Office address: 100 North Tryon Street, Charlotte, NC 28255
Website: bankofamerica.com
Year established: 1998
Company type: banking
Employees: 213,000+ (2024)
Expertise: commercial banking, wealth management, investment banking, asset management, credit cards, mortgage lending, equities trading, insurance, private equity, risk management
Parent company: N/A
Key people: Brian Moynihan (CEO); Alastair Borthwick (CFO); Jim DeMare, Lindsay Hans, Katy Knox, Matthew Koder, and Wendy Stewart (presidents)
Financing status: corporation
Bank of America (BofA) is a Charlotte-based financial services company. The bank serves 69 million clients, offers digital banking to 59 million users, and manages $1.88 trillion in assets. It is known for its broad range of services, including commercial banking, wealth management, and investment banking through Merrill and the Private Bank.
Bank of America was formally created in 1998 following the merger of NationsBank and BankAmerica. But its history extends much further into the past. In 1904, Amadeo Giannini founded the Bank of Italy in San Francisco to help immigrants and working families who were often turned away by other banks.
By 1928, the Bank of Italy merged with Bank of America, Los Angeles, and soon took on the Bank of America name. Giannini’s vision led to the first statewide branch banking system in the US. The company introduced new ideas, such as the BankAmericard in 1958, which later became Visa.
BofA expanded beyond California in the 1980s and 1990s, acquiring banks in other states and growing its reach. In 1998, NationsBank of Charlotte acquired BankAmerica, creating today’s Bank of America Corporation. The new company kept the Bank of America name and made Charlotte, North Carolina its headquarters.
The company continued to grow by acquiring FleetBoston in 2004, MBNA in 2006, and Merrill Lynch in 2008. These deals helped Bank of America become a leader in credit cards, wealth management, and investment banking.
In 2024, BofA’s wealth management balances reached $4.2 trillion, an 18% increase from the prior year. This growth showed the company’s strong performance and leading global position.
BofA provides products for individuals, businesses, and institutions, with an emphasis on investment and building wealth:
Bank of America also stands out for its digital tools, security features, and nationwide branch network. Clients benefit from integrated services, personalized support, and a commitment to responsible growth.
According to Bank of America, the company's culture values support, growth, and connection for all employees. The firm reports a work environment focused on collaboration, opportunity, and ongoing development, with programs for both current and former staff.
Employees are offered a variety of benefits designed to support their health, finances, and personal lives:
For environmental sustainability, Bank of America’s aims for net zero greenhouse gas emissions across financing, operations, and supply chain before 2050. The Environmental Business Initiative plans to mobilize $1 trillion by 2030 for low-carbon and sustainable projects. It supports the Paris Climate Agreement and targets areas like energy efficiency, clean transportation, and water conservation.
Brian Moynihan is chair of the board and CEO of Bank of America, and also chairs the Sustainable Markets Initiative. Before this, Moynihan held several leadership roles at BofA, including president of global banking. He volunteers as chancellor of Brown University’s Corporation and is active in groups focused on economic and market trends.
Bank of America’s leaders have strong experience and important roles across the company:
These leaders guide the bank’s growth and help meet client needs every day. Their skills cover finance, customer service, and global markets.
In 2025, Bank of America Merrill Lynch has also expanded its alternative investment platform, now focusing on ultra-high-net-worth clients with $50 million or more. The number of clients using this platform has more than doubled in five years, showing strong demand for private equity and other alternative funds. This move allows the company to provide more choices and advanced strategies to investors seeking alternative assets.
BofA’s derivatives team also saw a chance for investors to benefit from tech’s ongoing rally, even as some hedge funds sell. The bank suggested using a six-month call spread on the QQQ ETF, which could offer strong returns if tech stocks keep rising. This approach aims to manage risk and seek growth as markets change. It also highlights its role in guiding investors toward future opportunities.
The brokerage industry's recruitment protocol, which is credited with reducing litigation when advisers change firms, might be becoming a victim of its own success
In the last three months, the <i>InvestmentNews</i> Advisers on the Move database has tracked more than 60 teams of advisers that have changed firms - but a clear handful stand out from the pack. The ten largest moves (as determined by their assets at the time of departure) of the third quarter involved advisers who oversee, combined, $7.6 billion, according to our database.
Dividends, buybacks attracting yield-hungry investors; bigger payouts coming in 2012
Fed's tougher capital tests could throw a spanner into the works for buybacks as well
Business buyback binge eases concerns about another recession; 'a testament from CEOs'
Competition fierce as number of millionaires in Asia set to double by 2015; plenty of offers on the table
Bank of America Corp.'s David Darnell, the commercial banker put in charge of the lender's Merrill Lynch brokerage, promised employees he'll do anything including “get out of the way” to help them improve results.
It may not be her biggest concern right now, but the recently departed Sallie Krawcheck will have to land a new gig at a large brokerage firm or resign her newly won seat on Finra's board
Given the recent spate of bad news, it seemed that somebody big had to go at Bank of America. Merrill Lynch president Sallie Krawcheck drew the short straw. The real question is: Did Sallie ever really have a chance of succeeding at BofA?
Unless a 5-basis-point yield somehow sounds like a good deal, it might be time to start looking beyond the basic money market mutual fund
Pimco's Bill Gross said the additional easing programs hinted at by Federal Reserve officials will push yields on longer-term Treasuries higher
Now that the National Football League's lockout is history, Putnam Investments has teamed up with the New England Patriots in a new marketing arrangement.
In what seems to be an about-face, wirehouses are embracing fixed indexed annuities, which offer investors a guaranteed-minimum return and the opportunity to partake in stock market gains
Twenty-two of 25 people surveyed by Bloomberg expect the metal to rise next week, the highest proportion since mid-July.
Despite the glitter of the Goldman Sachs name, the bank's asset management operation continues to sputter. One telltale benchmark: the unit has had eight bosses in eight years. Can 'Lloyd's Boys' turn things around?
