Bank of America

The Bank of America Corporation, sometimes known as BofA or BoA, is a holding company for financial services and a global American investment bank with its headquarters in the Bank of America Corporate Center in Charlotte, North Carolina. The bank was established in San Francisco, and NationsBank of Charlotte purchased it in 1998, giving it its current shape. After JPMorgan Chase, it is the second-largest bank in the United States. By market value, it is also the second-largest bank globally. One of the Big Four U.S. financial organizations is Bank of America. It competes directly with JPMorgan Chase, Citigroup, and Wells Fargo for roughly 10.73% of all bank deposits in the United States. Commercial banking, wealth management, and investment banking are its three main financial services.

Amadeo Pietro Giannini established the Bank of Italy in the United States in 1904, which gave Italian immigrants who were subject to service discrimination a variety of banking options. Giannini bought Banca d'America e d'Italia (Bank of America and Italy) in 1922. Banca d'America e d'Italia had its initial headquarters in San Francisco, California. In the 1950s, a rapid expansion was made possible by the passing of important federal banking laws, which swiftly established a large market share. BankAmerica, as it was then known, was bought by Charlotte-based NationsBank for US$62 billion after sustaining a large loss during the 1998 Russian bond failure. The Bank of America Corporation was established following the then-largest bank purchase in history.

Founders: Amadeo Giannini (Bank of Italy); Hugh McColl (NationsBank)
Headquarters: Bank of America Corporate Center, Charlotte, North Carolina, United States
Revenue: US$89.11 billion (2021)

Market cap: $254.87 Billion (2022)

Website: bankofamerica.com