Bank of America is a single bank holding company controlled by the California consortium, which was established on June 7 1968 and headquartered in San Francisco. 1 969 April1day, Bank of America became a subsidiary of Bank of America, and all shares were controlled by the company.
The predecessor of Bank of America is an Italian bank founded by Italian immigrants in 1904. At the beginning, I mainly engaged in the deposit business of Italian immigrants in Pacific coast States. Later, it gradually absorbed deposits from the middle and lower classes and provided mortgage loans and consumer credit to small and medium-sized enterprises. Business is developing rapidly. In the 1920s, the Bank of Italy became the largest bank in the western United States. On March 1927, 1, the bank obtained the license of National Bank in the name of Italian National Trust and Savings Bank. 1929 merged with Bank of America in California and changed its name to National Trust and Savings Bank.
After the merger, the strength of the two banks further expanded. During World War II, California was an important arms production center in the United States, and the war brought huge profits to American banks. After the war, California became the main production base of aircraft, missiles, rockets and aerospace arms industry, which provided extremely favorable conditions for the financial activities of American banks and accelerated their expansion. In order to strengthen competition, Bank of America actively develops its business from the aspects of service fields and market diversification, absorbs domestic and foreign deposits, and vigorously expands abroad to further expand its assets. The bank's assets and deposits have been the first among American commercial banks for a long time, and it was not until 1980 that Citibank overtook and relegated to the second place.
Bank of America is the financial core of the emerging California consortium after the war. In order to meet the needs of competition and development, Bank of America Single Bank Holding Company 1969 was established in April 2009. The highest authority of Bank of America and Bank of America is the board of directors jointly established by the two banks. The Board of Directors consists of Executive Committee, Audit and Inspection Committee, Comprehensive Trust Committee, Public Policy Committee, Employee Welfare Audit Committee, Personnel Remuneration Executive Committee and Nomination Committee. Bank of America also has its own management committee and management advisory committee. By the end of 1982, Bank of America had 1204 branches at home and abroad, with about 800 subsidiaries and subsidiaries. In addition, there are 27 institutions and representative offices specializing in overseas corporate banking. Overseas institutions cover 77 countries and regions.
This enterprise ranked 2nd1in the ranking of fortune 500 companies in the world in 2007, and 33rd in the ranking of world 100 large companies published by Barron's Weekly in 2006.
organization structure
Bank of America has a well-run organizational structure and management model.
First of all, from the overall structure, in addition to the above four core businesses, Bank of America also has seven support departments, including technology, risk, strategic planning, personnel, marketing, product development and quality, and finance. The division of departmental responsibilities takes business as the unit, and each business unit implements vertical management;
Secondly, at every level below the head office, Bank of America does not have a comprehensive and centralized management organization, but each business unit or team is set up by itself according to the situation, and they are not subordinate to each other but cooperate with each other. For example, the first-line outlets of Bank of America, called stores, belong to individual and small business units, namely retail business units;
Third, Bank of America's management teams at all levels are lean and efficient. The heads of management teams at all levels have no deputies, or their deputies are directly the heads of subordinate teams. "Six Sigma Management Model" was originally just a product quality control program, and now it has evolved into a systematic business improvement method system, aiming at continuously improving enterprise business processes and achieving customer satisfaction. Bank of America uses this method to improve all aspects and links of cost, service, sales and even merger and integration. In the three years from 200 1, by saving expenses and increasing operating income, the profits of American banks increased by billions of dollars, and customer satisfaction increased rapidly. The application of "six-horse management model" in Bank of America has produced great benefits.