Bank of America

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Bank of America
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{{about|a commercial bank unaffiliated with any government|the central bank of the United States|Federal Reserve System}}{{Redirect|BofA|the French illustrator|Gus Bofa}}{{short description|American multinational banking and financial services corporation}}{{Use mdy dates|date=November 2015}}{{Use American English|date=January 2015}}

| S&P 100 component| S&P 500 component}}| ISIN = US0605051046Investment banking|financial services}}#Merger of NationsBank and BankAmerica>Bank AmericaNationsBankAmadeo Giannini (for the Bank of Italy branch)| hq_location = Charlotte, North Carolina, U.S.automated teller machinesHTTPS://WWW.SEC.GOV/ARCHIVES/EDGAR/DATA/70858/000007085818000009/BAC-1231201710XK.HTM WEBSITE=SEC.GOV U.S. SECURITIES AND EXCHANGE COMMISSION >DATE=FEBRUARY 2018, 2018-04-02, | area_served = International serviceBrian Moynihan (Chairman and Chief executive officer)>Anne Finucane (Chairman)>Terrence Laughlin (Chairman)>Bruce Thompson (Co-Vice Chairman)}}Retail banking>Consumer banking, corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards91.24 billion}} (2018)HTTPS://WWW.SEC.GOV/ARCHIVES/EDGAR/DATA/70858/000007085818000009/BAC-1231201710XK.HTM >TITLE=BANK OF AMERICA CORPORATION 2017 ANNUAL REPORT (FORM 10-K) PUBLISHER=U.S. SECURITIES AND EXCHANGE COMMISSION ACCESSDATE=2018-04-02, 34.60 billion}} (2018)28.14 billion}} (2018)2.325 trillion}} (2018)264.74 billion}} (2018)Berkshire Hathaway (6.6%)HTTPS://WWW.REUTERS.COM/ARTICLE/US-BERKSHIRE-BANK-OF-AMERICA-IDUSKCN1B92LELAST=STEMPELWORK=U.S.LANGUAGE=EN-US, | num_employees = 204,489 (2018)BofA SecuritiesMerrill Lynch>MerrillBank of America Private Bank| subsid = | ratio = 11.8% (2017)Moody's Investors Service>Moody's: Baa1Standard & Poor's: BBBFitch Ratings>Fitch: Aweblink|}}| caption = }}The Bank of America Corporation (abbreviated as BofA) is an American multinational investment bank and financial services company based in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. Its primary financial services revolve around commercial banking, wealth management, and investment banking.One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided Italian immigrants who faced service discrimination various banking options. Originally headquartered in San Francisco, California, Giannini renamed his bank Banca d'America e d'Italia (Bank of America and Italy) in 1922, and expanded further into California. The passage of landmark federal banking legislation facilitated 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 both divisions carry the "Merrill Lynch" signage, the former is often referred to as "Merrill Lynch Wealth Management" to differentiate itself from the latter.Cohan, William D. (September 2009), "An offer he couldn't refuse", The AtlanticBoth Bank of America Merrill Lynch 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|lc=y}}.NEWS,weblink Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets, Team, Trefis, June 14, 2018, Forbes, August 17, 2018, en, 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.NEWS,weblink The 15 biggest wealth managers in the world, Shelby-Green, Michael, June 11, 2018, Business Insider, August 11, 2018, 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.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 {{webarchive|url= |date=July 1, 2014 }}. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014. 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 has yielded a substantial market share since the early 20th century. {{as of|2018|August|}}, 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|2018|June|lc=y}}.NEWS,weblink Bank of America on the Forbes Global 2000 List, Forbes, August 11, 2018, en, Bank of America was ranked #24 on the 2018 Fortune 500 rankings of the largest United States corporations by total revenue.WEB,weblink Fortune 500 Companies 2018: Who Made the List, Fortune, en-US, 2018-11-09, Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.WEB,weblink World's best bank 2018: Bank of America, July 11, 2018, Euromoney, en, August 10, 2018, Bank of American sets the standard for banking in the modern era., {{TOC limit|limit=3}}


The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.The eastern portion of the Bank of America franchise traces its roots to 1784, when Massachusetts Bank was chartered—the earliest forerunner of FleetBoston, which it acquired in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy

