The “Bank of America” is an American multinational investment bank and financial services company. The headquarter of Bank of America is in Charlotte, North Carolina and also have central hubs in New York, London, Hong Kong, Minneapolis, and Toronto.
Bank of America was founded in 1998 through NationsBank’s acquisition of Bank America. Bank of America is the 2nd largest banking institution in the United States after JPMorgan Chase. Because it is the part of the Big Four, it services almost 10.73% of all-American bank deposits which is in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. Bank of America’s primary financial services is focused on commercial banking, wealth management, and investment banking.
Because of the series of mergers and acquisitions Bank of America they have built its commercial banking business by creating Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009. Because both the divisions carry the “Merrill Lynch” signage which is the former and often referred to as “Merrill Lynch Wealth Management” to convert itself from the latter. Bank of America, Merrill Lynch, and Merrill Lynch Wealth Management hold on to large market shares in their respective offerings.
At that time the investment bank is viewed within the “Bulge Bracket” because of the 3rd largest investment bank in the world, according to 2018. Bank of America’s wealth management department manages approximately US$1.081 trillion in assets under management (AUM) which is the 2nd largest wealth manager in the world, after UBS. On the other hand, in commercial banking Bank of America run but it does not necessarily maintain retail branches in all 50 states of the United States, but they do operate in the District of Columbia and more than 40 other countries.
Bank of America’s commercial banking footstep encapsulates 46 million consumer and small business relationships approximately at 4,600 banking centers and in 15,900 automated teller machines (ATMs).
According to August 2018, Bank of America has a $313.5 billion market capitalization which is creating it the 13th largest company in the world. Because it is the 6th largest American public company which also preserved $102.98 billion in sales reported in June 2018. Bank of America was also ranked 24th on the 2018 Fortune 500 rankings of the largest United States corporations by total revenue.
Bank of America was got the name of “World’s Best Bank” by the Euromoney Institutional Investor on their 2018 Awards for Excellence.
In October 1998, NationsBank of Charlotte secured BankAmerica, which was the largest bank acquisition in history at that time. When the NationsBank was the nominal survivor and, at that time, the merged bank took the better-known name of Bank of America.
Rather than, the holding company was renamed Bank of America Corporation and NationsBank, N.A. merged with Bank of America NT&SA to redesign Bank of America, N.A. as the remaining legal bank entity. Although, the merged company still has the headquartered in Charlotte, and also maintain NationsBank’s pre-1998 stock price history. Furthermore, all U.S. Securities and Exchange Commission (SEC) classifying before 1998, which are listed under NationsBank, not Bank of America. Also, NationsBank president, chairman, and CEO Hugh McColl maintain the same roles with the merged company.
Bank of America owns combined assets of $570 billion as well as 4,800 branches in 22 states. The Global Wealth and Investment Management (GWIM) division runs the investment assets of institutions and individuals. It involves the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented by 21% of the company’s total revenue.
Bank of America is in the 10th largest U.S. wealth managers. Bank of America has over $2.5 trillion of client balances. GWIM also has five primary lines of businesses such as Premier Banking & Investments, The Private Bank, Family Wealth Advisors, and Bank of America Specialist.