Bank of America
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase. Bank of America is one of the Big Four banking institutions of the United States. It serves about 10 percent 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.
Some of the key events about Bank of America
- 1904Founded as Bank of Italy in San Francisco to serve working-class citizens
- 1928Merged with Bank of America, Los Angeles to form Bank of America National Trust and Savings Association
- 1931Acquired numerous smaller banks during the Great Depression, consolidating power in the banking sector
- 1947Faced allegations of discriminatory lending practices against minorities and low-income communities
- 1958Introduced the BankAmericard, which later became Visa, revolutionizing consumer credit
- 1969Became the first bank to form a bank holding company, BankAmerica Corporation
- 1986Introduced the first nationwide discount brokerage service
- 1998Merged with NationsBank, creating the first coast-to-coast bank in the United States
- 1998Paid $187 million to settle a class-action lawsuit over deceptive practices in managing trust accounts
- 2008Acquired Merrill Lynch, expanding its wealth management and investment banking capabilities
- 2008Acquired Countrywide Financial, inheriting its toxic mortgage portfolio and legal liabilities
- 2010Paid $137 million to settle government claims of bid rigging in the municipal bond market
- 2011Agreed to pay $410 million to settle a class-action lawsuit over excessive debit card overdraft fees
- 2012Reached a $11.6 billion settlement to resolve claims of mortgage abuse, providing relief to homeowners
- 2012Settled for $2.43 billion over allegations of hiding Merrill Lynch's losses during acquisition
- 2013Surpassed JPMorgan Chase to become the largest U.S. bank by assets
- 2014Paid $16.65 billion to settle claims related to selling toxic mortgages before the financial crisis
- 2016Fined $430 million for misusing customer cash and failing to safeguard customer securities
- 2019Raised minimum wage for employees to $20 per hour, setting a new standard in the banking industry
- 2020Agreed to pay $300 million over claims of knowingly selling faulty residential mortgage loans
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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