1 04 april 2011 bank of america strategic management plan april 17, 2014 shane theriault...
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04 April 2011
Bank of America Strategic Management Plan
April 17, 2014
Shane TheriaultPierre-Oliver LachanceGarik TheriaultSierra Daigle
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04 April 2011 Overview
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04 April 2011
Company History – Bank of Italy
1904 – Bank of Italy was founded in San Francisco by Amadeo Giannini for immigrants who were denied service at other banks
1906 – San Francisco earthquake
1922 – Giannini established the Bank of America and Italy by buying Banca dell'Italia Meridionale
1927 – Giannini consolidated the 101 branches of the Bank of Italy with the 175 branches of the Liberty Bank of America to create the Bank of Italy National Trust & Savings Association
1928 – He merged with Bank of America, Los Angeles to become the largest banking institution in the US
1930 – Bank of Italy was renamed BankAmerica Corp. with Gianni and Orra E. Monnette as co-chairs
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04 April 2011
Company History Cont.BankAmerica Corp.
1953 – Clayton Antitrust Act & Bank Holding Company Act forced the separation of BoA and Transamerica Corporation, an insurance subsidiary
1953 – Banking regulators also force out of state activities into a new company, First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996.
1958 – Creation of BankAmericard (Later to be names Visa)
1983 - Acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank
1992 – Acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington which was the largest bank acquisition in history
1992 - BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada
1994 - BankAmerica acquired the Continental Illinois National Bank and Trust Co.
1997 - BankAmerica acquired Robertson Stephens, a San Francisco-based investment bank specializing in high technology
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04 April 2011
Company History Cont.Bank of America
1998 - BankAmerica was acquired by NationsBank of Charlotte in what was the largest bank acquisition in history at that time. The merged bank took the better-known name of Bank of America
2004 - Bank of America announced it would purchase Boston-based bank FleetBoston Financial
2005 - Bank of America announced it would purchase credit card giant MBNA
2006 - Bank of America and Banco Itaú entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil
2006 - Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation
2007 - Bank of America acquires LaSalle Bank Corporation from Netherlands's ABN AMRO Bank N.V.
2008 - Bank of America announced that it would buy Countrywide Financial for $4.1 billion
2008 - Bank of America announced it’s intention to purchase Merrill Lynch & Co., Inc. who was within days of collapse
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04 April 2011 Current Strategies
Get Lean Increase Global Excess Liquidity Sources by $442 billion to $378
Reduced risk-weighted assets by $171 billion to $1.28 trillion
“A Strong Company Begins with a Strong Balance Sheet” “[Focus] on selling non-core assets, increasing capital ratios, building
liquidity and reducing risk”
Right the mortgage Crisis Risk “Our goal is to set a tone and create a risk management culture in which
every employee is empowered to raise an issue or express a concern.”
Become “customer focused” “[be] responsive to the needs of customers and clients — providing the
products and services they want, when, how and where they want them”
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04 April 2011
Existing Vision and Mission Statement
Vision StatementOur vision is for Bank of America to be the World’s finest financial
services company. We think that this is an appropriate and achievable goal.
Mission statementWe built Bank of America to meet the full range of financial needs for people, businesses, and institutional investors; to attract the best employees to serve our customers and clients; to support
the communities where we do business; and to create long-term value for our shareholders. Todays Bank of America is a financial services leader serving customers and clients worldwide. We help
them to see and act on opportunities to achieve their goals by delivering value, convenience, expertise, and innovation.
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04 April 2011 Proposed Vision Statement
Our vision is for Bank of America to be the World’s finest financial services company.
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04 April 2011 Proposed Mission statement
We built Bank of America to meet the full range of financial needs(2) for people, businesses, and institutional investors(1);
to attract the best employees (9)to serve our customers and clients; to support the communities where we do business(8); and to create long-term value for our shareholders(5). Bank of America is a financial services leader serving customers and
clients worldwide(3). We help them to see and act on opportunities to achieve their goals(6) by delivering value,
convenience, expertise(7), and innovation(4).
