Bank of America Corporate Hierarchy

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 they are focused on certain specific task. This helps in the increase in the productivity of each and every section, which ultimately adds up to the gross productivity of the organization. As each and every functional group has a top executive, it helps in the effective utilization of the resources of the company; as the top executive has access to the higher management of the company.

The different executive designations that are prevalent in Bank of America corporate hierarchy are as follows.

Bank of America Corporate Hierarchy

Bank of America Corporate Hierarchy

Chief executive officer: This is the top position in the Bank of America corporate hierarchy. The CEO oversees and manages all the major corporate operations.

Global Technology and Operations Executive: This professional is responsible for delivering high quality technology and operations across the company by making use of the global team of employees and business contractors.

Co-Chief operating officer: The officer manages the businesses that serve the customers and clients with services such as wealth management, card, deposit and home mortgage etc.

Global Strategy and Marketing Officer: The officer manages the public policies and the marketing strategies of the corporate organization.

Global Head of Human Resources: The official is responsible for recruiting, learning, training and leadership development activities.

Chief Risk Officer: The official identifies the market and operational risks; and manages them to ensure the consistent growth of the organization.

Global Chief of Legal, Compliance and Regulatory Relations: The official oversees the company’s legal and compliance functions.

Corporate General Auditor: The official performs audits of the company at periodic intervals of time.

Co-Chief Operating Officer: The official manages the businesses that serve the investors and the middle market corporate clients.

Legacy Asset Servicing Executive: This official of the Bank of America corporate hierarchy manages the services relating to the customers such as mortgage assistance, borrower outreach etc.

Chief Financial Officer:  The officer manages the corporate treasury, corporate investments and the investor relations.