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

1904
Founded as Bank of Italy in San Francisco to serve working-class citizens
1928
Merged with Bank of America, Los Angeles to form Bank of America National Trust and Savings Association
1931
Acquired numerous smaller banks during the Great Depression, consolidating power in the banking sector
1947
Faced allegations of discriminatory lending practices against minorities and low-income communities
1958
Introduced the BankAmericard, which later became Visa, revolutionizing consumer credit
1969
Became the first bank to form a bank holding company, BankAmerica Corporation
1986
Introduced the first nationwide discount brokerage service
1998
Merged with NationsBank, creating the first coast-to-coast bank in the United States
1998
Paid $187 million to settle a class-action lawsuit over deceptive practices in managing trust accounts
2008
Acquired Merrill Lynch, expanding its wealth management and investment banking capabilities
2008
Acquired Countrywide Financial, inheriting its toxic mortgage portfolio and legal liabilities
2010
Paid $137 million to settle government claims of bid rigging in the municipal bond market
2011
Agreed to pay $410 million to settle a class-action lawsuit over excessive debit card overdraft fees
2012
Reached a $11.6 billion settlement to resolve claims of mortgage abuse, providing relief to homeowners
2012
Settled for $2.43 billion over allegations of hiding Merrill Lynch's losses during acquisition
2013
Surpassed JPMorgan Chase to become the largest U.S. bank by assets
2014
Paid $16.65 billion to settle claims related to selling toxic mortgages before the financial crisis
2016
Fined $430 million for misusing customer cash and failing to safeguard customer securities
2019
Raised minimum wage for employees to $20 per hour, setting a new standard in the banking industry
2020
Agreed to pay $300 million over claims of knowingly selling faulty residential mortgage loans

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