1.Customers2.Products or services3.Markets4.Technology5.Concern for survival, growth, and profitability6.Philosophy7.Self-concept8.Concern for public image9.Concern for employees
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04 April 2011 External Audit
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04 April 2011 Industry Analysis
Bank of America Citigroup
JP Morgan Chase
Wells Fargo
# of employees 288K 260K 242K 270K% operating Margin 15.29 19.8 39.01 33.91$ Net Income 1,446 9.30B 17.93B 12.83B$ EPS .01 3.06 4.5 2.43# branches 5700 9000# Shares outs 10.5B 2.92 3.97 5.29B
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04 April 2011 Opportunities
1. Smartphones will reach more than 2.5 billion users by 2015
2. According to industry sources, mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011
3. The US banks sector grew by 11.3% in 2010 to reach a value of $11,713.2 billion
4. Projected increase of population in the United States of 82% from 2005 to 2050
5. consolidation of the financial services sector provides potential for company acquisitions
6. Expansion into the global market
7. President Obama unveiled a stimulus plan totaling 447 Billion
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04 April 2011 Threats
Mortgage rates hit record low: 30-year fixed nears 4%
Stock price dropped over 50% since 2008
The number of bank failures increased from 25 in 2008 to 92 in 2011.
The cost to businesses worldwide adds up to a staggering $221 billion each year.
Consumer defaults on credit cards, mortgages, etc.
The possibility of the Federal Reserve increasing interest rates.
Dodd-Frank Act was signed into law on July could have significant impact on the US banking industry
Potential for United States economic relapse
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04 April 2011 EFE Matrix
External Factor Evaluation Matrix (EFE) Opportunities Weight Rating Weighted Score1. Smartphones will reach more than 2.5 billion users by 2015 0.09 3 0.272. According to industry sources, mobile banking users worldwide
will reach 530 million by 2013, up from just over 300 million in 2011
0.07 3 0.21
3. The US banks sector grew by 11.3% in 2010 to reach a value of $11,713.2 billion
0.07 4 0.28
4. Projected increase of population in the United States of 82% from 2005 to 2050
0.05 4 0.20
5. consolidation of the financial services sector provides potential for company acqusitions
0.06 2 0.12
6. Expansion into the global market 0.09 3 0.277. President Obama unveiled a stimulus plan totaling 447 Billion 0.06 3 0.18
Threats Weight Rating Weighted Score1. Mortgage rates hit record low: 30-year fixed nears 4% 0.09 3 0.272. Stock price droped over 50% since 2008 0.07 2 0.143. The number of bank failures increased from 25 in 2008 to 92 in
2011.0.06 3 0.18
4. The cost to businesses worldwide adds up to a staggering $221 billion each year.
0.06 4 0.24
5. Consumer defaults on credit cards, mortgages, etc. 0.05 2 0.106. The possibility of the Federal Reserve increasing interest rates. 0.06 3 0.187. Dodd-Frank Act was signed into law on Julycould have
significant impact on the US banking industry0.05 3 0.15
8. Potential for United States economic relapse 0.07 2 0.14
TOTALS 1.00 2.93
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04 April 2011 CPM
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04 April 2011 Internal Audit
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04 April 2011 Organizational Structure
Chairman
CEO, Brian T
Moynihan
Global Technology and
Operations
Executive,
Catherine P.
