Bank of America Org Chart & Sales Intelligence Blog
Bank of America Org Chart & Sales Intelligence Blog
Bank of America Corporation
Bank of America Corporate Center
100 North Tryon Street
Charlotte, NC 28255
Main Phone: (704) 386-5681
Ticker Symbol: (NYSE: BAC)
Industry Sector: Financial Services - Banking
Full Time Employees: 213,000
Bank of America on Social Media:
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Bank of America Fortune 500 Rank: #36
Bank of America Forbes Global 2000 Rank: #9
What do the Bank of America Org Charts look like?
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Who are the executive decision-makers at Bank of America?
Christine P. Katziff
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Who serves on Bank of America’s Board of Directors?
Brian T. Moynihan
Arnold W. Donald
Monica C. Lozano
Former CEO, College Futures Foundation; Former Chairman, US Hispanic Media Inc; Lead Independent Director, Target Corporation
Denise L. Ramos
Former CEO, ITT Inc.
Clayton S. Rose
President, Bowdoin College
Michael D. White
Former Chairman, President and CEO, DIRECTV Lead Director, Kimberly-Clark Corporation
Thomas D. Woods
Former Vice Chairman and Senior Executive Vice President, Canadian Imperial Bank of Commerce
R. David Yost
Former CEO, AmerisourceBergen Corporation
Maria T. Zuber
Vice President for Research and E.A. Griswold Professor of Geophysics, Massachusetts Institute of Technology
Where is Bank of America investing in its business?
How Chase, BofA & Citibank Got Speedier at Digital Transformation
Agile development of new financial products and innovations in concept and design are imperatives in the banking industry these days. An indicator of the increasing urgency is one Bank of America executive’s observation that “rapid agile” is giving way to “hyper agile” in the planning process at the megabanks. The shift is apparent in how these banks are increasingly driving the development process in new ways, with lines of business playing a more central role than in the past, to shorten the distance from seeing a market need to filling it. At Bank of America, innovation and development has been pushed way down the org chart, with not only lines of business but even staff functions like compliance becoming part of the potential mix of developers. “Anybody in the bank can say, ‘Hey, I’m working on an idea. I want to pitch it and I want to try a proof of concept and be able to drive that into a business roadmap,'” says Hari Gopalkrishnan, managing director and head of retail, preferred, small business and wealth technology at BofA. He believes “hyper agile” will be the state of things going forward.
Major banks are sprawling behemoths and heavily regulated. Through embedded banking and other new types of technology, they have become intertwined more closely with nonbank companies, says Nadgauda. Providing payment services for a food delivery app or a ride-share app may also entail handling compensation for the gig workers who do the delivering or the driving.
BofA’s Gopalkrishnan believes the idea of “omnichannel” needs to evolve.
Bank of America wants a human bridge for its AI help
Erica, which was launched in 2018, garnered 1 billion client interactions and has helped 32 million users. Bank of America expects Erica, early next year, to connect clients to banking agents regarding new products and services, such as mortgages, credit cards and deposit accounts. The pandemic saw a growing number of older customers use digital banking tools, including Erica, Gopalkrishnan said. The bank now wants to build on enhanced adoption by improving the flow of transactions, including the seamless handoff from Erica to human agents and vice versa. “We realized, at some point, people go, ‘I’m done with that chat, I need to talk to a human,’” Gopalkrishnan said. “What if we could just introduce the human agent right along with a chatbot, pick up from where you left the chat … and then step back and let the chatbot take over again.” The bank is using natural-language processing tools to help draw insights from transactions and conversations, he said.
The use of predictive insights also extends to cases where customers dial the call center. Based on what the bank knows about the customer, Erica is sometimes able to guess why a customer is calling and suggest actions to resolve problems that arise, the bank said. “We can, [for example], detect with the [interactive voice response] predictively that you’re calling about a declined card,” Gopalkrishnan said. “We can then say … ‘Can I send you back a deep link that takes you to the part of Erica to take care of it yourself?’” The pairing of Erica with human assistance can also help smooth the account opening process for wealth management products, he said.
