into global market (W1, W5, O2, O5) WT Strategies 1 Continue to sell non-core assets (W1, W5, T2, T3, T4, T8) 29 04 April 2011 Space Matrix • • • • Market development Market penetration Product development Related diversification 30 IE Matrix 04 April 2011 The IFE Total Weighted Scores Strong Average 4.0 Weak 3.0 2.0 1.0 • Backward, Forward, horizontal penetration • Market penetration • Market development • Product development 2 3.0 1 5 4 2.0 6 3 1.0 1 Deposits 2 Card Services Consumer Real Estate 3 Services 4 Global Commercial Banking 5 Global Banking & Markets Net Income 1,192 5,788 % 5.68% 27.59% Revenue 12,689 18,143 % 13.46% 19.25% IFE 3.23 3.04 EFE 2.64 3.26 (19,529) 4,402 20.99% (3,154) 10,553 -3.35% 11.20% 2.25 2.96 1.87 2.45 2,967 14.15% 23,618 25.06% 2.88 2.16 7.79% 23.79% 100.00% 17,376 15,021 94,246 18.44% 15.94% 100.00% 2.74 2.51 Global Wealth & Investment 6 Management 1,635 7 All Other 4,991 1,446 Total Adjusted Total* 20,975 * Does not include Real Estate Services 31 04 April 2011 Grand Strategy Matrix • • • • • • Market development Market penetration Product development Horizontal integration Divestiture Liquidation 32 BCG Matrix 04 April 2011 Net Income % Revenue Relative Market Share % Growth Deposits 1,192 5.68% 12,689 13.46% 57% -30% 5,788 27.59% 18,143 19.25% 1 -10% - (3,154) -3.35% 63% -20% Card Services Consumer Real Estate Services (19,529) Global Commercial Banking 4,402 20.99% 10,553 11.20% 1 3% Global Banking & Markets 2,967 14.15% 23,618 25.06% 44% -13% 1,635 7.79% 17,376 18.44% 52% -14% 4,991 23.79% 15,021 15.94% Global Wealth & Investment Management All Other n/a n/a Total 1,446 Adjusted Total* 1 94,246 1 20975 * Does not include Real Estate Services 33 BCG Matrix 04 April 2011 • Backward, Forward, horizontal penetration High • Market High penetration • Market development • Product development Industry Sales Medium Growth Rate Relative Market Share Medium Low 4 2 Low • Product Development • Diversification • Divestiture 6 3 5 1 • Retrenchment • Divestiture • Liquidation 34 Matrix Analysis 04 April 2011 Alternative Strategies IE Forward Integration BCG COUNT X x 2 Backward Integration X x 2 Horizontal Integration X X x 3 Market Penetration X X X x 4 Market Development X X X x 4 Product Development X X X X 4 X 2 Unrelated Diversification X 1 Retrenchment X 1 Related Diversification SPACE GRAND X Divestiture X X 2 Liquidation X X 2 35 04 April 2011 Possible Strategies Market Penetration SO2 - Increase global marketing by 50% over 3 years SO3 - Increase marketing to mobile users ST1 - Increase number of ATMs Market Development WO3 - Continue expansion into global market Product Development WO2 - Develop consumer banking applications 36 04 April 2011 QSPM Increase Global Develop consumer Marketing by banking applications 50% over 3 years Opportunities 1. Smartphones will reach more than 2.5 billion users by 2015 2. According to industry sources, mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011 3. The US banks sector grew by 11.3% in 2010 to reach a value of $11,713.2 billion 4. Projected increase of population in the United States of 82% from 2005 to 2050 5. consolidation of the financial services sector provides potential for company acqusitions 6. Expansion into the global market 7. President Obama unveiled a stimulus plan totaling 447 Billion Weight 0.09 AS 2 TAS 0.18 AS 4 TAS 0.36 0.07 3 0.21 4 0.28 0.07 1 0.07 2 0.14 0.05 4 0.20 2 0.10 0.06 - - - - 0.09 0.06 4 4 0.36 0.24 3 2 0.27 0.12 AS 2 TAS 0.14 AS 3 TAS 0.21 - - - - 2 0.12 4 0.24 2 - 0.10 - 3 - 0.15 - 3 0.15 1 0.05 - - - - Threats Weight 1. Mortgage rates hit record low: 30-year fixed nears 4% 0.09 2. Stock price droped over 50% since 2008 0.07 3. The number of bank failures increased from 25 in 2008 to 92 in 0.06 2011. 4. The cost to businesses worldwide adds up to a staggering $221 0.06 billion each year. 5. Consumer defaults on credit cards, mortgages, etc. 0.05 6. The possibility of the Federal Reserve increasing interest rates. 0.06 7. Dodd-Frank Act was signed into law on Julycould have significant 0.05 impact on the US banking industry 8. Potential for United States economic relapse 0.07 37 QSPM 04 April 2011 Increase Global Marketing Develop consumer By 50% over 3 banking applications years 1. 2. 3. Strengths Bank of America serves clients in more than 150 countries and has a relationship with 99% of U.S. Fortune 500 companies 21 in the Global 500. Bank of America Corp. BOA serves approximately 55 million consumers, clients and small businesses around the world, doing business with one out of every two households in the U.S Weight AS TAS AS TAS 0.10 4 0.40 3 0.30 0.04 - - - - 0.07 3 0.21 4 0.28 4. BOA has approximately 5,700 banking centers and approximately 17,750 ATMs 0.09 4 0.36 2 0.18 5. The company’s new Merrill Edge account enables customers to manage their banking and investing activities through an integrated platform. 0.05 2 0.10 4 0.20 BOA lowered their long-term debt by $76 billion in 2011. Revernue diversification is helping the company to serve a large customer base, as well as helping it to offset volatility in its revenue streams 0.05 - - - - 0.06 2 0.12 3 0.18 8. Decreased Non-preforming loans by 5 billion in 2011 0.05 0 0.00 0 0.00 Weaknesses International markets only account for approximately 10% of the bank's revenue. Weight AS TAS AS TAS 1. 