Bank of America Stocks Price Today (BAC)
2022.12.29 11:41
The Bank of America Corporation, also known as BofA or BoA, is an American multinational investment bank and financial services holding company with its headquarters in Charlotte, North Carolina, at the Bank of America Corporate Center. San Francisco was where the bank was founded.
It is the second-largest bank in the world by market capitalization and the second-largest banking institution in the United States, following JPMorgan Chase.
One of the Big Four banks in the United States is Bank of America. It competes directly with JPMorgan Chase, Citigroup, and Wells Fargo, which serve approximately 10.73% of all American bank deposits. Investment banking, wealth management, and commercial banking are its primary financial services.
The U.S.-based Bank of Italy, founded in 1904 by Amadeo Pietro Giannini to offer a variety of banking options to Italian immigrants who were subjected to service discrimination, is one branch of its history. In 1922, Giannini purchased Banca d’America e d’Italia (Bank of America and Italy), which had its original headquarters in San Francisco, California.
In the 1950s, significant federal banking legislation was passed, facilitating rapid expansion and quickly establishing a significant market share. BankAmerica, as it was known at the time, was acquired by NationsBank, a Charlotte-based financial institution, for US$62 billion following a significant loss as a result of the Russian bond default in 1998.
The Bank of America Corporation was established as a result of what was at the time the largest acquisition of a bank in history. It expanded its commercial banking operations by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively, through a series of acquisitions and mergers.
