What Does Bank of America Offer?
Consumer Banking: It consists of Deposits and Consumer Lending sub-segments and offers credit, banking and investment products and services to consumers and small businesses.
Wealth and Investment Management: It provides a variety of customized banking, investment and brokerage services to meet the needs of individuals and institutions. This consists of two primary businesses – Merrill Lynch Global Wealth Management (MLGWM) and Bank of America Private Bank.
Advisory & Underwriting Services: It offers Financial Advisory and Debt & Equity Underwriting services.
Corporate & Commercial Banking: It includes services like commercial loans, trade finance, asset based lending, and Capital Management & Treasury Solutions among others.
Sales & Trading: It offers sales and trading services to institutional clients across fixed-income, credit, currency, commodity and equity businesses.
All other: This represents firm’s Global Principal Investments, Corporate Investments and Strategic Investments division.
Who Are The Clients?
Bank of America provides consumer banking, credit cards, commercial banking, investment banking, sales & trading, and wealth management services to
Retail ConsumersSmall BusinessesCorporates GovernmentsInstitutional Investors such as pension funds, mutual funds and hedge funds High Net-worth Individuals
What Are The Alternatives?
Bank of America's business model faces stiff challenges and competition from offerings by its global competitors such as:
JPMorganGoldman SachsMorgan StanleyWells FargoCapital One (Credit Cards)Citigroup