Bank Of America Leadership Styles - 1483 Words

Bank Of America Leadership Styles Edan Dahan Palm Beach State College Introduction: I believe that Bank of America will succeed because they do not restrict leadership styles within the company. â€Å"Leadership is the problem – and the solution. Since spring 2011, the KBW index shows, financial company stocks have performed up to 40% worse than other industries. In addition, job cuts are up 103% from 2012, CEO turnover is on the rise and 45% of sector employees say they intend to quit in the next two years. Companies are still under siege from regulators, upstart competitors and consistently difficult market conditions, still characterized by low interest rates. But there are deeper cultural issues at play. Addressed in the right way, these could also be part of the solution. The problem is that, while the market has changed beyond recognition, leadership has not. Many companies still use leadership styles and practices better suited to the boom years. For example, we found that nearly half the leaders in financial companies rely on a directive or coercive leadership style, compared to just one-third of leaders across all sectors. The coercive style can be summed up in three words: Just do it! While this approach has its uses, research has repeatedly shown that the coercive style is best used as part of a balanced blend of at least five other leadership styles: visionary or authoritative, affiliative, democratic, pacesetting andShow MoreRelatedLeadership Styles And Bank Of America Essay1456 Words   |  6 PagesLeadership Styles and Bank of America There are multiple ways and styles in which one may lead a group of people or an organization. In some organizations there may be several leadership styles being used concurrently within it. This is usually dependent on the specific tasks and departmental needs of the organization. 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