The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. 7.5 "Repeatedly has deceived" mortgagors, and then "impeding" investigation - said State of Arizona.7.4 Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.7.3 Purchasing of 300 Internet domains in apparent preemptive PR campaign.2.3 Global Wealth and Investment Management.1.5.10 Decision not to finance makers of military-style guns.1.5.8 $17 billion settlement with Justice Department.1.5.7 Sale of stake in China Construction Bank.1.5.3 Federal Troubled Asset Relief Program.1.5.1 Acquisition of Countrywide Financial.1.4 Merger of NationsBank and BankAmerica.Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence. Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018. As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. 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 commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs). 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 wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS. The investment bank is considered within the " Bulge Bracket" as the third largest investment bank in the world, as of 2018.
īoth Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings.
#MONEYSPIRE 2017 BANK OF AMERICA SERIES#
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 20, respectively (since renamed BofA Securities). Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. 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. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share.
Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. 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. Its primary financial services revolve around commercial banking, wealth management, and investment banking. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America is one of the Big Four banking institutions of the United States. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. 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.
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