Bank of America is a multinational investment bank and financial services company. It offers a range of services including banking, credit cards, loans, and investing1. They also have online and mobile banking services2. If you’re interested in opening an account, they currently have a new customer offer where you can earn a $200 cash offer when you open a new personal checking account and make qualifying direct deposits1. Please visit their official website for more details1.
Bank of America: Products
1. The Basics:
- Bank of America credit cards
- Checking and savings accounts1
2. Business Solutions:
3. Rewards:
4. Invest with Merrill:
5. Milestones:
- Buying a house
- Saving for college
- Retirement planning1
They also offer digital tools to track spending and pay bills anytime, anywhere1. Their personal finance resources can help you plan for what’s next1.
Bank of America: History
The Bank of America Corporation, often abbreviated as BofA or BoA, is an American multinational investment bank and financial services holding company. It is headquartered at the Bank of America Corporate Center in Charlotte, North Carolina1.
The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco1. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 19281.
One branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination1. Originally headquartered in San Francisco, California, Giannini acquired Banca d’America e d’Italia (Bank of America and Italy) in 19221.
After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$ 62 billion1. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded1.
Today, it is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization1. Its primary financial services revolve around commercial banking, wealth management, and investment banking1.
Bank of America: Competitors
The main competitors of Bank of America are primarily the other three “big four” U.S. banks12:
- JPMorgan Chase: The largest of the “big four” U.S. banks with reported assets of $3.20 trillion and total deposits of $2.37 trillion as of the end of 20211.
- Wells Fargo: Third, with $1.77 trillion in assets and $1.49 trillion in deposits1.
- Citigroup: Fourth, with $1.68 trillion in assets and $1.30 trillion in deposits1.
Other competitors include Deutsche Bank, Standard Chartered, HSBC, Morgan Stanley, Goldman Sachs, Credit Suisse, Barclays, Royal Bank of Scotland, U.S. Bank, UBS, Capital One, BNY Mellon, American Express, Northern Trust, Chase Bank, Discover, and RBC3.
Bank of America: CEO
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