Bank of America Corporation is
multinational US investment bank and financial services holding company based in Charlotte, North Carolina.
The bank was founded in San Francisco and took its current form when it was bought by the NationsBank of Charlotte in 1998.
It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest in the world.
Bank of America is one of the four major American banking institutions. It serves approximately 10.73% of all US bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo.
Its main financial services are commercial banking, asset management and investment banking. One of the branches traces its history back to the Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which offered Italian immigrants various banking options marked by service.
Originally based in San Francisco, California. The introduction of pioneering legislation on federal banking facilitated rapid growth in the 1950s and it quickly gained significant market share. After a major loss following a Russian bond default in 1998, NationsBank in Charlotte acquired BankAmerica, as it was then known, for $62 billion.
After what was then the largest banking acquisition in history, the Bank of America Corporation was established.
Througha series of mergers and acquisitions, it built its commercial banking business by founding Merrill Lynch Asset Management and Bank of America Merrill Lynch Investment Banking in 2008 and 2009, respectively.
Bank of America and Merrill Lynch Wealth Management both have significant market share. The investment bank within the "Bulge Bracket" is the third largest investment bank in the world.
Its wealth side manages about $1.081 trillion in assets under management as the world's second largest asset manager,
after UBS. Bank of America is engaged in commercial banking—but it does not necessarily operate retail branches in all 50 states in the United States, the District of
Columbia, and more than 40 other countries. Its commercial banking presence covers 46 million consumer and small business affiliates in 4,600 banking centers and 15,900 automated cashiers.
The bank's large market share, activities and economic influence have led to numerous lawsuits and investigations related to both mortgages and financial information dating back to the 2008 financial crisis.
Bank of America's market capitalization is $313.5 billion, making it the third largest in the world. As the sixth largest public company in the United States, it has generated sales of $102.98 billion.
Bank of America ranked 25th on the Fortune 500 list of the largest US companies for 2020 in terms of total revenue. Similarly, Bank of America was also ranked 8th in the 2020 Global 2000 Series presented by Forbes. Bank of America named 'Best Bank in the World' by Euromoney Institutional Investor in its 2018 .Distinguished Award.
Long story
In 1928 it was bought by the Bank of Italy in San Francisco, which was called Bank of America two years later.
The eastern portion of the Bank of America concession can be traced back to 1784, when the Massachusetts Bank was chartered, the first state-owned corporation in the United States and the second bank to obtain a charter in the United States.
In 1874, the National Commercial Bank of Charlotte was incorporated. This bank merged with the American Trust Company in 1958 to form the Commercial Bank of America.
Two years later, it became the National Bank of North Carolina when it merged with the Greensboro National Security Bank. In 1991, it merged with C&S/Sovran Corporation in Atlanta and Norfolk to form NationsBank.
The middle portion of the franchise dates back to 1910, when the National Commercial Bank and the Continental National Bank of Chicago merged in 1910 to form the Continental and Commercial National Bank, which evolved into the Continental Illinois National Bank and Trust.
From a symbolic point of view, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.
In 1986 Deutsche Bank AG acquired a 100% stake in Banca d'America e d'Italia, a bank incorporated in Naples, Italy, in 1917 after changing the name of Banca dell'Italia Meridionale with the creation of the latter in 1918. In 1918, A.P. Gianni was organized by another company, Bancitaly Corporation, and
The largest shareholder was Stockholders Auxiliary Corporation.
In 1918, the Bank opened a delegation in New York to better monitor American political, economic, and financial affairs. which was the only designated bank in the United States at the time. Giannini and Monet led the company that grew up and acted as co-managers. California Expansion
Giannini introduced branch banking shortly after 1909, California legislation authorized branch banking for the state and established the first bank branch outside San Francisco in 1909 in San Jose. In 1929, the bank had 453 branch offices in California with a total capital of more than $1.4 billion.
It is a replica of the 1909 Bank of Italy branch in History Park, San Jose, and the 1925 Bank of Italy building is an important downtown landmark. Giannini sought to build a national bank and expanded into most Western countries as well as the insurance industry, under the auspices of his holding company, the Transamerica
Giannini introduced branch banking shortly after 1909, California legislation authorized branch banking for the state and established the first bank branch outside San Francisco in 1909 in San Jose. In 1929, the bank had 453 branch offices in California with a total capital of more than $1.4 billion.
It is a replica of the 1909 Bank of Italy branch in History Park, San Jose, and the 1925 Bank of Italy building is an important downtown landmark. Giannini sought to build a national bank and expanded into most Western countries as well as the insurance industry, under the auspices of his holding company, the Transamerica Corporation.
In 1953, the Clayton Antitrust Act successfully enforced the separation of the Transamerica Corporation and Bank of America. With the adoption of the Banking Act 1956, banks were prohibited from owning non-bank subsidiaries such as insurance companies.
Bank of America and Transamerica were separated and the latter continued in the insurance business. However, the Bank of America's FBI banned
New technology has also made it possible to link credit cards directly to individual bank accounts. In 1958, the bank introduced BankAmericard, which changed its name to Visa in 1977.
Association of Regional Bank Card Associations
Interbank was introduced in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979. Expanding outside California
After the adoption by the US Congress in 1956 of the American Banking Corporations Act, BankAmerica Corporation was incorporated with the purpose of owning and operating the Bank of America and its subsidiaries.
