Bank of America
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Bank of America headquarters in Charlotte, North Carolina
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| Public | |
| Traded as | |
| Industry | Banking, Financial services |
| Predecessor |
Bank America NationsBank |
| Founded | October 17, 1904 (as Bank of Italy) February 1930 (as Bank of America) 1998 (current) |
| Founder | Amadeo Giannini |
| Headquarters | Charlotte, North Carolina, United States |
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Area served
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Worldwide |
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Key people
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Brian Moynihan (Chairman and CEO) |
| Products | Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards, |
| Revenue |
 US$82.50 billion (2015) |
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US$21.89 billion (2015) |
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 US$15.89 billion (2015) |
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| Total assets |
US$2.186 trillion (2016) |
| Total equity |
US$256.2 billion (2015) |
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Number of employees
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210,516 (2016) |
| Divisions | Bank of America Home Loans, Bank of America Merrill Lynch |
| Subsidiaries |
Merrill Lynch U.S. Trust |
| Capital ratio | 10.2% (2015) |
| Rating |
Long Term Senior Moody's: Baa1 (10/2016) S&P: BBB+ (10/2016) Fitch: A (10/2016) |
| Website | www |
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Footnotes / references |
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Bank of America (abbreviated as BofA) is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2016, Bank of America is the 26th largest company in the United States by total revenue. In 2016, Forbes listed Bank of America as the eleventh largest company in the world.
Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market. According to the Scorpio Partnership Global Private Banking Benchmark 2014 it had assets under management (AuM) of US$1,866.6 Bn, an increase of 12.5% on 2013.
The company held 12.2% of all bank deposits in the United States in August 2009, and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. 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. It has a retail banking footprint that serves approximately 50 million consumer and small business relationships at 5,151 banking centers and 16,259 automated teller machines (ATMs).
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