Bank Of America

Offering banking, investing, and other financial

Summary

Bank of America is a financial institution, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

They serve approximately 51 million consumer and small business relationships with approximately 5,300 retail banking offices and approximately 16,350 ATMs and award-winning online banking with 30 million active users and more than 13 million mobile users. It offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.

History

One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided Italian immigrants who faced service discrimination various banking options. 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. ts 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. Bank of America was ranked #24 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue. Bank of America was named the “World’s Best Bank” by the Euromoney Institutional Investor in their 2018 Awards for Excellence.

Mission

At Bank of America, they have a clear purpose to help make financial lives better through the power of every connection. They fulfill this purpose through their commitment to responsible growth, which includes a focus on environmental, social and governance (ESG) leadership. Integrated across their eight lines of business — our ESG focus reflects our values, ensures rhey are holding ourselves accountable, presents tremendous business opportunity, and allows us to create shared success with our clients and communities.

References

https://about.bankofamerica.com/en-us/who-we-are.html#fbid=rxO8yNbgFpV

https://www.bofaml.com/content/boaml/en_us/home.html

https://en.wikipedia.org/wiki/Bank_of_America

https://www.crunchbase.com/organization/bank-of-america

https://www.wsj.com/articles/bank-of-america-profit-falls-16-11602673559