Bank of America Corporation (BofA)

Bank of America Corporation (BofA)

Bank of America Corporation (BofA) is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina, United States. It is ranked 2nd on the list of largest banks in the United States by assets.As of 2016, Bank of America was the 26th largest company in the United States by total revenue. In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world.

Its acquisition of Merrill Lynch in 2008 made it the world’s largest wealth management corporation and a major player in the investment banking market. As of December 31, 2016, it had US$886.148 billion in assets under management (AUM).

10 largest banks in the U.S. by assets

10 largest banks in the U.S. by assets

JPMorgan Chase Bank of America Corp. Wells Fargo & Co Citigroup Inc. Goldman Sachs Group Inc.
Morgan Stanley U.S. Bancorp PNC Financial Services Group Inc. TD Group US Holdings LLC Capital One Financial Corp

 

Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines,call centers, and online and mobile banking platforms. The bank’s Consumer Real Estate Services segment offers consumer real estate products comprising both fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.As of December 31, 2016, the company held 10.73% of all bank deposits in the United States. It 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 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014.

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 Bank of America Corporation (BofA)

Name of the Bank Bank of America
Type Public
Traded as NYSE: BAC , S&P 100 component

S&P 500 component

International Securities Identification Number US0605051046
Industry Banking, Financial services
Predecessor Bank America NationsBank
Founded October 17, 1904; 113 years ago (as Bank of Italy) February 1930; 87 years ago (as Bank of America)[1][2] October 2000; 17 years ago (current)

 

Founder               Amadeo Giannini
Headquarters Charlotte, North Carolina, U.S.
Number of locations

 

4,600 retail financial centers & approximately 15,900 automated teller machines
Area served Worldwide
Key person

 

Brian Moynihan

(Chairman and CEO)

Products    

 

Consumer banking, corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue      Increase US$89.701 billion (2016)
Net income Increase US$17.906 billion (2016)
Asset Under Management (AUM) Decrease US$886.148 billion (2016)
Total assets Increase US$2.187 trillion (2016)
Total equity Increase US$266.84 billion (2016)
Owner Berkshire Hathaway (7.09%)
Number of employees 208,000 (2016)
Divisions Bank of America Home Loans, Bank of America Merrill Lynch
Subsidiaries Merrill Lynch, Merrill Edge, U.S. Trust
Capital ratio 10.8% (2016)
Rating Long Term Senior Moody’s: Baa1 (10/2016)

S&P: BBB+ (10/2016)

Fitch: A (10/2016)

 

Website www.bankofamerica.com

Bank of America Corporation (BofA)

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