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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In a little organization, this level may be only one position. Possibly your organization has a trough who reports straightforwardly to the president or two VPs who are in charge of operations and deals. List the third level of positions that report straightforwardly to the second level. Every name ought to fall under the position to which it reports. Case in point, the salesman reports to the VP or director of offers and the bookkeeper reports to the VP or administrator of
This category is not found in all businesses as it is not always essential. Large businesses tend to have an entire division for operations and it habitually has its own hierarchy to make sure that operations are processed appropriately and in a formal order. Smaller businesses tend to have a senior manager or a small management team who are in control of the business’ operations. Personnel - this category is the indispensable area involved in almost every business. Personnel are responsible for ‘carrying’ the business as they are required for tasks such as directly selling products to customers.
Analysis Hierarchy The Ohio State University Housing Services office has a clear hierarchy. As stated in the Formal Structure and Decision-Making sections above, the director of housing administration is at the top of the hierarchy. The hierarchy is more about leadership rather than domination. Since there is a sense of shared feeling or joint action and a narrow “social gap between the group members and the head,” the organizational setting would not be considered domination (Ianello 16).
The Bank was to act as a depository for federal funds and paid national debts, but it was answerable only to the directors and stockholders. The supporters of this bank were mainly people involved in the industrial and commercial ventures. On the other
At the top of this hierarchy rests the board of directors (as discussed in further detail later), delegating duties to the center's Chief Executive Officer (CEO), who in turn instructs and manages the medical and administrative staff.
Managers control who gets hired by deciding whether or not they will be a valuable employee. The district manager is the one who controls situations that involve incidents, and he or she determines what actions need to be taken based on the report that a manager filled out. The ones who oversee a specific shift, and make sure all tasks are being done so the customers can be happy is the job of the shift supervisors. The headquarters make the rules and regulations in accordance with the consumer services and department of agriculture. If stores are keeping the sales floor clean and making food correctly, a secret shopper reports back to the district manager about how well the store is doing.
Organisational Structure Organisation Structure enables the division of labour, understand the patterns of coordination, communication and workflow, this also enables a form of formal power to individuals to drive the organisational activities towards the vision of the organisation. Figure 1 AFP Organisation Structure (Annual Report 30 June 2017) The organisation that we are looking at in this report is one of the most organised and structured sectors, Australian Federal Police(AFP). The organisation is known for its dedication, discipline and specialisation in maintaining the safety of people in Australia. The structure is a true example of top-down hierarchical structure.
The Federal Reserve System consists of three basic tools for maintaining control over the supply of money and credit in the economy. The most important is open market operations, and it is also known as the buying and selling of government securities. To increase the supply of money, the Federal Reserve buys government securities from banks, other businesses, or individuals, paying for them with a check; when the Fed 's checks are deposited in banks, they create new reserves , a portion of which banks can lend or invest, in this way they increase the amount of money in circulation. On the other hand, if the Fed wants to decrease the money supply, it sells government bonds to banks, collecting reserves from them. Because they have lower reserves,
“Because the divisional structure is based on an extensive delegation of authority, the performance of each division can be measured directly. In addition, managers can be held accountable for the sales and profits of their division. As a result, division managers usually perform better and employee morale is generally higher.” This applies directly to how Target operates their retail stores and a large part of why they set up their structure in a divisional manner. Holding specific people accountable for certain tasks, allows business to be conducted in a more organized fashion.
As indicated in the above diagram, the level of hierarchy is not complicated at all which makes it the more easier for the chain of command. The proprietor has his own responsibilities not just as the proprietor but also in the day-to-day management of the restaurant. He as well as the Manager does normally oversee the service, handle complains; look after important customers as well as staff management. In case both the proprietor and manager is not round base on being away for break or other reasons, the supervisor takes over and performs most the management duties and oversees the interns as well as service. Every member of staff tends to be cooperative with the other and very helpful in teamwork.
These four areas are Card, Bank, Financial services and staff functioning. Current Status COF has its strength and weakness when it comes to business. It’s the leading market in the US banking sector, thereby paving way for competition. It is one of the 10 largest banks in the US because of the deposits they receive. Its market cap as of May 2016 is totaled to be $39.2 billion and sales of $25.02 billion.
This is an example of flat organisational structure as there is no middle management. The organisational structure of Macmillan Is split up into 6 different sections. The first and most important sector is the chief executive whose job it is to make the big decisions and to manage the major operations and resources of the company and finally acting as the main communicating point between board of directors and corporate operations, and then there is a board of trustees that the chief executive rely on to help them with the important decisions.
I feel that after my research I can justify that Merlin Entertainments operates by the divisional (diversified) organisational type. I feel this way because the central headquarters of Merlin Entertainments supports a number of different divisions and venues that operate differently and in different locations throughout the world, Merlin have multiple divisions e.g. Alton Towers, Thorpe Park and Madame Tussauds. These operate throughout the world in numerous locations. Merlin Entertainments have a central board of directors who make the decisions that will affect Merlin Entertainments on a wide scale and all of their divisions respectively. These board of directors have the responsibility to make the correct decisions so that Merlin Entertainments