Bank of America Corporation – Company Information

Company Bank of America Corporation
Headquarters Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255, USA
Chairman, CEO and President Brian T. Moynlhan
CFO Bruce R. Thompson
Industry Banking
Founder Amadeo Giannini
Founded 1904 (as Bank of Italy)
Type Public
NYSE stock symbol BAC
Revenue $84.247 billion (2014)
Net income $4,833 million (2014)
Earnings per share $0.36 USD (2014)
Employees 224,000 (2014)
Investor relations contact number:  704-386-5681

Bank of America is one of largest companies in terms of total revenue in the US and is considered to be one of the country’s Big Four banks, along with JPMorgan Chase & Co., Citibank, and Wells Fargo.

It is the second largest financial institution in the United States. It operates in more than 40 countries throughout Europe, the Middle East and Africa, Asia Pacific and the Americas.

The history of the company traces back to 1904 when the Bank of Italy (founded by A.P. Giannini) opened its doors in California to serve the needs of immigrants.

Two and a half decades later, in 1928, the Bank of Italy merged with “Bank of America Los Angeles” and became “Bank of America and Italy”. On November 3, 1930, the company changed its name to Bank of America.

The Bank of America Corporation operates in every aspect of the banking industry.

The bank is has five main business divisions: Consumer & Business Banking, Consumer Real Estate Services, Global Banking, Global Markets, and Global Wealth & Investment Management.

On October 1, 2013, Bank of America completed its merger with Merrill Lynch & Co., Inc. (Merrill Lynch), which is now the investment banking subsidiary of the Bank of America Corporation.

Bank of America is publicly traded on the New York Stock Exchange. Common stock is also listed on the London Stock Exchange, with some other shares listed on the Tokyo Stock Exchange.

Operating data (in $ millions) 2014* 2013*
Total interest income $50,886 $55,020
Total interest expense $10,934 $12,755
Net interest income $39,952 $42,265
Total noninterest income $44,295 $46,677
Total revenue $84,247 $88,942
Total noninterest expense $75,117 $69,214
Income before income taxes $6,855 $16,172
Net income $4,833 $11,431
Net income applicable to common shareholders $3,789 $10,082
Balance sheet data (in $ millions)
Total assets $2,104,534 $2,102,273
Total liabilities $1,861,063 $1,869,588
Total shareholders’ equity $243,471 $232,685
Common share data (in $)
Basic earnings per share $0.36 $0.94
Diluted earnings per share $0.36 $0.90
Cash flow data (in $ millions)
Net cash provided by (used in) operating activities $26,739 $92,817
Net cash provided by (used in) investing activities $(4,204) $25,058
Net cash provided by (used in) financing activities $(12,201) $(95,442)
Cash and cash equivalents at January 1 $131,322 $110,752
Cash and cash equivalents at December 31 $138,589 $131,322

*Years Ended December 31

Source: “The Bank of America Corporation Form 10-K 2014”