Financial Institution Of America - Wikipedia

 This article is set a business bank unaffiliated with any authorities. For the principal financial institution of america, see Federal Reserve System.

"BofA" redirects here. For the French illustrator, see Gus Bofa.Bank of America (BofA) Corporation

The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North CarolinaTypePublic enterprise

Traded asNYSE: BACS&P 100 elementS&P 500 thingISINUS0605051046IndustryFinancial servicesPredecessorBank AmericaNationsBankFounded1998 (thru the merger of BankAmerica & NationsBank) 1956 (as BankAmerica) 1784 (as its predecessor, the Massachusetts Bank, thru the merger with FleetBoston in 1999)FounderAmadeo Giannini (BankAmerica) Hugh McColl(NationsBank)HeadquartersCharlotte, North Carolina, U.S.

Number of locations4,six hundred retail monetary centers & about sixteen,200 ATMs[1]

Key human beingsBrian Moynihan (Chairman and CEO)Anne Finucane (Co-Vice Chairman)Bruce Thompson (Co-Vice Chairman)ProductsAsset management, banking, commodities, credit score playing cards, equities buying and selling, insurance, funding management, mortgage loans, mutual price range, private equity, danger control, wealth managementRevenue US$85.fifty two billion (2020)[1]

Operating profits US$18.ninety nine billion (2020)[1]

Net profits US$17.89 billion (2020)[1]Total property US$2.819 billion (2020)[1]Total fairness US$272.ninety two billion (2020)[1]OwnersBerkshire Hathaway (12.0%)[2]

Number of employees200,000 (2020)[1]DivisionsBofA SecuritiesMerrillBank of America Private BankWebsitebankofamerica.com

The Bank of America Corporation (absolutely known as Bank of America, frequently abbreviated as BofA or BoA) is an American multinational investment financial institution and economic offerings keeping enterprise centered in Charlotte, North Carolina. The financial institution was based in San Francisco, and took its gift shape while NationsBank of Charlotte received it in 1998. It is the second one largest banking organization inside the United States, after JPMorgan Chase, and the 8th largest financial institution in the international. Bank of America is one of the Big Four banking establishments of the United States.[three] It serves about 10.seventy three% of all American bank deposits, in direct opposition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial offerings revolve round commercial banking, wealth control, and funding banking.

One branch of its history stretches again to Bank of Italy, based via Amadeo Pietro Giannini in 1904, which provided diverse banking alternatives to Italian immigrants who faced service discrimination.[four] Originally founded in San Francisco, California, Giannini obtained Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a fast increase in the 1950s, quick organising a outstanding market proportion. After struggling a good sized loss after the 1998 Russian bond default, BankAmerica, because it became then recognised, was received by means of the Charlotte-based NationsBank for US$62 billion. Following what became then the biggest financial institution acquisition in records, the Bank of America Corporation become based. Through a sequence of mergers and acquisitions, it constructed upon its business banking enterprise by using organising Merrill Lynch for wealth control and Bank of America Merrill Lynch for funding banking in 2008 and 2009, respectively (considering renamed BofA Securities).[5]

Both Bank of America and Merrill Lynch Wealth Management hold huge market stocks of their respective services. The funding financial institution is taken into consideration inside the "Bulge Bracket" as the 0.33 biggest investment financial institution in the international, as of 2018.[6] Its wealth management facet manages US$1.081 trillion in property beneath management (AUM) as the second largest wealth manager inside the global, after UBS.[7] In industrial banking, Bank of America operates—however does now not necessarily hold retail branches—in all 50 states of the USA, the District of Columbia and more than 40 different nations.[eight] Its industrial banking footprint encapsulates forty six million customer and small business relationships at four,600 banking centers and 15,900 automated teller machines (ATMs).

The bank's large market percentage, commercial enterprise sports, and monetary effect has led to severa lawsuits and investigations concerning each mortgages and financial disclosures courting again to the 2008 economic disaster. Its corporate practices of servicing the middle elegance and wider banking community has yielded a good sized market proportion because the early 20th century. As of August 2018, Bank of America has a $313.5 billion marketplace capitalization, making it the 13th largest employer within the world. As the 6th largest American public business enterprise, it garnered $102.ninety eight billion in sales as of June 2018.[9] Bank of America was ranked #25 at the 2020 Fortune 500 scores of the biggest US businesses via general revenue.[10] Likewise, Bank of America became also ranked #eight at the 2020 Global 2000 ratings carried out with the aid of Forbes. Bank of America changed into named the "World's Best Bank" by the Euromoney Institutional Investor of their 2018 Awards for Excellence.[11]History[edit]

The Bank of America call first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it became acquired by means of Bank of Italy of San Francisco, which took the Bank of America callyears later.[12]

The japanese part of the Bank of America franchise may be traced to 1784, whilst Massachusetts Bank become chartered, the first federally chartered joint-stock owned financial institution inside the United States and only the second bank to get hold of a constitution within the United States. This financial institution became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank became based in Charlotte. That financial institution merged with American Trust Company in 1958 to form American Commercial Bank.[13] Two years later it became North Carolina National Bank whilst it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to shape NationsBank.

The principal portion of the franchise dates to 1910, while Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which advanced into Continental Illinois National Bank & Trust.Bank of Italy[edit]

From a naming perspective, the records of Bank of America dates again to October 17, 1904, when Amadeo Pietro Giannini based the Bank of Italy in San Francisco.[12] In 1922, Bank of America, Los Angeles was installed with Giannini as a minority investor. Thebanks merged in 1928 and consolidated with other bank holdings to create what might turn out to be the most important banking group inside the country.[14]In 1986, Deutsche Bank AG obtained one hundred% of Banca d'America e d'Italia, a bank hooked up in Naples, Italy, in 1917 following the name-alternate of Banca dell'Italia Meridionale with the latter mounted in 1918.[quotation needed] In 1918, some other employer, Bancitaly Corporation, became prepared through A. P. Giannini, the largest stockholder of which became Stockholders Auxiliary Corporation.[14] This enterprise acquired the shares of numerous banks located in New York City and certain foreign international locations.[14][15] In 1918, the Bank opened a Delegation in New York so that you can observe American political, financial and financial affairs extra carefully.[14] In 1928, Giannini merged his financial institution with Bank of America, Los Angeles, headed through Orra E. Monnette. Bank of Italy become renamed on November three, 1930, to Bank of America National Trust and Savings Association,[16] which turned into the handiest such targeted bank within the United States at that time. Giannini and Monnette headed the resulting employer, serving as co-chairs.[17]Expansion in California[edit]