fbpx
Wikipedia

Bank of America

January 26, 2023

This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.
"BofA" redirects here. For the French illustrator, see Gus Bofa.
"Bofa" redirects here. For snake species in the monotypic genus Bofa, see Bofa erlangeri.

The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank was founded in San Francisco. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

Bank of America Corporation
TypePublic company
ISINUS0605051046
IndustryFinancial services
PredecessorBankAmerica
NationsBank
Founded
  • 1998 (via the merger of BankAmerica & NationsBank)
  • 1956 (as BankAmerica)
  • 1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
FoundersAmadeo Giannini (Bank of Italy)
Hugh McColl (NationsBank)
HeadquartersBank of America Corporate Center
Charlotte, North Carolina,
United States
Number of locations
4,600 retail financial centers & approximately 16,200 ATMs[1]
Area served
Worldwide
Key people
Services
Revenue US$95.0 billion (2022)
US$31.0 billion (2022)
US$27.5 billion (2022)
Total assets US$3.051 trillion (2022)
Total equity US$273.757 billion (2021)[2]
OwnersBerkshire Hathaway (12.0%)[3]
Number of employees
200,000 (2020)[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitebankofamerica.com

One branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018.[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain—retail branches in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018.[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12][13]

History

The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[14]

The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[15] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy

Main article: Bank of Italy (United States)

The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[14] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[16] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[citation needed] This company acquired the stocks of various banks located in New York City and certain foreign countries.[citation needed] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

Expansion in California

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

Expansion outside California

Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.[24]

BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in 1986. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29] Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

 
A pyramid-shaped former Bank of America branch building towers over Interstate 410 in San Antonio, Texas

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

 
Bank of America logo used from 1998 to 2018

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

Merger of NationsBank and BankAmerica

 
Logo of the former Bank of America (BA), 1969–1998

In 1997, BankAmerica lent hedge fund D. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36] NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

In 1998, Bank of America possessed combined assets of $570  billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

2001 to present

 
Typical Bank of America branch in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35  billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

 
Bank of America footprint prior to its organic expansion into the Denver, Indianapolis, Ohio, Pittsburgh, and Twin Cities markets

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.[42]

Ken Lewis, who had lost the title of chairman of the board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[43][44]

Acquisition of Countrywide Financial

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[50]

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

 
Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

Acquisition of Merrill Lynch

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57] Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program

On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[73]

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

Bonus settlement

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney General Andrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared among 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.[79]

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders, an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.[81]

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

Fraud

In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[84]

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011, other bankers and brokers are under indictment or investigation.[85]

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not a fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

Downsizing (2011 to 2014)

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014, Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

Sale of stake in China Construction Bank

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.[100]

DOD Community Bank

 
DOD Community Bank logo

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval Base Cuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[103] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (2015–present)

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[110][111] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[109]

Operations

 
Bank of America branch in Washington, D.C.

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[113]

Consumer Banking

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, merchant services, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, a specific division for investment and related services (such as research and call center counsel) after Merrill Lynch became a subsidiary of Bank of America. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. In addition, the company is a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when travelling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.[1]

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management

The Global Wealth and Investment Management (GWIM) division manages the investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as securities service, market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

Labor

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[114]

Offices

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[115]

International offices

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[116]

Corporate Governance

Board of Directors[117]
Name Position
Brian Moynihan Chairman of the board and chief executive officer, Bank of America Corporation
Susan S. Bies
Frank P. Bramble, Sr.
Arnold W. Donald
Monica C. Lozano
Lionel L. Nowell, III
Clayton S. Rose
Thomas D. Woods
Maria T. Zuber
Sharon L. Allen
Jack O. Bovender, Jr. Lead Independent Director, Bank of America Corporation
Pierre J. P. de Weck
Linda P. Hudson
Thomas J. May
Denise L. Ramos
Michael D. White
R. David Yost

Charitable efforts

 
Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.[118] In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[119] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[120]

Bank of America has also donated money to help health centers in Massachusetts[121] and made a $1 million donation in 2007 to help homeless shelters in Miami.[122]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighbourhoods.[123]

In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[124]

Chief Executive Officer

List of CEOs

  1. Hugh McColl (1998–2001)[125]
  2. Ken Lewis (2001–2009)[126]
  3. Brian Moynihan (2010– )[127]

CEO Pay Ratio

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[128]

Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[129]

Lawsuits

Mortgage abuses

In August 2011, Bank of America was sued for $10 billion by American International Group over an alleged "massive fraud" on mortgage debt.[130] Another lawsuit filed against Bank of America, pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.[138] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.[139] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[140] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[139][141] The settlement was the largest in United States history between a single company and the federal government.[142][143]

Unfair billing practices

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[144] In May 2022, CFPB ordered Bank of America to pay $10 million in penalties for illegal garnishments.[145]

Discrimination

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[146] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[147] Malik received an eight-figure settlement in July of the same year.[148][149]

Controversies

Parmalat controversy

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[150][151] In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[152]

Consumer credit controversies

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[153][154] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[155][156][157] In 2010, the bank was criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[158]

Purchasing of 300 Internet domains in apparent preemptive PR campaign

In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[159]

In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[160] In response to this announcement, Bank of America stock dropped 3.2%.[161]

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[162] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe, and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[163]

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[164][165][166][167]

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.[168][169]

Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[170] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[171]

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

"Repeatedly has deceived" mortgagors, and then "impeding" investigation - said State of Arizona

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[173]

Investment in coal mining

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.[174]

Ryan Coogler incident

In March 2022, the bank was involved in a controversial incident related to the notable filmmaker Ryan Coogler who was wrongly targeted as bank robber and detained by the police in Atlanta, Georgia, after Coogler tried to withdraw cash in the local branch of the Bank of America. After his identity was verified with both his California state ID card and his Bank of America card, Coogler was released and the bank released an apology statement. According to a number of sources, the bank's teller hadn't checked Coogler's ID to verify if he was the owner of the bank account before she asked the bank's supervisor to call police.[175][176][177][178]

Competition

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, JPMorgan Chase Bank, US Bank, Citizens Financial Group, Citigroup, M&T Bank, and Truist

Notable buildings

 
Bank of America Plaza in Atlanta, Georgia, is the tallest building in the Southern United States.

Notable buildings which Bank of America currently occupies include:

Former buildings

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers, it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[179]

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[180]