From a naming perspective, the history of Bank of America dates back to October 17, 1904,WEB,weblink Bank of America, NNDB, March 23, 2015, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing U.S. banks which typically discriminated against them and often denied service to all but the wealthiest.WEB,weblink Who Made America? – Innovators – A.P. Giannini,, December 17, 2009,weblink" title="">weblink January 7, 2010, no, Giannini was raised by his mother and stepfather Lorenzo Scatena after his father was fatally shot over a pay dispute with an employee.WEB,weblink Amadeo Peter Giannini, Famous Entrepreneurs by Evan Carmichael, August 25, 2014,weblink" title="">weblink August 27, 2014, yes, mdy-all, When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild.Nation & World: Ripples from 1906 San Francisco quake felt even today{{webarchive|url= |date=October 29, 2013 }}. The Seattle Times. Retrieved on August 25, 2013.BOOK, Fradkin, Philip L., The Great Earthquake and Firestorms of 1906: How San Francisco Nearly Destroyed Itself,weblink 2005, University of California Press, 978-0-520-23060-6, 97–99, Bank of America - Our Heritage: Loans on a Handshake. (April 18, 1906). Retrieved on 2013-08-25.In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. This bank was headed by Orra E. Monnette. Between 1923 and 1930, when the two organizations operated separately. Giannini established Bank of America and Italy. In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries.Bank of Italy {{webarchive|url= |date=July 18, 2011}} In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely; together with the London Delegation, this was the first permanent overseas office opened by the Bank, at a time when the foundations were being laid{{by whom|date=December 2016}} for the restructuring of the international money market.In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,WEB,weblink World's biggest bank (Fortune Classics, 1947), Fortune, en, 2019-03-25, which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.BOOK, Bucyrus (OH) (Images of America), Vance, Marian, Arcadia Publishing, 2006, 978-0738540818, United States, 84,

Expansion in California

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion."Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF version There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.Transamerica Corporation, a corporation of Delaware {{webarchive|url=weblink" title="">weblink |date= August 30, 2009}}, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18. The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.WEB
, The History of Visa, Visa Inc.
, October 29, 2007
,weblink" title="">weblink
, November 3, 2007, yes
, Bank of America had the entire state of California as a potential market, and when it issued BankAmericard in 1958, the card was an instant success. [...] In many countries, there was still reluctance to issue a card associated with Bank of America, even though the association was entirely nominal in nature. For this reason, in 1977 BankAmericard became the Visa card, retaining its distinctive blue, white and gold flag. NBI became Visa U.S.A., and IBANCO became Visa International.
, A consortium of other California banks introduced Master Charge (now MasterCard) in 1966 to compete with BankAmericard.

Expansion outside California

Following the passage of the Bank Holding Company Act of 1956, BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.BankAmerica's next big acquisition came in 1992. The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.NEWS, Michele, Matassa Flores, Key Bank, West One Finalize Purchases, April 2, 1992,weblink Seattle Times, September 27, 2008, Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois at that time regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.File:Bank of America, Loop 410, San Antonio, TX IMG 7852.JPG|right|thumb|Pyramid-shaped former Bank of America branch building towers over Interstate 410 in San Antonio, TexasSan Antonio, TexasThese mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.(File:Bank of America logo.svg|thumb|Bank of America logo used since 2018, an updated version of the logo from 1998 to 2018.)On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business (Continental Illinois had extensive leveraged lending relationships) which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.BA Securities, Inc. Changes to BancAmerica Securities, Inc.. Business Wire, January 16, 1997BankAmerica Adds 4 Traders To Its High-Yield Bond Sector. American Banker, June 17, 1996 In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens.BankAmerica to Buy Robertson, Stephens Investment Company. The New York Times, June 9, 1997

Merger of NationsBank and BankAmerica

(File:BankAmerica logo.png|right|thumb|Logo of the former Bank of America (BA), 1969–1998)In 1997, Bank of America lent D. E. Shaw & Co., a large hedge fund, $1.4 billion in order to run various businesses for the bank.WEB, Kolman, Joe, Inside D. E. Shaw,weblink Derivatives Strategy, June 22, 2013, 1998, yes,weblink" title="">weblink October 22, 2013, However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.NEWS, BankAmerica's Coulter to Step Down Oct. 30,weblink Los Angeles Times, October 21, 1998, Thomas S., Mulligan, NEWS, Surprise BofA Losses Trigger Plunge in Stock,weblink June 22, 2013, Los Angeles Times, October 15, 1998, Tom, Petruno, NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.NEWS, Martin, Mitchell, Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks,weblink The New York Times, June 5, 2014, April 14, 1998, While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. Additionally, all U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman and CEO Hugh McColl, took on the same roles with the merged company.Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination. (Branch divestitures are only required if the combined company will have a larger than 25% Federal Deposit Insurance Corporation (FDIC) deposit market share in a particular state or 10% deposit market share overall.) In addition, the broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.Montgomery name disappears, as Banc of America Securities debuts. Investment Dealers' Digest, May 17, 1999

