About the Company
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase. Bank of America is one of the Big Four banking institutions of the United States. 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. Through mergers, the oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination. 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). 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. 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. 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. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 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 have 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. Bank of America was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence.
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Latest $BAC News
State financial officers put Bank of America on notice for allegedly 'de-banking' conservatives
A group of 15 state financial officers penned a letter to Bank of America, warning it against discriminating against ...
Bank of America Boycott Calls Grow After MAGA Accounts Closed
Trump lawyer John Eastman claims he was "de-banked" for helping the former president try to overturn the 2020 election ...
Indiana AG blasts Bank of America's alleged discriminatory behavior: 'You can't just pick and choose'
Indiana Attorney General Todd Rokita weighs in on the alleged behavior from Bank of America and its impact of free speech in ...
Who Owns Bank of America?
The largest Bank of America owner is Warren Buffett's Berkshire Hathaway, with a stake of about 13%. Institutional investors ...
Bank of America Corp BAC
Bank of America is poised to succeed on a nationwide scale, and there seems to be no structural reason it can't be one of the strongest bank franchises going forward. If the economy ever falters ...
15 AGs accuse Bank of America of 'discriminatory behavior': 'A serious threat to religious freedom'
A coalition of 15 Republican state attorneys general sent a letter to Bank of America earlier this week demanding answers to ...
Bank of America defeats 'Erica' virtual-assistant trademark case on appeal
Bank of America has convinced a U.S. appeals court that its "Erica" virtual assistant does not violate the rights of a ...
GOP AGs put a major US bank on notice for alleged 'de-banking' of conservatives
Over a dozen Republican attorneys general are warning a major U.S. bank against alleged practices of “de-banking" certain ...
Bank of America Corp. stock underperforms Tuesday when compared to competitors
Shares of Bank of America Corp. shed 3.53% to $34.68 Tuesday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average rising 0.17% to ...
This unusual combination signals either booms, bubbles or inflections, says Bank of America
Tech stocks COMP, commodities and the U.S. dollar DXY all have gained simultaneously, find strategists at Bank of America led ...
Bank of America Corp
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions ...
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