See also

References

  1. ^ a b c d e f g "Bank of America Corporation 2020 Annual Report (Form 10-K)" (PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. from the original on March 3, 2018. Retrieved April 2, 2020.
  2. ^ "Quarterly Earnings". Bank of America Corporation. from the original on March 7, 2022. Retrieved March 7, 2022.
  3. ^ "2021 Proxy Statement – Bank of America Corporation". sec.gov. from the original on December 18, 2021. Retrieved December 11, 2021.
  4. ^ ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance. from the original on November 21, 2020. Retrieved August 31, 2020.
  5. ^ "Who Made America? – Innovators – A.P. Giannini". PBS.org The bank grew due to insurance monies provided after the 1906 Earthquake. from the original on January 7, 2010. Retrieved December 17, 2009.
  6. ^ a b Cohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
  7. ^ Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. from the original on August 19, 2018. Retrieved August 17, 2018.
  8. ^ Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. from the original on August 19, 2018. Retrieved August 11, 2018.
  9. ^ B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMs July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
  10. ^ "Bank of America on the Forbes Global 2000 List". Forbes. from the original on July 28, 2018. Retrieved August 11, 2018.
  11. ^ "Fortune 500 Companies 2020: Who Made the List". Fortune. from the original on November 10, 2018. Retrieved January 2, 2021.
  12. ^ . Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018. Bank of America sets the standard for the new era of banking.
  13. ^ J.P. MORGAN SECURITIES LLC January 29, 2022, at the Wayback Machine entry at BrokerCheck
  14. ^ a b "Bank of America | History, Services, Acquisitions, & Facts". Encyclopedia Britannica. from the original on May 4, 2015. Retrieved January 29, 2020.
  15. ^ Roberts, Deon (August 31, 2016). "Here's what to know about the area's biggest employers". The Charlotte Observer. from the original on November 5, 2020. Retrieved January 29, 2020.
  16. ^ "Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. from the original on July 26, 2020. Retrieved January 29, 2020.
  17. ^ "World's biggest bank (Fortune Classics, 1947)". Fortune. from the original on March 25, 2019. Retrieved March 25, 2019.
  18. ^ Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. ISBN 978-0738540818.
  19. ^ "Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF version September 4, 2016, at the Wayback Machine
  20. ^ Transamerica Corporation, a corporation of Delaware August 30, 2009, at the Wayback Machine, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18.
  21. ^ . Visa Inc. Archived from the original on November 3, 2007. Retrieved October 29, 2007. Bank of America had the entire state of California as a potential market, and when it issued BankAmericard in 1958, the card was an instant success. [...] In many countries, there was still a reluctance to issue a card associated with Bank of America, even though the association was entirely nominal in nature. For this reason, in 1977 BankAmericard became the Visa card, retaining its distinctive blue, white and gold flag. NBI became Visa U.S.A., and IBANCO became Visa International.
  22. ^ Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp. 25–28. ISBN 978-1-84996-138-7. Available through SpringerLink.
  23. ^ "FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. from the original on January 25, 2021. Retrieved January 29, 2020.
  24. ^ a b Columnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. from the original on July 26, 2020. Retrieved January 29, 2020.
  25. ^ "BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. from the original on July 26, 2020. Retrieved January 29, 2020.
  26. ^ "BankAmerica Takes Over at Security Pacific: Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, 1992. from the original on July 26, 2020. Retrieved January 29, 2020.
  27. ^ Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". The Seattle Times. from the original on May 19, 2011. Retrieved September 27, 2008.
  28. ^ "Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. from the original on July 26, 2020. Retrieved January 29, 2020.
  29. ^ FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'" (PDF). FDIC. (PDF) from the original on January 26, 2021. Retrieved January 29, 2020.
  30. ^ "About Banks - Bank of America". www.bank-locations.com. from the original on February 27, 2021. Retrieved January 29, 2020.
  31. ^ "BankAmerica Adds 4 Traders To Its High-Yield Bond Sector". June 17, 1996. from the original on April 1, 2012.. American Banker, June 17, 1996
  32. ^ Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". The Wall Street Journal. ISSN 0099-9660. from the original on August 13, 2020. Retrieved January 29, 2020.
  33. ^ BankAmerica to Buy Robertson, Stephens Investment Company August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
  34. ^ O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. from the original on September 8, 2020. Retrieved January 29, 2020.
  35. ^ Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. from the original on December 3, 2013. Retrieved June 22, 2013.
  36. ^ Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. from the original on December 3, 2013. Retrieved June 22, 2013.
  37. ^ Martin, Mitchell (April 14, 1998). "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks". The New York Times. from the original on June 7, 2014. Retrieved June 5, 2014.
  38. ^ Coulter, David (July 8, 1998). "BankAmerica's Merger with NationsBank" (PDF). Federal Reserve Bank of San Francisco. (PDF) from the original on November 23, 2020. Retrieved January 29, 2020.
  39. ^ "Federal Reserve Press Release" (PDF). Federal Reserve. August 17, 1998. (PDF) from the original on November 23, 2020. Retrieved January 29, 2020.
  40. ^ a b "US banking mega-merger unveiled". BBC News. October 27, 2003. from the original on June 25, 2004. Retrieved February 27, 2009.
  41. ^ . Forbes. November 20, 2006. Archived from the original on October 12, 2007. Retrieved August 22, 2007.
  42. ^ Tom, Henderson (April 14, 2008). "BOA to 'paint the town red' with LaSalle name change". Crain's Detroit Business. from the original on June 5, 2008. Retrieved May 5, 2008.
  43. ^ Fitzpatrick, Dan; Lublin, Joann S. (October 2, 2009). "Bank of America Chief Resigns Under Fire". The Wall Street Journal. from the original on February 11, 2010. Retrieved March 29, 2010.
  44. ^ La Monica, Paul R. (February 24, 2010). "BofA: No longer hated on Wall Street". CNNMoney.com. from the original on February 25, 2010. Retrieved March 29, 2010.
  45. ^ Salas, Caroline; Church, Steven (August 23, 2007). . Bloomberg L.P. Archived from the original on October 9, 2007. Retrieved October 29, 2007.
  46. ^ "Bank of America to buy Countrywide for $4 billion". Reuters. January 11, 2008. from the original on January 17, 2018. Retrieved January 17, 2018.
  47. ^ "Countrywide FBI Investigation". CNNMoney.com. March 10, 2008. from the original on March 9, 2008. Retrieved March 10, 2008.
  48. ^ Arena, Kelli (September 24, 2008), "FBI probing bailout firms" April 20, 2010, at the Wayback Machine, CNNMoney.com. Retrieved March 8, 2010.
  49. ^ Bauerlein, Valerie; Hagerty, James S. (January 12, 2008). "Behind Bank of America's Big Gamble". The Wall Street Journal. pp. A1, A5. from the original on January 15, 2008. Retrieved January 15, 2008.
  50. ^ (Press release). Archived from the original on January 13, 2008. Retrieved January 15, 2008.
  51. ^ . Orlando Sentinel. Associated Press. July 1, 2008. Archived from the original on August 4, 2008. Retrieved July 2, 2008.
  52. ^ . Bloomberg News. May 2, 2008. Archived from the original on January 22, 2009. Retrieved August 3, 2008.
  53. ^ Isidore, Chris (December 21, 2011). "BofA settles unfair lending claims for $335 million". CNN. from the original on January 14, 2012. Retrieved December 22, 2011.
  54. ^ Lowe, Zach (September 15, 2008). "Wachtell, Shearman, Cravath on Bank of America-Merrill Deal". Law.com. from the original on July 31, 2020. Retrieved October 17, 2010.
  55. ^ Popper, Margaret (September 14, 2008). . Bloomberg. Archived from the original on June 13, 2010. Retrieved October 17, 2010.
  56. ^ Sorkin, Andrew Ross (September 15, 2008). "Lehman Files for Bankruptcy; Merrill Is Sold". The New York Times. from the original on April 17, 2009. Retrieved March 31, 2010.
  57. ^ "Lehman Brothers files for Bankruptcy". BBC News. September 16, 2008. from the original on January 22, 2009. Retrieved October 17, 2010.
  58. ^ . September 15, 2008. Archived from the original on May 8, 2009. Retrieved October 17, 2010.
  59. ^ Lim, Kevin & Azhar, Saeed (May 22, 2009), "Singapore's Temasek defends costly Bank of America exit" October 2, 2009, at the Wayback Machine, Reuters, retrieved August 3, 2009
  60. ^ . prnewswire.com for Bank of America. January 1, 2009. Archived from the original on February 15, 2009.
  61. ^ Keoun, Bradley; Trowbridge, Poppy (December 18, 2008). . Bloomberg L.P. Archived from the original on October 14, 2007. Retrieved November 17, 2009.
  62. ^ Farrell, Greg; Guerrera, Francesco (February 3, 2009). "BofA Asia head and Thain ally leaves". Financial Times. from the original on February 28, 2021. Retrieved November 17, 2009.
  63. ^ Dash, Eric; Story, Louise (January 16, 2009). "Bank of America to Receive Additional $20 billion". The New York Times. from the original on April 25, 2009. Retrieved April 26, 2010.
  64. ^ LOUISE STORY and JO BECKER (June 11, 2009). "Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch". The New York Times. Archived from the original on March 12, 2010. Retrieved June 13, 2009.
  65. ^ Kim Dixon (June 10, 2009). "BofA documents, e-mails show pressure to buy Merrill Lynch". Reuters. from the original on January 17, 2018. Retrieved January 1, 2018.
  66. ^ "Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm" (Press release). Bank of America. September 15, 2008. from the original on September 11, 2017. Retrieved January 17, 2018.
  67. ^ "Debt overshadows US bank's profit". BBC News. April 20, 2009. from the original on April 24, 2009. Retrieved March 31, 2010.
  68. ^ Mildenberg, David (October 5, 2009). . Bloomberg. Archived from the original on May 25, 2010. Retrieved December 12, 2009.
  69. ^ Silver-Greenberg, Jessica; Craig, Susanne (September 28, 2012). "Bank of America Settles Suit Over Merrill for $2.43 Billion". The New York Times. from the original on October 9, 2017. Retrieved March 5, 2017.
  70. ^ Rucker, Patrick; Stempel, Jonathan (January 16, 2009). "Bank of America gets big government bailout". Reuters. from the original on July 25, 2017. Retrieved June 30, 2017.
  71. ^ Giannone, Joseph A. (February 5, 2009). . Reuters. Archived from the original on February 8, 2009.
  72. ^ Ellis, David (February 11, 2009). "Bank CEOs flogged in Washington". CNNMoney.com. from the original on February 14, 2009. Retrieved March 31, 2010.
  73. ^ Walsh, Mary Williams (March 15, 2009), "A.I.G. Lists Firms It Paid With Taxpayer Money" February 5, 2017, at the Wayback Machine, The New York Times. Retrieved March 31, 2009.
  74. ^ "US Regulators to B of A: Obey or Else" August 12, 2017, at the Wayback Machine, The Wall Street Journal, July 16, 2009
  75. ^ Bank of America to Repay Entire $45 billion in TARP to U.S. Taxpayers December 5, 2009, at the Wayback Machine, PR Newswire, December 2, 2009
  76. ^ . Google News. October 12, 2009. Archived from the original on May 23, 2012. Retrieved December 12, 2009.
  77. ^ Kouwe, Zachery (August 3, 2009), "BofA Settles S.E.C. Suit Over Merrill Deal" August 5, 2009, at the Wayback Machine DealBook blog, The New York Times, Retrieved August 3, 2009.
  78. ^ Stempel, Jonathan,"Judge blocks Bank of America-SEC bonus settlement" August 10, 2009, at the Wayback Machine Reuters, 8/6/09. Retrieved 8/7/09.
  79. ^ Story, Louise (August 10, 2009), "Judge Attacks Merrill Pre-Merger Bonuses" October 24, 2017, at the Wayback Machine, The New York Times, (p. B1, August 11, 2009 NY ed.), retrieved August 11, 2009
  80. ^ a b Story, Louise, "Judge Rejects Settlement Over Merrill Bonuses" January 13, 2017, at the Wayback Machine, The New York Times, September 14, 2009. Retrieved September 14, 2009.
  81. ^ Glovin, David (February 22, 2010), "Bank of America $150 million SEC Accord Is Approved" October 18, 2015, at the Wayback Machine, Bloomberg.com, retrieved March 2, 2010
  82. ^ "Executive Compensation: How Much is Too Much?" June 5, 2011, at the Wayback Machine Hearing, with statements, October 28, 2009. Retrieved October 30, 2011.
  83. ^ "Kucinich on new NY AG fraud charges against Bank of America and SEC settling charges against BofA for misleading shareholders" February 6, 2010, at the Wayback Machine Press release, February 4, 2010. Retrieved March 2, 2010.
  84. ^ Goldfarb, Zachary A. (December 7, 2010). "Bank of America to pay $137 million in state fraud cases". The Washington Post. from the original on December 31, 2017. Retrieved February 3, 2018.
  85. ^ Selway, William, & Braun, Martin Z. (January 2011), "The Men who Rigged the Muni Market", Bloomberg Markets, pp. 79–84
  86. ^ "U.S. Sues Bank Of America Over Mortgage Loans To Fannie And Freddie". npr. October 24, 2012. from the original on May 4, 2015. Retrieved April 6, 2018.
  87. ^ Protess, Ben (October 24, 2012). "U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud". The New York Times. from the original on February 15, 2018. Retrieved February 3, 2018.
  88. ^ Viswanatha, Aruna; Rexrode, Christina (May 23, 2016). "Bank of America Penalty Thrown Out in Crisis-Era 'Hustle' Case Appeals court says government didn't prove case, bank doesn't have to pay $1.27 billion". The Wall Street Journal. from the original on May 23, 2016. Retrieved May 24, 2016.
  89. ^ "Bank of America ending 30K more jobs". Philadelphia Business Journal. American City Business Journals. September 13, 2011. from the original on July 21, 2013. Retrieved September 15, 2011.
  90. ^ Badenhausen, Kurt (December 13, 2011). "Full List: America's Best And Worst Banks" May 25, 2017, at the Wayback Machine. Forbes.
  91. ^ "BofA speeds up plans to cut 16,000 jobs: WSJ". Yahoo News. from the original on September 22, 2012. Retrieved September 21, 2012.
  92. ^ "Huntington Bank buys 13 branches to Flint-area, Monroe, Muskegon in $500 million deal". MLive.com. May 15, 2014. from the original on July 31, 2014. Retrieved September 17, 2014.
  93. ^ Egan, Matt (July 16, 2018). "Why Bank of America branches are disappearing". CNNMoney. from the original on August 27, 2019. Retrieved July 22, 2019.
  94. ^ "Bank of America invests in China". BBC News. June 17, 2005. from the original on October 13, 2007. Retrieved August 22, 2007.
  95. ^ "ALB Asia – legal deals, law deals, law firm deals, lawyer deals". Legalbusinessonline.com.au. Archived from the original on May 25, 2017. Retrieved October 17, 2010.
  96. ^ Son, Hugh; Tong, Stephanie (November 15, 2011). "Bank of America's Construction Bank Sale Lifts Capital, Reduces China Risk". Bloomberg. from the original on May 8, 2012. Retrieved June 10, 2012.
  97. ^ Barreto, Elzio; Thomas, Denny; Rudegeair, Peter (September 3, 2013). "Bank of America selling remaining stake in Chinese bank". Reuters. from the original on September 24, 2015. Retrieved June 30, 2017.
  98. ^ "Bank of America to pay nearly $17 bn to settle mortgage claims". Philadelphia Herald. August 21, 2014. from the original on August 26, 2014. Retrieved August 22, 2014.
  99. ^ Handley, Meg. . U.S. News & World Report. Archived from the original on January 3, 2015.
  100. ^ Mahany, Brian (January 5, 2015). "Whistleblowers Share Over $170M in Bank of America Settlement". MahanyLaw. from the original on November 25, 2015. Retrieved November 25, 2015.
  101. ^ "Community Bank | Home". Community Bank. from the original on July 22, 2019. Retrieved July 22, 2019.
  102. ^ "Community Bank | Banking Centers". Community Bank. from the original on February 13, 2017. Retrieved July 22, 2019.
  103. ^ "Community Bank | General FAQs". Community Bank. from the original on March 23, 2019. Retrieved July 22, 2019.
  104. ^ Hsu, Tiffany (April 10, 2018). "Bank of America to Stop Financing Makers of Military-Style Guns". The New York Times. from the original on April 12, 2018. Retrieved April 12, 2018.
  105. ^ a b Roberts, Deon. "Bank of America is expanding into a new U.S. market". Charlotte Observer. from the original on November 11, 2018. Retrieved November 11, 2018.
  106. ^ "Bank of America, the nation's second-biggest bank, expanding in Pittsburgh region". Pittsburgh Post-Gazette. from the original on July 22, 2019. Retrieved July 22, 2019.
  107. ^ Heyl, Eric (December 16, 2020). "Chase More Than Doubles Pittsburgh Presence". Patch.com. from the original on February 2, 2021. Retrieved July 29, 2021.
  108. ^ "Pittsburgh becomes a battleground for national banking powerhouses |Banking Dive" https://www.bankingdive.com/news/pittsburgh-bank-of-america-jpmorgan-mars-nextier/585576/ September 8, 2021, at the Wayback Machine
  109. ^ a b "Summary of Deposits - Market Share". from the original on May 27, 2021. Retrieved October 24, 2021.
  110. ^ Williams, Mark. "Bank of America expanding into Ohio". The Columbus Dispatch. from the original on April 21, 2019. Retrieved July 22, 2019.
  111. ^ Ensign, Rachel Louise. "Bank of America will expand into Ohio". MarketWatch. from the original on March 23, 2019. Retrieved July 22, 2019.
  112. ^ "Bank of America making presence known in central Ohio". from the original on September 8, 2021. Retrieved September 8, 2021.
  113. ^ . Euromoney. July 13, 2007. Archived from the original on September 21, 2007.
  114. ^ Hudson, Caroline (April 9, 2019). "Bank of America to raise minimum wage to $20 an hour". Austin Business Journal. from the original on June 23, 2022. Retrieved April 10, 2019.
  115. ^ "Whoa! Bank of America cuts ties to ALEC". Teamsters. November 6, 2012. from the original on March 20, 2017. Retrieved March 19, 2017.
  116. ^ . Bank of America. Archived from the original on July 21, 2009. Retrieved October 17, 2010.
  117. ^ "Board of Directors". Bank of America Corporation. from the original on December 19, 2019. Retrieved December 11, 2019.
  118. ^ "Bank Vows $20 Billion for Green Projects". NBC News. Associated Press. February 6, 2008. from the original on January 3, 2015. Retrieved August 21, 2014.
  119. ^ Cui, Carolyn (November 30, 2007). "Credit Cards' Latest Pitch: Green Benefits". The Wall Street Journal. from the original on March 20, 2017. Retrieved March 19, 2017.
  120. ^ O'Daniel, Adam; Boye, Will (May 10, 2011). "Credit Cards' Latest Pitch: Green Benefits". Charlotte Business Journal. from the original on March 20, 2017. Retrieved March 19, 2017.
  121. ^ Kowalczyk, Liz (March 10, 2007). "Bank to aid health centers". The Boston Globe. from the original on August 18, 2016. Retrieved March 19, 2017.
  122. ^ Freer, Jim (March 9, 2007). "BofA donates $1M to Camillus House". South Florida Business Journal. from the original on March 20, 2017. Retrieved March 19, 2017.
  123. ^ "Bank of America Meeting $350 Billion Community Development Goals" (Press release). Bank of America. June 20, 2002 – via PRNewswire.
  124. ^ . Forbes. December 13, 2004. Archived from the original on March 20, 2017. Retrieved March 19, 2017.
  125. ^ "Bank of America Chairman and CEO Hugh L. McColl, Jr. to Retire in April; Board Names Lewis Successor". from the original on June 23, 2022. Retrieved December 29, 2020.
  126. ^ "Former FDIC chief: BofA ex-CEO Ken Lewis seen as 'country bumpkin'". from the original on April 23, 2021. Retrieved December 29, 2020.
  127. ^ "Brian Moynihan Chairman of the Board and Chief Executive Officer". from the original on January 26, 2021. Retrieved December 29, 2020.
  128. ^ "H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act". Congress.gov. July 21, 2010. from the original on April 28, 2019. Retrieved April 28, 2019.
  129. ^ "Bank of America 2019 Proxy Statement". Securities and Exchange Commission. from the original on April 28, 2019. Retrieved April 28, 2019.
  130. ^ "AIG sues BofA for $10 billion, alleging 'massive fraud'". NBC News. from the original on February 7, 2022. Retrieved February 7, 2022.
  131. ^ Connelly, Eileen AJ (October 13, 2011). "Fitch may downgrade BofA, Morgan Stanley, Goldman". Seattle Post-Intelligencer. Associated Press. Archived from the original on December 8, 2011. Retrieved October 13, 2011.
  132. ^ Savage, Charlie (December 21, 2011). "Countrywide Will Settle a Bias Suit". The New York Times. from the original on December 21, 2011. Retrieved November 19, 2011.
  133. ^ "In September 2012, BofA settled out of court for $2.4 billion". reuters. September 28, 2012. from the original on April 29, 2021. Retrieved January 15, 2021.
  134. ^ "Joint State-Federal Mortgage Servicing Settlement FAQ". Attorneys General Executive Committee. from the original on June 12, 2015. Retrieved June 15, 2015.
  135. ^ Schwartz, Nelson D.; Creswell, Julie (February 9, 2012). "Mortgage Plan Gives Billions to Homeowners, but With Exceptions". The New York Times. from the original on February 16, 2017. Retrieved February 14, 2017.
  136. ^ Protess, Ben (October 24, 2012). "U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud". The New York Times.
  137. ^ Son, Hugh (March 26, 2014). "BofA's Moynihan Delivers at Last on Vow to Boost Dividend". Bloomberg. from the original on November 1, 2014. Retrieved August 23, 2014.
  138. ^ Abrams, Rachel (April 25, 2014). "Ex-Finance Chief at Bank of America to Pay $7.5 Million in Settlement". The New York Times. from the original on April 28, 2014. Retrieved April 28, 2014.
  139. ^ a b Puzzanghera, Jim (August 21, 2014). "Bank of America to Pay Record $16.65 Billion to Settle Mortgage Claims". Los Angeles Times. from the original on August 21, 2014. Retrieved August 21, 2014.
  140. ^ "Holder to Announce Record Bank of America Settlement". CBS News. August 21, 2014. from the original on August 22, 2014. Retrieved August 21, 2014.
  141. ^ Roberts, Deon (August 20, 2014). . The Charlotte Observer. Archived from the original on January 3, 2015. Retrieved August 22, 2014.
  142. ^ Corkery, Michael; Apuzzo, Matt (August 21, 2014). "Bank of America Reaches $16.65 Billion Mortgage Settlement". The New York Times. from the original on May 21, 2017. Retrieved March 5, 2017.
  143. ^ McCoy, Kevin; Johnson, Kevin (August 21, 2014). "Bank of America Agrees to Nearly $17B Settlement". USA Today. from the original on November 15, 2017. Retrieved August 24, 2017.
  144. ^ "CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices". Consumer Financial Protection Bureau. from the original on May 21, 2016. Retrieved June 8, 2016.
  145. ^ "CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments". Consumer Financial Protection Bureau. from the original on May 27, 2022. Retrieved May 26, 2022.
  146. ^ Picker, Leslie; Manning, Patrick (April 27, 2018). "Ex-Bank of America executive seeks $100 million in damages in defamation claim". CNBC. from the original on May 16, 2019. Retrieved December 15, 2019.
  147. ^ "Ex-BofA Executive Omeed Malik Seeks $100 Million in Defamation Claim". Bloomberg.com. April 27, 2018. from the original on May 1, 2018. Retrieved April 30, 2018.
  148. ^ Keller, Laura J.; Kishan, Saijel (July 13, 2018). "BofA Agrees to Settlement With Former Executive Omeed Malik". Bloomberg.com. from the original on November 1, 2019. Retrieved October 31, 2019.
  149. ^ "BOA settles with exec who says whistleblowing led to bogus sex harassment claims". July 14, 2018. from the original on May 16, 2019. Retrieved November 2, 2019.
  150. ^ "BofA settles with Parmalat for $100M". Charlotte Business Journal. July 28, 2009. from the original on August 5, 2009. Retrieved June 19, 2011.
  151. ^ "Italy/US: Parmalat receives Bank of America settlement". Aroq Ltd. October 5, 2009. from the original on October 3, 2011. Retrieved June 19, 2011.
  152. ^ Sylvers, Eric (April 18, 2011). "Judge Clears Banks in Parmalat Case". The New York Times. from the original on April 23, 2011. Retrieved June 19, 2011.
  153. ^ Berner, Robert (February 7, 2008), A Credit Card You Want to Toss" January 26, 2010, at the Wayback Machine, Bloomberg BusinessWeek. Retrieved March 1, 2010.
  154. ^ Palmer, Kimberly (February 28, 2008), Mortgage Woes Boost Credit Card Debt May 5, 2010, at the Wayback Machine, U.S. News & World Report. Retrieved March 1, 2010.
  155. ^ Delaney, Arthur (September 21, 2009, updated November 21, 2009), "Ann Minch Triumphs In Credit Card Fight" September 25, 2009, at the Wayback Machine, The Huffington Post. Retrieved March 1, 2010.
  156. ^ Ferran, Lee (September 29, 2009), "Woman Boycotts Bank of America, Wins" January 31, 2010, at the Wayback Machine, Good Morning America, ABC News. Retrieved March 1, 2010.
  157. ^ Pepitone, Julianne (September 29, 2009), "YouTube credit card rant gets results" February 28, 2010, at the Wayback Machine. CNNMoney. Retrieved March 1, 2010.
  158. ^ Gomstyn, Alice (January 25, 2010). "No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes". ABC News. from the original on January 28, 2010. Retrieved March 4, 2010.
  159. ^ Nystedt, Dan (October 9, 2009). "Wikileaks plans to make the Web a leakier place". Computerworld. from the original on December 17, 2010. Retrieved December 19, 2010.
  160. ^ Andy Greenberg (November 29, 2010). "WikiLeaks' Julian Assange Wants To Spill Your Corporate Secrets". Forbes. from the original on December 18, 2010. Retrieved December 19, 2010.
  161. ^ "Bank Of America Shares Fall On WikiLeaks Fears". CBS News. Associated Press. November 30, 2010. from the original on February 4, 2018. Retrieved February 3, 2018.
  162. ^ Lundin, Leigh (February 20, 2011). "WikiLicks". Crime. Orlando: Criminal Brief. from the original on October 25, 2013. Retrieved February 22, 2011.
  163. ^ Schwartz, Nelson D. (December 18, 2010). "Bank of America Suspends Payments Made to WikiLeaks". The New York Times. from the original on December 26, 2010. Retrieved December 19, 2010.
  164. ^ "Bank of America Wants You to Know Its Executives Don't Suck". domainnamewire.com. December 20, 2010. from the original on January 15, 2011. Retrieved February 22, 2011.
  165. ^ Tiku, Nitasha (December 22, 2010). "Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names". New York. from the original on December 28, 2010. Retrieved January 2, 2011.
  166. ^ Kapne, Suzanne (December 23, 2010). "Hundreds of anti-BofA websites registered". Financial Times. from the original on January 1, 2011. Retrieved January 2, 2011.
  167. ^ Rothacker, Rick (December 23, 2010). "Bank of America buys up critical domain names". The Charlotte Observer. Archived from the original on December 8, 2011. Retrieved January 2, 2011.
  168. ^ "We can confirm that the DDB ..." August 21, 2011. from the original on September 21, 2013. Retrieved September 28, 2012.
  169. ^ "We can confirm that the DDB". August 21, 2011. from the original on September 21, 2013. Retrieved September 28, 2012.
  170. ^ Koons, Cynthia; Fitzpatrick, Dan (March 15, 2011). "Anonymous' Perplexing Leak of Bank of America Documents". The Wall Street Journal. from the original on March 13, 2012. Retrieved March 1, 2012.
  171. ^ McCarthy, Ryan (March 14, 2011). "Bank Of America Anonymous Leak Alleges 'Corruption And Fraud'". Huffington Post. from the original on August 5, 2018. Retrieved May 10, 2018.
  172. ^ Aubin, Dena (April 7, 2014). "Bank of America, QBE to settle insurance lawsuit for $228 million". Reuters. from the original on September 29, 2021. Retrieved September 29, 2021.
  173. ^ Garofalo, Pat (January 26, 2012). "Bank Of America's Offer To Homeowners: We'll Modify Loans If You'll Erase All The Mean Things Said About Us On Twitter". ThinkProgress. from the original on January 26, 2012. Retrieved January 26, 2012.
  174. ^ Valerie Volcovici (May 6, 2015). "Bank of America's new policy to limit credit exposure to coal". Business Insider. from the original on September 30, 2015. Retrieved September 29, 2015.
  175. ^ "Black Panther Ryan Coogler director mistaken for bank robber". BBC News. March 9, 2022. from the original on March 10, 2022. Retrieved March 10, 2022.
  176. ^ "Black Panther' Director Ryan Coogler Wrongly Targeted As Bank Robber". TMZ. from the original on March 11, 2022. Retrieved March 10, 2022.
  177. ^ Diaz, Johnny; Levenson, Michael (March 9, 2022). . The New York Times. Archived from the original on March 9, 2022. Retrieved March 10, 2022.{{cite web}}: CS1 maint: bot: original URL status unknown (link),
  178. ^ Ravindran, Manori (March 9, 2022). "Black Panther' Director Ryan Coogler Was Mistaken for a Bank Robber: 'This Situation Should Never Have Happened'". Variety. from the original on March 10, 2022. Retrieved March 10, 2022.
  179. ^ . AIA Florida. Archived from the original on May 5, 2012.
  180. ^ "Iconic downtown Houston office tower renamed TC Energy Center". HoustonChronicle.com. October 15, 2019. from the original on January 9, 2021. Retrieved January 8, 2021.

