Origins (1904): Bank of America traces its roots to the Bank of Italy, founded by Amadeo Peter Giannini in San Francisco. The bank primarily served the needs of working-class immigrants who struggled to access financial services.
Name Changes & Growth:
In 1928, Bank of Italy merged with Bank of America, Los Angeles, and became “Bank of America and Italy.”
On November 3, 1930, the company officially changed its name to Bank of America.
Expansion & Acquisitions: Over the decades, the bank expanded significantly across the United States and internationally through various acquisitions. Notably, Bank of America merged with Merrill Lynch & Co. in 2013, and Merrill Lynch now operates as its investment banking subsidiary.
Current Status:
Bank of America is one of the “Big Four” U.S. banks (alongside JPMorgan Chase, Citigroup, and Wells Fargo).
It is the second-largest banking institution in the U.S. by total assets and operates in more than 35 countries across North and South America, Europe, the Middle East, Africa, and the Asia Pacific region.
Its common stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol BAC, and it also has listings on the London Stock Exchange and the Tokyo Stock Exchange.
Main Divisions:
1.Consumer & Business Banking – Offers checking, savings, credit cards, and small-business banking products.
2.Consumer Real Estate Services – Provides mortgage lending, refinancing, and related services to individuals.
3.Global Banking – Caters to large corporates, governments, and institutional investors with commercial lending and treasury services.
4.Global Markets – Engages in securities trading, market-making, and risk management solutions.
5.Global Wealth & Investment Management – Provides wealth management, trust, and private banking services to high-net-worth clients.