2001 to present

(File:Porter Ranch Bank of America.jpg|thumb|left|Typical Bank of America local office in Los Angeles)In 2001, McColl stepped down and named Ken Lewis as his successor.In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.NEWS, US banking mega-merger unveiled, October 27, 2003, BBC News,weblink By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America the operation was renamed FIA Card Services.(File:Bank of America footprint.png|thumb|left|Bank of America footprint)Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In 2006, Bank of America sold BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America (ending the BankBoston brand).In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. The deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.NEWS, Bank of America To Buy U.S. Trust, Forbes, November 20, 2006,weblink August 22, 2007, yes,weblink" title="">weblink October 12, 2007, On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.NEWS, Tom, Henderson, BOA to 'paint the town red' with LaSalle name change, Crain Communications, Crain's Detroit Business, April 14, 2008,weblink May 5, 2008,weblink" title="">weblink June 5, 2008, no, Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became President and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.NEWS, Fitzpatrick, Dan, Lublin, Joann S., October 2, 2009,weblink Bank of America Chief Resigns Under Fire, The Wall Street Journal, March 29, 2010,weblink" title="">weblink February 11, 2010, no, NEWS, La Monica, Paul R., February 24, 2010, BofA: No longer hated on Wall Street,weblink, March 29, 2010,weblink" title="">weblink February 25, 2010, no,

Acquisition of Countrywide Financial

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.NEWS, Caroline, Salas, Steven, Church, Countrywide Gives Bank of America $447 million Gain, Bloomberg L.P., August 23, 2007,weblink October 29, 2007, yes,weblink" title="">weblink October 9, 2007, On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.NEWS, Bank of America to buy Countrywide for $4 billion, Reuters, January 11, 2008,weblink In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.NEWS,, Countrywide FBI Investigation, March 10, 2008,weblink March 10, 2008,weblink" title="">weblink March 9, 2008, no, This news did not hinder the acquisition, which was completed in July 2008,Arena, Kelli (September 24, 2008), "FBI probing bailout firms", Retrieved March 8, 2010. giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.NEWS, Bauerlein, Valerie, Hagerty, James S., Behind Bank of America's Big Gamble, The Wall Street Journal, A1, A5, January 12, 2008,weblink January 15, 2008,weblink" title="">weblink January 15, 2008, no, The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.PRESS RELEASE, Countrywide Financial Corporation Thirteen Month Statistical Data for the period ended December 31, 2007,weblink January 15, 2008,weblink" title="">weblink January 13, 2008, This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.NEWS,weblink BofA completes deal for Countrywide Financial, Associated Press, July 1, 2008, July 2, 2008,weblink" title="">weblink August 4, 2008, yes, Orlando Sentinel, mdy-all, The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.NEWS,weblink Bank of America May Not Guarantee Countrywide's Debt, Bloomberg News, May 2, 2008, August 3, 2008, yes,weblink" title="">weblink January 22, 2009, Countrywide Financial has changed its name to Bank of America Home Loans.(File:BOAChart.svg|thumb|Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 Financial Crisis){{anchor|Discrimination}}In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.NEWS,weblink CNN, Chris, Isidore, BofA settles unfair lending claims for $335 million, December 21, 2011,