Further reading

  • Cohen, Lauren (2016). Bank of America Interview Tips. Los Angeles, CA: Smith-Westfield Press.
  • Bonadio, Felice A. (1994). A.P. Giannini: Banker of America. Berkeley, CA: University of California Press. ISBN 978-0-520-08249-6.
  • Hector, Gary (1988). Breaking the Bank: The Decline of BankAmerica. Boston: Little, Brown. ISBN 978-0-316-35392-2.
  • James, Marquie; James, Bessie (1954). Biography of a Bank: The Story of Bank of America N.T.&S.A. New York: Harper and Brothers.
  • Johnston, Moira (1990). Roller Coaster: The Bank of America and the Future of American Banking. New York: Ticknor & Fields. ISBN 9780899199559.
  • Josephson, Matthew (1972). The Money Lords: The Great Finance Capitalists, 1925–1950. New York: Weybright and Talley.
  • Lampert, Hope (1986). Behind Closed Doors: Wheeling and Dealing in the Banking World. New York: Atheneum. ISBN 9780689117473.
  • Light, Larry (October 1, 2007). "Money for the Masses". Forbes.
  • Monnette, Orra Eugene. Personal Papers Collection. Los Angeles, CA: Los Angeles Public Library.
  • Nash, Gerald G. (1992). A.P. Giannini and the Bank of America. Norman, OK: University of Oklahoma Press.
  • Yockey, Ross (1999). McColl: The Man with America's Money. Atlanta: Longstreet Press.
  • Ahmed, Azam; Demirjian, Karoun (February 15, 2007). "Credit offered to illegal residents". Chicago Tribune.

External links

 
Wikimedia Commons has media related to Bank of America.
  • Official website  
  • [DOD] Community Bank operated by Bank of America (official website)
  • Business data for Bank of America Corp:
    • Google
    • SEC filings
    • Yahoo!

