Bank Of America Organizational Structure

The structure and culture at Bank of America is directly related to the company’s execution of strategy and objectives. There are several key factors that should be considered when evaluating how the structure and culture of Bank of America interacts with the strategy it sets to be successful. These factors include; organizational structure and control, culture, leadership, human nature and motivation, decision making, strategy and employee goals and objectives. For each of these we will explore what is currently working well, what still has opportunity for improvement and if applicable, what those improvements could look like.
Organization Structure and Control
The first key factor to consider is organization structure and control. According
Another challenge with a fast changing environment is with employees knowing whose message they are expected to follow.
Culture
The second key factor to consider would be the culture at Bank of America. For the five years that I have been employed at Bank of America, the focus has been on developing a customer centric culture. This is evident by company’s purpose which is “Making Financial Lives Better though the Power of Every Connection”.
Several years ago when CEO Brian Moynihan debuted the company’s new purpose statement, he shared a story about a conversation that he had over breakfast with his 10 year old daughter. He shared that one morning, while eating cereal she asked him what he did for a living. He told her he was a bank CEO. Of Course she wasn’t satisfied with that answer and asked again, what he really did every day when he went to work. He said he thought about it for a while and then calmly responded to his young daughter that what he truly does each day is help to make financial lives better for customers of Bank of
With over 57 million consumer and small business customers served in 40 different countries, it is clear to see what a global company Bank of America has become. While challenges still exist today, the company has made tremendous strides to streamline its operating structure. By investing in human capital and aligning employee goals and objectives to the company’s strategy, Bank of America has truly been able to satisfy shareholders, improve employee satisfaction and deliver on its promise of improving the financial lives of its customers.
References
Carpenter, M., Bauer. T. Erdogn, B., Short J. (2013) Principles of Management: Understanding Communication. Flat World Knowledge
Writing, A. (2015). Different Types of Organizational Structure. Retrieved from http://smallbusiness.chron.com/different-types-organizational-structure-723.html
(2015). Who We Are, What We Do and Who We Serve. Retrieved from http://about.bankofamerica.com
(E. Weisman, personal communication, August 5th, 2015)
(D. Warren, personal communication, August 5th, 2015)
(J. Fuentes, personal communication, August 6th,