What is Bank of America?
Bank of America is an international banking and financial services corporation. Ranked the second biggest bank holding company in the U.S. after JPMorgan Chase, Bank of America provides its services to over 47 million customers worldwide. Working with individuals, large and small businesses, big corporations and governments, the company offers a range of investing, banking, asset and risk management services and products to its clients. Bank of America operates in the consumer banking, global banking, global markets, global wealth and investment management segments.
As of mid-2017, Bank of America’s retail banking footprint covered around 80% of the U.S. population. The bank operated some 4,500 retail financial centres, 16,000 ATMs, and online and mobile banking platforms with 34 million active accounts. As of 10 April 2018, Bank of America had a market capitalisation of around $309 billion. It was ranked no. 26 on the 2017 Fortune 500 list.
Who are the key people at Bank of America?
Brian Moynihan is Chairman of the Board and Chief Executive Officer. Other leading figures at Bank of America Corporation include: Terry Laughlin (Vice Chairman, Head of Global Wealth and Investment Management); Paul M. Donofrio (Chief Financial Officer); and Thomas K. Montag (Chief Operating Officer).
What is the modern history of Bank of America?
From its origins as the Bank of America and Italy in 1922, the company experienced several changes in name and structure over the course of the 20thcentury. In 1968, BankAmerica Corporation was set up as a holding company for Bank of America NT & SA and other financial subsidiaries. Then, when NationsBank acquired BankAmerica in 1998, the holding company was renamed Bank of America Corporation.
During the 2008 global financial crisis, Bank of America made two costly and controversial acquisitions – Countrywide Financial and Merrill Lynch & Co. Bank of America subsequently received large sums of U.S. government aid, but then faced several state and federal lawsuits amid claims that it had misled investors. A record settlement of $16.65 billion was reached in August 2014.
What are the latest developments at Bank of America?
In its 2017 financial results, Bank of America reported revenue growth of 4% to $87 billion, and earnings per share up 5% to $1.56. The company returned $15.9 billion in capital through common dividends and net share repurchases, up from $6.6 billion in 2016. Chairman and CEO Brian Moynihan said the year’s performance reflected Bank of America’s commitment to “responsible growth”.
The Bank of America share price, which collapsed during the global financial crisis, has enjoyed a fairly steady recovery in recent years, returning to the $20 mark in November 2016 and passing $30 in January 2018. To find out how the shares are doing right now, follow Capital.com. Our BAC chart puts all the information at your fingertips.
Where does Bank of America operate?
Bank of America operates in all 50 U.S. states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries around the world. It has operations in Canada, Mexico, Brazil, Argentina, Europe, the Middle East & Africa, and in 12 Asian countries. Its corporate headquarters are in Charlotte, North Carolina.
Where is Bank of America traded?
Bank of America shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol BAC, which stands for Bank of America Corporation. They are a constituent of both the S&P 100 and the S&P 500 indices. As with many older companies, BAC shares have a high average trading volume. Check out Capital.com for the latest BAC chart. We’ll keep you up to date and in the picture.