Bessant
Co-Chief Operating Officer, David C. Darnell
Global Strategy
and Marketin
g Officer, Anne M. Finucan
e
Corporate
General Auditor, Christine P. Katziff
Chief Risk
Officer, Terry P. Laughlin
Global General Counsel, Head of
Compliance &
Regulatory
Relations, Gary G. Lynch
Co-Chief Operatin
g Officer, Thomas
K. Montag
Global Head of Human Resourc
es, Andrea
B. Smith
Legacy Asset
Servicing Executive, Ron D. Strurzen
gger
Chief Financial Officer, Bruce R. Thomps
on
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04 April 2011 Divisional Analysis
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04 April 2011 Divisional Analysis
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04 April 2011
Financial Information:Income Statement
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04 April 2011
Financial Information:Balance Sheet
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04 April 2011
Financial Information:Cash Flow
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04 April 2011
Financial Information:Ratio Analysis
2010 2011
Liquidity Ratios
Current Ratio 0.66 0.64
Quick Ratio 0.66 0.64
Leverage Ratios
Debt-to-Total Assets Ratio 0.19 0.18
Debt-to-equity Ratio 1.9 1.65
Long-term debt-to-equity Ratio 0.56 0.52
Key Ratios
Return on equity -0.009 0.006
Return on assets -0.0009 0.0006
Loan to deposit ratio 0.93 0.89
Total Capital 15.77 16.75
Tier 1 leverage 7.21 7.53
Efficiency Ratio 74.61 85.01
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04 April 2011
Financial Information:Company Worth
Bank of America
Company Worth Analysis Stockholders' Equity $229,095,000,000 Net Income x 5 $7,230,000,000 (Share Price/EPS) x Net Income $803,976,000,000 Number of Shares Outstanding x Share Price $56,395,080,000
Method Average $274,174,020,000
JP Morgan Chase
Company Worth Analysis Stockholders' Equity $183,573,000,000 Net Income x 5 $94,880,000,000 (Share Price/EPS) x Net Income $140,837,500,000 Number of Shares Outstanding x Share Price $125,442,275,000
Method Average $136,183,193,750
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04 April 2011 Strengths
1. Bank of America serves clients in more than 150 countries and has a relationship with 99% of U.S. Fortune 500 companies
2. 21 in the Global 500. Bank of America Corp.
3. BOA serves approximately 55 million consumers, clients and small businesses around the world, doing business with one out of every two households in the U.S
4. BOA has approximately 5,700 banking centers and approximately 17,750 ATMs
5. The company’s new Merrill Edge account enables customers to manage their banking and investing activities through an integrated platform.
6. BOA lowered their long-term debt by $76 billion in 2011.
7. Revenue diversification is helping the company to serve a large customer base, as well as helping it to offset volatility in its revenue streams
8. Decreased Non-preforming loans by 5 billion in 2011
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04 April 2011 Weaknesses
1. International markets only account for approximately 10% of the bank's revenue.
2. BOA efficiency ratio has increased over 10% in the last year to 85.59%
3. EPS of -0.37 in 2010 and 0.01 in 2011
4. Net income loss of 2.2 billion in 2010
5. BoA’s revenues have been declining since 2009 at a compounded annual change rate of 12% to $93,454 million in 2011
6. The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures.
7. Bank of America has a ACSI index rating of 68
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04 April 2011 IFE Matrix
Internal Factor Evaluation Matrix (IFE) Strengths Weight Rating Weighted Score1. Bank of America serves clients in more than 150 countries and has a relationship with
99% of U.S. Fortune 500 companies0.10 3 0.30
2. 21 in the Global 500. Bank of America Corp. 0.04 3 0.123.
BOA serves approximately 55 million consumers, clients and small businesses around the world, doing business with one out of every two households in the U.S
0.07 4 0.28
4. BOA has approximately 5,700 banking centers and approximately 17,750 ATMs 0.09 4 0.365. The company’s new Merrill Edge account enables customers to manage their banking and
investing activities through an integrated platform. 0.05 3 0.15
6. BOA lowered their long-term debt by $76 billion in 2011. 0.05 3 0.157. Revernue diversification is helping the company to serve a large customer base, as well as
helping it to offset volatility in its revenue streams0.06 4 0.24
8. Decreased Non-preforming loans by 5 billion in 2011 0.05 4 0.20
Weaknesses Weight Rating Weighted Score1. International markets only account for approximately 10% of the bank's revenue. 0.09 2 0.182. BOA efficiency ratio has increased over 10% in the last year to 85.59% 0.06 2 0.123. EPS of -0.37 in 2010 and 0.01 in 2011 0.06 2 0.124. Net income loss of 2.2 billion in 2010 0.07 2 0.145. BoA’s revenues have been declining since 2009 at a compounded annual change rate of
