Bank of America Corp Essay Essay
Bank of America Corporation supplies banking and non-banking fiscal services and merchandises to single clients and little and average endeavors ( SMEs ) in the signifier of retail banking. larger corporations and authorities of the United States and even to international sphere. The bank generates the nest eggs histories. money market savings histories. look intoing histories from the sedimentations section. The Global Card services section allows the US consumers with concern cards. consumer loaning and international debit card services.
The Home Loans and Insurance section offers it consumers with merchandises and services related to existent estate such as mortgage and place equity loans. The Global banking section gives commercial loans. leasing. short-run loans. capital direction and exchequer solutions. The Global Markets solution provides consultative services. detention services and securities glade. The bank’s Global Wealth and Investment Management section caters to estate direction. securities firm services. recognition and banking expertness.
The net income border for the bank was 7. 05 per centum in the past twelvemonth. Bank of America has a $ 1. 5 trillion end for community development loaning concentrating on low-cost lodging. SMEs. consumer funding and economic development in general. Global Consumer and Small Business Banking is the largest section of the bank and focuses largely on recognition card issue and consumer banking. This division has over 6200 retail subdivisions and over 18700 ATMs over the US.
The bank is besides a member of Global ATM alliance- enterprise taken by many Bankss to that enable the clients to utilize the ATM or look into card with no fees. The organisation besides supplies its employees to purchase intercrossed vehicles and has an eco-friendly tower in Manhattan and even gives mortgage loan interruptions to consumers whose places pass as being energy efficient. The bank has even donated money for the wellness centres in Massachusetts and to the homeless shelters in Miami. JP Morgan Chase and Company: JP Morgan Chase provides a assortment of fiscal services across the Earth.
There is the Investment bank section for corporate scheme and construction. capital raising in equity and debt markets. hazard direction and provides the fiscal establishments. authoritiess and corporations with institutional investors. There is Commercial banking section that does loaning. exchequer services. hard currency direction. trade and whole sale cards to SMEs and transnational companies. The Asset direction section provides wealth and investing direction services to establishments every bit good as retail investors.
Global investing direction in equities. existent estate. hedge financess. fixed income. money market instruments and banking sedimentations are besides offered by the bank. The company has Retail funding services section that caters to retail banking for the consumer through checking and savings histories. mortgages. place equity and concern loans and online banking and telephone banking. The Card Services section provides the recognition cards and keeps path of the recognition payments processes. The net income border for the latest financial twelvemonth has been 19. 52 per centum. Its consumer maps involve more than 3000 subdivisions. 8500 ATMs and 270 mortgage offices.
JP Morgan and Chase fared good compared to its equal in the recognition crunch of 2007 and even though investing banking unit suffered and the bank even increased its loan militias losingss by $ 4. 3 billion. And even so the net income of the bank was 25 per centum due to the growing in strong net incomes of the bank’s recognition card and commercial banking units. After the endurance of the bank in such a tough scenario it has proven the effectivity with which it has been offering the diverse array of fiscal services concerns. Citigroup and Inc: The company has two distinguishable sections: Citicorp and Citi Holdings.
Citicorp is the planetary bank for the concerns plus the consumers and is divided into two chief concerns viz. : Regional consumer banking and institutional clients group. The regional consumer banking provides the conventional services of retail banking. cards and commercial banking on small-scale in North America. Latin America. Europe. Asia. the Middle East. and Africa. Providing to the securities and banking services such as investing banking. consultative services. loaning. debt and equity gross revenues. foreign exchange. institutional securities firm and exchequer and trade solutions is the institutional clients group.
Whereas the section Citi Holdings has three concerns to look at: securities firm and plus direction. local consumer loaning and particular plus pool. The securities firm and plus direction division in a joint venture with Morgan and Stanley and provides retail securities firm and plus direction services. The local consumer loaning provides mortgage loans. personal loans. pupil loans. commercial existent estate loans and even western European card. The particular plus pool is a portfolio of securities. loans and other assets. The net income border for the latest twelvemonth has been negative 0. 84 per centum.
Citigroup is the 16th largest political run donator in the US harmonizing to Centre for Responsive political relations. Citigroup even obtained calling rights as Citi Field to the place ballpark of the New Major League Baseball squad in 2009. Recommendation: After research of the three Bankss. Citigroup has been the one to be involved in many dirts ; runing from funding Enron and alleged money laundering facilitation and even carry oning biased research on the clients. Citigroup even disrupted the European bond market by selling a big sum of bonds and so purchasing them back a cheaper monetary value.
The organisation has besides been alleged of stealing money from its clients particularly the hapless and the late deceased with an improper “sweep” characteristic in its computing machines. Hence it can be said that Citigroup has to travel a long manner in uncluttering its image with the consumers because now with the cyberspace. they’re cognizant of everything and already Citigroup faces a batch of competition from its rivals. Mention: Winkler. Rolfe ( August 21. 2009 ) . “Big Bankss still hold regulators hostage” . Reuters. via Forbes. com ( Retrieved August 21. 2010 )