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.
“There will be massive defections of clients and advisers,” said Liz Nesvold, managing partner of Silver Lane Advisors LLC of New York. “The wirehouse model, which was damaged, is now broken.”
Clearly, some mutual fund managers saw the writing on the wall.
Lehman Brothers is verging on collapse, even as Bank of America has reportedly bought Merrill Lynch for $44 billion; AIG hammering out its own rescue strategy.
Lehman Brothers is verging on collapse, even as Bank of America is reportedly in talks to purchase Merrill Lynch and AIG hammers out its own rescue strategy.
Two divisions of Bank of America Corp. have agreed to buy back $4.5 billion in auction rate securities from individuals and small businesses across the country.
Bank of America Corp. said yesterday that it is ready to settle with state and federal regulators over a probe into its marketing of auction rate securities.
Facing jail time, a former branch manager for Banc of America Investment Services Inc. and A.G. Edwards & Sons Inc. owes two former clients $4.5 million after losing an arbitration claim last month.
The Massachusetts Turnpike Authority and the Massachusetts Housing Partnership will be repaid $18 million and $25 million, respectively.
Attorney General Andrew Cuomo this afternoon announced settlements with Merrill Lynch, Goldman Sachs and Deutsche Bank on the sale auction rate securities.
Funds of hedge funds, after enjoying steady growth since the beginning of the decade, are now seen by some in the industry as victims of their own success.
After losing costly battles with three former brokers last month, Banc of America Investment Services Inc. is now on the hook for $1.63 million.
Banc of America Investment Services allegedly sullied brokers' reputations, damaged potential relationships with clients.
The nation's largest brokerage firm will buy securities held by 30,000 clients.
Natixis Global Associates this week will announce an expansion of its retirement business, including the appointment of Tracey Flaherty, formerly of Bank of America Corp. and Fidelity Investments, to senior vice president of retirement strategy, a new post.
The Charlotte, N.C.-based bank booked second-quarter net income of $3.41 billion compared to $5.76 billion in the year-ago period.
