Bank of America is a multinational investment bank and financial services company that traces its roots back to 250 years ago. The modern corporation formed under the merger of Bank America and Nations Bank in 1998 and ever since the company has been on a path of steady growth becoming the second-largest financial institution in the United States and a major player in the financial world. Bank of America’s Mission Statement and Vision statement indicate the company is committed to responsible growth and accountability on a global scale.
As a leading financial institution, they offer services in consumer banking, global wealth and investment management, global banking, global markets, and legacy assets and servicing. In the United States alone, Bank of America serves 66 million consumer and business clients while their global services reach even farther, to 35 countries.
In this article, we’re taking a look at how Bank of America’s Mission and Vision Statements have guided their positive growth and image.
Bank of America’s Mission Statement
Bank of America's mission statement is striving “to help make financial lives better through the power of every connection.”
The Bank of America pursues this mission by focusing on environmental, social, and governance (ESG). ESG refers to 3 criteria the investors use for responsible and socially conscious investing.
By following up on their mission statement, Bank of America has become a leading global institution which connects people, corporations, and governments.
In our analysis of Bank of America’s mission statement, we found that the company’s dual focus on connecting and empowering the people while pursuing responsible growth has been a defining feature of their services.
Responsible growth is one important criterion against which they measure their strategies:
- Commitment to continuous growth
- Commitment to customer-focused planning
- Commitment to growth within their Risk Framework
- Commitment to sustainable growth
- Commitment to sharing the fruits of the growth with the community
- Commitment to being a model work environment
- The pursuit of operational excellence
Bank of America’s Vision Statement Analysis
Bank of America envisions “bringing together people to the resources they need to improve their financial lives”.
We found that Bank of America’s vision also includes a desire to create a positive impact, constantly improve their business practices, and to take good care of their employees.
Upon analyzing their vision statement you can see that Bank of America defines themselves as dedicated to helping the society and economy while also progressing globally. Their specific plans include: supporting environmental causes, investing in socio-economic progress, and enabling financial health by providing financial education, as well as responsible financial services, to the public.
Bank of America’s Core Values Analysis
Bank of America’s core values includes “deliver together, act responsibly, realize the power of our people, and trust the team”. These values are a compass that guides the Bank of America’s mission statement and provides ground for establishing its vision statement.
The values, in more detail, are:
- A belief in the importance of individuals, such as clients and employees, and the company’s duty is doing its utmost to deliver to them.
- A belief in acting responsibly, especially when it comes to risk management by making clear and fair decisions.
- Trust in the employees as individuals, promotion of diversity and respect in the workplace.
- Reliance on the team, promotion of trust and shared accountability to meet the client’s needs.
Sticking to their core values, Bank of America has managed to become a leading financial institution while promoting the benefit of the people.
(Image Credits: Mike Mozart)