Bank of America
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
This article is about a commercial bank unaffiliated with any government. For the
central bank of the United States, see Federal Reserve System.
"BofA" redirects here. For the French illustrator, see Gus Bofa.
Bank of America Corporation
The Bank of America Corporate Center, headquarters of Bank of
America in Charlotte, North Carolina
Type Public company
Traded as NYSE: BAC
S&P 100 component
S&P 500 component
ISIN US0605051046
Industry Financial services
Predecessor Bank America
NationsBank
Founded 1998 (via the merger of BankAmerica &
NationsBank)
1956 (as BankAmerica)
1784 (as its predecessor, the Massachusetts Bank,
through the merger with FleetBoston in 1999)
Founder Amadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
Headquarters Charlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)
Number of 4,600 retail financial centers & approximately
locations 16,200 ATMs[1]
Area served Worldwide
Key people Brian Moynihan (Chairman and CEO)
Anne Finucane (Co-Vice Chairman)
Bruce Thompson (Co-Vice Chairman)
Products Asset management, banking, commodities, credit
cards, equities trading, insurance, investment
management, mortgage loans, mutual funds, private
equity, risk management, wealth management
US$85.52 billion (2020)[1]
Revenue
Operating US$18.99 billion (2020)[1]
income
Net income US$17.89 billion (2020)[1]
US$2.819 trillion (2020)[1]
Total assets
US$272.92 billion (2020)[1]
Total equity
Owners Berkshire Hathaway (11.9%) The Vanguard
Group (7.1%) BlackRock (6.2%)[2][3]
Number of 200,000 (2020)[1]
employees
Divisions BofA Securities
Merrill
Bank of America Private Bank
Website bankofamerica.com
The Bank of America Corporation (simply referred to as Bank of America, often
abbreviated as BofA or BoA) is an American multinational investment
bank and financial services holding company headquartered in Charlotte, North
Carolina. The bank was founded in San Francisco, and took its present form when
NationsBank of Charlotte acquired it in 1998. It is the second largest banking
institution in the United States, after JPMorgan Chase, and the eighth largest bank in
the world. Bank of America is one of the Big Four banking institutions of the United
States.[4] It serves approximately 10.73% of all American bank deposits, in direct
competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial
services revolve around commercial banking, wealth management, and investment
banking.
One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro
Giannini in 1904, which provided various banking options to Italian
immigrants who faced service discrimination.[5] Originally headquartered in San
Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America
and Italy) in 1922. The passage of landmark federal banking legislation facilitated a
rapid growth in the 1950s, quickly establishing a prominent market share. After suffering
a significant loss after the 1998 Russian bond default, BankAmerica, as it was then
known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following
what was then the largest bank acquisition in history, the Bank of America Corporation
was founded. Through a series of mergers and acquisitions, it built upon its commercial
banking business by establishing Merrill Lynch for wealth management and Bank of
America Merrill Lynch for investment banking in 2008 and 2009, respectively (since
renamed BofA Securities).[6]
Both Bank of America and Merrill Lynch Wealth Management retain large market shares
in their respective offerings. The investment bank is considered within the "Bulge
Bracket" as the third largest investment bank in the world, as of 2018.[7] Its wealth
management side manages US$1.081 trillion in assets under management (AUM) as
the second largest wealth manager in the world, after UBS.[8] In commercial banking,
Bank of America operates—but does not necessarily maintain retail branches—in all 50
states of the United States, the District of Columbia and more than 40 other countries.
[9]
Its commercial banking footprint encapsulates 46 million consumer and small business
relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).
The bank's large market share, business activities, and economic impact has led to
numerous lawsuits and investigations regarding both mortgages and financial
disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing
the middle class and wider banking community has yielded a substantial market share
since the early 20th century. As of August 2018, Bank of America has a $313.5
billion market capitalization, making it the 13th largest company in the world. As the
sixth largest American public company, it garnered $102.98 billion in sales as of
June 2018.[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the
largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked
#8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the
"World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for
Excellence.[12]
Contents
1History
o 1.1Bank of Italy
o 1.2Expansion in California
o 1.3Expansion outside California
o 1.4Merger of NationsBank and BankAmerica
o 1.52001 to present
2Operations
o 2.1Consumer Banking
o 2.2Global Banking
o 2.3Global Wealth and Investment Management
o 2.4Global Markets
o 2.5Labor
o 2.6Offices
3Corporate Governance
4Charitable efforts
5Chief Executive Officer
o 5.1List of CEOs
o 5.2CEO Pay Ratio
6Lawsuits
7Controversies
o 7.1Parmalat controversy
o 7.2Consumer credit controversies
o 7.3WikiLeaks
o 7.4Anonymous
o 7.5Mortgage business
o 7.6Investment in coal mining
8Competition
9Notable buildings
o 9.1Former buildings
10See also
11References
12Further reading
13External links
