The Organizational Structure Of Bank Of America

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Organizational Structure
Bank of America is an American financial services corporation and is the second largest bank holding organization by assets, in the United States. The headquarter of the financial organization is situated in Charlotte, North Carolina.
The bank has approximately 5,700 retail banking offices and 17,250 ATMs in the United States. The online banking system of the bank has more than 30 million active users. In this particular article, we will discuss about the Bank of America corporate hierarchy that is one of the most important factors responsible for the phenomenal growth and prosperity of the organization.
Bank of America exhibits a divisional corporate hierarchy. The divisional hierarchy is prevalent in the different service sections of the bank such as the retail section, commercial section, investing section and the asset management section. According to the divisional organizational hierarchy, the large sections of the business enterprise are segregated into semi-autonomous bodies.
These smaller groups are assigned to a particular field of service. Each semi-autonomous group has a group head who is designated as the Executive officer or Vice-President of that particular section. The top executive of a specific section only manages the general activities such as hiring and budgeting of that particular section only.
The divisional hierarchy prevalent in the Bank of America has various advantages associated with it. All the sections work well because

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