Fire economy in the United States

Consequently, when the fire economy suffers, the rest of the economy experiences failed businesses, debt defaults increasing level of unemployment, debt deflation, and reduced demand (Bank, 2016). The fire economy acronym has been used since the year 1982 when it was referenced in an article in Washington. Particularly, within the United States of America, the fire economy is majorly important in the New York state, this is because most financial companies and banks are located there. According to World Atlas, at least fifth of the U. S. 082 trillion in terms of asset management, it is also ranked as the second largest bank in the world after UBS. In terms of commercial operations, the institution banks all 50 states of the United States, the whole of Colombia district and other 40 countries.

The institution encapsulates approximately 46 million consumers, 4,700 banking centers and over 15,800 automated teller machines. The bank’s largest market share, economic impact, and business activities have led to numerous investigations and lawsuits regarding financial disclosures and mortgages which date back to the financial crisis in 2008. The bank’s corporate practices of servicing the wider community especially the middle class have yielded substantial market share which can be traced back in the 20th century. Bank of America has wholly empowered various communities and has made financial education a priority so as to improve individual and business confidence in financial decisions. The bank has partnered with non-profit Khan Organization Academy and has developed Better Money Habits, this is an online initiative which pairs Khan Academy’s expertise with bank’s know-how on delivering easy and understandable information to a wide range of financial topics (Panayotou, 2016).

The company has also become a leader in one of the fastest growing sectors in the world, the bank has joined hands with other companies from the energy sector to provide clean energy financing which amounts up to $125 billion. Since the year 2007, the company has provided over $86 billion to finance low-carbon activities such as sustainable transportation and energy efficiency projects. The American Bank has employed over 208,100 people around the globe who tirelessly work to support clients from the 50 states, Columbia district, Puerto Rico, Virgin Islands, and more than 35 countries. The Bank of America has invested $1. 5 dollars in all the 50 American states, this amount is expected to finance small businesses, affordable housing, and other economic development programs. The amount is also expected to help support communities and individuals who may not be in a position to qualify for traditional loans (Schnabl, 2012).

The bank has also been on the forefront in providing support to women in the economy, the bank has partnered with women empowerment forums such as Vital Voices to help mentor, train and fund women around the world. Through their support and partnership with various organizations which are women supportive, over 8,000 women from 90 countries have started or expanded their businesses in their respective communities. Part of the analysis indicated that the bank’s output has contributed greatly to the United States economy. For a period of five years, the 29. 5 billion USA dollars already deployed from the company’s $125 billion business initiative helped contribute $35. 6 billion to the US’ gross domestic product (Brunnermeier & Sannikov, 2014). The Bank of America has also created an economic opportunity by creating employment opportunities for people all over the world.

9 million active mobile banking subscribers and users and up to 13% of the first quarter of the year 2017. According to the report, the bank’s digital users increased from 33. 8 million to 35. 5 million users, with all transactions rating at 24%. According to the bank, the transaction is equivalent to 1,290 banking offices (Donner & Tellez, 2008). The bank through its innovative strategies has developed a mobile application which can be used by consumers for banking and other related services. The mobile banking application has reaped lots of benefits for the American bank and the customers, since its implementation the bank has increased its sales by 26% through the online banking transactions. I would recommend that the Bank of America should enhance client capacity, ownership and responsibility, this can be achieved by increasing synergies in bank engagements and investing in analytical work aimed at strengthening the country’s economy.