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The Bank of America Corporation (BAC), known as simply Bank of America and often abbreviated as BofA, is an international investment bank and financial services holding corporation. It is one of the Big Four banking institutions of the US, along with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). Ranked the second biggest bank holding company in the US and the eighth largest bank in the world, Bank of America provides its services to more than 66 million customers worldwide. In 2020, it was ranked 25 on the Fortune 500 list.
Bank of America shares are listed on the New York Stock Exchange (NYSE) under the ticker symbol BAC. The company is a constituent of both the S&P 100 Index and the S&P 500 Index.
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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 20th century. 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. The corporation subsequently received large sums of US government aid but then faced several state and federal lawsuits amid claims that it had misled investors. A record settlement of $16.65bn was reached in August 2014.
Today, Bank of America operates in all 50 US states, the District of Columbia, the US Virgin Islands, Puerto Rico and more than 35 countries around the world. It has a presence in Canada, Mexico, Brazil, Argentina, Europe, the Middle East, Africa and Asia Pacific. Headquartered in Charlotte, North Carolina, it has central hubs in New York City, London, Hong Kong, Dallas and Toronto.
Bank of America operates in the consumer banking, global banking, global markets, global wealth and investment management segments. 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.
In 2019, the total assets of the Bank of America amounted to approximately $2.43trn. In the same year, the bank reported revenue of $91.24bn and net income of $27.4bn.
With Capital.com’s live BAC stock price chart, you can not only quickly view what the BAC stock price is now but also trace the company’s shares value in historic terms.
The Bank of America share value, 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. The stock traded around the $30 level during 2018, sliding lower towards the end of the year.
BAC shares enjoyed a stellar growth throughout 2019, rising from $22.66 at the end of December 2018 to $35.56 at the end of December 2019. In March 2020, during the broader market sell-off triggered by the Covid-19 pandemic, the stock fell to a $17.95 share price. It then recovered to trade at $28 per share in November 2020.
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