12% to $93,454 million in 20110.10 1 0.10
6. The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures.
0.05 2 0.10
7. Bank of America has a ACSI index rating of 68 0.06 2 0.12
TOTALS 1.00 2.68
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04 April 2011 Strategy Formulation
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04 April 2011 SWOT Matrix
SO Strategies1 Increase positive presence in Social Media (S1 S3, O1, O2, O3, O7)2 Increase marketing by 50% (S1, S2, S3, S4, O1, O2, O3, O4)3 Increase marketing to mobile users (S1, S3, S4, O1, O2, O3, O4)
ST Strategies1 Increase number of ATMs (S1, S3, S4, T4)
WO Strategies1 Increase customer service training (W2, W7, O1, O2, O4)
2 Develop consumer banking applications (W7 O1, O2, O3, O7)
3 Continue expansion into global market (W1, W5, O2, O5)
WT Strategies1 Continue to sell non-core assets (W1, W5, T2, T3, T4, T8)
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04 April 2011 Space Matrix
• Market development• Market penetration• Product development• Related diversification
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04 April 2011 IE Matrix
The IFE Total Weighted Scores Strong Average Weak4.0 3.0 2.0 1.0
3.0
2.0
1.0
3
5
6
14
2
Net Income % Revenue % IFE EFE1Deposits 1,192 5.68% 12,689 13.46% 3.23 2.64 2Card Services 5,788 27.59% 18,143 19.25% 3.04 3.26
3Consumer Real Estate Services (19,529) - (3,154) -3.35% 2.25 1.87
4Global Commercial Banking 4,402 20.99% 10,553 11.20% 2.96 2.45
5Global Banking & Markets 2,967 14.15% 23,618 25.06% 2.88 2.16
6Global Wealth & Investment Management 1,635 7.79% 17,376 18.44% 2.74 2.51
7All Other 4,991 23.79% 15,021 15.94% Total 1,446 100.00% 94,246 100.00% Adjusted Total* 20,975
* Does not include Real Estate Services
• Backward, Forward, horizontal penetration
• Market penetration• Market development• Product development
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04 April 2011 Grand Strategy Matrix
• Market development• Market penetration• Product development• Horizontal integration• Divestiture• Liquidation
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04 April 2011 BCG Matrix
Net
Income % Revenue %
Relative Market Share Growth
Deposits 1,192 5.68%
12,689 13.46% 57% -30%
Card Services 5,788 27.59%
18,143 19.25% 1 -10%
Consumer Real Estate Services
(19,529) -
(3,154) -3.35% 63% -20%
Global Commercial Banking
4,402 20.99%
10,553 11.20% 1 3%
Global Banking & Markets
2,967 14.15%
23,618 25.06% 44% -13%
Global Wealth & Investment Management
1,635 7.79%
17,376 18.44% 52% -14%
All Other 4,991 23.79%
15,021 15.94% n/a n/a
Total 1,446
1
94,246 1
Adjusted Total* 20975
* Does not include Real Estate
Services
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04 April 2011 BCG Matrix
Relative Market ShareHigh Medium Low
High
Industry Sales Growth Rate
Medium
Low
2
3
4
56
1
• Product Development• Diversification• Divestiture
• Retrenchment• Divestiture• Liquidation
• Backward, Forward, horizontal penetration
• Market penetration• Market development• Product development
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04 April 2011 Matrix Analysis
Alternative Strategies IE SPACE GRAND BCG COUNT
Forward Integration X x 2
Backward Integration X x 2
Horizontal Integration X X x 3
Market Penetration X X X x 4
Market Development X X X x 4
Product Development X X X X 4
Related Diversification
X X 2
Unrelated Diversification
X 1
Retrenchment X 1
Divestiture X X 2
Liquidation X X 2
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04 April 2011 Possible Strategies
Market Penetration SO2 - Increase global marketing by 50% over 3 years
SO3 - Increase marketing to mobile users
ST1 - Increase number of ATMs
Market Development WO3 - Continue expansion into global market
Product Development WO2 - Develop consumer banking applications
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04 April 2011 QSPM
Increase Global
Marketing by 50% over 3
years
Develop consumer banking applications
Opportunities Weight AS TAS AS TAS1. Smartphones will reach more than 2.5 billion users by 2015 0.09 2 0.18 4 0.362. According to industry sources, mobile banking users worldwide
will reach 530 million by 2013, up from just over 300 million in 2011
0.07 3 0.21 4 0.28
3. The US banks sector grew by 11.3% in 2010 to reach a value of $11,713.2 billion
0.07 1 0.07 2 0.14
4. Projected increase of population in the United States of 82% from 2005 to 2050
0.05 4 0.20 2 0.10
5. consolidation of the financial services sector provides potential for company acqusitions
0.06 - - - -
6. Expansion into the global market 0.09 4 0.36 3 0.277. President Obama unveiled a stimulus plan totaling 447 Billion 0.06 4 0.24 2 0.12
Threats Weight AS TAS AS TAS1. Mortgage rates hit record low: 30-year fixed nears 4% 0.09 - - - -2. Stock price droped over 50% since 2008 0.07 2 0.14 3 0.213. The number of bank failures increased from 25 in 2008 to 92 in