Bank of America Names Morehead President of Seattle
Bank of America named Jim Morehead president of Bank of America Seattle. The company also announced that Alex Yang will become Seattle Market Executive, replacing Jeremey Williams who was recently promoted to Community Relations Manager (CRM) Executive. As president, Morehead is responsible for connecting the banking and investment resources offered through the bank's eight lines of business to people and companies across King, Pierce and Snohomish Counties. He will also lead the effort to deploy Bank of America's resources to address social concerns, strengthen economic opportunity, and build strong communities, as well as support the health, safety and engagement of local employees. "Seattle is an important market for Bank of America, and Jim has established deep relationships with our teammates, clients and the greater Puget Sound community during his career," said Brian Moynihan, chief executive officer, Bank of America. "In his new role, Jim will help ensure we are a great partner as we continue to grow across the region."
In addition to his responsibilities as Seattle President, Morehead will remain Global Commercial Banking Market Executive for the Western Washington & Pacific Rim Market at Bank of America. With more than 25 years of corporate banking, franchise finance, commercial real estate and small business banking experience, he leads a team of Middle Market bankers that serve companies with annual revenues from $50 million to $2 billion, providing a variety of financial solutions, including treasury, credit, investment banking, risk management, international banking and wealth management. Morehead joined the bank in 2016, and throughout his banking career, he has held client facing and leadership roles in multiple lines of business.
Goldman, JPMorgan and BofA still hiring technologists this winter
As the days shorten, it might be expected that banks' tech hiring would slow down. In a fintech space we’ve seen a crypto winter far colder than that of the real world, but in the big banks, tech hiring is still going strong. JPMorgan and Bank of America appear to have somewhat traded two high profile tech hires. Vishnu Narayan Shammy Leela has moved to the latter as a director having been JPMorgan’s EMEA credit engineering lead in London. He also spent over 10 years at Merrill Lynch and curiously co-founded a sustainable home textile brand. Rajesh Kumar meanwhile has left his director role at Bank of America in New York to join JPMorgan as an executive director with a focus on risk as a service. Kumar, who obtained a degree in mechanical engineering, began as an analyst at BofA in India but had moved to New York by the time he achieved a promotion to director.
Bank of America Intelligent Receivables™ Upgraded With AR Forecasting Capabilities And Enhanced Reporting
Bank of America today announced that it has enhanced its accounts receivables matching solution Bank of America Intelligent Receivables™ with additional reporting and new forecasting capabilities, providing clients with insights based on historical trends and their customers’ behaviors. The bank also announced that it has completed the global roll out of Intelligent Receivables with the product’s launch in Brazil. Intelligent Receivables uses artificial intelligence (AI) and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels, whether electronic or paper based. With its ability to grab data from multiple sources (including emails and attachments), Intelligent Receivables will seek to match payments to outstanding invoices and thereby help to meaningfully reduce the costs normally associated with manual processing while speeding up the posting of revenue. “The new capabilities are a natural extension of a tool that constantly interacts with data,” said Liba Saiovici, head of Global Receivables in Global Transaction Services (GTS) at Bank of America. “The new dashboards give clients a more comprehensive view into their total collections and outstanding receivables from which they can dig further to better understand their customer’s behavior around timeliness and preferred mode(s) of payment.”
Around the world, Intelligent Receivables is increasingly being used by large and medium sized companies in nearly all industries. Bank of America has made continual improvements to the tool since it was launched in 2017, and last year added new language processing capabilities, including Simplified Chinese, Traditional Chinese, Korean and Thai. Portuguese is also available to support clients in Brazil. As an indicator of client engagement, Intelligent Receivables last year processed ~43 million invoices1, a ~50% increase from the year earlier. “The growth in adoption of Intelligent Receivables is a testament to the tool’s impact on a company’s bottom line,” said Fernando Iraola, co-head of Global Corporate Sales GTS and head of Latin America GTS at Bank of America. “We’re confident that clients will see even greater value from using the tool with its new reporting and receivables forecasting capabilities.”
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What are Bank of America executives saying about business performance?
Bank of America (BAC) Q3 2022 Earnings Call Highlights
October 17, 2022
Executives in Attendance
- Lee McEntire -- Senior Vice President, Investor Relations
- Brian Moynihan -- Chief Executive Officer
- Alastair Borthwick -- Chief Financial Officer
Q3 2022 Earnings Highlights
Comments from Brian Moynihan, Chief Executive Officer:
“This quarter, Bank of America reported $7.1 billion in net income, or $0.81 per diluted share. We grew revenues 8% year over year. We delivered our fifth straight quarter of operating leverage. Every business segment delivered operating leverage.”
