Bank of America Achieves High Six Sigma Cost Savings

c.  These individuals were divided amongst 15 teams of employees which were recognized for their success in driving down costs and increasing profits through Six Sigma.  The company has in the past three years utilized Six Sigma in increasing depth to drive the company to the number two ranking by assets of US banks.  The program has been credited with playing a major role in reaping $2 billion in revenue gains and cost savings, and future goals are to contribute an additional $1 billion annually in savings and growth through the program.  One such example is the fact of major cost savings was the fact that Bank of America was losing $24 million per year from claims of fraudulent transactions being made using PIN numbers.  With Six Sigma the company was able to identify fraudulent claims of theft by customers, ultimately saving the company $3.5 million per year. Charlotte Observer Reports:

As a spotlight flashed on 15 teams of employees, an announcer highlighted projects with catchy titles like “E-Invoice Reconciliation Process” and “Reduce Unassigned Balances in Central Region.”