0.09 3 0.27 2 0.18 2. BOA effeciency ratio has increased over 10% in the last year to 85.59% 0.06 3 0.18 2 0.12 3. 4. 5. EPS of -0.37 in 2010 and 0.01 in 2011 Net income loss of 2.2 billion in 2010 BoA’s revenues have been declining since 2009 at a compounded annual change rate of 12% to $93,454 million in 2011 0.06 0.07 - - - - 0.10 4 0.40 2 0.20 6. The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures. 0.05 - - - - Bank of America has a ACSI index rating of 68 0.06 3 0.18 2 6. 7. 7. TOTALS 3.99 0.12 3.68 38 04 April 2011 Strategy Selection 39 04 April 2011 3 Year Strategy & Annual Objectives First Year Increase marketing by 25% in 2012 Have marketing costs of $2.75 billion by end of year Second Year Increase marketing by 10% in 2013 Have marketing costs of $3 billion. Third Year Increase marketing by 10% in 2014 Have marketing costs of $3.3 billion by end of 2014 40 04 April 2011 Year 1 Costs Increase Global Marketing by 25% Current Marketing: $2.2 Billion 25% increase is $550 Million Total Marketing will be $2.75 Billion 41 04 April 2011 Bank of America Projected Income Statement (in millions) Net interest income Noninterest income Projected Financials: Income Statement 2010 52,693 58697 2011 45,588 48838 2012 45,588 53722 Increase by 10% 111,390 28435 12,400 70708 94,426 13410 3,184 77090 99,310 13410 Same 81627 CGS + 550Million -153 2085 742 -704 Net income (loss) -2,238 1,446 2,540 Preferred stock dividends 1357 -3,595 1361 85 1361 Same 1,179 Total revenue, net of interest expense Provision for credit losses Good will impairment All other noninterest expense Income (loss before income taxes Income tax expense (benefit) Net income (loss) applicable to common shareholders 4,273 1733 Averaged 42 04 April 2011 Bank of America Projected Balance Sheet (in millions) Assets: Federal funds sold and securities borrowed or purchased under agreements to resell Trading account assets Debt securities Loans and leases Allowance for loan and lease losses All other assets Total Assets Liabilities: Deposits Federal funds purchased and securities loaned or sold under agreements to repurchase Trading account liabilities Commercial paper and other short-term borrowings Long-term debt All other liabilities Total liabilities Share holders' equity Total liabilities and shareholders' equity Projected Financials: Balance Sheet 2012 Assumptions 2010 2011 209616 194671 338054 940440 211183 169319 311416 926200 -41885 624013 2264909 -33783 544711 2129046 -33783 Same 544711 * 2130325 1010430 1033041 1033041 * 245359 71985 214964 60508 214964 * 60508 * 59962 448431 200494 35698 372265 182569 35698 * 372265 * 182569 * 2036661 228248 2264909 1899045 230101 2129146 211183 Same 169319 * 311416 * 927479 Increase to balance 1899045 231,280 Increased by net income2130325 prefered dividends 43 04 April 2011 Strategic Evaluation 44 Balance Score Card 04 April 2011 Area of Objectives Measure or Target Time Expectation Primary Responsibility Customers 1 Satisfaction Customer Survey results Yearly Marketing Department 2 Brand Identity Industry Reports Yearly Marketing Department Employees 1 2 Quality and service training Employee Satisfaction On site and webinars Yearly COO Survey Yearly Human resources # of ethics training sessions Yearly Human resources Business Ethics/Natural Environment 1 Ethics Training Financial 1 Revenues 50% increase each year Quarterly CFO 2 Ratio analysis better than Industry Avg, Yearly CFO 45 04 April 2011 Company Update 46 04 April 2011 Company Update Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC stock doubled in value in 2012 In 2012, they extended $19.1 billion in total credit to small businesses, customers, local communities and nonprofits. They provided $22 million in grants to fund critical needs, and another $22 million for housing. And they announced a new 10-year, $50 billion goal to help improve the environment. On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion. dropped to 66th on global 500 in 2013 In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country. 47 04 April 2011 Questions 48 04 April 2011 References Bank of America Corp. (2014). Merger History. Retrieved from Bank of America: http://message.bankofamerica.com/heritage/#/merger-history Bank of America Corporation. (2012). 2011 Annual Report. Charlotte. David, F. R. (2013). Bank of America Corporation - 2011. In F. R. David, Strategic Management; A competitive Advantage Approach (pp. 143-148). Florence: Pearson. MBA Lectures. (2010, 12 09). SWOT Analysis of Bank of America. Retrieved from MBA Lectures: http://mba-lectures.com/marketing/swot-analysismarketing/1155/swot-analysis-of-bank-of-america.html Our Team. (2014). Retrieved from Bank of America: http://about.bankofamerica.com/en-us/our-story/ourteam.html#fbid=tptoqen5nEc SWOT analysis of Bank of America Corporation. (2011). Retrieved from MarketingMix: http://marketingmix.org/swot-analysis-of-bank-of-americacorporation/ Yahoo! Finance. (2014). Bank of America Corporation (BAC). Retrieved from Yahoo! Finance: http://finance.yahoo.com/q?s=BAC 49