2011.0.06 - - - -
4. The cost to businesses worldwide adds up to a staggering $221 billion each year.
0.06 2 0.12 4 0.24
5. Consumer defaults on credit cards, mortgages, etc. 0.05 2 0.10 3 0.156. The possibility of the Federal Reserve increasing interest rates. 0.06 - - - -7. Dodd-Frank Act was signed into law on Julycould have
significant impact on the US banking industry0.05 3 0.15 1 0.05
8. Potential for United States economic relapse 0.07 - - - -
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04 April 2011 QSPM
Increase Global Marketing
By 50% over 3 years
Develop consumer banking applications
Strengths Weight AS TAS AS TAS1. Bank of America serves clients in more than 150 countries and has a
relationship with 99% of U.S. Fortune 500 companies0.10 4 0.40 3 0.30
2. 21 in the Global 500. Bank of America Corp. 0.04 - - - -3. BOA serves approximately 55 million consumers, clients and small
businesses around the world, doing business with one out of every two households in the U.S
0.07 3 0.21 4 0.28
4. BOA has approximately 5,700 banking centers and approximately 17,750 ATMs
0.09 4 0.36 2 0.18
5. The company’s new Merrill Edge account enables customers to manage their banking and investing activities through an integrated platform.
0.05 2 0.10 4 0.20
6. BOA lowered their long-term debt by $76 billion in 2011. 0.05 - - - -7. Revernue diversification is helping the company to serve a large customer
base, as well as helping it to offset volatility in its revenue streams0.06 2 0.12 3 0.18
8. Decreased Non-preforming loans by 5 billion in 2011 0.05 0 0.00 0 0.00
Weaknesses Weight AS TAS AS TAS1. International markets only account for approximately 10% of the bank's
revenue.0.09 3 0.27 2 0.18
2. BOA effeciency ratio has increased over 10% in the last year to 85.59% 0.06 3 0.18 2 0.123. EPS of -0.37 in 2010 and 0.01 in 2011 0.06 - - - -4. Net income loss of 2.2 billion in 2010 0.07 - - - -5. BoA’s revenues have been declining since 2009 at a compounded annual
change rate of 12% to $93,454 million in 20110.10 4 0.40 2 0.20
6. The representations and warranties provision in 2011 included $8.6 billion related to the BNY Mellon Settlement and $7.0 billion related to other exposures.
0.05 - - - -
7. Bank of America has a ACSI index rating of 68 0.06 3 0.18 2 0.12
TOTALS 3.99 3.68
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04 April 2011 Strategy Selection
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04 April 2011
3 Year Strategy & Annual Objectives
First Year Increase marketing by 25% in 2012
Have marketing costs of $2.75 billion by end of year
Second Year Increase marketing by 10% in 2013
Have marketing costs of $3 billion.
