Founded in 1874 as the Nations Bank, Bank of America assumed its current name when it acquired a San Francisco-based bank named Bank of America. Today, BA stands as the biggest financial holding company with global assets of $2.13 trillion, which offers banking and non-banking services locally and internationally. It is the largest commercial bank in the US in terms of deposits accounting for 11 percent of all US bank deposits. Bank of America is the second-largest bank in terms of assets, the largest American company in terms of market capitalization and largest company of its kind in the world with the most extensive branch network in 30 states of the US from coast to coast and in other 40 countries. It has a little less than 300,000 employees. The bank focuses on consumer and small business banking, global corporate and investment and global wealth and investment management. It also offers a full range of banking, investment, asset management and other financial and risk management products and services.
The so called Bank of America call center in the Philippines is actually the BA Continuum Philippines Inc., wholly-owned non-bank subsidiary of Bank of America that will primarily provide the bank’s business support operations, business processes, and IT enabled services. This includes back-office operations and transactions, customer support and service functions, human resource management, technology support and services, business planning, and general financial services, among other tasks. It is expected to serve the bank’s global customers, which in the US alone numbered 57 million customers.
Bank of America outsourced its support services primarily as a cost saving measure to achieve better company stability. This strategy had earlier been adopted the biggest financial institutions in the US such as JPMorgan Chase & Co., Citigroup Inc. and most recently Wells Fargo & Co. It must be noted that these financial institutions along with Bank of America received a bail out from the US Federal government when it was hit by the 2008 global financial crisis. Bank of America, which was also a recipient of US government capital injections and loans allowed it to acquire Merrill Lynch & Co. and Countrywide Financial Corp., which helped expanded its operations.
At the moment, BA Continuum Inc. is actively recruiting and screening candidates for its Philippine operations. The company prefers candidates specializing in Banking/Financial Services, who are willing to work in night shift schedules. BA Continuum recruitment center is located at the 28F Bonifacio One Technology Tower 3030 Rizal Drive West, 31st Corner Rizal Drive, Bonifacio Global City, Taguig.
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