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Bank of America Corporation, headquartered in the United States, is one of the largest financial institutions in the world. It is listed in the Financial sector, under the Regional Banks industry, and was founded by Amadeo Peter Giannini as the Bank of Italy.
The bank serves a wide range of clients, including individual consumers, small and medium-sized enterprises, institutional investors, large corporations, and governments.
It offers a comprehensive array of financial products and services, including investment solutions, asset management, banking products, and risk management. Its operations are structured into four main business segments, each focused on specific client profiles and financial needs:
• Consumer Banking: provides banking products and services to individual consumers, including checking accounts, credit cards, loans, and mortgages.
• Global Wealth & Investment Management: offers wealth management services to high-net-worth individuals and institutional clients.
• Global Banking: serves large corporations and governments with financing, advisory, and treasury management solutions.
• Global Markets: encompasses capital markets activities, brokerage services, and investment solutions.
Bank of America’s infrastructure includes more than 20,000 ATMs across all 50 U.S. states, as well as operations in 35 countries, reinforcing its global presence and positioning it as one of the most influential banks in the world.
With a continued commitment to innovation and the digitalization of its services, Bank of America consistently invests in technology to enhance customer experience and expand its presence in the global financial market.
The company’s shares are traded on the New York Stock Exchange (NYSE) under the ticker BAC.
History and Founding of Bank of America Corporation
The history of Bank of America dates back to 1904, when Amadeo Peter Giannini founded the Bank of Italy in San Francisco, aiming to provide accessible financial services to California’s growing immigrant population.
The bank quickly expanded and became one of the key players in the U.S. banking industry.
By the mid-20th century, the Bank of Italy was renamed Bank of America, becoming one of the nation’s leading financial institutions.
In 1958, the bank made history by launching the first credit card, revolutionizing consumer access to credit and the way purchases were made.
In 1968, Bank of America was formally incorporated as a holding company in the state of Delaware, consolidating its operations and enabling more aggressive expansion.
In the 1980s, the company began a wave of mergers and acquisitions, including the purchase of Seafirst Corporation in 1983, then considered the largest interstate bank merger in the U.S.
Expansion continued in the 1990s with the acquisition of Security Pacific Corporation in 1991, making Bank of America the first U.S. bank to offer services nationwide.
The company later turned to international markets, expanding into the United Kingdom and other countries following the acquisition of FleetBoston Financial Corporation in 2004 and National Processing, strengthening its credit card operations.
In 2006, the merger with MBNA Corporation positioned the bank as one of the world’s largest credit card issuers. The following year, the acquisition of US Trust Corporation enhanced its presence in the wealth management segment, catering to high-net-worth clients.
By the early 21st century, Bank of America had established itself as one of the largest financial institutions globally, with over 5,500 banking branches and a growing footprint across multiple financial sectors and international markets.
Between 2020 and 2024, the bank faced challenges related to the digital transformation of the financial sector and increasing competition from fintech companies. In response, it invested in technology, sustainability, and financial inclusion.
During this period, the institution also adopted new corporate governance practices and strategic expansion initiatives to adapt to changes in the global market.
Today, Bank of America remains one of the world’s most influential financial institutions, focused on continuous innovation, global expansion, and operational efficiency to meet customer demands in a dynamic and constantly evolving business environment.
Additional Information
The Company Bank of America Corporation (United States), is listed on NYSE with a market cap of $ 384.95 Billions, having an equity of $ 304.15 Billions.
With a total of 213.000 employees, the company is listed in the sector of Financial and categorized in industry of Banks.
In the last 12 months the Company had a revenue of $ 107.26 Billions, which generated a profit in the amount of $ 29.65 Billions.
As for its main indicators, the Company has a P/E ratio of 12.98, a P/BV ratio of 1.27 and in the last 12 months the dividend yield of BAC was at 2.06%.
The Company is traded internationally through the ticker BAC.