Third Year Increase marketing by 10% in 2014
Have marketing costs of $3.3 billion by end of 2014
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04 April 2011 Year 1 Costs
Increase Global Marketing by 25% Current Marketing: $2.2 Billion
25% increase is $550 Million
Total Marketing will be $2.75 Billion
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04 April 2011
Projected Financials:Income Statement
Bank of America Projected Income Statement (in millions) 2010 2011 2012 Net interest income 52,693 45,588 45,588 Noninterest income 58697 48838 53722 Increase by 10% Total revenue, net of interest expense 111,390 94,426 99,310 Provision for credit losses 28435 13410 13410SameGood will impairment 12,400 3,184 - All other noninterest expense 70708 77090 81627CGS + 550Million
Income (loss before income taxes -153 742 4,273
Income tax expense (benefit) 2085 -704 1733Averaged
Net income (loss) -2,238 1,446 2,540
Preferred stock dividends 1357 1361 1361Same
Net income (loss) applicable to common shareholders
-3,595 85 1,179
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04 April 2011
Projected Financials:Balance Sheet
Bank of America Projected Balance Sheet (in millions) 2010 2011 2012 AssumptionsAssets:
Federal funds sold and securities borrowed or purchased under agreements to resell 209616 211183 211183SameTrading account assets 194671 169319 169319 *Debt securities 338054 311416 311416 *Loans and leases 940440 926200 927479 Increase to balance
Allowance for loan and lease losses -41885 -33783 -33783SameAll other assets 624013 544711 544711 *
Total Assets 2264909 2129046 2130325
Liabilities: Deposits 1010430 1033041 1033041 *
Federal funds purchased and securities loaned or sold under agreements to repurchase 245359 214964 214964 *Trading account liabilities 71985 60508 60508 *Commercial paper and other short-term borrowings 59962 35698 35698 *Long-term debt 448431 372265 372265 *All other liabilities 200494 182569 182569 *
Total liabilities 2036661 1899045 1899045 Share holders' equity 228248 230101 231,280 Increased by net income-
prefered dividendsTotal liabilities and shareholders' equity 2264909 2129146 2130325
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04 April 2011 Strategic Evaluation
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04 April 2011 Balance Score Card
Area of Objectives Measure or TargetTime
Expectation
Primary Responsibility
Customers
1 Satisfaction Customer Survey results YearlyMarketing
Department
2 Brand Identity Industry Reports YearlyMarketing
Department
Employees
1 Quality and service training On site and webinars Yearly COO
2 Employee Satisfaction Survey Yearly Human resources
Business Ethics/Natural Environment
1 Ethics Training # of ethics training sessions Yearly Human resources
Financial
1 Revenues 50% increase each year Quarterly CFO
2 Ratio analysis better than Industry Avg, Yearly CFO
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04 April 2011 Company Update
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04 April 2011 Company Update
Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC
stock doubled in value in 2012
In 2012, they extended $19.1 billion in total credit to small businesses, customers, local communities and nonprofits. They provided $22 million in grants to fund critical needs, and another $22 million for housing. And they announced a new 10-year, $50 billion goal to help improve the environment.
On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.
dropped to 66th on global 500 in 2013
In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.
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04 April 2011 Questions
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04 April 2011 References
Bank of America Corp. (2014). Merger History. Retrieved from Bank of America: http://message.bankofamerica.com/heritage/#/merger-history
Bank of America Corporation. (2012). 2011 Annual Report. Charlotte.
David, F. R. (2013). Bank of America Corporation - 2011. In F. R. David, Strategic Management; A competitive Advantage Approach (pp. 143-148). Florence: Pearson.
MBA Lectures. (2010, 12 09). SWOT Analysis of Bank of America. Retrieved from MBA Lectures: http://mba-lectures.com/marketing/swot-analysis-marketing/1155/swot-analysis-of-bank-of-america.html
Our Team. (2014). Retrieved from Bank of America: http://about.bankofamerica.com/en-us/our-story/our-team.html#fbid=tptoqen5nEc
SWOT analysis of Bank of America Corporation. (2011). Retrieved from MarketingMix: http://marketingmix.org/swot-analysis-of-bank-of-america-corporation/
Yahoo! Finance. (2014). Bank of America Corporation (BAC). Retrieved from Yahoo! Finance: http://finance.yahoo.com/q?s=BAC