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 new firm in Greenwood Village, Colorado, is called Nilsine Partners, which is a reference to the state motto.
A J.D. Power study finds that only 43% of users say it’s easy to locate needed information on retirement plan sites.
The change in the broker workstation is part of a broad effort, dubbed internally Project Thunder, to make work life a little bit easier and more comfortable for Merrill's advisers.
There are more than 40 national record keepers, with plenty of capacity for all. And some providers are uniquely positioned.
Charles Noski, who had served as the bank's chairman since March 2020, is stepping down.
Anthony Turner, a commercial banker, faces one felony count each of murder and first-degree residential burglary, according to the Los Angeles County District Attorney's office. The case remains under investigation.
Avan recently became SVP and head of global women's and under-represented talent strategy, global human resources for Bank of America.
Recent hires at the advisory firms come at a time when the fastest-growing RIAs are embracing technology tools at higher rates than their peers.
Rock-bottom interest rates have fueled the biggest borrowing binge on record, and even billionaires with enough cash to fill a swimming pool are loathe to sit it out.
Whether they're inclined to stay or to go, advisers owe it to their clients and themselves to pay attention to the subtle, but important, changes happening at the company.
The bank is planning to hire more than 500 advisers in its traditional brokerage business in coming years, bringing the total in that unit to 1,000.
Merrill Lynch reported a 6% dip in adviser head count and said that 80,000 clients are now using its self-directed investing platform.
The bank saw a net increase of 109 financial advisers in the five years from 2016 to 2020, according to InvestmentNews Research.
The bank's new offering puts it into competition with robo-advisers, discount brokerages and some big-bank peers.
Two former reps say African Americans received less pay, support than others at the firm.