January 26, 2023
bank, america, this, article, about, commercial, bank, unaffiliated, with, government, central, bank, united, states, federal, reserve, system, bofa, redirects, here, french, illustrator, bofa, bofa, redirects, here, snake, species, monotypic, genus, bofa, bof. This article is about a commercial bank unaffiliated with any government For the central bank of the United States see Federal Reserve System BofA redirects here For the French illustrator see Gus Bofa Bofa redirects here For snake species in the monotypic genus Bofa see Bofa erlangeri The Bank of America Corporation often abbreviated BofA or BoA is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte North Carolina The bank was founded in San Francisco It is the second largest banking institution in the United States after JPMorgan Chase and the second largest bank in the world by market capitalization Bank of America is one of the Big Four banking institutions of the United States 4 It serves approximately 10 73 of all American bank deposits in direct competition with JPMorgan Chase Citigroup and Wells Fargo Its primary financial services revolve around commercial banking wealth management and investment banking Bank of America CorporationThe Bank of America Corporate Center headquarters of Bank of America in Charlotte North CarolinaTypePublic companyTraded asNYSE BACS amp P 100 componentS amp P 500 componentISINUS0605051046IndustryFinancial servicesPredecessorBankAmericaNationsBankFounded1998 via the merger of BankAmerica amp NationsBank 1956 as BankAmerica 1784 as its predecessor the Massachusetts Bank through the merger with FleetBoston in 1999 FoundersAmadeo Giannini Bank of Italy Hugh McColl NationsBank HeadquartersBank of America Corporate CenterCharlotte North Carolina United StatesNumber of locations4 600 retail financial centers amp approximately 16 200 ATMs 1 Area servedWorldwideKey peopleBrian Moynihan Chairman and CEO Anne Finucane Co Vice Chairman Bruce Thompson Co Vice Chairman ServicesAsset managementbankingcommoditiescredit cardsequities tradinginsuranceinvestment managementmortgage loansmutual fundsprivate equityrisk managementwealth managementRevenueUS 95 0 billion 2022 Operating incomeUS 31 0 billion 2022 Net incomeUS 27 5 billion 2022 Total assetsUS 3 051 trillion 2022 Total equityUS 273 757 billion 2021 2 OwnersBerkshire Hathaway 12 0 3 Number of employees200 000 2020 1 DivisionsBofA SecuritiesMerrillBank of America Private BankWebsitebankofamerica comOne branch of its history stretches back to the U S based Bank of Italy founded by Amadeo Pietro Giannini in 1904 which provided various banking options to Italian immigrants who faced service discrimination 5 Originally headquartered in San Francisco California Giannini acquired Banca d America e d Italia Bank of America and Italy in 1922 The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s quickly establishing a prominent market share After suffering a significant loss after the 1998 Russian bond default BankAmerica as it was then known was acquired by the Charlotte based NationsBank for US 62 billion Following what was then the largest bank acquisition in history the Bank of America Corporation was founded Through a series of mergers and acquisitions it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009 respectively since renamed BofA Securities 6 Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings The investment bank is considered within the Bulge Bracket as the third largest investment bank in the world as of 2018 update 7 Its wealth management side manages US 1 081 trillion in assets under management AUM as the second largest wealth manager in the world after UBS 8 In commercial banking Bank of America operates but does not necessarily maintain retail branches in all 50 states of the United States the District of Columbia and more than 40 other countries 9 Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4 600 banking centers and 15 900 automated teller machines ATMs The bank s large market share business activities and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century As of August 2018 update Bank of America has a 313 5 billion market capitalization making it the 13th largest company in the world As the sixth largest American public company it garnered 102 98 billion in sales as of June 2018 update 10 Bank of America was ranked 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue 11 Likewise Bank of America was also ranked 8 on the 2020 Global 2000 rankings done by Forbes Bank of America was named the World s Best Bank by the Euromoney Institutional Investor in their 2018 Awards for Excellence 12 13 Contents 1 History 1 1 Bank of Italy 1 2 Expansion in California 1 3 Expansion outside California 1 4 Merger of NationsBank and BankAmerica 1 5 2001 to present 1 5 1 Acquisition of Countrywide Financial 1 5 2 Acquisition of Merrill Lynch 1 5 3 Federal Troubled Asset Relief Program 1 5 4 Bonus settlement 1 5 5 Fraud 1 5 6 Downsizing 2011 to 2014 1 5 7 Sale of stake in China Construction Bank 1 5 8 17 billion settlement with Justice Department 1 5 9 DOD Community Bank 1 5 10 Decision not to finance makers of military style guns 1 5 11 Return to expansion 2015 present 2 Operations 2 1 Consumer Banking 2 2 Global Banking 2 3 Global Wealth and Investment Management 2 4 Global Markets 2 5 Labor 2 6 Offices 2 6 1 International offices 3 Corporate Governance 4 Charitable efforts 5 Chief Executive Officer 5 1 List of CEOs 5 2 CEO Pay Ratio 6 Lawsuits 6 1 Mortgage abuses 6 2 Unfair billing practices 6 3 Discrimination 7 Controversies 7 1 Parmalat controversy 7 2 Consumer credit controversies 7 3 Purchasing of 300 Internet domains in apparent preemptive PR campaign 7 4 Settled 228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners 7 5 Repeatedly has deceived mortgagors and then impeding investigation said State of Arizona 7 6 Investment in coal mining 7 7 Ryan Coogler incident 8 Competition 9 Notable buildings 9 1 Former buildings 10 See also 11 References 12 Further reading 13 External linksHistory EditThe Bank of America name first appeared in 1923 with the formation of Bank of America Los Angeles In 1928 it was acquired by Bank of Italy of San Francisco which took the Bank of America name two years later 14 The eastern portion of the Bank of America franchise can be traced to 1784 when Massachusetts Bank was chartered the first federally chartered joint stock owned bank in the United States and only the second bank to receive a charter in the United States This bank became FleetBoston with which Bank of America merged in 2004 In 1874 Commercial National Bank was founded in Charlotte That bank merged with American Trust Company in 1958 to form American Commercial Bank 15 Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro In 1991 it merged with C amp S Sovran Corporation of Atlanta and Norfolk to form NationsBank The central portion of the franchise dates to 1910 when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental amp Commercial National Bank which evolved into Continental Illinois National Bank amp Trust Bank of Italy Edit Main article Bank of Italy United States Amadeo Giannini The history of Bank of America dates back to October 17 1904 when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco 14 In 1922 Bank of America Los Angeles was established with Giannini as a minority investor The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country 16 In 1918 another corporation Bancitaly Corporation was organized by A P Giannini the largest stockholder of which was Stockholders Auxiliary Corporation citation needed This company acquired the stocks of various banks located in New York City and certain foreign countries citation needed In 1928 Giannini merged his bank with Bank of America Los Angeles headed by Orra E Monnette Bank of Italy was renamed on November 3 1930 to Bank of America National Trust and Savings Association 17 which was the only such designated bank in the United States at that time Giannini and Monnette headed the resulting company serving as co chairs 18 Expansion in California Edit Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state establishing the bank s first branch outside San Francisco in 1909 in San Jose By 1929 the bank had 453 banking offices in California with aggregate resources of over US 1 4 billion 19 There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose and the 1925 Bank of Italy Building is an important downtown landmark Giannini sought to build a national bank expanding into most of the western states as well as into the insurance industry under the aegis of his holding company Transamerica Corporation In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act 20 The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non banking subsidiaries such as insurance companies Bank of America and Transamerica were separated with the latter company continuing in the insurance sector However federal banking regulators prohibited Bank of America s interstate banking activity and Bank of America s domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp later acquired by Wells Fargo and Company in 1996 Only in the 1980s with a change in federal banking legislation and regulation could Bank of America again expand its domestic consumer banking activity outside California New technologies also allowed the direct linking of credit cards with individual bank accounts In 1958 the bank introduced the BankAmericard which changed its name to Visa in 1977 21 A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard Interbank became Master Charge in 1966 and then MasterCard in 1979 22 Expansion outside California Edit Following the passage of the Bank Holding Company Act of 1956 by the US Congress 23 BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries Bank of America expanded outside California in 1983 with its acquisition orchestrated in part by Stephen McLin of Seafirst Corporation of Seattle Washington and its wholly owned banking subsidiary Seattle First National Bank 24 Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank 24 BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World particularly in Latin America citation needed The company fired its CEO Sam Armacost in 1986 Though Armacost blamed the problems on his predecessor A W Tom Clausen Clausen was appointed to replace Armacost citation needed The losses resulted in a huge decline of BankAmerica stock making it vulnerable to a hostile takeover First Interstate Bancorp of Los Angeles which had originated from banks once owned by BankAmerica launched such a bid in the fall of 1986 although BankAmerica rebuffed it mostly by selling operations 25 It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co back to Mr Schwab It also sold Bank of America and Italy to Deutsche Bank By the time of the 1987 stock market crash BankAmerica s share price had fallen to 8 but by 1992 it had rebounded mightily to become one of the biggest gainers of that half decade citation needed BankAmerica s next big acquisition came in 1992 The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona Idaho Oregon and Washington which Security Pacific had acquired in a series of acquisitions in the late 1980s This represented at the time the largest bank acquisition in history 26 Federal regulators however forced the sale of roughly half of Security Pacific s Washington subsidiary the former Rainier Bank as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state The Washington branches were divided and sold to West One Bancorp now U S Bancorp and KeyBank 27 Later that year BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada 28 In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co of Chicago At the time no bank possessed the resources to bail out Continental so the federal government operated the bank for nearly a decade 29 Illinois then regulated branch banking extremely heavily so Bank of America Illinois was a single unit bank until the 21st century BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region 30 A pyramid shaped former Bank of America branch building towers over Interstate 410 in San Antonio Texas These mergers helped BankAmerica Corporation to once again become the largest U S bank holding company in terms of deposits but the company fell to second place in 1997 behind North Carolina s fast growing NationsBank Corporation and to third in 1998 behind First Union Corp citation needed Bank of America logo used from 1998 to 2018 On the capital markets side the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business which allowed the firm s existing broker dealer BancAmerica Securities originally named BA Securities to become a full service franchise 31 In addition in 1997 BankAmerica acquired Robertson Stephens a San Francisco based investment bank specializing in high technology for 540 million 32 Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens 33 Merger of NationsBank and BankAmerica Edit Logo of the former Bank of America BA 1969 1998 In 1997 BankAmerica lent hedge fund D E Shaw amp Co 1 4 billion in order to run various businesses for the bank 34 However D E Shaw suffered significant loss after the 1998 Russia bond default 35 36 NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time 37 While NationsBank was the nominal survivor the merged bank took the better known name of Bank of America Hence the holding company was renamed Bank of America Corporation while NationsBank N A merged with Bank of America NT amp SA to form Bank of America N A as the remaining legal bank entity 38 The combined bank operates under Federal Charter 13044 which was granted to Giannini s Bank of Italy on March 1 1927 However the merged company was and still is headquartered in Charlotte and retains NationsBank s pre 1998 stock price history All U S Securities and Exchange Commission SEC filings before 1998 are listed under NationsBank not Bank of America NationsBank president chairman and CEO Hugh McColl took on the same roles with the merged company citation needed In 1998 Bank of America possessed combined assets of 570 billion as well as 4 800 branches in 22 states citation needed Despite the size of the two companies federal regulators insisted only upon the divestiture of 13 branches in New Mexico in towns that would be left with only a single bank following the combination 39 The broker dealer NationsBanc Montgomery Securities was named Banc of America Securities in 1998 citation needed 2001 to present Edit Typical Bank of America branch in Los Angeles In 2001 McColl stepped down and named Ken Lewis as his successor In 2004 Bank of America announced it would purchase Boston based bank FleetBoston Financial for 47 billion in cash and stock 40 By merging with Bank of America all of its banks and branches were given the Bank of America logo At the time of merger FleetBoston was the seventh largest bank in United States with 197 billion in assets over 20 million customers and revenue of 12 billion 40 Hundreds of FleetBoston workers lost their jobs or were demoted according to The Boston Globe On June 30 2005 Bank of America announced it would purchase credit card giant MBNA for 35 billion in cash and stock The Federal Reserve Board gave final approval to the merger on December 15 2005 and the merger closed on January 1 2006 The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer The combined Bank of America Card Services organization including the former MBNA had more than 40 million U S accounts and nearly 140 billion in outstanding balances Under Bank of America the operation was renamed FIA Card Services Bank of America footprint prior to its organic expansion into the Denver Indianapolis Ohio Pittsburgh and Twin Cities markets Bank of America operated under the name BankBoston in many other Latin American countries including Brazil In May 2006 Bank of America and Banco Itau Investimentos Itau S A entered into an acquisition agreement through which Itau agreed to acquire BankBoston s operations in Brazil and was granted an exclusive right to purchase Bank of America s operations in Chile and Uruguay in exchange for Itau shares The deal was signed in August 2006 Prior to the transaction BankBoston s Brazilian operations included asset management private banking a credit card portfolio and small middle market and large corporate segments It had 66 branches and 203 000 clients in Brazil BankBoston in Chile had 44 branches and 58 000 clients and in Uruguay it had 15 branches In addition there was a credit card company OCA in Uruguay which had 23 branches BankBoston N A in Uruguay together with OCA jointly served 372 000 clients While the BankBoston name and trademarks were not part of the transaction as part of the sale agreement they cannot be used by Bank of America in Brazil Chile or Uruguay following the transactions Hence the BankBoston name has disappeared from Brazil Chile and Uruguay The Itau stock received by Bank of America in the transactions has allowed Bank of America s stake in Itau to reach 11 51 Banco de Boston de Brazil had been founded in 1947 On November 20 2006 Bank of America announced the purchase of The United States Trust Company for 3 3 billion from the Charles Schwab Corporation US Trust had about 100 billion of assets under management and over 