Acquisition of Merrill Lynch

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.WEB, Zach, Lowe,weblink Wachtell, Shearman, Cravath on Bank of America-Merrill Deal,, September 15, 2008, October 17, 2010, Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.NEWS, Popper, Margaret,weblink Bank of America Said to Walk Away From Lehman Talks (Update1), Bloomberg, September 14, 2008, October 17, 2010, yes,weblink" title="">weblink June 13, 2010, Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.NEWS, Andrew Ross, Sorkin,weblink The New York Times, Lehman Files for Bankruptcy; Merrill Is Sold, September 15, 2008, March 31, 2010, This acquisition made Bank of America the largest financial services company in the world.NEWS,weblink Lehman Brothers files for Bankruptcy, BBC News, September 16, 2008, October 17, 2010,weblink" title="">weblink January 22, 2009, no, Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.WEB,weblink AFP: Temasek could profit on Merrill takeover: economists, September 15, 2008, October 17, 2010, yes,weblink" title="">weblink May 8, 2009, However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.Lim, Kevin & Azhar, Saeed (May 22, 2009), "Singapore's Temasek defends costly Bank of America exit", Reuters, retrieved August 3, 2009Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.WEB,weblink for Bank of America, Bank of America Completes Merrill Lynch Purchase, January 1, 2009, yes,weblink" title="">weblink February 15, 2009, Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.NEWS,weblink Bloomberg L.P., December 18, 2008, November 17, 2009, Bank of America Moves Chai; Berkery Said to Depart, Bradley, Keoun, Poppy, Trowbridge, yes,weblink" title="">weblink October 14, 2007, However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.NEWS,weblink Financial Times, February 3, 2009, November 17, 2009, BofA Asia head and Thain ally leaves, Greg, Farrell, Francesco, Guerrera, The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiatedNEWS,weblink The New York Times, Bank of America to Receive Additional $20 billion, Eric, Dash, Louise, Story, January 16, 2009, April 26, 2010, with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about the acquisition of Merrill Lynch, and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.NEWS,weblinkweblink yes, March 12, 2010, Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch, LOUISE STORY and JO BECKER, The New York Times, June 11, 2009, June 13, 2009, Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.NEWS,weblink BofA documents, e-mails show pressure to buy Merrill Lynch, Kim Dixon, Reuters, June 10, 2009, January 1, 2018, In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.PRESS RELEASE, Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm, Bank of America, September 15, 2008,weblink As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.NEWS,weblink BBC News, Debt overshadows US bank's profit, April 20, 2009, March 31, 2010, NEWS,weblink Merrill Bringing Down Lewis Gives Bank 30% Profits as 'a Steal', Mildenberg, David, October 5, 2009, Bloomberg, December 12, 2009, yes,weblink" title="">weblink May 25, 2010, On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.NEWS, Bank of America Settles Suit Over Merrill for $2.43 Billion,weblink Jessica, Silver-Greenberg, Susanne, Craig, September 28, 2012, The New York Times, This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program

Bank of America received $20 billion in the federal bailout from the U.S. government through the Troubled Asset Relief Program (TARP) on January 16, 2009, and a guarantee of $118 billion in potential losses at the company.WEB, Patrick, Rucker, Jonathan, Stempel,weblink Bank of America gets big government bailout, January 16, 2009, Reuters, This was in addition to the $25 billion given to them in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with the troubled investment firm Merrill Lynch.NEWS,weblink U.S. pushed Bank of America to complete Merrill buy: report, February 5, 2009, Reuters, Joseph A., Giannone, yes,weblink" title="">weblink February 8, 2009, Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.NEWS, David, Ellis,weblink Bank CEOs flogged in Washington,, February 11, 2009, March 31, 2010, Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.According to a March 15, 2009, article in The New York Times, Bank of America received an additional $5.2 billion in government bailout money, channeled through American International Group.Walsh, Mary Williams (March 15, 2009), "A.I.G. Lists Firms It Paid With Taxpayer Money", The New York Times. Retrieved March 31, 2009.As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story."US Regulators to B of A: Obey or Else", The Wall Street Journal, July 16, 2009On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."Bank of America to Repay Entire $45 billion in TARP to U.S. Taxpayers, PR Newswire, December 2, 2009WEB,weblink Bank of America Completes US TARP Repayment, October 12, 2009, December 12, 2009, yes,weblink" title="">weblink May 23, 2012, Google News,

