1. Why did you choose the article?
I chose this article because I am interested in financial businesses and Bank of America is a financial business since it is a bank. I also thought that it would be interesting to learn more about the business that my father works for. Since I am going to be working for a financial company, I thought that it would be cool to learn more about a bank that has been very successful.
2. Describe in your own words what the article is about i.e. - What intrigued you the most about the article/ company?
The article that I chose is about the upbringing of Bank of America, the history of the company, who the company serves, and how they work. The thing that caught my interest the most is that Bank of America opened in 1784, which was five years before George Washington’s inauguration. This being said it is still a very powerful bank still to this day.
3. What type of business is it?
Bank of America is a corporation. The Merriam Webster dictionary defines a corporation as an association of employers and employees in a basic industry or of members of a profession organized as an organ of political representation in a corporative state. With this being said, Bank of America is a very large corporation spanning all across America.
4. What is the history of the business?
Bank of America first started off as being called the Massachusetts Bank. It opened for business in 1784 on July 5th. Five years later was when George Washington was to be inaugurated. Bank of America was the second bank to receive a state charter when John Hancock signed the bank’s charter. At that time Bank of America was one of only three commercial banks around. Ever since, the bank has grown steadily.
5. Describe how the company promotes its products and services.
Bank of America is a bank. Because of this aspect, many people have to go to them in order to keep their money in a bank. What keeps people from going to other banks besides them? There are many factors leading to this. One of the factors is the service that they provide to their customers. They provide people with good customer service that provides the bank with more customers. Also, Bank of America provides a broad range of services and global capabilities that allow them to deliver solutions that help customers and clients do well in the market today. One other thing that the bank uses is that of social media. Social media is becoming very big in today’s world and they are successfully using this tool.
6. What is its biggest competition?
Since Bank of America is a bank, its competition is going to be other banks. Bank of America’s biggest competitors are JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Company.
7. How does the company motivate employees?
From my father