Bank of America expanded out of California in 1983, through the acquisition, partly organized by Stephen MacLean, of Seafirst Corporation in Seattle, Washington, and its wholly owned subsidiary, Seattle First National Bank. Seafirst was at risk of arrest by the federal government after going bankrupt over a series of bad loans to the oil industry.
BankAmerica continued to operate its new subsidiary, Seafirst, in place of Bank of America until 1998, when it merged with NationsBank. Its subsidiary FinancialAmerica sold to Chrysler and the securities firm Charles Schwab and Co. Back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time the stock market crashed in 1987, BankAmerica's stock had fallen to $8, but by 1992 it had grown sharply into one of the biggest gains of the half-decade.
BankAmerica's next major acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon and Washington, which were acquired by Security Pacific in a series of acquisitions in the late 1980s. .
At the time, these were the largest bank purchases in history. However, federal regulators were forced to sell about half of the Washington Pacific subsidiary, formerly Rainier Bank, as a combination of Seafirst and Security Pacific.
Washington would have given BankAmerica a very large market share in that state. The Washington branch was split and sold to West One Bancorp and KeyBank. Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.
In 1994, BankAmerica Continental Illinois acquired National Bank and Trust Co. in Chicago. At the time, no bank had the resources to bail out Continental, so the federal government ran the bank for about a decade.
Then Illinois managed branch operations very heavily, so Bank of America Illinois was one of the banks until the twenty-first century. BankAmerica has moved its domestic credit division to Chicago in an effort to establish a financial base in the area.
These mergers helped BankAmerica become the largest holding company of US banks again in terms of deposits, dropping in second place in 1997 after the rapidly growing Nations Bank of North Carolina and in third place in 1998 after First Union Corp.
On the capital market front, the acquisition of Continental Illinois BankAmerica has helped build a leveraged financing and distribution business that has enabled the company's existing broker, BancAmerica Securities, to become a full-service franchisor.
In addition, in 1997, BankAmerica acquired Robertson Stephens, a high-tech investment bank in San Francisco, for $540 million. Robertson Stephens is incorporated into BancAmerica Securities and the name of the combined subsidiary company has been changed to "BancAmerica Robertson Stephens".
Merger of NationsBank and BankAmerica In 1997, BankAmerica lent to hedge fund D.E. Shaw & Co. 1.4 billion dollars to operate various companies of the bank. However, Dr. Shaw incurred significant losses after defaulting on Russian bonds in 1998. The NationsBank of Charlotte acquired BankAmerica in October 1998, which was the largest banking transaction in history at the time.
While NationsBank was the surviving name, the combined bank adopted the well-known name Bank of America. As a result, the holding company was renamed Bank of America Corporation, but NationsBank, NA was merged with Bank of America NT&SA to form Bank of America, NA. As the remaining legal banker.
The combined bank operates under Federal Treaty 13044, granted to the Italian Bank of Giannini on March 1, 1927. However, the combined company was and is still headquartered in Charlotte and maintains the 1998 United Nations Bank stock price history. All US Securities and Exchange Commission listings 1998 listed Under NationsBank, not Bank of America. NationsBank Chairman, Chairman and CEO, Hugh McColl, took on the same role with the merged entity.
In 1998, Bank of America had total assets of $570 billion, as well as 4,800 branches in 22 states. Despite the two companies' size, federal regulators have only required 13 branches to be sold in New Mexico, in cities that will be left with only one bank after the merger. The broker, NationsBanc Montgomery Securities, is named Bank of America Securities in1998.
2001 to the present day
In 2001, McCall resigned and appointed Ken Lewis
his successor. In 2004, Bank of America announced that it would buy Boston's FleetBoston Financial for $47 billion in cash and stock. Through the merger with Bank of America, all of its banks and subsidiaries acquired the Bank of America logo.
At the time of the merger, FleetBoston was the seventh largest bank in the United States with assets of $197 billion, more than 20 million customers and revenue of $12 billion. On September 14, 2007, Bank of America won
Central Bank approves acquisition of LaSalle Bank Corporation from ABN AMRO for $21 billion. With this acquisition, Bank of America acquired assets of $1.7 trillion. A Dutch court blocked the sale until it was approved later in July.
The acquisition was completed on October 1, 2007. Several LaSalle branches and offices have already acquired smaller regional banks in the past decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event which was acquired by ABN AMRO in 1996. Bank of America hosted the event from 2007.
The agreement increased Bank of America's presence in Illinois, Michigan and Indiana with 411 branches, 17,000 commercial bank customers, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 branches and a 14% share, overtaking JPMorgan Chase.
Both LaSalle Bank and LaSalle Bank Midwest adopted the Bank of America name on May 5, 2008. Ken Lewis, who had lost his Chairman title, announced his resignation as CEO effective December 31, 2009, in part due to
Legal Disputes and Research Related to the Merrill Lynch Acquisition. Brian Moynihan became president and CEO effective January 1, 2010, after which credit card fees and arrears decreased in January. Bank of America repaid the $45 billion it received from the Troubled Asset Relief Program.
On January 11, 2008, Bank of America announced that it would acquire Countrywide Financial for $4.1 billion. In March 2008, it was reported that the Federal Police was investigating a nationwide possible fraud in connection with mortgages and mortgages. This news did not prevent the acquisition, which ended in July 2008, and gave the bank significantly
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