“This takes us back to our five-year run before the pandemic. The highlights this quarter were also once again marked by good organic customer activity. This was coupled with a significant increase in net interest income. In addition, the teams adapted well to our new capital requirements.”
“And as a result, our Common Equity Tier 1 ratio, or CET1 ratio, improved by nearly 50 basis points to 11%, moving 60 basis points above its current minimums. The decline from prior-year reported net income and EPS comparisons reflect a reserve build versus reserve release from last year. At the same time, however, our asset quality remains strong as net charge-offs and several other metrics, in fact, improved from the second quarter of 2022. Pretax, pre-provision income grew 10% year over year.”
“From our term perspective, we produced a 15% ROTCE and a 90-basis-point ROE. Our efficiency ratio this quarter dropped to 62%. Taking out the litigation, it would have been 61%. So, even while investing in marketing and people and technology and physical plant, the team continues to drive operational excellence.”
Comments from Alastair Borthwick, Chief Financial Officer:
“You can see here revenue of 24.5 billion grew 8% with an NII improving 24% year over year, while our fees declined 8%. And I'll cover the NII improvement in just a moment.”
“On noninterest income, the volatility and the levels of market activity drove a year-over-year decline in investment banking and asset management fees, while sales and trading benefited from investments made in the business and the volatile market conditions. Additionally, service charges moved lower for two reasons. First, in consumer, we completed the sweeping changes around insufficient funds and overdraft in June, marking a 90% reduction from June of 2021. Second, our corporate service charges declined as earned credit rates increased for clients, and that overwhelmed organic growth and the gross fees associated with treasury management services performed for our clients.”
“Expenses this quarter were 15.3 billion, and they included the settlement of our last large remaining legacy monoline insurance litigation. As you likely saw on October 7th, we filed the 8-K announcing a settlement that resolved all of the outstanding litigation with Ambac, and that dates all the way back to the 2008 financial crisis. We recorded 354 million in litigation expense this quarter, above previous accruals for payment of the settlement. And without that litigation costs, our expense would have been just below the 15 billion mark.”
“Our headcount this quarter increased by 3,500. And if we adjust for the release of our summer interns, our headcount is actually up by closer to 5,500. We welcomed 1,800 new full time associates from college campuses around the world into our company this quarter. And we hired another 3,800 net new people on top of that.”
“That included just less than 3,000 across our various lines of business and another 1,000 in staff and support and technology positions to support those lines of business. And with all the great benefits and talented people already at this company and with our great brand, it highlights that Bank of America is a great place to work. As we look forward, we'd expect our fourth quarter expenses will land our full year reported expense at approximately 61 billion. That obviously includes the costs noted for resolving the second quarter and third quarter regulatory and litigation matters.”
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What do the Bank of America financials look like?
|Fiscal Year Ends||December 31, 2022|
|Most Recent Quarter||September 29, 2022|
|Return on Assets||0.89%|
|Return on Equity||10.11%|
|Revenue Per Share||11.23|
|Quarterly Revenue Growth||0.90%|
|Net Income Avi to Common||25.88B|
|Quarterly Earnings Growth||-7.90%|
|Total Cash Per Share||91.42|
|Book Value Per Share||29.96|
|Cash Flow Statement|
|Operating Cash Flow||7.33B|
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Where is Bank of America utilizing cloud technologies?
Senior Architect - Hybrid Cloud Platforms, Core Technology Infrastructure
LOCATIONS: Jersey City, New Jersey; Chandler, Arizona; Pennington, New Jersey
The Senior Architect provides expert level guidance on cloud design decisions, standards, and operational practices. The candidate is an active member of Cloud Center of Excellence to define and govern best practices in Cloud platforms engineering, cloud operations, cloud-native application development, and cloud platform governance. Maintain overall product design documentation and oversight. Responsible for the overall architecture of Hybrid cloud platforms and components that comprise it. Provide expert level guidance on Cloud design decisions, standards, and operational practices. Be an active member of Cloud center of excellence to define and govern best practices in Cloud platforms engineering, cloud operations, cloud-native application development, and cloud platform governance. Plan and implement the selection of new cloud services and tools to enable cloud roadmap. Drive discussions in architecture review board; develop platform architecture artifacts and influence on architectural decisions. Maintain blueprints and reference implementations of cloud products.