150 years of experience The deal closed July 1 2007 41 On September 14 2007 Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for 21 billion With this purchase Bank of America possessed 1 7 trillion in assets A Dutch court blocked the sale until it was later approved in July The acquisition was completed on October 1 2007 Many of LaSalle s branches and offices had already taken over smaller regional banks within the previous decade such as Lansing and Detroit based Michigan National Bank The acquisition also included the Chicago Marathon event which ABN AMRO acquired in 1996 Bank of America took over the event starting with the 2007 race The deal increased Bank of America s presence in Illinois Michigan and Indiana by 411 branches 17 000 commercial bank clients 1 4 million retail customers and 1 500 ATMs Bank of America became the largest bank in the Chicago market with 197 offices and 14 of the deposit share surpassing JPMorgan Chase LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5 2008 42 Ken Lewis who had lost the title of chairman of the board announced that he would retire as CEO effective December 31 2009 in part due to controversy and legal investigations concerning the purchase of Merrill Lynch Brian Moynihan became president and CEO effective January 1 2010 and afterward credit card charge offs and delinquencies declined in January Bank of America also repaid the 45 billion it had received from the Troubled Assets Relief Program 43 44 Acquisition of Countrywide Financial Edit On August 23 2007 the company announced a 2 billion repurchase agreement for Countrywide Financial This purchase of preferred stock was arranged to provide a return on investment of 7 25 per annum and provided the option to purchase common stock at a price of 18 per share 45 On January 11 2008 Bank of America announced that it would buy Countrywide Financial for 4 1 billion 46 In March 2008 it was reported that the Federal Bureau of Investigation FBI was investigating Countrywide for possible fraud relating to home loans and mortgages 47 This news did not hinder the acquisition which was completed in July 2008 48 giving the bank a substantial market share of the mortgage business and access to Countrywide s resources for servicing mortgages 49 The acquisition was seen as preventing a potential bankruptcy for Countrywide Countrywide however denied that it was close to bankruptcy Countrywide provided mortgage servicing for nine million mortgages valued at 1 4 trillion as of December 31 2007 50 This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U S controlling 20 25 of the home loan market 51 The deal was structured to merge Countrywide with the Red Oak Merger Corporation which Bank of America created as an independent subsidiary It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote 52 Countrywide Financial has changed its name to Bank of America Home Loans Chart showing the trajectory of BOA share value and transaction volume during the 2007 2009 financial crisis In December 2011 the Justice Department announced a 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial Attorney General Eric Holder said a federal probe found discrimination against qualified African American and Latino borrowers from 2004 to 2008 He said that minority borrowers who qualified for prime loans were steered into higher interest rate subprime loans 53 Acquisition of Merrill Lynch Edit On September 14 2008 Bank of America announced its intention to purchase Merrill Lynch amp Co Inc in an all stock deal worth approximately 50 billion Merrill Lynch was at the time within days of collapse and the acquisition effectively saved Merrill from bankruptcy 54 Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers however a lack of government guarantees caused the bank to abandon talks with Lehman 55 Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch 56 This acquisition made Bank of America the largest financial services company in the world 57 Temasek Holdings the largest shareholder of Merrill Lynch amp Co Inc briefly became one of the largest shareholders of Bank of America with a 3 stake 58 However taking a loss Reuters estimated at 3 billion the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009 59 Shareholders of both companies approved the acquisition on December 5 2008 and the deal closed January 1 2009 60 Bank of America had planned to retain various members of the then Merrill Lynch s CEO John Thain s management team after the merger 61 However after Thain was removed from his position most of his allies left The departure of Nelson Chai who had been named Asia Pacific president left just one of Thain s hires in place Tom Montag head of sales and trading 62 The bank in its January 16 2009 earnings release revealed massive losses at Merrill Lynch in the fourth quarter which necessitated an infusion of money that had previously been negotiated 63 with the government as part of the government persuaded deal for the bank to acquire Merrill Merrill recorded an operating loss of 21 5 billion in the quarter mainly in its sales and trading operations led by Tom Montag The bank also disclosed it tried to abandon the deal in December after the extent of Merrill s trading losses surfaced but was compelled to complete the merger by the U S government The bank s stock price sank to 7 18 its lowest level in 17 years after announcing earnings and the Merrill mishap The market capitalization of Bank of America including Merrill Lynch was then 45 billion less than the 50 billion it offered for Merrill just four months earlier and down 108 billion from the merger announcement Bank of America CEO Kenneth Lewis testified before Congress 6 that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank s relationship with federal regulators 64 Lewis s statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee 65 In one of the emails Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through and later Bank of America were forced to request federal assistance the management of Bank of America would be gone Other emails read by Congressman Dennis Kucinich during the course of Lewis testimony state that Mr Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill Lewis for his part states he didn t recall requesting such a letter The acquisition made Bank of America the number one underwriter of global high yield debt the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions 66 As the credit crisis eased losses at Merrill Lynch subsided and the subsidiary generated 3 7 billion of Bank of America s 4 2 billion in profit by the end of quarter one in 2009 and over 25 in quarter 3 2009 67 68 On September 28 2012 Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay 2 43 billion 69 This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007 2008 to settle Many major financial institutions had a stake in this lawsuit including Chicago Clearing Corporation hedge funds and bank trusts due to the belief that Bank of America stock was a sure investment Federal Troubled Asset Relief Program Edit On January 16 2009 Bank of America received 20 billion and a guarantee of 118 billion in potential losses from the U S government through the Troubled Asset Relief Program TARP 70 This was in addition to the 25 billion given to the bank in the fall of 2008 through TARP The additional payment was part of a deal with the U S government to preserve Bank of America s merger with Merrill Lynch 71 Since then members of the U S Congress have expressed considerable concern about how this money has been spent especially since some of the recipients have been accused of misusing the bailout money 72 Then CEO Ken Lewis was quoted as claiming We are still lending and we are lending far more because of the TARP program Members of the U S House of Representatives however were skeptical and quoted many anecdotes about loan applicants particularly small business owners being denied loans and credit card holders facing stiffer terms on the debt in their card accounts According to an article in The New York Times published on March 15 2009 Bank of America received an additional 5 2 billion in government bailout money via the bailout of American International Group 73 As a result of its federal bailout and management problems The Wall Street Journal reported that the Bank of America was operating under a secret memorandum of understanding MOU from the U S government that requires it to overhaul its board and address perceived problems with risk and liquidity management With the federal action the institution has taken several steps including arranging for six of its directors to resign and forming a Regulatory Impact Office Bank of America faces several deadlines in July and August and if not met could face harsher penalties by federal regulators Bank of America did not respond to The Wall Street Journal story 74 On December 2 2009 Bank of America announced it would repay the entire 45 billion it received in TARP and exit the program using 26 2 billion of excess liquidity along with 18 6 billion to be gained in common equivalent securities Tier 1 capital The bank announced it had completed the repayment on December 9 Bank of America s Ken Lewis said during the announcement We appreciate the critical role that the U S government played last fall in helping to stabilize financial markets and we are pleased to be able to fully repay the investment with interest As America s largest bank we have a responsibility to make good on the taxpayers investment and our record shows that we have been able to fulfill that commitment while continuing to lend 75 76 Bonus settlement Edit On August 3 2009 Bank of America agreed to pay a 33 million fine without admission or denial of charges to the U S Securities and Exchange Commission SEC over the non disclosure of an agreement to pay up to 5 8 billion of bonuses at Merrill The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition in December 2008 The issue was originally investigated by New York Attorney General Andrew Cuomo who commented after the suit and announced a settlement that the timing of the bonuses as well as the disclosures relating to them constituted a surprising fit of corporate irresponsibility and our investigation of these and other matters pursuant to New York s Martin Act will continue Congressman Kucinich commented at the same time that This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch 77 A federal judge Jed Rakoff in an unusual action refused to approve the settlement on August 5 78 A first hearing before the judge on August 10 was at times heated and he was sharply critic al of the bonuses David Rosenfeld represented the SEC and Lewis J Liman son of Arthur L Liman represented the bank The actual amount of bonuses paid was 3 6 billion of which 850 million was guaranteed and the rest was shared among 39 000 workers who received average payments of 91 000 696 people received more than 1 million in bonuses at least one person received a more than 33 million bonus 79 On September 14 the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1 2010 The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank s shareholders who were the ones that were supposed to have been injured by the lack of disclosure He wrote It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims money should be used to make the case against the management go away The proposed settlement the judge continued suggests a rather cynical relationship between the parties the S E C gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high profile merger the bank s management gets to claim that they have been coerced into an onerous settlement by overzealous regulators And all this is done at the expense not only of the shareholders but also of the truth 80 While ultimately deferring to the SEC in February 2010 Judge Rakoff approved a revised settlement with a 150 million fine reluctantly calling the accord half baked justice at best and inadequate and misguided Addressing one of the concerns he raised in September the fine will be distributed only to Bank of America shareholders harmed by the non disclosures or legacy shareholders an improvement on the prior 33 million while still paltry according to the judge Case SEC v Bank of America Corp 09 cv 06829 United States District Court for the Southern District of New York 81 Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform 80 under chairman Edolphus Towns D NY 82 and in its investigative Domestic Policy Subcommittee under Kucinich 83 Fraud Edit In 2010 the U S government accused the bank of defrauding schools hospitals and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales As a result the bank agreed to pay 137 7 million including 25 million to the Internal Revenue Service and 4 5 million to the state attorney general to the affected organizations to settle the allegations 84 Former bank official Douglas Campbell pleaded guilty to antitrust conspiracy and wire fraud charges As of January 2011 update other bankers and brokers are under indictment or investigation 85 On October 24 2012 the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than 1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac The scheme was called Hustle or High Speed Swim Lane 86 87 On May 23 2016 the Second U S Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the Hustle case supported only intentional breach of contract not a fraud The action for civil fraud relied on provisions of the Financial Institutions Reform Recovery and Enforcement Act The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made 88 Downsizing 2011 to 2014 Edit During 2011 Bank of America began conducting personnel reductions of an estimated 36 000 people contributing to intended savings of 5 billion per year by 2014 89 In December 2011 Forbes ranked Bank of America s financial wealth 91st out of the nation s largest 100 banks and thrift institutions 90 Bank of America cut around 16 000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy This put a plan one year ahead of time to eliminate 30 000 jobs under a cost cutting program called Project New BAC 91 In the first quarter of 2014 Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14 4 million dollars The branches were from Utica Rome region and down the Mohawk Valley east to the capital region In April and May 2014 Bank of America sold two dozen branches in Michigan to Huntington Bancshares The locations were converted to Huntington National Bank branches in September 92 As part of its new strategy Bank of America is focused on growing its mobile banking platform As of 2014 update Bank of America has 31 million active online users and 16 million mobile users Its retail banking branches have decreased to 4 900 as a result of increased mobile banking use and a decline in customer branch visits By 2018 the number of mobile users has increased to 25 3 million and the number of locations fell to 4 411 at the end of June 93 Sale of stake in China Construction Bank Edit In 2005 Bank of America acquired a 9 stake in China Construction Bank one of the Big Four banks in China for 3 billion 94 It represented the company s largest foray into China s growing banking sector Bank of America has offices in Hong Kong Shanghai and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal In 2008 Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards 95 In November 2011 Bank of America announced plans to divest most of its stake in the China Construction Bank 96 In September 2013 Bank of America sold its remaining stake in the China Construction Bank for as much as 1 5 billion marking the firm s full exit from the country 97 17 billion settlement with Justice Department Edit In August 2014 Bank of America agreed to a near 17 billion deal to settle claims against it relating to the sale of toxic mortgage linked securities including subprime home loans in what was believed to be the largest settlement in U S corporate history The bank agreed with the U S Justice Department to pay 9 65 billion in fines and 7 billion in relief to the victims of the faulty loans which included homeowners borrowers pension funds and municipalities 98 Real estate economist Jed Kolko said the settlement is a drop in the bucket compared to the 700 billion in damages done to 11 million homeowners Since the settlement covered such a substantial portion of the market he said for most consumers you re out of luck 99 Much of the government s prosecution was based on information provided by three whistleblowers Shareef Abdou a senior vice president at the bank Robert Madsen a professional appraiser employed by a bank subsidiary and Edward O Donnell a Fannie Mae official The three men received 170 million in whistleblower awards 100 DOD Community Bank Edit DOD Community Bank logo Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank 101 Community Bank providing full banking services to military personnel at 68 branches and ATM locations 102 on U S military installations in Guantanamo Bay Naval Base Cuba Diego Garcia Germany Japan Italy Kwajalein Atoll South Korea the Netherlands and the United Kingdom Even though Bank of America operates Community Bank customer services are not interchangeable between the two financial institutions 103 meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to 