Bonus settlement

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York State Attorney General Andrew Cuomo, who commented after the suit and announced settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility{{'"}} and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."Kouwe, Zachery (August 3, 2009), "BofA Settles S.E.C. Suit Over Merrill Deal" DealBook blog, The New York Times, Retrieved August 3, 2009. A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.Stempel, Jonathan,
"Judge blocks Bank of America-SEC bonus settlement" Reuters, 8/6/09. Retrieved 8/7/09.
A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.Story, Louise (August 10, 2009), "Judge Attacks Merrill Pre-Merger Bonuses", The New York Times, (p. B1, August 11, 2009 NY ed.), retrieved August 11, 2009On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth."While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.Glovin, David (February 22, 2010), "Bank of America $150 million SEC Accord Is Approved",, retrieved March 2, 2010Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,Story,
Louise, "Judge Rejects Settlement Over Merrill Bonuses", The New York Times, September 14, 2009. Retrieved September 14, 2009. under chairman Edolphus Towns (D-NY)"Executive Compensation: How Much is Too Much?" {{Webarchive|url= |date=June 5, 2011 }} Hearing, with statements, October 28, 2009. Retrieved October 30, 2011. and in its investigative Domestic Policy Subcommittee under Kucinich."Kucinich on new NY AG fraud charges against Bank of America and SEC settling charges against BofA for misleading shareholders" Press release, February 4, 2010. Retrieved March 2, 2010.


In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue service and $4.5 million to state attorney general, to the affected organizations to settle the allegations.NEWS, Bank of America to pay $137 million in state fraud cases,weblink The Washington Post, Zachary A., Goldfarb, December 7, 2010, February 3, 2018, Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges. {{as of|2011|January|}}, other bankers and brokers are under indictment or investigation.Selway, William, & Braun, Martin Z. (January 2011), "The Men who Rigged the Muni Market", Bloomberg Markets, pp. 79–84On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.NEWS,weblink U.S. Sues Bank Of America Over Mortgage Loans To Fannie And Freddie, October 24, 2012, npr, NEWS, U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud, The New York Times, October 24, 2012, February 3, 2018,weblink Ben, Protess, On May 23, 2016 the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.NEWS, Aruna, Viswanatha, Christina, Rexrode, Bank of America Penalty Thrown Out in Crisis-Era 'Hustle' Case Appeals court says government didn't prove case, bank doesn't have to pay $1.27 billion,weblink May 24, 2016, The Wall Street Journal, May 23, 2016, subscription,

Downsizing (2011 to 2014)

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.NEWS, American City Business Journals, September 13, 2011, September 15, 2011, Bank of America ending 30K more jobs, American City Business Journals, Philadelphia Business Journal,weblinkweblink September 15, 2011, no, In December 2011, Forbes ranked Bank of America's financial health 91st out of the nation's largest 100 banks and thrift institutions.Badenhausen, Kurt (December 13, 2011). "Full List: America's Best And Worst Banks". Forbes.Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.WEB, BofA speeds up plans to cut 16,000 jobs: WSJ,weblink Yahoo News, September 21, 2012, In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.WEB,weblink Huntington Bank buys 13 branches to Flint-area, Monroe, Muskegon in $500 million deal,, As part of its new strategy Bank of America is focused on growing its mobile banking platform. {{as of|2014}}, Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.WEB,weblink Why Bank of America branches are disappearing,

Sale of stake in China Construction Bank

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.NEWS, Bank of America invests in China, BBC News, June 17, 2005,weblink August 22, 2007, It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.WEB,weblink ALB Asia – legal deals, law deals, law firm deals, lawyer deals,, October 17, 2010, In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.NEWS, Bank of America's Construction Bank Sale Lifts Capital, Reduces China Risk, Bloomberg, November 15, 2011,weblink June 10, 2012, Hugh, Son, Stephanie, Tong, In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.NEWS,weblink Bank of America selling remaining stake in Chinese bank, Elzio, Barreto, Denny, Thomas, Peter, Rudegeair, Reuters, September 3, 2013,

$17 billion settlement with Justice Department

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.NEWS, Bank of America to pay nearly $17 bn to settle mortgage claims,weblink August 21, 2014, August 22, 2014, Philadelphia Herald, Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."WEB,weblink Mortgage Settlement: Do the Big Banks Owe You Money?, Meg, Handley, U.S. News & World Report, yes,weblink" title="">weblink January 3, 2015, Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary) and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.WEB,weblink Whistleblowers Share Over $170M in Bank of America Settlement, January 5, 2015, November 25, 2015, MahanyLaw, Mahany, Brian,

