The Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2010, Bank of America is the fifth-largest company in the United States by total revenue, and the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the third biggest company in the world.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.
The company held 12.2% of all bank deposits in the United States in August 2009, and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. Bank of America operates in all 50 states of the U.S., the District of Columbia and more than 40 other countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and serves approximately 57 million consumer and small business relationships at 5,600 banking centers and 16,200 automated teller machines (ATMs).
Traded as: NYSE: BAC, S&P 500 Component
Industry: Banking, Financial services
Predecessor(s): Bank America, NationsBank
Founded: 1998 (1904 as Bank of Italy)
Founder(s): Amadeo Giannini
Headquarters: Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina, U.S.
Area served: Worldwide
Key people: Charles O. Holliday (Chairman), Brian T. Moynihan (President & CEO)
Products: Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards.
Revenue: Increase US$ 83.33 billion (2012)
Operating income: Increase US$ 3.072 billion (2012)
Net income: Increase US$ 4.188 billion (2012)
Total assets: Increase US$ 2.209 trillion (2012)
Total equity: Increase US$ 236.95 billion (2012)
Employees: 262,812 (2012)
Divisions: Bank of America Home Loans, Bank of America Merrill Lynch
Subsidiaries: Merrill Lynch, U.S. Trust Corporation