250 000 despite the fact that none of Community s operating branches are located within the jurisdictional borders of the United States Decision not to finance makers of military style guns Edit In April 2018 Bank of America announced that it would stop providing financing to makers of military style weapons such as the AR 15 rifle 104 In announcing the decision Bank of America referenced recent mass shootings and said that it wanted to contribute in any way we can to reduce them Return to expansion 2015 present Edit In 2015 Bank of America began expanding organically opening branches in cities where it previously did not have a retail presence They started that year in Denver followed by Minneapolis Saint Paul and Indianapolis in all cases having at least one of its Big Four competitors with Chase Bank being available in Denver and Indianapolis while Wells Fargo is available in Denver and the Twin Cities 105 The Twin Cities market is also the home market of U S Bancorp the largest non Big Four rival In January 2018 Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas to supplement its existing commercial lending and investment businesses in the area Before the expansion Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four with locally based PNC Financial Services no 6 nationally having a commanding market share in the area 105 106 this coincided with Chase making a similar expansion into Pittsburgh 107 By the end of the fiscal year 2020 Bank of America had become Pittsburgh s 16th largest bank by deposits which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive 108 By 2021 Bank of America had moved up to 12th in the market 109 In February 2018 Bank of America announced it would expand into Ohio across the state s three biggest cities Cleveland Columbus and Cincinnati which are strongholds of Chase 110 111 Columbus serves as the bank s hub in Ohio due to its central location as the state s capital its overall size and growth and an existing Bank of America call center for its credit card division in suburban Westerville Within a year of entering Ohio Columbus quickly saw the bank become the 5th largest in the market by deposits behind only banks either based in Ohio Fifth Third Bank and locally based Huntington Bancshares or have a major presence as a result of an acquisition of an Ohio based institution Chase and PNC and ahead of US Bancorp also with a large presence due to acquiring an Ohio based bank Ohio based KeyBank and several local institutions 112 As of 2021 Bank of America is the 9th largest bank by deposits in all of Ohio 109 Operations Edit Bank of America branch in Washington D C Bank of America generates 90 of its revenues in its domestic market The core of Bank of America s strategy is to be the number one bank in its domestic market It has achieved this through key acquisitions 113 Consumer Banking Edit Consumer Banking the largest division in the company provides financial services to consumers and small businesses including banking investments merchant services and lending products including business loans mortgages and credit cards It provides stockbroker services via Merrill Edge a specific division for investment and related services such as research and call center counsel after Merrill Lynch became a subsidiary of Bank of America The consumer banking division represented 38 of the company s total revenue in 2016 1 The company earns revenue from interest income service charges and fees In addition the company is a mortgage servicer It competes primarily with the retail banking arms of America s three other megabanks Citigroup JPMorgan Chase and Wells Fargo The Consumer Banking organization includes over 4 600 retail financial centers and approximately 15 900 automated teller machines Bank of America is a member of the Global ATM Alliance a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when travelling internationally This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees Global Banking Edit Bank of America Tower located on Laura Street in Jacksonville Florida The Global Banking division provides banking services including investment banking and lending products to businesses It includes the businesses of Global Corporate Banking Global Commercial Banking Business Banking and Global Investment Banking The division represented 22 of the company s revenue in 2016 1 Before Bank of America s acquisition of Merrill Lynch the Global Corporate and Investment Banking GCIB business operated as Banc of America Securities LLC The bank s investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory underwriting capital markets as well as sales amp trading in fixed income and equities markets Its strongest groups include Leveraged Finance Syndicated Loans and mortgage backed securities It also has one of the largest research teams on Wall Street Bank of America Merrill Lynch is headquartered in New York City Global Wealth and Investment Management Edit The Global Wealth and Investment Management GWIM division manages the investment assets of institutions and individuals It includes the businesses of Merrill Lynch Global Wealth Management and U S Trust and represented 21 of the company s total revenue in 2016 1 It is among the 10 largest U S wealth managers It has over 2 5 trillion in client balances 1 GWIM has five primary lines of business Premier Banking amp Investments including Bank of America Investment Services Inc The Private Bank Family Wealth Advisors and Bank of America Specialist Global Markets Edit The Global Markets division offers services to institutional clients including trading in financial securities The division provides research and other services such as securities service market maker and risk management using derivatives The division represented 19 of the company s total revenues in 2016 1 Labor Edit On April 9 2019 the company announced minimum wage will be increased beginning May 1 2019 to 17 00 an hour until it reaches a goal of 20 00 an hour in 2021 114 Offices Edit The Bank of America principal executive offices are located in the Bank of America Corporate Center Charlotte North Carolina The skyscraper is located at 100 North Tryon Street and stands at 871 ft 265 m having been completed in 1992 In 2012 Bank of America cut ties to the American Legislative Exchange Council ALEC 115 International offices Edit Bank of America s Global Corporate and Investment Banking has its U S headquarters in Charlotte European headquarters in Dublin and Asian headquarters in Hong Kong and Singapore 116 Corporate Governance EditBoard of Directors 117 Name PositionBrian Moynihan Chairman of the board and chief executive officer Bank of America CorporationSusan S BiesFrank P Bramble Sr Arnold W DonaldMonica C LozanoLionel L Nowell IIIClayton S RoseThomas D WoodsMaria T ZuberSharon L AllenJack O Bovender Jr Lead Independent Director Bank of America CorporationPierre J P de WeckLinda P HudsonThomas J MayDenise L RamosMichael D WhiteR David YostCharitable efforts Edit Bank of America volunteers at the Los Angeles LGBT pride parade in 2011 In 2007 the bank offered employees a 3 000 rebate for the purchase of hybrid vehicles The company also provided a 1 000 rebate or a lower interest rate for customers whose homes qualified as energy efficient 118 In 2007 Bank of America partnered with Brighter Planet to offer an eco friendly credit card and later a debit card which help build renewable energy projects with each purchase 119 In 2010 the bank completed construction of the 1 Bank of America Center in Charlotte center city The tower and accompanying hotel is a LEED certified building 120 Bank of America has also donated money to help health centers in Massachusetts 121 and made a 1 million donation in 2007 to help homeless shelters in Miami 122 In 1998 the bank made a ten year commitment of 350 billion to provide affordable mortgages build affordable housing support small businesses and create jobs in disadvantaged neighbourhoods 123 In 2004 the bank pledged 750 million over a ten year period for community development lending and affordable housing programs 124 Chief Executive Officer EditList of CEOs Edit Hugh McColl 1998 2001 125 Ken Lewis 2001 2009 126 Brian Moynihan 2010 127 CEO Pay Ratio Edit Pursuant to Section 953 b of the Dodd Frank Wall Street Reform and Consumer Protection Act publicly traded companies are required to disclose 1 the median total annual compensation of all employees other than the CEO and 2 the ratio of the CEO s annual total compensation to that of the median employee CEO Pay Ratio 128 Total 2018 compensation for Brian Moynihan CEO amounted to 22 765 354 and total compensation of the median employee was determined to be 92 040 The resulting pay ratio is estimated to be 247 1 129 Lawsuits EditMortgage abuses Edit In August 2011 Bank of America was sued for 10 billion by American International Group over an alleged massive fraud on mortgage debt 130 Another lawsuit filed against Bank of America pertained to 57 5 billion in mortgage backed securities Bank of America sold to Fannie Mae and Freddie Mac 131 That December Bank of America agreed to pay 335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African American homebuyers from 2004 to 2008 prior to being acquired by BofA 132 In September 2012 BofA settled out of court for 2 4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch 133 On February 9 2012 it was announced that the five largest mortgage servicers Ally GMAC Bank of America Citi JPMorgan Chase and Wells Fargo agreed to a historic settlement with the federal government and 49 states 134 The settlement known as the National Mortgage Settlement NMS required the servicers to provide about 26 billion in relief to distressed homeowners and indirect payments to the states and the federal government This settlement amount makes the NMS the second largest civil settlement in U S history only trailing the Tobacco Master Settlement Agreement 135 The five banks were also required to comply with 305 new mortgage servicing standards Oklahoma held out and agreed to settle with the banks separately On October 24 2012 American federal prosecutors filed a 1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act which provides for possible penalties of triple the damages suffered The government asserted that Countrywide which was acquired by Bank of America rubber stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac The suit was filed by Preet Bharara the United States attorney in Manhattan the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program 136 In March 2014 Bank of America settled the suit by agreeing to pay 6 3 billion to Fannie Mae and Freddie Mac and to buy back around 3 2 billion worth of mortgage bonds 137 A 7 5 million settlement was reached in April 2014 with former chief financial officer for Bank of America Joe L Price over allegations that the bank s management withheld material information related to its 2008 merger with Merrill Lynch 138 In August 2014 the United States Department of Justice and the bank agreed to a 16 65 billion agreement over the sale of risky mortgage backed securities before the Great Recession the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008 139 As a whole the three firms provided 965 billion of mortgage backed securities from 2004 to 2008 140 The settlement was structured to give 7 billion in consumer relief and 9 65 billion in penalty payments to the federal government and state governments California for instance received 300 million to recompense public pension funds 139 141 The settlement was the largest in United States history between a single company and the federal government 142 143 Unfair billing practices Edit In April 2014 the Consumer Financial Protection Bureau CFPB ordered Bank of America to provide an estimated 727 million in relief to consumers harmed by practices related to credit card add on products According to the Bureau roughly 1 4 million customers were affected by deceptive marketing of add on products and 1 9 million customers were illegally charged for credit monitoring and reporting services they were not receiving The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off script sales pitches made by telemarketers that were misleading and omitted pertinent information The unfair billing practices involved billing customers for privacy related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services As a result the company billed customers for services they did not receive unfairly charged consumers for interest and fees illegally charged approximately 1 9 million accounts and failed to provide the product benefit 144 In May 2022 CFPB ordered Bank of America to pay 10 million in penalties for illegal garnishments 145 Discrimination Edit In 2018 former senior executive Omeed Malik filed a 100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct 146 His defamation claim was on the basis of retaliation breach of contract and discrimination against his Muslim background 147 Malik received an eight figure settlement in July of the same year 148 149 Controversies EditParmalat controversy Edit Parmalat SpA is a multinational Italian dairy and food corporation Following Parmalat s 2003 bankruptcy the company sued Bank of America for 10 billion alleging the bank profited from its knowledge of Parmalat s financial difficulties The parties announced a settlement in July 2009 resulting in Bank of America paying Parmalat 98 5 million in October 2009 150 151 In a related case on April 18 2011 an Italian court acquitted Bank of America and three other large banks along with their employees of charges they assisted Parmalat in concealing its fraud and of lacking sufficient internal controls to prevent such frauds Prosecutors did not immediately say whether they would appeal the rulings In Parma the banks were still charged with covering up the fraud 152 Consumer credit controversies Edit In January 2008 Bank of America began notifying some customers without payment problems that their interest rates were more than doubled up to 28 The bank was criticized for raising rates on customers in good standing and for declining to explain why it had done so 153 154 In September 2009 a Bank of America credit card customer Ann Minch posted a video on YouTube criticizing the bank for raising her interest rate After the video went viral she was contacted by a Bank of America representative who lowered her rate The story attracted national attention from television and internet commentators 155 156 157 In 2010 the bank was criticized for allegedly seizing three properties that were not under their ownership apparently due to incorrect addresses on their legal documents 158 Purchasing of 300 Internet domains in apparent preemptive PR campaign Edit In October 2009 Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents 159 In November 2010 Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U S bank inside out 160 In response to this announcement Bank of America stock dropped 3 2 161 In December 2010 Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks 162 stating that Bank of America joins in the actions previously announced by MasterCard PayPal Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are among other things inconsistent with our internal policies for processing payments 163 Later in December it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release The domain names included as BrianMoynihanBlows com BrianMoynihanSucks com and similar names for other top executives of the bank 164 165 166 167 Sometime before August 2011 WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit Berg a now ex WikiLeaks volunteer 168 169 Settled 228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners Edit On March 14 2011 members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee According to the group the emails documented alleged corruption and fraud The source identified publicly as Brian Penny 170 was a former LPI Specialist from Balboa Insurance a firm which used to be owned by the bank but was sold to Australian Reinsurance Company QBE 171 On April 7 2014 Bank of America and QBE settled a class action lawsuit stemming from the leak for 228 million 172 Repeatedly has deceived mortgagors and then impeding investigation said State of Arizona Edit In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans According to the attorney general of Arizona the bank repeatedly has deceived such mortgagors In response to the investigation the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online 173 Investment in coal mining Edit On May 6 2015 Bank of America announced it would reduce its financial exposure to coal companies The announcement came following pressure from universities and environmental groups The new policy was announced as part of the bank s decision to continue to reduce credit exposure over time to the coal mining sector 174 Ryan Coogler incident Edit In March 2022 the bank was involved in a controversial incident related to the notable filmmaker Ryan Coogler who was wrongly targeted as bank robber and detained by the police in Atlanta Georgia after Coogler tried to withdraw cash in the local branch of the Bank of America After his identity was verified with both his California state ID card and his Bank of America