Quick FactsPhone Number: 1-800-432-1000 Assets Managed: $1.46 Trillion Headquarters: Charlotte, NC Date Established: October 17th, 1904 | Bank of America Profile Information:Bank Headquarters: Charlotte, North Carolina, United States
Stock Symbol: BAC
CEO: Brian Moynihan
The Bank of America has become one of the largest financial institutions in the entire world, let alone in the United States. 53 million customers, inclusive of both businesses and individuals, have signed up for the bank’s many services.
There are over 6,000 bank locations for the Bank of America within the nation that are dotted around 29 states overall. With 25 million customers using their online services and 18,000 ATMs, it appears that the Bank of America will continue to grow substantially over time. Outside of the United States, they serve customers and clients spread around 175 countries altogether.
The Bank of America is considered to be the largest lender in the USA for Small Businesses, and is also responsible for the operation of an investment bank known as the Bank of America Securities.
On top of their focus on investment, the bank is also considered to be the innovator for programs that are a national success. An example of this was the creation of the `Keep the Change` auto-savings program that was an enormous success. While the idea has been taken on by many institutions, Bank of America is given most of the credit. The bank’s `Add it Up` program was also a national success, and both programs are excellent examples of its product development abilities.
In terms of Revenue, the bank has a net income over $4 billion dollars and recorded revenues of over $124 billion in 2008 alone.
As a part of a TARP program, the Bank of America received $45 billion in funding from the U.S. Treasury, but was able to repay the loan thanks to a previous stock sale.
The headquarters of the Bank of America was originally located in San Francisco, but is now located in Charlotte after a 1998 merger with NationsBank. Since the merge, the institution has been focused on acquiring assets on other companies, with one of their largest acquisitions coming in 2005 as they took over MBNA. The merge ensured that the Bank of America Card Services continued to grow, and it is now in fact the largest of the credit card issuers within the U.S.
In February of 2008, the Bank of America was added to the DOW Jones Index, and just a few months after they managed to acquire Countrywide Financial in June of the same year.
In one of the most controversial, and well-known, moves that the Bank of America made, they acquired Merrill Lynch for a $50 billion dollar stock deal in September of 2008. After the deal closed in January, there were many reports stating that the deal was forced due to a plethora of issues Merrill Lynch, and the financial industry on the whole, were having.
The acquisition made the Bank of America a serious player within investment banking, and ensured that the bank was the largest wealth manager in the entire world. All in all, the company holds over 12% of U.S deposits and is one of the Big Four within the country.
Bank of America’s main competitors are JP Morgan Chase, Wells Fargo, and Citigroup. The main strategy initiated by the bank is to ensure that they are the number one bank within the United States, as 90% of their revenue comes within the country.
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