Bank of America
Bank of America Corporation (BofA) is an established American multinational investment banking and financial services firm based in Charlotte, North Carolina, USA, with principal hubs in New York City, Minneapolis, London, Toronto, and Hong Kong.
The acquisition of BankAmerica by NationsBank in 1998 led to the formation of Bank of America, which has become the second largest U.S. banking institution following JPMorgan Chase. As one of the Big Four firms, it services some 10.73% of all U.S.-based bank deposits, in open competition with rivals JPMorgan Chase, Citigroup, and Wells Fargo. Its main financial services comprise commercial and investment banking as well as wealth management.
Bank of America Merrill Lynch and its Merrill Lynch Wealth Management unit both maintain large global market shares through their respective offerings. Bank of America’s investment banking arm was ranked in 2018 as the third largest investment banking institution, well within the global “Bulge Bracket”. Its wealth management unit oversees US$1.081 Trillion in assets under management (AUM) and remains the second biggest wealth manager worldwide, after UBS.
As a commercial banking institution, Bank of America operates, but not necessarily maintains, retail banking branches throughout all 50 States, the District of Columbia, and across 40 more countries worldwide. The bank’s commercial banking side encompasses relationships with 46 million consumers and small businesses, through some 4,600 banking centres and 15,900 automated teller machine (ATM) sites.
Bank of America’s massive market share, widespread business activities, and huge impact on the economy has drawn many lawsuits and probes, especially regarding its mortgage operations and financial disclosures from since the 2008 global financial crises. Nonetheless, the bank’s practices of providing financial services to the middle class and the wider financial community have brought it substantial growth since the early years of the 20th century.
In August 2018, Bank of America reached $313.5 billion in market capitalization and thereby ranked 13th among the largest global companies, and 6th among the biggest public firms in the United States. The bank generated some $102.98 billion in revenue in June 2018 and ranked 24th in gross revenues in the 2018 Fortune 500 list of the largest American corporations. As well, Bank of America was recognised as the “World’s Best Bank” in the 2018 Awards for Excellence survey by Euromoney Institutional Investor.