card Coogler was released and the bank released an apology statement According to a number of sources the bank s teller hadn t checked Coogler s ID to verify if he was the owner of the bank account before she asked the bank s supervisor to call police 175 176 177 178 Competition EditBank of America s major competitors are Wells Fargo Santander PNC Financial Services Ally Financial Capital One JPMorgan Chase Bank US Bank Citizens Financial Group Citigroup M amp T Bank and TruistNotable buildings Edit Bank of America Plaza in Atlanta Georgia is the tallest building in the Southern United States Bank of America Stadium home to the Carolina Panthers of the NFL Notable buildings which Bank of America currently occupies include Bank of America Tower in Phoenix Arizona 9454 Wilshire Boulevard in Beverly Hills California Bank of America Center in Los Angeles California Transamerica Pyramid in San Francisco 555 California Street formerly the Bank of America Center and world headquarters in San Francisco California City Place I also known as United Healthcare Center in Hartford Connecticut the tallest building in Connecticut Bank of America Plaza in Fort Lauderdale Florida Bank of America Tower in Jacksonville Florida Bank of America Financial Center Brickell and Bank of America Museum Tower Downtown Miami in Miami Florida Bank of America Center in Orlando Florida Bank of America Tower in St Petersburg Florida Bank of America Plaza in Tampa Florida Bank of America Plaza in Atlanta Georgia Bank of America Building formerly the LaSalle Bank Building in Chicago Illinois One City Center often called the Bank of America building due to signage rights in Portland Maine Bank of America Building in Baltimore Maryland Bank of America Plaza in St Louis Missouri Bank of America Tower in Albuquerque New Mexico Bank of America Tower in New York City Bank of America Corporate Center in Charlotte North Carolina the corporate headquarters Bank of America Plaza in Charlotte North Carolina Bank of America Tower in Charlotte North Carolina Hearst Tower in Charlotte North Carolina Bank of America Plaza in Dallas Texas Bank of America Tower in Midland Texas Bank of America Plaza in San Antonio Texas Bank of America Fifth Avenue Plaza in Seattle Washington Columbia Center in Seattle Washington Bank of America Tower in Hong KongFormer buildings Edit The Robert B Atwood Building in Anchorage Alaska was at one time named the Bank of America Center renamed in conjunction with the bank s acquisition of building tenant Security Pacific Bank This particular branch was later acquired by Alaska based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage The Bank of America Building Providence opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013 The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years It is located in Downtown Miami On April 18 2012 the AIA s Florida Chapter placed it on its list of Florida Architecture 100 Years 100 Places as the Bank of America Tower 179 TC Energy Center in Houston Texas was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019 Designed in the postmodern architecture style by renowned architect Philip Johnson the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983 180 See also Edit Banks portal United States portal San Francisco Bay Area portal Companies portalList of members ATM Industry Association ATMIA BAML Capital Partners Bank of America Asia Big Four banks Calibuso et al v Bank of America Corp et al List of bank mergers in United States List of largest banks in the United StatesReferences Edit a b c d e f g Bank of America Corporation 2020 Annual Report Form 10 K PDF sec gov U S Securities and Exchange Commission February 2018 Archived from the original on March 3 2018 Retrieved April 2 2020 Quarterly Earnings Bank of America Corporation Archived from the original on March 7 2022 Retrieved March 7 2022 2021 Proxy Statement Bank of America Corporation sec gov Archived from the original on December 18 2021 Retrieved December 11 2021 ONeil Erin August 2 2016 The Biggest Banks in the United States The Balance Archived from the original on November 21 2020 Retrieved August 31 2020 Who Made America Innovators A P Giannini PBS org The bank grew due to insurance monies provided after the 1906 Earthquake Archived from the original on January 7 2010 Retrieved December 17 2009 a b Cohan William D September 2009 An offer he couldn t refuse The Atlantic Team Trefis June 14 2018 Five Largest U S Investment Banks Have Over 1 5 Trillion In Securities Trading Assets Forbes Archived from the original on August 19 2018 Retrieved August 17 2018 Shelby Green Michael June 11 2018 The 15 biggest wealth managers in the world Business Insider Archived from the original on August 19 2018 Retrieved August 11 2018 B of A has operations for example Merrill Lynch offices but no retail branches in Alabama Alaska Hawaii Louisiana Mississippi Montana Nebraska North Dakota South Dakota Vermont West Virginia Wisconsin or Wyoming Bank of America Branches and ATMs Archived July 1 2014 at the Wayback Machine Click Browse locations by state c 2014 Bank of America Corporation Retrieved June 30 2014 Bank of America on the Forbes Global 2000 List Forbes Archived from the original on July 28 2018 Retrieved August 11 2018 Fortune 500 Companies 2020 Who Made the List Fortune Archived from the original on November 10 2018 Retrieved January 2 2021 World s best bank 2018 Bank of America Euromoney July 11 2018 Archived from the original on August 19 2018 Retrieved August 10 2018 Bank of America sets the standard for the new era of banking J P MORGAN SECURITIES LLC Archived January 29 2022 at the Wayback Machine entry at BrokerCheck a b Bank of America History Services Acquisitions amp Facts Encyclopedia Britannica Archived from the original on May 4 2015 Retrieved January 29 2020 Roberts Deon August 31 2016 Here s what to know about the area s biggest employers The Charlotte Observer Archived from the original on November 5 2020 Retrieved January 29 2020 Settlement Part II Italian American Museum of Los Angeles Google Arts amp Culture Archived from the original on July 26 2020 Retrieved January 29 2020 World s biggest bank Fortune Classics 1947 Fortune Archived from the original on March 25 2019 Retrieved March 25 2019 Vance Marian 2006 Bucyrus OH Images of America United States Arcadia Publishing p 84 ISBN 978 0738540818 Statewide Expansion pp 34 38 In Branch Banking California Report for the U S Federal Reserve System web version at PDF version Archived September 4 2016 at the Wayback Machine Transamerica Corporation a corporation of Delaware Archived August 30 2009 at the Wayback Machine has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act 15 U S C A 21 to enforce compliance with Section 7 of the Act 15 U S C A 18 The History of Visa Visa Inc Archived from the original on November 3 2007 Retrieved October 29 2007 Bank of America had the entire state of California as a potential market and when it issued BankAmericard in 1958 the card was an instant success In many countries there was still a reluctance to issue a card associated with Bank of America even though the association was entirely nominal in nature For this reason in 1977 BankAmericard became the Visa card retaining its distinctive blue white and gold flag NBI became Visa U S A and IBANCO became Visa International Stearns David L 2011 Electronic Value Exchange Origins of the Visa Electronic Payment System London Springer pp 25 28 ISBN 978 1 84996 138 7 Available through SpringerLink FDIC Law Regulations Related Acts Bank Holding Company Act www fdic gov Archived from the original on January 25 2021 Retrieved January 29 2020 a b Columnist Jon Talton August 15 2015 Remember Seafirst It s more than a local tale The Seattle Times Archived from the original on July 26 2020 Retrieved January 29 2020 BankAmerica 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings Los Angeles Times October 8 1986 Archived from the original on July 26 2020 Retrieved January 29 2020 BankAmerica Takes Over at Security Pacific Acquisitions The merger becomes official today creating the nation s second largest banking company Los Angeles Times April 22 1992 Archived from the original on July 26 2020 Retrieved January 29 2020 Matassa Flores Michele April 2 1992 Key Bank West One Finalize Purchases The Seattle Times Archived from the original on May 19 2011 Retrieved September 27 2008 Bank takes famous name poises for future Las Vegas Review Journal April 29 2012 Archived from the original on July 26 2020 Retrieved January 29 2020 FDIC 1995 Continental Illinois and Continental Illinois and Too Big to Fail PDF FDIC Archived PDF from the original on January 26 2021 Retrieved January 29 2020 About Banks Bank of America www bank locations com Archived from the original on February 27 2021 Retrieved January 29 2020 BankAmerica Adds 4 Traders To Its High Yield Bond Sector June 17 1996 Archived from the original on April 1 2012 American Banker June 17 1996 Journal Stephen E Frank and Patrick McGeehan Staff Reporters of The Wall Street June 9 1997 BankAmerica Agrees to Pay 540 Million for Robertson The Wall Street Journal ISSN 0099 9660 Archived from the original on August 13 2020 Retrieved January 29 2020 BankAmerica to Buy Robertson Stephens Investment Company Archived August 26 2016 at the Wayback Machine The New York Times June 9 1997 O Brien Timothy L October 15 1998 Shaw Self Styled Cautious Operator Reveals It Has a Big Appetite for Risk The New York Times ISSN 0362 4331 Archived from the original on September 8 2020 Retrieved January 29 2020 Mulligan Thomas S October 21 1998 BankAmerica s Coulter to Step Down Oct 30 Los Angeles Times Archived from the original on December 3 2013 Retrieved June 22 2013 Petruno Tom October 15 1998 Surprise BofA Losses Trigger Plunge in Stock Los Angeles Times Archived from the original on December 3 2013 Retrieved June 22 2013 Martin Mitchell April 14 1998 Nations Bank Drives 62 Billion Merger A New BankAmerica Biggest of U S Banks The New York Times Archived from the original on June 7 2014 Retrieved June 5 2014 Coulter David July 8 1998 BankAmerica s Merger with NationsBank PDF Federal Reserve Bank of San Francisco Archived PDF from the original on November 23 2020 Retrieved January 29 2020 Federal Reserve Press Release PDF Federal Reserve August 17 1998 Archived PDF from the original on November 23 2020 Retrieved January 29 2020 a b US banking mega merger unveiled BBC News October 27 2003 Archived from the original on June 25 2004 Retrieved February 27 2009 Bank of America To Buy U S Trust Forbes November 20 2006 Archived from the original on October 12 2007 Retrieved August 22 2007 Tom Henderson April 14 2008 BOA to paint the town red with LaSalle name change Crain s Detroit Business Archived from the original on June 5 2008 Retrieved May 5 2008 Fitzpatrick Dan Lublin Joann S October 2 2009 Bank of America Chief Resigns Under Fire The Wall Street Journal Archived from the original on February 11 2010 Retrieved March 29 2010 La Monica Paul R February 24 2010 BofA No longer hated on Wall Street CNNMoney com Archived from the original on February 25 2010 Retrieved March 29 2010 Salas Caroline Church Steven August 23 2007 Countrywide Gives Bank of America 447 million Gain Bloomberg L P Archived from the original on October 9 2007 Retrieved October 29 2007 Bank of America to buy Countrywide for 4 billion Reuters January 11 2008 Archived from the original on January 17 2018 Retrieved January 17 2018 Countrywide FBI Investigation CNNMoney com March 10 2008 Archived from the original on March 9 2008 Retrieved March 10 2008 Arena Kelli September 24 2008 FBI probing bailout firms Archived April 20 2010 at the Wayback Machine CNNMoney com Retrieved March 8 2010 Bauerlein Valerie Hagerty James S January 12 2008 Behind Bank of America s Big Gamble The Wall Street Journal pp A1 A5 Archived from the original on January 15 2008 Retrieved January 15 2008 Countrywide Financial Corporation Thirteen Month Statistical Data for the period ended December 31 2007 Press release Archived from the original on January 13 2008 Retrieved January 15 2008 BofA completes deal for Countrywide Financial Orlando Sentinel Associated Press July 1 2008 Archived from the original on August 4 2008 Retrieved July 2 2008 Bank of America May Not Guarantee Countrywide s Debt Bloomberg News May 2 2008 Archived from the original on January 22 2009 Retrieved August 3 2008 Isidore Chris December 21 2011 BofA settles unfair lending claims for 335 million CNN Archived from the original on January 14 2012 Retrieved December 22 2011 Lowe Zach September 15 2008 Wachtell Shearman Cravath on Bank of America Merrill Deal Law com Archived from the original on July 31 2020 Retrieved October 17 2010 Popper Margaret September 14 2008 Bank of America Said to Walk Away From Lehman Talks Update1 Bloomberg Archived from the original on June 13 2010 Retrieved October 17 2010 Sorkin Andrew Ross September 15 2008 Lehman Files for Bankruptcy Merrill Is Sold The New York Times Archived from the original on April 17 2009 Retrieved March 31 2010 Lehman Brothers files for Bankruptcy BBC News September 16 2008 Archived from the original on January 22 2009 Retrieved October 17 2010 AFP Temasek could profit on Merrill takeover economists September 15 2008 Archived from the original on May 8 2009 Retrieved October 17 2010 Lim Kevin amp Azhar Saeed May 22 2009 Singapore s Temasek defends costly Bank of America exit Archived October 2 2009 at the Wayback Machine Reuters retrieved August 3 2009 Bank of America Completes Merrill Lynch Purchase prnewswire com for Bank of America January 1 2009 Archived from the original on February 15 2009 Keoun Bradley Trowbridge Poppy December 18 2008 Bank of America Moves Chai Berkery Said to Depart Bloomberg L P Archived from the original on October 14 2007 Retrieved November 17 2009 Farrell Greg Guerrera Francesco February 3 2009 BofA Asia head and Thain ally leaves Financial Times Archived from the original on February 28 2021 Retrieved November 17 2009 Dash Eric Story Louise January 16 2009 Bank of America to Receive Additional 20 billion The New York Times Archived from the original on April 25 2009 Retrieved April 26 2010 LOUISE STORY and JO BECKER June 11 2009 Bank Chief Tells of U S Pressure to Buy Merrill Lynch The New York Times Archived from the original on March 12 2010 Retrieved June 13 2009 Kim Dixon June 10 2009 BofA documents e mails show pressure to buy Merrill Lynch Reuters Archived from the original on January 17 2018 Retrieved January 1 2018 Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm Press release Bank of America September 15 2008 Archived from the original on September 11 2017 Retrieved January 17 2018 Debt overshadows US bank s profit BBC News April 20 2009 Archived from the original on April 24 2009 Retrieved March 31 2010 Mildenberg David October 5 2009 Merrill Bringing Down Lewis Gives Bank 30 Profits as a Steal Bloomberg Archived from the original on May 25 2010 Retrieved December 12 2009 Silver Greenberg Jessica Craig Susanne September 28 2012 Bank of America Settles Suit Over Merrill for 2 43 Billion The New York Times Archived from the original on October 9 2017 Retrieved March 5 2017 Rucker Patrick Stempel Jonathan January 16 2009 Bank of America gets big government bailout Reuters Archived from the original on July 25 2017 Retrieved June 30 2017 Giannone Joseph A February 5 2009 U S pushed Bank of America to complete Merrill buy report Reuters Archived from the original on February 8 2009 Ellis David February 11 2009 Bank CEOs flogged in Washington CNNMoney com Archived from the original on February 14 2009 Retrieved March 31 2010 Walsh Mary Williams March 15 2009 A I G Lists Firms It Paid With Taxpayer Money Archived February 5 2017 at the Wayback Machine The New York Times Retrieved March 31 2009 US Regulators to B of A Obey or Else Archived August 12 2017 at the Wayback Machine The Wall Street Journal July 16 2009 Bank of America to Repay Entire 45 billion in TARP to U S Taxpayers Archived December 5 2009 at the Wayback Machine PR Newswire December 2 2009 Bank of America Completes US TARP Repayment Google News October 12 2009 Archived from the original on May 23 2012 Retrieved December 12 2009 Kouwe Zachery August 3 2009 BofA Settles S E C Suit Over Merrill Deal Archived August 5 2009 at the Wayback Machine DealBook blog The New York Times Retrieved August 3 2009 Stempel Jonathan Judge blocks Bank of America SEC bonus settlement Archived August 10 2009 at the Wayback Machine Reuters 8 6 09 Retrieved 8 7 09 Story Louise August 10 2009 Judge Attacks Merrill Pre Merger Bonuses Archived October 24 2017 at the Wayback Machine The New York Times p B1 August 11 2009 NY ed retrieved August 11 2009 a b Story Louise Judge Rejects Settlement Over Merrill Bonuses Archived January 13 2017 at the Wayback Machine The New York Times September 14 2009 Retrieved September 14 2009 Glovin David February 22 2010 Bank of America 150 million SEC Accord Is Approved Archived October 18 2015 at the Wayback Machine Bloomberg com retrieved March 2 2010 Executive Compensation How Much is Too Much Archived June 5 2011 at the Wayback Machine Hearing with statements October 28 2009 Retrieved October 30 2011 Kucinich on new NY AG fraud charges against