Bank of America Corporation
name
Bank of America Corporation
id
BAC
summary
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America serves approximately 10.73% of all American bank deposits, competing directly with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking. The company's history traces back to 1784 with the Massachusetts Bank and includes significant growth through mergers and acquisitions, notably the acquisition of Merrill Lynch for wealth management and investment banking. As of 2023, Bank of America operates around 3,800 retail financial centers, approximately 15,000 ATMs, and employs roughly 213,000 people. It reported a revenue of US$98.6 billion, an operating income of US$28.3 billion, a net income of US$26.5 billion, assets under management (AUM) of US$1.62 trillion, total assets of US$3.18 trillion, and a total equity of US$292 billion for the year 2023.
industry
Financial services
founded
1998 (via merger), 1956 (as BankAmerica), 1784 (as Massachusetts Bank)
founder
Hugh McColl
headquarters
Charlotte, North Carolina, United States
area_served
Worldwide
key_people
Brian Moynihan (Chairman and CEO), Anne Finucane (Co-Vice chairman), Bruce Thompson (Co-Vice chairman)
products
Asset management, Banking, Commodities, Credit cards, Equities trading, Insurance, Investment management, Mortgage loans, Mutual funds, Exchange-traded funds, Index funds, Private equity, Risk management, Wealth management
revenue
US$98.6 billion (2023)
operating_income
US$28.3 billion (2023)
net_income
US$26.5 billion (2023)
AUM
US$1.62 trillion (2023)
total_assets
US$3.18 trillion (2023)
total_equity
US$292 billion (2023)
owners
Berkshire Hathaway (12.8%)
number_of_employees
c. 213,000 (2023)
divisions
BofA Securities, Merrill, Bank of America Private Bank
website
bankofamerica.com