1. Factors – Analyze factors that contributedto the obsolescence or dissolution of The Banking Industry, Bank ofAmerica.
Expert Answer
Several factors led to the obsolescence or dissolution of TheBanking Industry, Bank of America. First of all commercial bankingwas late in keeping pace with the technological advances andchanging customer preference that was taking place in the financialsector in USA and across the world. The enormous growth in moneymarket enabled the operation of a payment system in which theliabilities payable on demand are backed by a diversified portfolioof liquid securities. This system is also referred to as mutualfund banking. Mutual fund banking is
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