About the Company
Bank of America Corporation, also known as Bank of America, is a company with a history spanning over two centuries. As of 1956, it started to operate as an investment bank and financial services holding company under the name BankAmerica.
It is headquartered in Charlotte, North Carolina and has central hubs in London, Dallas, Hong Kong, Toronto and New York City. The official Bank of America was founded in San Francisco when North Bank Acquired Bank America in 1988. As of 2018, it was considered the third largest investment bank in the world. It encapsulates over 46 million consumers under its commercial banking segment and has small business relationships with at least 4,600 banking centres. It is the 13th largest company in the world with a market capitalisation of 313.5 billion.
BofA was the first bank to offer nationally licensed credit cards called BankAmericard in 1955 and was also the first in San Francisco to offer independent financial management opportunities to women. Bank of America is also the oldest heritage bank in Chicago that aided the city to handle its population boom and the great fire.
The bank provides banking and financial services to both individuals and small businesses. It offers 22 different types of cards, home loans, auto loans, investment advice and a money management programme called Better Money Habits to its individual customers.
It offers several services, lending programmes, credit cards and advice regarding investments and business planning to small businesses. BofA also assists customers with their wealth management and provides personalised suggestions. It is its sub-branch company Merrill that offers these suggestions regarding both investment and wealth management.
Bank of America has operations spread across over 35 countries in the Asia Pacific, US & Canada, Europe, Middle East, Africa and Latin America. In the US alone, it has over 36 branches in states like Arizona, Nevada, California, West Virginia, Missouri, Colorado, Minnesota, Michigan etc. As of 2019, it had over 208,000 employees working in its branches around the globe.
In 2018, it earned the 24th place in the list of Fortune 500 US companies with the largest total revenue. It was also named “World’s Best Bank” in the 2018 Awards for Excellence by Euromoney Institutional Investor. The bank is also included under both the S&P 100 and S&P 500 indexes.
Bank of America is listed in the New York Stock Exchange under the ticker symbol of BAC.;
|Bank of America Corp