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Financial Institutions
Bank of America (in 2010) and the New Financial Landscape
Objectives of the case: to provide students with the opportunities to understand how the operations of Commercial Banks have changed overtime and to understand how banks, such as Bank of America, (BAC) need to adjust to the new financial landscape that includes nonbank financial institutions (i.e. shadow banks).
In addition to discussing BAC’s history and the state of its operations in 2010, the case also provides information about the periods surrounding the 2007-2008 financial crisis. We will be discussing the financial crisis of 2007-2008 throughout the semester. In the current case, we will focus on BAC and think of the financial crisis as the disruption to the bank’s business model. Other details about the financial crisis (e.g. causes, regulations, consequences for bank governance and culture) will be discussed throughout the semester as they pertain to the course material.
Instructions:
The course has cases to be analyzed. Case briefs should NOT exceed two pages of text with no
limit on exhibits. You must use the 12-point font, double-spaced paragraphs, and default Microsoft Word
margins (the table for question 1 and no more than two pages of text) addressing all the questions
Questions and points to consider in your memo.
1. VRIO is a technique (developed by Jay B. Barney, former Fisher chaired MHR faculty member)) that is used by a firm to critically assess its value chain and understand from where the firm’s competitive advantages come. Management can use the assessment to make strategic business decisions. VRIO is an acronym based on the first letters of the names of the dimensions used in the technique:
a. Value – How expensive is the resource to obtain outside the firm?
b. Rareness – How rare or limited is the resource?
c. Imitability – How difficult is it to imitate the resource?
d. Organization – Is the resource supported by the firm and exploited by the firm? Using the table on the next page as a template, perform a VRIO internal analysis for BAC.
2. Based on your VRIO analysis, prepare bullet points that outline your recommendations for Stephanie Miller and her team to help guide BAC’s future business strategy. You will use this for class discussion. Each group is expected to be prepared to discuss and answer questions about their recommendations.
3. Why did Ken Lewis and the Board not disclose to shareholders the losses and bonus payments in the Merrill Lynch acquisition? What do you think were their rationalizations to justify non-disclosure of significant facts?
1
VRIO Internal Analysis for Bank of America
Resource/Area to Consider
Valuable? Y or N
Rare? Y or N
Costly to Imitate? Y or N
Exploited by BAC Y or N Competitive Advantage?
Temporary, sustained,
parity or disadvantage
Financial Assets
Access to low-interest gov’t loans
Physical locations in the US
International presence
Internal communication & control systems
New management team
M&A knowledge & experience
BAC brand name
Breadth & depth of products and services
Technological Innovation
Merrill Lynch brand equity
Other?
Other?
Other?
2
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