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.
Analyst Brad Hintz says Morgan Stanley boss James Gorman won't try to reign in comp costs at MSSB anytime soon. Why? Because UBS' Bob McCann and BofA's Sallie Krawcheck are on the prowl for the brokerage's talent.
Debt woes in Europe -- along with the risk of a U.S. default -- has investors digging precious metals. Gold, silver and palladium futures surged in intraday-trading, with gold getting close to $1,600 an ounce.
A new poll reveals which financial insitutation gets the least favorable response from traders, investors and analysts. Remarkably, survey respondents also said the winner -- loser? -- won't be hurt by this negative vibe.
During his years as an investment manager at such big firms as Smith Barney Inc. and Lehman Brothers Holdings Inc., Bruce Berkowitz learned firsthand the dangers of going along with the crowd. “You would have an investment meeting with 12 to 20 people around the table, and an idea would be discussed, and everyone would feel the need to add their input,” he said.
U.S. equity research and related services from JPMorgan Chase & Co. was voted the most valuable to asset managers surveyed by Greenwich Associates.
Wall Street is cranking out zero coupon-bonds as fast as they can create them. And why not? Thirty-year strips returned 9.5% in the first quarter.
Yuan-denominated instruments seen as much better bet than G-3 investments; 'limited supplies' add to luster
Bill Gross, who runs the world's biggest bond fund at Pacific Investment Management Co., said Treasuries “have little value” because of the growing U.S. debt burden.
Allegations of document destruction is latest in long list of complaints about Commission
Who'd a thunk it? Life insurers, now cash-rich, have rebounded nicely from the financial crisis. But their shares are still cheap compared with those of banks, analysts say.
Whether Sallie Krawcheck's (pictured) Merrill Lynch brokers and Bank of America bankers can live happily ever after — and produce greater profits as a result of their marriage — is being put to the test at the nation's largest financial institution
Global wealth boss said company lost 35 reps to independent B-Ds last year, but picked up 25
Three years after Bank of America rescued Merrill Lynch, BofA has hit a serious rough patch. Concerns about the bank's mortgage portfolio have welled up again. This week, those concerns drove the bank's stock price below $11. In 2006, it was at $55. The question: what do Merrill brokers make of all this?
Units of Bank of America and Morgan Stanley agreed to settle charges that they illegally foreclosed on U.S. service members. The Justice Department claimed that, in some cases, severely injured soldiers have had their houses seized.
