Bank of America

Bank of America, abbreviated as BofA is associate yank transnational banking and monetary services corporation headquartered in Charlotte, North Carolina. it's the second largest bank company within the us by assets. As of 2013, Bank of America is that the ordinal largest company within the us by total revenue. In 2010, Forbes listed Bank of America because the third biggest company within the world.
Bank of America provides its product and services through operative five,100 banking centers, 16,300 ATMs, decision centers, and on-line and mobile banking platforms. Its shopper land Services phase offers shopper land product comprising fastened and adjustable-rate first-lien mortgage loans for home purchase and refinancing desires, home equity lines of credit, and residential equity loans.
The bank's 2008 acquisition of Merrill kill created Bank of America the world's largest wealth management corporation and a significant player within the investment banking market. per the Scorpio Partnership world non-public Banking Benchmark 2014 it had assets below management of USD one,866.6 Bn a rise of twelve.5% on 2013.
The company control twelve.2% of all bank deposits within the us in August 2009, and is one in every of the massive Four banks within the us, beside Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. Bank of America operates—but does not essentially maintain retail branches—in all fifty states of the us, the District of Columbia and over forty alternative countries. it's a retail banking footprint that serves around fifty million shopper and little business relationships at five,151 banking centers and sixteen,259 automatic teller machine machines ATMs.
Bank of America has been the topic of many lawsuits and investigations concerning each mortgages and monetary disclosures qualitative analysis back to the monetary crisis, as well as a record settlement of $16.65 billion on August twenty one, 2014.
Bank of America possessed combined assets of $570 billion, still as four,800 branches in twenty two states. Despite the mammoth size of the 2 corporations, federal regulators insisted solely upon the divestiture of thirteen branches in New Mexico, in cities that will be left with solely one bank following the mix. Branch divestitures area unit solely needed if the combined company can have a bigger than twenty fifth Federal Deposit Insurance Corporation corp deposit market share in a very specific state or 100% deposit market share overall. additionally, the combined principal, created from the combination of BancAmerica Oscar Palmer Robertson Stephens and NationsBanc Montgomery Securities, was renamed Banc of America Securities in 1998.
This purchase created Bank of America Corporation the leading mortgage creator and servicer within the U.S., dominant 20–25% of the house loan market.The deal was structured to merge broad with the oak tree Merger Corporation, that Bank of America created as associate freelance subsidiary. it's been prompt that the deal was structured this fashion to stop a possible bankruptcy stemming from giant losses in broad pain the parent organization by keeping broad bankruptcy remote. broad monetary has modified its name to Bank of America Home Loans.
In Dec 2011, the executive department proclaimed a $335 million settlement with Bank of America over discriminatory disposal observe at broad monetary. professional General Eric Holder aforementioned a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He aforementioned that minority borrowers WHO qualified for prime loans were steered into higher-interest-rate subprime loans
In 2005, Bank of America nonheritable a 11th of September stake in China Construction Bank, one in every of the massive Four banks in China, for $3 billion. It painted the company's largest raid China's growing banking sector. Bank of America has offices in urban center, Shanghai, and Kwangchow and was wanting to greatly expand its Chinese business as a results of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 vestment urban center Law Awards. In Gregorian calendar month 2011, Bank of America proclaimed plans to divest most of its stake within the China Construction Bank.
Bank of America operated below the name BankBoston in several alternative occupant countries, as well as Brazil. In 2006, Bank of America oversubscribed BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and logos weren't a part of the group action and, as a part of the sale agreement, can not be utilized by Bank of America (ending the BankBoston brand).

Bank of America's world company and Investment Banking has its U.S. headquarters in big apple, European headquarters in London, and Asian headquarters in urban center.