DOD Community Bank

(File:DOD Community Bank operated by Bank of America logo.png|thumb|DOD Community Bank logo)Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community BankCommunity Bank official website ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locationsDOD Community Bank Branch and ATM locations on U.S. military installations in Guantanamo Bay Naval Base Cuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands and the United Kingdom. Even though Bank of America operates Community Bank customer services are not interchangeable between the two financial institutions,Community Bank Frequently Asked Questions meaning a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.NEWS, Hsu, Tiffany, Bank of America to Stop Financing Makers of Military-Style Guns,weblink 12 April 2018, New York Times, 10 April 2018, In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (2015-present)

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Citiesweblink The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the areaweblink The following month, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are also strongholds of Chaseweblink

Introduction of Erica

At the Money 20/20 conference in October 2016, retail banking president Thong Nguyen introduced a digital assistant called Erica, whose name comes from the bank name. Starting in 2017, customers will be able to use voice or text to communicate with Erica and get advice, check balances and pay bills. Unlike the people who work for the bank, Erica will be available 24/7. Digital banking head Michelle Moore said the technology was designed to help customers do a better job of managing money.Forrester analyst Peter Wannemacher says bank customer experiences with the technology have been "uneven or poor," but Bank of America intends to adapt Erica as needed.


File:Bank of America - Near Northeast.JPG|thumb|Bank of America branch in Washington, D.C.Washington, D.C.Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.NEWS, Awards for Excellence 2007 Best Bank: Bank of America, Euromoney, July 13, 2007,weblink yes,weblink" title="">weblink September 21, 2007,

Consumer Banking

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016. The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking

File:LaurastBOAT.jpg|thumb|upright|Bank of America Tower, located on Laura Street in Jacksonville, FloridaJacksonville, FloridaThe Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016. It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.


On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.WEB,weblink Hudson, Caroline, Apr 9, 2019, Bank of America to raise minimum wage to $20 an hour, Austin Business Journal, Apr 10, 2019,


The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).NEWS, Whoa! Bank of America cuts ties to ALEC,weblink Teamsters, November 6, 2012,

International offices

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in New York, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.WEB,weblink Asia Pacific | Global Regions | Bank of America Merrill Lynch, Bank of America, October 17, 2010, yes,weblink" title="">weblink July 21, 2009,

Charitable efforts

(File:Bank of America LA Pride 2011.jpg|thumb|Bank of America volunteers at the Los Angeles LGBT pride parade in 2011)In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.NEWS, Bank Vows $20 Billion for Green Projects,weblink Associated Press, NBC News, February 6, 2008, In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.NEWS, Credit Cards' Latest Pitch: Green Benefits,weblink Carolyn, Cui, Wall Street Journal, November 30, 2007, subscription, 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.NEWS, Credit Cards' Latest Pitch: Green Benefits,weblink Adam, Will, Boye, O'Daniel, Charlotte Business Journal, May 10, 2011, Bank of America has also donated money to help health centers in MassachusettsNEWS, Kowalczyk, Liz, Bank to aid health centers,weblink The Boston Globe, March 10, 2007, and made a $1 million donation in 2007 to help homeless shelters in Miami.NEWS, Freer, Jim, BofA donates $1M to Camillus House,weblink South Florida Business Journal, March 9, 2007, In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.PRESS RELEASE, Bank of America Meeting $350 Billion Community Development Goals,weblink Bank of America, PRNewswire, June 20, 2002, In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.NEWS, Beyond the Balance Sheet: Social Scorecard,weblink Forbes, December 13, 2004,

CEO pay ratio

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO’s annual total compensation to that of the median employee.WEB, H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act,weblink, 28 April 2019, Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.WEB, Bank of America 2019 Proxy Statement,weblink Securities and Exchange Commission, 28 April 2019,


