Mgt230 Organizationalstructure
Organizational Structure Paper: Bank of America
MGT/230
University of Phoenix
Emerging of Bank of America
Bank of America is one of the largest financial institutions not only within the U.S. but around the world as well. Its beginning rooted from a small bank called Bank of Italy that was established by Amadeo Peter Giannini and his son in San Francisco, California in 1904 (Bank of America Heritage., 2012). At the time of establishment its initial reason of existence was to service those that were turned away from other banks; most were farmers who had come from Italy ("Encyclopedia Britannica ", 2011). Today Bank of America provides services for almost 60 million consumers its new headquarters is now in Charlotte, North Carolina. In 1958, Bank of America was also the first to create a bank card called BankAmeriCard, which allowed customers to access their accounts and charge purchases to them as well.
Corporate Structures
There are different types of corporate organizational structures; vertical structures and horizontal structures. The vertical structure consists of a hierarchically structured organization where all management activities are controlled by a centralized management staff (Bateman, T. S., & Snell, S. A., 2011). This is more of a traditional type of organization such as that of Bank of America that often develops strong bureaucratic control over all organizational activities. Unlike a horizontal structure which is one of decentralization of power and or control. At least within specific departments an emphasis is placed on horizontal collaboration, rather than conceiving of leadership as one person always being in control. Leadership is often shared among team leaders and members shifting to the person with the most knowledge or expertise in the matter. Within the horizontal structure there are also other types of sub organizational structures; The Functional
MGT/230
University of Phoenix
Emerging of Bank of America
Bank of America is one of the largest financial institutions not only within the U.S. but around the world as well. Its beginning rooted from a small bank called Bank of Italy that was established by Amadeo Peter Giannini and his son in San Francisco, California in 1904 (Bank of America Heritage., 2012). At the time of establishment its initial reason of existence was to service those that were turned away from other banks; most were farmers who had come from Italy ("Encyclopedia Britannica ", 2011). Today Bank of America provides services for almost 60 million consumers its new headquarters is now in Charlotte, North Carolina. In 1958, Bank of America was also the first to create a bank card called BankAmeriCard, which allowed customers to access their accounts and charge purchases to them as well.
Corporate Structures
There are different types of corporate organizational structures; vertical structures and horizontal structures. The vertical structure consists of a hierarchically structured organization where all management activities are controlled by a centralized management staff (Bateman, T. S., & Snell, S. A., 2011). This is more of a traditional type of organization such as that of Bank of America that often develops strong bureaucratic control over all organizational activities. Unlike a horizontal structure which is one of decentralization of power and or control. At least within specific departments an emphasis is placed on horizontal collaboration, rather than conceiving of leadership as one person always being in control. Leadership is often shared among team leaders and members shifting to the person with the most knowledge or expertise in the matter. Within the horizontal structure there are also other types of sub organizational structures; The Functional
References: Bateman, T. S., & Snell, S. A. (2011). Management: Leading & collaborating in a competitive world (9th ed.). New York, NY: McGraw-Hill Irwin. Encyclopedia Britannica . (2011). Retrieved, May 18, 2012; from; http://www.britannica.com/EBchecked/topic/51984/Bank-of-America-Corporation The Official Board. (2012). Retrieved May 18, 2012, from; http://www.theofficialboard.com/org-chart/bank-of-america Joseph, C. (2012). Advantages & Disadvantages of a Vertical & Horizontal Organization. Hearst Communications Inc.. Retrieved May 2, 2012, from; http://smallbusiness.chron.com/advantages-disadvantages-vertical-horizontal-organization-24212.html Bank of America Heritage. (2012). Retrieved May 21, 2012, from; http://message.bankofamerica.com/heritage/#