Bank of America - US financial conglomerate, provides a wide range of financial services to individuals and companies, the largest bank holding company in the United States in the number of assets. The company has nearly 6,000 bank branches in the United States and 300 other countries, 288,000 employees and 16,500 ATMs.
The company's headquarters in Charlotte (North Carolina)
Type - a public company;
Year of construction - 1928
Location - Charlotte, North Carolina (USA);
Assets - 2,102 trillion dollars. (2013);
Number of employees - 245 452 (2013).
September 14, 2008 Bank of America announced the purchase of investment bank Merrill Lynch. Cost of purchase according to the newspaper The Wall Street Journal was $ 50 billion.
In 1904, the son of Italian immigrants Amadeo Giannini founded in San Francisco a new bank called Bank of Italy, is designed to work among the many Italian immigrants. Bank of Italy showed great activity to rebuild San Francisco after the disastrous 1906 earthquake. Giannini has applied several innovations in the banking sector, in particular, he was one of the first laid emphasis on service "middle class", opened a large number of bank branches, which by 1927 there were more than 100. In 1929, he conducted the merger of the bank with the location in the Los -Anzhelese Bank of America. The combined bank took the name of the latter.
By this time, Bank of America became the largest bank in the United States. Giannini operation went far beyond California using which he founded in 1928 Transamerica Corporation, which owned a key stake in Bank of America.
After retirement in 1945, Amadeo Giannini case was continued by his son Lawrence Jeannine, who became president of the bank as early as 1936. With his death, which coincided with the victory in the presidential election in the US Republican Party, for the Bank of America fell on hard times.
With the adoption of the new antitrust law (the Clayton Act and the Law of the Bank Holding Company Bank of America and Transamerica Corporation in 1953 were divided. From Transamerica Corporation in 1957. The company was allocated First Interstate Bancorp, absorbed in 1996 by Wells Fargo. Transamerica Corporation, was unique insurance business was purchased in 1999 the Dutch Aegon. Bank of America itself has limited the scope of its operations in California.
Since 1958, Bank of America began to issue credit cards, out of which grew the modern card VISA. In response, a group of banks, grouped around Wells Fargo, released in 1966 MasterCard.
In 1983, Bank of America has again gone beyond California, acquiring Seafirst Bank in Seattle. But already in 1986 - 1987 years he suffered heavy losses and hardly hit attack his own "son» - First Interstate Bancorp, tried to take over Bank of America. In the 1990s, acquiring a number of banks (including the California Security Pacific Bank, Chicago Continental Illinois, Bank of America on the size of deposits again became an extensive bank of the US, but in 1997, has provided US $ 1.4 billion New York-based DE Shaw & Co. and this has led to a catastrophe. The money lost as a result of the economic crisis in Russia in 1998, and he was bought by Bank of America sharlottskim NationsBank.
NationsBank was founded in 1874 in Charlotte, North Carolina under the name Commercial National Bank, in 1957 teamed up with longtime rival sharlottskim American Trust Co. under the name of American Commercial Bank, which became in 1960 after the merger with Security National Bank called Carolina National Bank.
All these years, the bank remained the financial institution of local importance. Only in 1982 was made the first acquisition outside of North Carolina - bought First National Bank of Lake City. The following year, the bank headed by Hugh McColl, who started together with sharlottskim First Union Corporation and other friendly banks vigorous expansion.
Was purchased more than 200 different banks, including such large as First RepublicBank Corporation of Dallas (1988), and C & S / Sovran Corp (1991), after which the bank was renamed NationsBank and continued expansion, absorbing Maryland National Corporation (1992), Chicago Research and Trading Group (1993), BankSouth (1995), St. Louis-based Boatmen's Bancshares (1996), Jacksonville, Florida based Barnett Bank (1997), Montgomery Securities (1997), and finally, Bank of America (1998), taking the name of the latter. The headquarters of the bank was left in Charlotte.
In 1999, McCall handed ongoing operations to his successor Louis Ken inherited in 2001 from his posts of CEO, chairman and president of Bank of America.
The Bank continues expansion. In 2004 he was bought by FleetBoston Financial, which merged most of the banks of New England, in 2005 - Maryland MBNA. Because of this, there was a conflict with sharlottskoy Wachovia, which in 2001 was renamed FirstUnion Bank. Wachovia has conceded, received $ 100 million compensation.
In 2008, during the global economic crisis was bought Merrill Lynch. The latter caused sharp attacks on Bank of America due to reveal too late disastrous state purchases and the fact that it was purchased with funds provided by the government to fight the financial crisis. As a result, Ken Louis was forced to April 29, 2009 to transfer the post of Chairman of the Board of Directors of Walter Massey and by the end of the year to retire. At the post CEO of Bank of America was replaced with the January 1, 2010, Brian Moynihan, who joined Bank of America with FlitBoston bank.