In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.NEWS, Fitch may downgrade BofA, Morgan Stanley, Goldman,weblinkweblink yes, December 8, 2011, October 13, 2011, Eileen AJ, Connelly, Associated Press, Seattle Post-Intelligencer, October 13, 2011, That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.NEWS, Countrywide Will Settle a Bias Suit,weblink December 21, 2011, Charlie, Savage, The New York Times, November 19, 2011, In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.WEB,weblink Joint State-Federal Mortgage Servicing Settlement FAQ, Attorneys General Executive Committee, June 15, 2015, The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.NEWS,weblink The New York Times, Mortgage Plan Gives Billions to Homeowners, but With Exceptions, February 9, 2012, Nelson D., Schwartz, Julie, Creswell, The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.NEWS,weblink The New York Times, Ben, Protess, U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud, October 24, 2012, In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.NEWS, Son, Hugh,weblink BofA's Moynihan Delivers at Last on Vow to Boost Dividend, Bloomberg, March 26, 2014, August 23, 2014, In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide and estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.WEB, CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices,weblink Consumer Financial Protection Bureau, 8 June 2016, A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.NEWS, Abrams, Rachel, Ex-Finance Chief at Bank of America to Pay $7.5 Million in Settlement,weblink The New York Times, April 28, 2014, April 25, 2014, In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.NEWS,weblink Bank of America to Pay Record $16.65 Billion to Settle Mortgage Claims, Los Angeles Times, August 21, 2014, Jim, Puzzanghera, As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004–2008.NEWS,weblink Holder to Announce Record Bank of America Settlement, CBS News, August 21, 2014, The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.NEWS,weblink Bank of America's Nearly $17 Billion Settlement Could be Announced Thursday, August 20, 2014, The Charlotte Observer, Roberts, Deon, The settlement was the largest in United States history between a single company and the federal government.NEWS, Bank of America Reaches $16.65 Billion Mortgage Settlement,weblink The New York Times, August 21, 2014, Corkery, Michael, Apuzzo, Matt, NEWS, Bank of America Agrees to Nearly $17B Settlement,weblink USA Today, August 21, 2014, McCoy, Kevin, Johnson, Kevin, A lawsuit has been filed against Bank of America by a former senior executive, Omeed Malik, who was accused of sexual harassment. Malik filed a defamation claim against the bank and is seeking damages of more than $100 million.NEWS,weblink Ex-BofA Executive Omeed Malik Seeks $100 Million in Defamation Claim, 2018-04-27,, 2018-04-30, en, Malik's claims were reportedly settled confidentially for at least $10 million in July, 2018.WEB,weblink Bank of America Exec Settles $100 Million Discrimination Claim, Mahany, Brian, 18 August 2018,,weblink 2018-09-24, yes, 24 September 2018,


Parmalat controversy

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.NEWS, BofA settles with Parmalat for $100M, Charlotte Business Journal, July 28, 2009,weblink June 19, 2011, NEWS, Italy/US: Parmalat receives Bank of America settlement, Aroq Ltd., October 5, 2009,weblink June 19, 2011, In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.NEWS, Judge Clears Banks in Parmalat Case, The New York Times, April 18, 2011,weblink Eric, Sylvers, June 19, 2011,

Consumer credit controversies

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.Berner, Robert (February 7, 2008), A Credit Card You Want to Toss" {{webarchive|url= |date=January 26, 2010 }}, Bloomberg BusinessWeek. Retrieved March 1, 2010.Palmer, Kimberly (February 28, 2008), Mortgage Woes Boost Credit Card Debt {{webarchive|url= |date=May 5, 2010 }}, U.S. News & World Report. Retrieved March 1, 2010. In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.Delaney, Arthur (September 21, 2009, updated November 21, 2009), "Ann Minch Triumphs In Credit Card Fight", The Huffington Post. Retrieved March 1, 2010.Ferran, Lee (September 29, 2009), "Woman Boycotts Bank of America, Wins", Good Morning America, ABC News. Retrieved March 1, 2010.Pepitone, Julianne (September 29, 2009), "YouTube credit card rant gets results". CNNMoney. Retrieved March 1, 2010. More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.NEWS,weblink No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes, Gomstyn, Alice, January 25, 2010, ABC News, March 4, 2010,weblink" title="">weblink January 28, 2010, no,


