Quick Facts
Founded
October 17, 1904 (as Bank of Italy)
Headquarters
Charlotte, North Carolina, USA
CEO
Brian Moynihan (2010-present)
Employees
~213,000 (2024)
Total Assets
$3.25 trillion (2024)
Annual Revenue
$99.1B (2024)
Stock Symbol
NYSE: BAC
Customers
69 million consumer/small business
Branch Locations
~4,000 banking centers in US
Bank of America Corporation (often abbreviated as BofA orBoA) is one of the world's largest financial institutions and the second-largest bank in the United States by assets. Serving approximately 69 million consumer and small business clients across retail banking, wealth management, corporate banking, and investment services, Bank of America is a systemically important financial institution central to the U.S. and global economy.
History
Origins as Bank of Italy (1904-1930)
Bank of America traces its origins to the Bank of Italy, founded on October 17, 1904, in San Francisco by Amadeo Giannini. Giannini pioneered "branch banking" and focused on serving immigrants and working-class customers often ignored by established banks. After the 1906 San Francisco earthquake, Giannini famously set up operations on the waterfront using a plank across two barrels, lending to rebuild the city.
The bank was renamed Bank of America in 1930 and grew rapidly through California, becoming the largest bank in the United States by the 1940s.
National Expansion (1950-1990)
Bank of America pioneered consumer banking innovations including the BankAmericard in 1958 (which became Visa in 1976). The bank expanded nationally through acquisitions after interstate banking restrictions were lifted in the 1980s-90s.
NationsBank Merger and Modern Era (1998-Present)
In 1998, Bank of America merged with NationsBank of Charlotte, North Carolina, in what was then the largest bank merger in U.S. history. The combined company took the Bank of America name but moved headquarters to Charlotte, where it remains today.
Major subsequent acquisitions included:
- FleetBoston Financial (2004): $48 billion acquisition expanding Northeast presence
- MBNA (2006): $35 billion credit card company acquisition
- Countrywide Financial (2008): Troubled mortgage lender acquired during financial crisis
- Merrill Lynch (2009): $50 billion acquisition of investment bank and wealth manager
Business Segments
Consumer Banking
Bank of America's consumer banking division serves 69 million clients through approximately 4,000 banking centers and 16,000 ATMs across the United States. Services include:
- Checking and savings accounts
- Credit cards (third-largest U.S. card issuer)
- Home mortgages and home equity lines
- Auto loans and personal loans
- Small business banking
Wealth Management (Merrill)
Operating under the Merrill brand (acquired 2009), this division manages $3.3 trillion in client assets through 17,000+ financial advisors. Services span investment management, retirement planning, estate planning, and private banking for affluent clients.
Global Banking
Provides commercial banking, corporate banking, and treasury services to middle-market and large corporate clients. This includes lending, cash management, trade finance, and risk management solutions.
Global Markets
Investment banking and trading operations including mergers & acquisitions advisory, debt and equity underwriting, and market-making in fixed income, currencies, and commodities. BofA Securities ranks among the top global investment banks.
Market Position
Largest U.S. Banks by Assets (2024)
| Rank | Bank | Total Assets | Headquarters |
|---|---|---|---|
| 1 | JPMorgan Chase | $3.88T | New York, NY |
| 2 | Bank of America | $3.25T | Charlotte, NC |
| 3 | Citigroup | $2.40T | New York, NY |
| 4 | Wells Fargo | $1.93T | San Francisco, CA |
| 5 | Goldman Sachs | $1.59T | New York, NY |
Digital Banking and Technology
Bank of America has invested heavily in digital banking technology:
Digital Initiatives:
Mobile Banking App
43 million active digital users; mobile app handles 2 billion+ logins annually
Erica Virtual Assistant
AI-powered chatbot with over 1.5 billion client interactions since 2018 launch
Zelle Integration
Peer-to-peer payment network embedded in banking app
Cardless ATM Access
Withdraw cash using mobile app without physical card
CashPro Platform
Enterprise treasury management and payment processing for corporate clients
The bank spends approximately $3.5 billion annually on technology and employs over 50,000 technology and operations professionals. However, enterprise clients have reported challenges with the complexity of some platforms, particularly around AI and data analytics tools.
Financial Crisis and Recovery
Bank of America was significantly impacted by the 2008 financial crisis, particularly through its acquisition of Countrywide Financial (2008) and Merrill Lynch (2009). The Countrywide deal brought billions in mortgage-related losses and legal liabilities that took years to resolve.
The bank received $45 billion in TARP (Troubled Asset Relief Program) funds from the U.S. government during the crisis, which it fully repaid by 2009. Subsequent years involved extensive legal settlements totaling over $60 billion for mortgage-related misconduct and other regulatory violations.
Under CEO Brian Moynihan (appointed 2010), the bank underwent major restructuring, exiting non-core businesses, strengthening capital positions, and improving compliance and risk management. By the mid-2010s, Bank of America had returned to consistent profitability and shareholder returns.
Environmental and Social Initiatives
Bank of America has made significant environmental and social commitments:
- $1 trillion commitment: Environmental business initiative by 2030 for climate transition
- Net zero target: Operational carbon neutrality by 2050
- $1.25 billion commitment: Racial equity and economic opportunity programs
- Community development: $5+ billion annual lending to affordable housing and community development
Challenges and Controversies
Regulatory Issues
As a systemically important financial institution (SIFI), Bank of America faces extensive regulatory oversight and must maintain higher capital reserves than smaller banks. The bank has paid over $80 billion in fines and settlements since the financial crisis for various violations.
Technology Complexity
Some corporate clients have expressed frustration with the complexity of Bank of America's enterprise software platforms, particularly around AI-powered analytics and data management tools. The bank has acknowledged these concerns and is working to simplify user experiences.
Branch Closures
Like competitors, Bank of America has closed hundreds of branches as customers shift to digital banking, raising concerns about access in underserved communities.
Leadership
Brian Moynihan has served as CEO since January 2010, guiding the bank through post-crisis recovery and transformation. Under his leadership, the bank has improved profitability, strengthened capital positions, and invested heavily in digital banking while maintaining one of the largest physical branch networks in the U.S.
Summary:
Bank of America stands as one of the world's largest and most influential financial institutions, serving 69 million clients across consumer banking, wealth management, and corporate/investment banking. From its origins serving immigrant communities in San Francisco to becoming a $3.25 trillion asset behemoth, the bank has shaped American finance for over a century. While its scale provides comprehensive financial services and global reach, it also brings challenges including regulatory complexity, technology integration issues, and the constant balance between digital transformation and maintaining physical presence. Bank of America remains central to the U.S. financial system and a bellwether for the broader banking industry.