Bank of America and SEC settling charges against BofA for misleading shareholders Archived February 6 2010 at the Wayback Machine Press release February 4 2010 Retrieved March 2 2010 Goldfarb Zachary A December 7 2010 Bank of America to pay 137 million in state fraud cases The Washington Post Archived from the original on December 31 2017 Retrieved February 3 2018 Selway William amp Braun Martin Z January 2011 The Men who Rigged the Muni Market Bloomberg Markets pp 79 84 U S Sues Bank Of America Over Mortgage Loans To Fannie And Freddie npr October 24 2012 Archived from the original on May 4 2015 Retrieved April 6 2018 Protess Ben October 24 2012 U S Accuses Bank of America of a Brazen Mortgage Fraud The New York Times Archived from the original on February 15 2018 Retrieved February 3 2018 Viswanatha Aruna Rexrode Christina May 23 2016 Bank of America Penalty Thrown Out in Crisis Era Hustle Case Appeals court says government didn t prove case bank doesn t have to pay 1 27 billion The Wall Street Journal Archived from the original on May 23 2016 Retrieved May 24 2016 Bank of America ending 30K more jobs Philadelphia Business Journal American City Business Journals September 13 2011 Archived from the original on July 21 2013 Retrieved September 15 2011 Badenhausen Kurt December 13 2011 Full List America s Best And Worst Banks Archived May 25 2017 at the Wayback Machine Forbes BofA speeds up plans to cut 16 000 jobs WSJ Yahoo News Archived from the original on September 22 2012 Retrieved September 21 2012 Huntington Bank buys 13 branches to Flint area Monroe Muskegon in 500 million deal MLive com May 15 2014 Archived from the original on July 31 2014 Retrieved September 17 2014 Egan Matt July 16 2018 Why Bank of America branches are disappearing CNNMoney Archived from the original on August 27 2019 Retrieved July 22 2019 Bank of America invests in China BBC News June 17 2005 Archived from the original on October 13 2007 Retrieved August 22 2007 ALB Asia legal deals law deals law firm deals lawyer deals Legalbusinessonline com au Archived from the original on May 25 2017 Retrieved October 17 2010 Son Hugh Tong Stephanie November 15 2011 Bank of America s Construction Bank Sale Lifts Capital Reduces China Risk Bloomberg Archived from the original on May 8 2012 Retrieved June 10 2012 Barreto Elzio Thomas Denny Rudegeair Peter September 3 2013 Bank of America selling remaining stake in Chinese bank Reuters Archived from the original on September 24 2015 Retrieved June 30 2017 Bank of America to pay nearly 17 bn to settle mortgage claims Philadelphia Herald August 21 2014 Archived from the original on August 26 2014 Retrieved August 22 2014 Handley Meg Mortgage Settlement Do the Big Banks Owe You Money U S News amp World Report Archived from the original on January 3 2015 Mahany Brian January 5 2015 Whistleblowers Share Over 170M in Bank of America Settlement MahanyLaw Archived from the original on November 25 2015 Retrieved November 25 2015 Community Bank Home Community Bank Archived from the original on July 22 2019 Retrieved July 22 2019 Community Bank Banking Centers Community Bank Archived from the original on February 13 2017 Retrieved July 22 2019 Community Bank General FAQs Community Bank Archived from the original on March 23 2019 Retrieved July 22 2019 Hsu Tiffany April 10 2018 Bank of America to Stop Financing Makers of Military Style Guns The New York Times Archived from the original on April 12 2018 Retrieved April 12 2018 a b Roberts Deon Bank of America is expanding into a new U S market Charlotte Observer Archived from the original on November 11 2018 Retrieved November 11 2018 Bank of America the nation s second biggest bank expanding in Pittsburgh region Pittsburgh Post Gazette Archived from the original on July 22 2019 Retrieved July 22 2019 Heyl Eric December 16 2020 Chase More Than Doubles Pittsburgh Presence Patch com Archived from the original on February 2 2021 Retrieved July 29 2021 Pittsburgh becomes a battleground for national banking powerhouses Banking Dive https www bankingdive com news pittsburgh bank of america jpmorgan mars nextier 585576 Archived September 8 2021 at the Wayback Machine a b Summary of Deposits Market Share Archived from the original on May 27 2021 Retrieved October 24 2021 Williams Mark Bank of America expanding into Ohio The Columbus Dispatch Archived from the original on April 21 2019 Retrieved July 22 2019 Ensign Rachel Louise Bank of America will expand into Ohio MarketWatch Archived from the original on March 23 2019 Retrieved July 22 2019 Bank of America making presence known in central Ohio Archived from the original on September 8 2021 Retrieved September 8 2021 Awards for Excellence 2007 Best Bank Bank of America Euromoney July 13 2007 Archived from the original on September 21 2007 Hudson Caroline April 9 2019 Bank of America to raise minimum wage to 20 an hour Austin Business Journal Archived from the original on June 23 2022 Retrieved April 10 2019 Whoa Bank of America cuts ties to ALEC Teamsters November 6 2012 Archived from the original on March 20 2017 Retrieved March 19 2017 Asia Pacific Global Regions Bank of America Merrill Lynch Bank of America Archived from the original on July 21 2009 Retrieved October 17 2010 Board of Directors Bank of America Corporation Archived from the original on December 19 2019 Retrieved December 11 2019 Bank Vows 20 Billion for Green Projects NBC News Associated Press February 6 2008 Archived from the original on January 3 2015 Retrieved August 21 2014 Cui Carolyn November 30 2007 Credit Cards Latest Pitch Green Benefits The Wall Street Journal Archived from the original on March 20 2017 Retrieved March 19 2017 O Daniel Adam Boye Will May 10 2011 Credit Cards Latest Pitch Green Benefits Charlotte Business Journal Archived from the original on March 20 2017 Retrieved March 19 2017 Kowalczyk Liz March 10 2007 Bank to aid health centers The Boston Globe Archived from the original on August 18 2016 Retrieved March 19 2017 Freer Jim March 9 2007 BofA donates 1M to Camillus House South Florida Business Journal Archived from the original on March 20 2017 Retrieved March 19 2017 Bank of America Meeting 350 Billion Community Development Goals Press release Bank of America June 20 2002 via PRNewswire Beyond the Balance Sheet Social Scorecard Forbes December 13 2004 Archived from the original on March 20 2017 Retrieved March 19 2017 Bank of America Chairman and CEO Hugh L McColl Jr to Retire in April Board Names Lewis Successor Archived from the original on June 23 2022 Retrieved December 29 2020 Former FDIC chief BofA ex CEO Ken Lewis seen as country bumpkin Archived from the original on April 23 2021 Retrieved December 29 2020 Brian Moynihan Chairman of the Board and Chief Executive Officer Archived from the original on January 26 2021 Retrieved December 29 2020 H R 4173 Dodd Frank Wall Street Reform and Consumer Protection Act Congress gov July 21 2010 Archived from the original on April 28 2019 Retrieved April 28 2019 Bank of America 2019 Proxy Statement Securities and Exchange Commission Archived from the original on April 28 2019 Retrieved April 28 2019 AIG sues BofA for 10 billion alleging massive fraud NBC News Archived from the original on February 7 2022 Retrieved February 7 2022 Connelly Eileen AJ October 13 2011 Fitch may downgrade BofA Morgan Stanley Goldman Seattle Post Intelligencer Associated Press Archived from the original on December 8 2011 Retrieved October 13 2011 Savage Charlie December 21 2011 Countrywide Will Settle a Bias Suit The New York Times Archived from the original on December 21 2011 Retrieved November 19 2011 In September 2012 BofA settled out of court for 2 4 billion reuters September 28 2012 Archived from the original on April 29 2021 Retrieved January 15 2021 Joint State Federal Mortgage Servicing Settlement FAQ Attorneys General Executive Committee Archived from the original on June 12 2015 Retrieved June 15 2015 Schwartz Nelson D Creswell Julie February 9 2012 Mortgage Plan Gives Billions to Homeowners but With Exceptions The New York Times Archived from the original on February 16 2017 Retrieved February 14 2017 Protess Ben October 24 2012 U S Accuses Bank of America of a Brazen Mortgage Fraud The New York Times Son Hugh March 26 2014 BofA s Moynihan Delivers at Last on Vow to Boost Dividend Bloomberg Archived from the original on November 1 2014 Retrieved August 23 2014 Abrams Rachel April 25 2014 Ex Finance Chief at Bank of America to Pay 7 5 Million in Settlement The New York Times Archived from the original on April 28 2014 Retrieved April 28 2014 a b Puzzanghera Jim August 21 2014 Bank of America to Pay Record 16 65 Billion to Settle Mortgage Claims Los Angeles Times Archived from the original on August 21 2014 Retrieved August 21 2014 Holder to Announce Record Bank of America Settlement CBS News August 21 2014 Archived from the original on August 22 2014 Retrieved August 21 2014 Roberts Deon August 20 2014 Bank of America s Nearly 17 Billion Settlement Could be Announced Thursday The Charlotte Observer Archived from the original on January 3 2015 Retrieved August 22 2014 Corkery Michael Apuzzo Matt August 21 2014 Bank of America Reaches 16 65 Billion Mortgage Settlement The New York Times Archived from the original on May 21 2017 Retrieved March 5 2017 McCoy Kevin Johnson Kevin August 21 2014 Bank of America Agrees to Nearly 17B Settlement USA Today Archived from the original on November 15 2017 Retrieved August 24 2017 CFPB Orders Bank Of America To Pay 727 Million In Consumer Relief For Illegal Credit Card Practices Consumer Financial Protection Bureau Archived from the original on May 21 2016 Retrieved June 8 2016 CFPB Orders Bank of America to Pay 10 Million Penalty for Illegal Garnishments Consumer Financial Protection Bureau Archived from the original on May 27 2022 Retrieved May 26 2022 Picker Leslie Manning Patrick April 27 2018 Ex Bank of America executive seeks 100 million in damages in defamation claim CNBC Archived from the original on May 16 2019 Retrieved December 15 2019 Ex BofA Executive Omeed Malik Seeks 100 Million in Defamation Claim Bloomberg com April 27 2018 Archived from the original on May 1 2018 Retrieved April 30 2018 Keller Laura J Kishan Saijel July 13 2018 BofA Agrees to Settlement With Former Executive Omeed Malik Bloomberg com Archived from the original on November 1 2019 Retrieved October 31 2019 BOA settles with exec who says whistleblowing led to bogus sex harassment claims July 14 2018 Archived from the original on May 16 2019 Retrieved November 2 2019 BofA settles with Parmalat for 100M Charlotte Business Journal July 28 2009 Archived from the original on August 5 2009 Retrieved June 19 2011 Italy US Parmalat receives Bank of America settlement Aroq Ltd October 5 2009 Archived from the original on October 3 2011 Retrieved June 19 2011 Sylvers Eric April 18 2011 Judge Clears Banks in Parmalat Case The New York Times Archived from the original on April 23 2011 Retrieved June 19 2011 Berner Robert February 7 2008 A Credit Card You Want to Toss Archived January 26 2010 at the Wayback Machine Bloomberg BusinessWeek Retrieved March 1 2010 Palmer Kimberly February 28 2008 Mortgage Woes Boost Credit Card Debt Archived May 5 2010 at the Wayback Machine U S News amp World Report Retrieved March 1 2010 Delaney Arthur September 21 2009 updated November 21 2009 Ann Minch Triumphs In Credit Card Fight Archived September 25 2009 at the Wayback Machine The Huffington Post Retrieved March 1 2010 Ferran Lee September 29 2009 Woman Boycotts Bank of America Wins Archived January 31 2010 at the Wayback Machine Good Morning America ABC News Retrieved March 1 2010 Pepitone Julianne September 29 2009 YouTube credit card rant gets results Archived February 28 2010 at the Wayback Machine CNNMoney Retrieved March 1 2010 Gomstyn Alice January 25 2010 No Mortgage Still Foreclosed Bank of America Sued for Seizing Wrong Homes ABC News Archived from the original on January 28 2010 Retrieved March 4 2010 Nystedt Dan October 9 2009 Wikileaks plans to make the Web a leakier place Computerworld Archived from the original on December 17 2010 Retrieved December 19 2010 Andy Greenberg November 29 2010 WikiLeaks Julian Assange Wants To Spill Your Corporate Secrets Forbes Archived from the original on December 18 2010 Retrieved December 19 2010 Bank Of America Shares Fall On WikiLeaks Fears CBS News Associated Press November 30 2010 Archived from the original on February 4 2018 Retrieved February 3 2018 Lundin Leigh February 20 2011 WikiLicks Crime Orlando Criminal Brief Archived from the original on October 25 2013 Retrieved February 22 2011 Schwartz Nelson D December 18 2010 Bank of America Suspends Payments Made to WikiLeaks The New York Times Archived from the original on December 26 2010 Retrieved December 19 2010 Bank of America Wants You to Know Its Executives Don t Suck domainnamewire com December 20 2010 Archived from the original on January 15 2011 Retrieved February 22 2011 Tiku Nitasha December 22 2010 Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names New York Archived from the original on December 28 2010 Retrieved January 2 2011 Kapne Suzanne December 23 2010 Hundreds of anti BofA websites registered Financial Times Archived from the original on January 1 2011 Retrieved January 2 2011 Rothacker Rick December 23 2010 Bank of America buys up critical domain names The Charlotte Observer Archived from the original on December 8 2011 Retrieved January 2 2011 We can confirm that the DDB August 21 2011 Archived from the original on September 21 2013 Retrieved September 28 2012 We can confirm that the DDB August 21 2011 Archived from the original on September 21 2013 Retrieved September 28 2012 Koons Cynthia Fitzpatrick Dan March 15 2011 Anonymous Perplexing Leak of Bank of America Documents The Wall Street Journal Archived from the original on March 13 2012 Retrieved March 1 2012 McCarthy Ryan March 14 2011 Bank Of America Anonymous Leak Alleges Corruption And Fraud Huffington Post Archived from the original on August 5 2018 Retrieved May 10 2018 Aubin Dena April 7 2014 Bank of America QBE to settle insurance lawsuit for 228 million Reuters Archived from the original on September 29 2021 Retrieved September 29 2021 Garofalo Pat January 26 2012 Bank Of America s Offer To Homeowners We ll Modify Loans If You ll Erase All The Mean Things Said About Us On Twitter ThinkProgress Archived from the original on January 26 2012 Retrieved January 26 2012 Valerie Volcovici May 6 2015 Bank of America s new policy to limit credit exposure to coal Business Insider Archived from the original on September 30 2015 Retrieved September 29 2015 Black Panther Ryan Coogler director mistaken for bank robber BBC News March 9 2022 Archived from the original on March 10 2022 Retrieved March 10 2022 Black Panther Director Ryan Coogler Wrongly Targeted As Bank Robber TMZ Archived from the original on March 11 2022 Retrieved March 10 2022 Diaz Johnny Levenson Michael March 9 2022 Black Panther Director Ryan Coogler Mistaken for Bank Robber in Atlanta The New York Times Archived from the original on March 9 2022 Retrieved March 10 2022 a href Template Cite web html title Template Cite web cite web a CS1 maint bot original URL status unknown link Ravindran Manori March 9 2022 Black Panther Director Ryan Coogler Was Mistaken for a Bank Robber This Situation Should Never Have Happened Variety Archived from the original on March 10 2022 Retrieved March 10 2022 Florida Architecture 100 Years 100 Places AIA Florida Archived from the original on May 5 2012 Iconic downtown Houston office tower renamed TC Energy Center HoustonChronicle com October 15 2019 Archived from the original on January 9 2021 Retrieved January 8 2021 Further reading EditCohen Lauren 2016 Bank of America Interview Tips Los Angeles CA Smith Westfield Press Bonadio Felice A 1994 A P Giannini Banker of America Berkeley CA University of California Press ISBN 978 0 520 08249 6 Hector Gary 1988 Breaking the Bank The Decline of BankAmerica Boston Little Brown ISBN 978 0 316 35392 2 James Marquie James Bessie 1954 Biography of a Bank The Story of Bank of America N T amp S A New York Harper and Brothers Johnston Moira 1990 Roller Coaster The Bank of America and the Future of American Banking New York Ticknor amp Fields ISBN 9780899199559 Josephson Matthew 1972 The Money Lords The Great Finance Capitalists 1925 1950 New York Weybright and Talley Lampert Hope 1986 Behind Closed Doors Wheeling and Dealing in the Banking World New York Atheneum ISBN 9780689117473 Light Larry October 1 2007 Money for the Masses Forbes Monnette Orra Eugene Personal Papers Collection Los Angeles CA Los Angeles Public Library Nash Gerald G 1992 A P Giannini and the Bank of America Norman OK University of Oklahoma Press Yockey Ross 1999 McColl The Man with America s Money Atlanta Longstreet Press Ahmed Azam Demirjian Karoun February 15 2007 Credit offered to illegal residents Chicago Tribune External links Edit Wikimedia Commons has media related to Bank of America Official website DOD Community Bank operated by Bank of America official website Business data for Bank of America Corp GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title Bank of America amp oldid 1134627698, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.