As it is the largest bank of America, its financial strength is a suitable sign of its stability in the recent past few years. In 2007, its revenue was $68,582 million and its earnings and dividends paid per common share were $3. 35 and $2. 40 respectively. Its total assets worth in year 2007 was $1,715,746 million and its total deposits were $805,107 million. In 2008, its revenue increased to $73,976 million and its earnings and dividends per common share were decreased to $0. 56 and $2. 24 respectively.
Its total assets worth increased to $1,817,943 million and its total deposit also increased to $882,997 million. There are basically three main competitors for Bank of America which includes Citigroup, JP Morgan Chase & co. and Wells Fargo & Company. There always a tough competition going on between JP Morgan Chase & co. and Bank of America. Although Bank of America has higher number of employees as compared to their competitors but in market capitalization it lies behind than the JP Morgan Chase & co. and Citigroup.
Similarly it also fails to achieve the highest revenue when compared with competitors as JP Morgan Chase & co. again enjoys an extra advantage there (Bank
Need essay sample on "Financial strength"? We will write a custom essay sample specifically for you for only $ 13.90/page
The reason why I want to work for an organization like Bank of America is due to the feeling of getting secured. As it comes among the top and most reputable banks of USA, so less is the risk of getting expelled out until you are not performing up to the standards. With that working in these huge organizations provide a great advantage to the individuals as they got huge opportunities to learn. And last but not the least the benefits and compensation being offered Bank of America to its employees is a handsome one so it also motivates them to give their best whatever they can (Bock, n. d. ).
References: “Bank of America”. N. p. , n. d. Web. 24 July 2010. http://locators. bankofamerica. com/locator/locator/LocatorAction. do “Bank of America Corporation (BAC)”. N. p. , n. d. Web. 24 July 2010. http://finance. yahoo. com/q/co? s=bac Bock, Wally. “What do workers really want anyway?. ”. N. p. , n. d. Web. 23 July 2010. http://www. buzzle. com/articles/workers-want-basic-common-sense-human-needs-morale-performance. html