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Final Memo Bank Of America

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Subject
Management
School
University of Phoenix
Type
Homework
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MEMO: Bank of America
Student Name
Course
Institution
Date

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MEMO 2
MEMORANDAMUM
To: The CEO Bank of America
From: [Your Name]
Date: 4
th
March 2021
Subject: Plan to create economic, social, and environmental value
Executive summary
The banking sector obtains its revenue after solving client’s financial needs. However, the
competition in the sector is becoming stiff, thus reducing the annual income received. Hence, the
Bank of America is moving toward turning its weaknesses into strengths to overcome the
challenges. Expanding its sphere of investments to cater to the uncovered sectors will help the
bank to get more revenue. Moving overseas with the help of technology to a country such as
KSA will bring more revenue from a highly competitive industry.
Executive’s strengths and weaknesses
The Bank of America has got various entrepreneurial strengths. These include but are not
limited to having a robust financial position. The financial status has been stable over the years
and has not experienced major financial crises over the decades of its existence. Besides, bank of
America has a diversified portfolio in a strong position in the American market. Norrestad 2020,
noted that the bank of America’s market share is the highest among competitors in the tune of
10.5%. The bank has robust stability, enormous brand, and status over the years-a strength that
gives it an edge in the market. Another strength is the bank’s solid customer base coupled with a
bright image, making it a bank of preference.

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1 MEMO: Bank of America Student Name Course Institution Date MEMO 2 MEMORANDAMUM To: The CEO Bank of America From: [Your Name] Date: 4th March 2021 Subject: Plan to create economic, social, and environmental value Executive summary The banking sector obtains its revenue after solving client’s financial needs. However, the competition in the sector is becoming stiff, thus reducing the annual income received. Hence, the Bank of America is moving toward turning its weaknesses into strengths to overcome the challenges. Expanding its sphere of investments to cater to the uncovered sectors will help the bank to get more revenue. Moving overseas with the help of technology to a country such as KSA will bring more revenue from a highly competitive industry. Executive’s strengths and weaknesses The Bank of America has got various entrepreneurial strengths. These include but are not limited to having a robust financial position. The financial status has been stable over the years and has not experienced major financial crises over the decades of its existence. Besides, bank of America has a diversified portfolio in a strong position in the American market. Norrestad 2020, noted that the bank of America’s market share is the highest among competitors in the tune of 10.5%. The bank has robust stability, enormous brand, and status over the years-a strength that gives it an edge in the market. Another strength is the bank’s solid customer base coupled with a bright image, maki ...
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