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.
Only three of the eight CEOs testifying before the House on their use of government bailout funds bought shares in their companies over the last six months as the stocks were plummeting.
New York Attorney General Andrew Cuomo may subpoena more executives from Bank of America Corp. and Merrill Lynch & Co. Inc.
The Department of the Treasury under former Secretary Henry Paulson took a “passive-investor” approach to buying stakes in financial institutions.
The Department of the Treasury under Bush administration Secretary Henry Paulson paid 44% more for bank securities than they were worth.
If financial advisers are trying to figure out where to find decent returns in the equity markets this year, they might want to seek out Tom Forester — the only portfolio manager whose mutual fund produced a positive return last year.
Morgan Stanley and Bank of America are upping the ante to create the largest brokerages in the nation, even as individual investors head for the exits.
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
Bank of America Corp. suffered its first quarterly loss in 17 years due to escalating credit costs, write-downs of $10.47 billion and trading losses in its capital markets businesses.
Charles Schwab & Co. Inc., which late last year said it would eliminate more than 100 jobs at all levels amid the economic slowdown, said Friday that it will continue to reduce expenses.
The SEC finalized settlements today with Citigroup and UBS that will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for these investment products dried up in February.
The following is an edited transcript of the round-table discussion.
The outlook for traditional retail-brokerage firms has never been so uncertain.
As much as executives at custodian firms dream about scores of wirehouse brokers going independent, they say that it's just not happening.
Two recent surveys lend credence to suggestions that the Wall Street meltdown may drive more financial advisers to independent firms from wirehouses.
