A NARRATIVE OF THE WRITER'S EXPERIENCE AT BANK OF AMERICA
This paper presents a critique of this writers experience as a member of the Bank of America organization. Bank of America became the first coast-to-coast bank in the United States. In recent years, Bank of America has been very active in acquiring other financial services organizations as a part of a strategy to become the largest financial institution in the United States.
Consumer and Small Business Banking is Bank of America's largest operational segment. These activities provide deposits, credit cards, insurance, loans, treasury services, and financing of car, boat, and RV dealerships. Global Corporate and Investment Banking provides brokerage, advisory services, and capital markets services to corporate and institutional clients.
Bank of America claims market share leadership in the key markets as California, Florida, Massachusetts, New Jersey, and Washington State. The Bank also owns an equity interest approximating 25 percent of one of Mexico's largest banks. Bank of America is targeting Mexican Chinese, Korean, and Vietnamese clients in the United States.
In September 2003 Bank of America's mutual fund chief Robert Gordon was among several employees who left the firm amidst a New York attorney general's investigation into hedge fund client Canary Capital Partners, which may have had access to Bank of America's trading platform to make illegal after-hours trades of Nations Funds. Bank of America is making arrangements to repay investors who may have lost money because of the alleged malfeasance. The company also paid $10 million for failing to provide documents to the Securities and Exchange Commission during its investigation of the scandal, the largest-ever fine levied by the regulatory body for such an infraction.
Earlier this year (2005), Bank of America made an agreement with federal regulators to implement tighter controls, cut fees charged...