Bank of America Term Paper

Topics: Balance sheet, Generally Accepted Accounting Principles, Asset Pages: 7 (1798 words) Published: May 15, 2013
Accounting I
Comprehensive Variance Analysis including related events to explain and support the financial statements provided therein by the corporation. -------------------------------------------------
Bank of America
SD&A Term Project
Tawhid Islam

Table of Contents
Overview 5

Financial Statements
Balance Sheet6
Income Statement8
Cash Flow Statement10



In the late 20th century, North Carolina National Bank (NCNB) began acquiring banks that eventually numbered to several thousand forming Bank of America. Charlotte, North Carolina remains as the headquarters of Bank of America. Over the years, Bank of America has merged with many different financial institutions to provide its vast array of services in the global environment. Customers worldwide are able to access Bank of America products in services, making it one of the largest financial services companies.

Effective management is key to a company’s success and security. The current executive board of Bank of America consists of 11 members. * Brian T. Moynihan – Chief Executive Officer
* Catherine P. Bessant – Global Technology and Operations Executive * David C. Darnell – Co-Chief Operating Officer
* Anne M. Finucane – Global Strategy and Marketing Officer * Andrea B. Smith – Global Head of Human Resources
* Terry P. Laughlin – Chief Risk Officer
* Gary G. Lynch – Global Chief of Legal, Compliance, & Regulatory Regulations * Christine P. Katziff – Corporate General Auditor
* Thomas K. Montag – Co-Chief Operating Officer
* Ron D. Sturzenegger – Legacy Asset Servicing Executive * Bruce R. Thompson – Chief Financial Officer
These key players assess the needs of the company and ensure that the proper contingents are in place to execute them in order to achieve the goals of the company. OPERATIONS
Building a company that focuses on the needs of its clients is a very important concept that is utilized by Bank of America. The products and services offered by the company strive to serve the financial needs of customers in efficient and convenient ways. Employees are enriched with customer service skills to ensure that they communicate effectively with customers.

By ensuring a competitive workplace through flexible schedules, benefits, rewards and incentives, etc, the company attracts a diverse team in which life, family and work are balanced.
There are seven major risk categories: credit risk, market risk, operational risk, compliance risk, liquidity risk, strategic risk and reputational risk. There is a clear understanding within the company about risk appetite and goals. Operational risk has been an important focus for Bank of America in the past year. Empowering employees of all areas and levels to assist in this feat has been an important part of the company recently.

There are many stakeholders in the success of Bank of America, i.e. customers, shareholders, employees, communities and the economy, thus the company needs to ensure its financial success in order to support this large group. By ensuring corporate responsibility and adherence to the core principals of the company, Bank of America is striving to continuously deliver efficiently. OVERVIEW

Developments in the United States and the European Union (EU) debt crisis will continue to have a major impact on the banking environment. The global economy expanded at a minimal pace recently with major players such as the U.S, U.K, EU and Japan losing momentum, but economic growth remained robust in emerging countries. The United States economy continued it modest expand with increased hopes from improving labor markets, while the national debt further stifled economic growth due to increasing concerns. Inflation continued to increase even though the economic growth remained subdued....
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