Strategic Plan for Bank Fo America

Strategic Plan

For

Bank of America

Strengths, Weaknesses, Threats & Opportunities

This strategic plan covers key strengths, weaknesses, threats and opportunities for Bank of America.

Strengths:

Weaknesses:

• Expanding profit margins • Deteriorating net income

• Growth in earnings per share • Poor debt management

• Acquiring Merrill Lynch

• Disappointing return on equity

• Strong leadership team • Decline in revenue

Threats:

Opportunities:

• New policies and regulations • Expand globally to increase client base

• Strong political instability in foreign countries

• Additional consolidation in the banking sector

• Strong competition • Going online in different foreign countries

• Slow revival due to housing market • Offer innovative products and services

Vision

Vision for Bank of America in 5 years time is:

Right now Bank of America has 12.2% of all United States deposits and 288,000 employees. Current annual revenue is $134 billion dollars. Bank of America serves clients in more than 150 countries around the world. In five years, Bank of America will have an increase of 1% per year (5% in 5 years). This should equate to about $141 billion in 5 years. It will also have an increase in employees to 300,000 in 5 years. The goal is to increase from 12.2% to 15% of all United States deposits. There will be at least one new merger or acquisition per year. Bank of America will continue to expand globally and expect to increase its online presence in foreign countries by 20% in 5 years.

Mission Statement

The central purpose and role of Bank of America is defined as:

"Changing the way you do business.” Bank of America's stated mission to be the "World's Most Admired Company", we charge ourselves with making real estate a differentiating factor for the bank through cutting edge initiatives such as the Bank of America Tower at One Bryant Park in NYC, one of the world's most environmentally-friendly skyscrapers, developing flexible work options and continually innovating the workplace environment. Corporate Workplace distinguishes Bank of America