How Does the Client Evaluate the Work of Bank of America?
As an existing, or possible future client of Bank of America, it is necessary to look at the history of the institution. Don’t look at just the bad press of the recent troubled few years, take an all around look at the company that is second only to Wal-Mart in non oil related companies in the United States. Look at the growth of what started as a single man company in Los Angeles in 1904 and so many lucrative acquisitions that have passed in its’ history to bring it to where it stands today. The scandalous months must be looked into. However, in any evaluation of a company, it is most important to try and remain unbiased. Look at hard facts and figures, not hearsay or press releases.
To see the history of the company, its assets and worth, just look on the Internet. It will provide proof of a clear drop after the “robo” signing case of the fall of 2010 as well as the claims of many public services against the bank for fraud earlier in the year. Evidently the worth of the company has dropped. Its’ shares, its’ name and pledges to ban “robo” signing is not adequate enough to regain the trust of their customers. These Bank of America foreclosures put them in a very bad position, alongside other financial lending institutions that were involved in the “robo” signing scandal.
In 2009, Bank of America paid a fine of $33 million after the Meryl Lynch scandal and a further $137.7 million in 2010 after the multi fraud accusations by public services. Also due to the “robo” signing case, the quantity of properties for sale as foreclosures has dropped to the point where there is a shortage. Incidentally, many of the buyers have been left very unsure as to the rights over their own properties.
The work of an institution as large in size as Bank of America must be looked at from all angles, not just the recent negativity. Bank of America remains to date the largest bank in the United States, with clients in more than 150 countries and branches in all of the United States of America. Recent blows to its’ reputation make the client very wary, especially when regarding fraud accusations and things of such importance. Today it is very difficult for the client to give a positive evaluation of an institution that has suffered so much bad press in such a short time span.