In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.WEB,weblink Wikileaks plans to make the Web a leakier place, Dan, Nystedt, October 9, 2009, Computerworld, December 19, 2010,weblink" title="">weblink December 17, 2010, no, In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".NEWS,weblink WikiLeaks' Julian Assange Wants To Spill Your Corporate Secrets, Andy Greenberg, November 29, 2010, Forbes, December 19, 2010, In response to this announcement, Bank of America stock dropped 3.2%.NEWS,weblink Bank Of America Shares Fall On WikiLeaks Fears, Associated Press, November 30, 2010, CBS News, February 3, 2018, In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,WEB, Lundin, Leigh, WikiLicks,weblink Crime, Criminal Brief, Orlando, February 20, 2011, stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."NEWS,weblink Bank of America Suspends Payments Made to WikiLeaks, Nelson D., Schwartz, December 18, 2010, The New York Times, December 19, 2010,weblink" title="">weblink December 26, 2010, no, Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as, and similar names for other top executives of the bank.NEWS, Bank of America Wants You to Know Its Executives Don't Suck,weblink Domain Name Wire, December 20, 2010, February 22, 2011,weblink" title="">weblink January 15, 2011, no, NEWS, Tiku, Nitasha, Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names,weblink New York (magazine), New York, December 22, 2010, January 2, 2011,weblink" title="">weblink December 28, 2010, no, NEWS, Kapne, Suzanne, Hundreds of anti-BofA websites registered,weblink Financial Times, December 23, 2010, January 2, 2011,weblink" title="">weblink January 1, 2011, no, NEWS, Rothacker, Rick, Bank of America buys up critical domain names,weblinkweblink yes, December 8, 2011, The Charlotte Observer, December 23, 2010, January 2, 2011, Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.NEWS, We can confirm that the DDB ...,weblink August 21, 2011, NEWS, We can confirm that the DDB,weblink August 21, 2011,


On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,NEWS, Cynthia, Koons, Dan, Fitzpatrick, Anonymous' Perplexing Leak of Bank of America Documents,weblink The Wall Street Journal, March 1, 2012, March 15, 2011, subscription, was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.NEWS,weblink Bank Of America Anonymous Leak Alleges 'Corruption And Fraud', McCarthy, Ryan, 2011-03-14, Huffington Post, 2018-05-10, en-US,

Mortgage business

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.WEB, Garofalo, Pat, Bank Of America's Offer To Homeowners: We'll Modify Loans If You'll Erase All The Mean Things Said About Us On Twitter, ThinkProgress, January 26, 2012,weblink January 26, 2012,

Investment in mountaintop removal

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.WEB, Valerie Volcovici,weblink Bank of America's new policy to limit credit exposure to coal, Business Insider, May 6, 2015, September 29, 2015,


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

Notable buildings

File:Bank of America Atlanta 1.jpg|thumb|upright|Bank of America Plaza in Atlanta, Georgia is the tallest building in the Southern United StatesSouthern United StatesFile:Bank of America Stadium.jpg|thumb|Bank of America Stadium, home to the Carolina Panthers of the NFLNFLNotable buildings which Bank of America currently occupies include:

Former buildings

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.WEB,weblink Florida Architecture: 100 Years. 100 Places, AIA Florida,

See also



Further reading

  • BOOK, Bank of America Interview Tips, Cohen, Lauren, 2016, Smith-Westfield Press, Los Angeles, CA,weblink
  • BOOK, A.P. Giannini: Banker of America, Bonadio, Felice A., 1994, University of California Press, Berkeley, CA, 978-0-520-08249-6,
  • BOOK, Breaking the Bank: The Decline of BankAmerica, Hector, Gary, 1988, Little, Brown, Boston, 978-0-316-35392-2,
  • BOOK, Biography of a Bank: The Story of Bank of America N.T.&S.A., James, Marquie, James, Bessie, 1954, Harper and Brothers, New York,
  • BOOK, Roller Coaster: The Bank of America and the Future of American Banking, Johnston, Moira, 1990, Ticknor & Fields, New York,
  • BOOK, The Money Lords: The Great Finance Capitalists, 1925–1950, Josephson, Matthew, Matthew Josephson, 1972, Weybright and Talley, New York,
  • BOOK, Behind Closed Doors: Wheeling and Dealing in the Banking World, Lampert, Hope, 1986, Atheneum, New York,
  • NEWS, Larry, Light, Money for the Masses, Forbes, October 1, 2007,
  • BOOK, Personal Papers Collection, Monnette, Orra Eugene, Los Angeles Public Library, Los Angeles, CA,
  • BOOK, A.P. Giannini and the Bank of America, Nash, Gerald G., 1992, University of Oklahoma Press, Norman, OK,
  • BOOK, McColl: The Man with America's Money, Yockey, Ross, Ross Yockey, 1999, Longstreet Press, Atlanta,
  • NEWS, Azam, Ahmed, Demirjian, Karoun, Credit offered to illegal residents, Chicago Tribune, February 15, 2007,
  • NEWS, Taibbi, Matt, Matt Taibbi, March 14, 2012, Bank of America: Too Crooked to Fail, Rolling Stone,weblink

External links

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