The Bank of America Corporation (merely referred to as Bank of America, frequently abbreviated as BofA or BoA) is an American multinational financial investment bank and monetary solutions holding business headquartered in Charlotte, North Carolina.
Established In San Francisco, Bank of America was formed with NationsBank’s purchase of BankAmerica in 1998. It is the 2nd largest banking establishment in the USA, after JPMorgan Chase, and the 8th biggest bank on the planet.
Bank of America is among the Big Four banking institutions of the USA. It solutions about 10.73% of all American bank deposits, in straight competition with JPMorgan Chase, Citigroup, and Wells Fargo.
Its leading economic solutions focus on commercial banking, riches administration, and investment banking.
One branch of its background extends to the Bank of Italy, started by Amadeo Pietro Giannini in 1904, which supplied Italian immigrants who encountered solution discrimination different banking alternatives.
Initially headquartered in San Francisco, California, Giannini obtained Banca d’America e d’Italia (Bank of America and Italy) in 1922.
The landmark federal banking regulations flow helped with the fast development in the 1950s, quickly establishing a popular market share.
After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was after that understood, was gotten by the Charlotte-based NationsBank for US$ 62 billion.
Following what was after that the biggest bank procurement in history, the Bank of America Corporation was founded.
With a series of mergers and also acquisitions, it built on its business banking service by establishing Merrill Lynch for wide range of administration and also Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (given that relabelled BofA Securities).
Bank of America Brand Details:
|Brand||Bank of America|
|Brand Value||$13.2 B|
|1-Yr Value Change||14.%|
|Brand Revenue||$97.5 B|