Technologies in use: DevOps and GitOps models with infra-as-code, config-as-code, policy-as-code, Terraform, Private Cloud and Public Cloud platforms such as Azure, AWS, and Google Cloud, Linux and/or Windows operating systems, and AWS, Azure, IBM Cloud and/or Google APIs and environments, Azure ARM templates, AWS CloudFormation, Google Cloud Deployment Manager, Kubernetes, Splunk, Prometheus, Jenkins, pipelines, container repos, Ansible, Java, python, Cloud IAM, Packer, Native cloud services (CosmosDB, BigTable), Cloud-native Kubernetes services (AKS, GKE, EKS) design and implementation, Red Hat Openshift public cloud design and implementation, Ansible, Puppet, CloudFormation, Salt
Cloud Platforms Automation Engineer (Terraform)
LOCATIONS: Charlotte, North Carolina; Atlanta, Georgia; Richmond, Virginia; Plano, Texas; Jersey City, New Jersey
Enterprise Cloud Platforms Team: Enterprise Cloud Platforms team in the CTO organization offers Private and Public Cloud platforms for Bank of America’s developers to drive faster time-to-market, innovation with private and public cloud capabilities, and reduce complexity with bult-in integrations. This individual in Terraform Infrastructure Engineer role is responsible for tool and service designs within a technical domain that enable business strategies in accordance with architectural governance, standards, and policies. They are the primary contributor to the creation of infrastructure tools and their integration as an infrastructure service. The role facilitates deployment of technical solution by developing templates, playbooks and automation used during implementation. They consistently look for opportunities to improve the reliability and efficiency when implementing and maintaining infrastructure tools and/or services. Write public cloud infrastructure as code automation using tools such as Terraform. Design and develop public cloud landing zones automation to build core cloud foundational platform services. Develop cloud services provisioning automation with integrated capabilities of IAM, network, security policies as code, and observability.
Technologies in use: Hashicorp Terraform configurations and modules, Microsoft Azure Cloud, certification preferred. AWS and GCP desirable, Jenkins, pipelines, container repos, Terraform, Ansible, Java, python, Bash, Python, Linux/UNIX system administration, Container technologies (Kubernetes, Open shift, Docker)
Cloud IAM Strategy Lead - Cyber Security Operations
LOCATIONS: Denver, Colorado; Seattle, Washington; Atlanta, Georgia; Phoenix, Arizona; Pennington, New Jersey; Washington, District of Columbia; Richmond, Virginia; Boston, Massachusetts; Chicago, Illinois
The Cyber Security Defense (CSD) function within Global Information Security is responsible for all aspects of threat intelligence and monitoring, application and network security, and insider threat. In addition, the CSD team drives out the enterprise-wide cyber exercise program. The Identity and Access Management (IAM) strategy lead works on the Global Information Security (GIS) Cloud Defense Group. This role reports to the Head of Cloud Defense Cloud Strategy and is critical to the Cloud IAM Security strategy. Responsible for working closely with leaders in GIS and other parts of the Enterprise to co-develop our Cloud IAM strategy and to ensure that the solutions we deliver meet the needs of the business. Collaborate across a multi-functional organization to drive the development of a coherent Cloud IAM strategy. Perform gap analysis of current IAM solutions vs. desired end-state. Develop and collaborate on roadmaps for controls and supporting technologies. Ensure that Cloud IAM solutions are being developed in line with best practices and business needs. Actively participate in requirements, architecture reviews, and design meetings.
Technologies in use: IAM solutions (on-premises and Cloud), IAM in Azure and AWS or GCP, Cloud IAM, Azure, AWS or GCP, Azure Active Directory, MFA, SAML, RBAC solutions in Azure, Linux and Windows systems administration, Active Directory, Terraform, Azure RM, CloudFormation
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More on Bank of America
Bank of America Contact Information
Bank of America Org Charts on Corporate Structure, Board of Directors, Executive Leadership, and more
Bank of America Financial Insights
Bank of America SWOT Report
Bank of America PESTLE Report
Bank of America Technologies in Use
Bank of America IT Budgets
Bank of America Social Media Profiles
Bank of America Actionable Sales Triggers Events
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