Bank of America Corporation

Industry Description: Chief Competitors in Major Lines of Business e.g. barriers to entry, where is the industry in terms of life cycle, global or nicheвЂВ¦

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Company Description: Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through five segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, Global Markets, and Legacy Assets & Servicing. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans. This segment provides its products and services through approximately 4,700 financial centers, 16,000 ATMs, call centers, and online and mobile platforms. The Global Wealth & Investment Management segment offers investment management, brokerage, banking, and retirement products, as well as wealth management and customized solutions. The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, real estate lending, and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. The Legacy Assets & Servicing segment engages in mortgage servicing activities related to residential first mortgage and home equity loans; and managing legacy exposures related to mortgage origination, sales, and servicing. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina.

Industry Description: Chief Competitors in Major Lines of Business e.g. barriers to entry, where is the industry in terms of life cycle, global or nicheвЂВ¦
Companies in this industry accept deposits and make commercial, industrial, and consumer loans. Major companies include Bank of America, Citibank, JPMorgan Chase, Wells Fargo, and Navy Federal Credit Union (all based in the US), as well as Banco Santander (Spain), China Construction Bank, HSBC Holdings (UK), and Industrial and Commercial Bank of China.
Worldwide, the banking industry generates revenue of about $3.8 trillion annually, according to consulting firm McKinsey & Company. North America accounts for nearly a third of global revenue, followed by Western Europe (19%), and China (18%). China — home to four of the world’s five largest banks — represents a huge growth opportunity for banks, as does the massive unbanked population in India.
The US banking industry includes about 5,300 commercial banks, 840 savings banks, and 5,950 credit unions with combined annual revenue of about $465 billion. Commercial banks have about $15.2 trillion in assets, savings banks $1.1 trillion, and credit unions $1.2 trillion.

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