What is Bank of America?
Bank of America (BofA) is a multinational bank and financial services company. It is the world's largest wealth management organisation and the second-largest bank holding company of assets in the USA.
Where have you heard about Bank of America?
You've probably heard about the Bank of America as it's one of the four biggest banks in the US, as well as being one of the largest companies in the world. Its main competitors are Citigroup, JPMorgan Chase and Wells Fargo.
What you need to know about Bank of America.
BofA was previously known as Bank America and NationsBank. The services it offers include:
- Consumer banking
- Corporate banking
- Investment banking
- Finance and insurance
- Wealth management
- Mortgage loans and credit cards
It operates in all 50 states of America as well as in 40 countries worldwide. In 2008 it acquired wealth management company, Merrill Lynch.
In 2016 it was listed by Forbes magazine as the 11th largest company in the world.
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