Bank of America
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| Bank of America | |
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| Name | Bank of America Corporation |
| Type | Public company |
| Traded as | NYSE: BAC, S&P 500 component |
| Industry | Financial services |
| Founded | 0 1998 (as a holding company), San Francisco, California, U.S. |
| Founder | Amadeo Giannini |
| Hq location city | Charlotte, North Carolina |
| Hq location country | United States |
| Area served | Worldwide |
| Key people | Brian Moynihan (Chair & CEO), Bruce Thompson (Vice Chair) |
| Products | Retail banking, commercial banking, investment banking, mortgage loans, wealth management, credit cards |
| Revenue | ▲ US$98.58 billion (2023) |
| Operating income | ▲ US$32.0 billion (2023) |
| Net income | ▲ US$26.5 billion (2023) |
| Assets | ▲ US$3.1 trillion (2023) |
| Equity | ▲ US$291.0 billion (2023) |
| Num employees | 212,000 (2023) |
| Website | bankofamerica.com |
Bank of America is a major American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. It is the second-largest banking institution in the United States, after JPMorgan Chase, and a prominent component of the Dow Jones Industrial Average. The bank provides a comprehensive suite of financial products to consumers, small and middle-market businesses, large corporations, and governments through its extensive network of branches and digital platforms.
History
The institution's origins trace back to the Bank of Italy, founded in San Francisco in 1904 by Amadeo Giannini to serve immigrant communities. It grew through a strategy of branch banking and acquisitions, including the 1929 merger with Bank of America of California to form the Bank of America National Trust and Savings Association. A major expansion occurred in 1998 when NationsBank, based in Charlotte, North Carolina, acquired the San Francisco-based BankAmerica and adopted its more recognizable name. Subsequent transformative acquisitions included FleetBoston Financial in 2004 and the distressed purchase of Countrywide Financial in 2008 and Merrill Lynch during the financial crisis, the latter making it a global leader in wealth management and investment banking.
Corporate affairs
The company is structured into several major lines of business: Consumer Banking, Global Wealth and Investment Management (which includes Merrill Lynch and Bank of America Private Bank), Global Banking, and Global Markets. Its leadership is headed by Chairman and CEO Brian Moynihan, with key operations overseen by executives like Vice Chair Bruce Thompson. The firm's headquarters are located in the Bank of America Corporate Center in Charlotte, North Carolina, with significant operational hubs in other cities like New York City and Dallas. It is a constituent of the S&P 500 and its stock trades on the New York Stock Exchange under the symbol BAC.
Products and services
Its offerings span retail banking, including checking and savings accounts, mortgage loans, and home equity lines; credit card services through its BankAmericard portfolio; and commercial banking for mid-sized businesses. The Global Wealth and Investment Management division provides financial advisory services, asset management, and brokerage through the Merrill Lynch brand. Its investment banking arm, BofA Securities, offers underwriting, mergers and acquisitions advisory, and sales and trading across debt and equity capital markets globally. The bank also operates a substantial digital banking platform and the Zelle payment network.
Controversies and legal issues
The institution has faced significant legal and regulatory challenges. It paid a record $16.65 billion settlement with the U.S. Department of Justice in 2014 over its role in packaging and selling toxic mortgage-backed securities in the lead-up to the Great Recession. Other major settlements include penalties related to the foreclosure practices of its acquired subsidiary Countrywide Financial and a $42 million settlement with the Securities and Exchange Commission over misleading statements about Merrill Lynch bonuses. It has also been subject to enforcement actions by the Consumer Financial Protection Bureau and other regulators concerning practices in its credit card and mortgage servicing operations.
See also
* JPMorgan Chase * Wells Fargo * Citigroup * History of banking in the United States * List of largest banks in the United States
Category:Bank of America Category:Banks based in North Carolina Category:Companies listed on the New York Stock Exchange Category:Financial services companies based in Charlotte, North Carolina