Bank of America

American multinational banking and financial services corporationTemplate:SHORTDESC:American multinational banking and financial services corporation
This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

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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 in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. 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.

One 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[update]. 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 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 have yielded a substantial market share since the early 20th century. As of August 2018[update], 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[update]. Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked #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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## Competition

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, JPMorgan Chase Bank, US Bank, Citizens Financial Group, Citigroup, M&T Bank, and Truist.

## Notable buildings

 File:Bank of America Atlanta 1.jpg
 File:Bank of America Stadium.jpg
Notable buildings which Bank of America currently occupies include:

* Bank of America Tower in Phoenix, Arizona
* 9454 Wilshire Boulevard in Beverly Hills, California
* Bank of America Center in Los Angeles, California
* Transamerica Pyramid, in San Francisco
* 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
* City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
* Bank of America Plaza in Fort Lauderdale, Florida
* Bank of America Tower in Jacksonville, Florida
* Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
* Bank of America Center in Orlando, Florida
* Bank of America Tower in St. Petersburg, Florida
* Bank of America Plaza in Tampa, Florida
* Bank of America Plaza in Atlanta, Georgia
* Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
* One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
* Bank of America Building in Baltimore, Maryland
* Bank of America Plaza in St Louis, Missouri
* Bank of America Tower in Albuquerque, New Mexico
* Bank of America Tower in New York City
* Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
* Bank of America Plaza in Charlotte, North Carolina
* Bank of America Tower in Charlotte, North Carolina
* Hearst Tower in Charlotte, North Carolina
* Bank of America Plaza in Dallas, Texas
* Bank of America Tower in Midland, Texas
* Bank of America Plaza in San Antonio, Texas
* Bank of America Fifth Avenue Plaza in Seattle, Washington
* Columbia Center in Seattle, Washington
* Bank of America Tower in Hong Kong

In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.

### Former buildings

 File:Bank of America, Loop 410, San Antonio, TX IMG 7852.JPG
The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers, it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in *Miami Vice* was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most recognizable landmarks of the downtown Houston skyline since it was completed in 1983.

## See also

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* List of members ATM Industry Association (ATMIA)
* BAML Capital Partners
* Bank of America (Asia)
* Big Four banks
* *Calibuso, et al. v. Bank of America Corp., et al.*
* List of bank mergers in the United States
* List of largest banks in the United States

## References

1. ↑ "in PDF on page 2 (Assets Under Management)" (PDF). *bankofamerica.com*.
2. ↑ "in PDF on page 6 (Total Assets)" (PDF). *bankofamerica.com*.
3. ↑ "Bank of America Corp 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 22, 2023.
4. ↑ "2022 Proxy Statement – Bank of America Corporation". sec.gov. March 7, 2022.
5. ↑ ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". *The Balance*. Archived from the original on November 21, 2020. Retrieved August 31, 2020.
6. ↑ "Who Made America? – Innovators – A.P. Giannini". PBS.org The bank grew due to insurance monies provided after the 1906 Earthquake. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
7. ↑ Cohan, William D. (September 2009), "An offer he couldn't refuse", *The Atlantic*
8. ↑ Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". *Forbes*. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
9. ↑ Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". *Business Insider*. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
10. ↑ B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMs Archived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
11. ↑ "Bank of America on the Forbes Global 2000 List". *Forbes*. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
12. ↑ "Fortune 500 Companies 2020: Who Made the List". *Fortune*. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
13. ↑ Murphy, Andrea; Tucker, Hank (June 8, 2023). "The Global 2000 (2023)". *Forbes*. Retrieved June 12, 2023.
14. ↑ "World's best bank 2018: Bank of America". *Euromoney*. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018. Bank of America sets the standard for the new era of banking.
15. ↑ J.P. MORGAN SECURITIES LLC Archived January 29, 2022, at the Wayback Machine entry at BrokerCheck
16. ↑ O'Daniel, Adam; Boye, Will (May 10, 2011). "Credit Cards' Latest Pitch: Green Benefits". *Charlotte Business Journal*. Archived from the original on March 20, 2017. Retrieved March 19, 2017.
17. ↑ "Florida Architecture: 100 Years. 100 Places". AIA Florida. Archived from the original on May 5, 2012.
18. ↑ "Iconic downtown Houston office tower renamed TC Energy Center". *HoustonChronicle.com*. October 15, 2019. Archived from the original on January 9, 2021. Retrieved January 8, 2021.

## Further reading

* Cohen, Lauren (2016). *Bank of America Interview Tips*. Los Angeles, CA: Smith-Westfield Press.

* Bonadio, Felice A. (1994). *A.P. Giannini: Banker of America*. Berkeley, CA: University of California Press. ISBN 978-0-520-08249-6.

* Hector, Gary (1988). *Breaking the Bank: The Decline of BankAmerica*. Boston: Little, Brown. ISBN 978-0-316-35392-2.

* James, Marquie; James, Bessie (1954). *Biography of a Bank: The Story of Bank of America N.T.&S.A*. New York: Harper and Brothers.

* Johnston, Moira (1990). *Roller Coaster: The Bank of America and the Future of American Banking*. New York: Ticknor & Fields. ISBN 9780899199559.

* Josephson, Matthew (1972). *The Money Lords: The Great Finance Capitalists, 1925–1950*. New York: Weybright and Talley.

* Lampert, Hope (1986). *Behind Closed Doors: Wheeling and Dealing in the Banking World*. New York: Atheneum. ISBN 9780689117473.

* Light, Larry (October 1, 2007). "Money for the Masses". *Forbes*.
* Monnette, Orra Eugene. *Personal Papers Collection*. Los Angeles, CA: Los Angeles Public Library.

* Nash, Gerald G. (1992). *A.P. Giannini and the Bank of America*. Norman, OK: University of Oklahoma Press.

* Yockey, Ross (1999). *McColl: The Man with America's Money*. Atlanta: Longstreet Press.

* Ahmed, Azam; Demirjian, Karoun (February 15, 2007). "Credit offered to illegal residents". *Chicago Tribune*.

## External links

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* [DOD] Community Bank operated by Bank of America (official website)
* Business data for Bank of America Corp:
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