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bank of america share price today

Historical daily share price chart and data for Bank Of America since 1986 adjusted low stock price is 28.14, which is 35.8% below the current share price. It is the 13th largest company in the world with a market capitalisation of 313.5 billion. BofA was the first bank to offer nationally licensed credit cards. Bank of America (BoA) abruptly notified the Scottsdale Research Institute based on a misinterpretation of the medical value of cannabis.

Bank of america share price today -

Bank Of America Cancels Account Of Marijuana And Psychedelics Research Institute Registered With DEA

Members of the marijuana business community in Oakland, California are calling on state and local officials to provide “tax amnesty” after numerous cannabis companies were robbed earlier this month.

At a press conference on Monday, the Oakland-based association Supernova Women urged officials to deliver financial relief after more than 25 licensed marijuana businesses were burglarized or robbed during the week of November 15.

Specifically, the non-profit group wants to see a repeal of the state’s cannabis cultivation tax and a “significant reduction” in the excise tax on marijuana products. They say that would help sustain small and minority-owned firms that are facing up to $5 million in losses following the robberies.

“All types of licensed cannabis businesses were impacted—cultivation, manufacturing, distribution and retail, delivery and storefront,” Amber Senter, executive director of Supernova Women, said at the press conference. “The cannabis industry needs tax relief.”

“Cannabis equity businesses in particular need more money and resources. Small businesses and small farmers need help,” she said. “Piling on and increasing taxes—and now with the threat of robberies and violence—is proving to be unbearable for cannabis operators. When we’re faced with targeted attacks, the effects are magnified. Our communities do not have the runway for robberies and tragedies of this time.”

Raeven Duckett, a social equity licensee who founded Text Johnnie, emphasized that “cannabis companies operating in Oakland pay at least a 6 percent tax rate while other non cannabis companies pay 0.12 percent—so cannabis companies are paying 600 percent more taxes than any other Oakland company.”

“Yet when organized crime organizations target at our facilities, we get little to no response and zero compassion from local law enforcement and city officials,” she said. “Our businesses are hurting. These operators are scared. These operators deserve the right to a safe work environment and local support in a city where we pay an exorbitant amount of taxes.”

Across the bay in San Francisco, activists have similarly criticized the police response to marijuana burglaries. Surveillance video from earlier this month that was obtained by The San Francisco Chronicle showed local police apparently observing and not intervening as suspects got away after they responded to a 911 call about a dispensary being burglarized.

State officials say they understand where the activists concerns are coming from and said that changes to laws might be needed to make it easier for businesses victimized by robberies to get relief.

“We appreciate hearing from and deeply sympathize with cannabis operators impacted by the recent increases in organized cannabis theft,” Nicole Elliott, director of the California Department of Cannabis Control, told Marijuana Moment. “Though state law does not require excise and sales tax to be paid on stolen goods, the complexities of the current cannabis tax structure mean that, in practice, it can be difficult for retailers to recover those taxes.”

“We encourage businesses to focus their advocacy on addressing the broader cannabis tax challenges and engage with their state legislators on policy proposals to reform and simplify California’s cannabis tax structure,” she said. “A 2/3 vote is needed to amend the law related to cannabis taxes so any changes will require a collective effort.”

When a theft of cannabis occurs, a retailer seeking a refund of taxes needs to work with a distributor to amend relevant tax filings. Unlike other systems where tax is due only at point-of-sale, California’s cannabis tax process—where retailers must pay estimated excise tax to distributors, who then remit the payment to state tax authorities—is relatively long and cumbersome, and requires arduous record keeping.

Senter ended Monday’s event with a clear message to city and state officials: “Listen to us. This is our cry for help. Help us.”

“We’re not going to hire people with AK-47s and put them on the roof. That’s not our job,” she said. “That’s not why we started to sell weed. We didn’t decide to get into cannabis to kill people. We’re here to provide medicine and improve people’s lives.”

Prior to the spate of cannabis-related robberies, California Attorney General Rob Bonta (D) celebrated the 25th anniversary of the state’s move to legalize medical cannabis and described today’s market as “number one in the world.” However, he did acknowledge that more work needs to be done.

Separately, California officials started accepting concept proposals last month for a program aimed at helping small marijuana cultivators with environmental clean-up and restoration efforts.

Gov. Gavin Newsom (D) did veto a bill last month that would have allowed cannabis businesses to advertise on billboards along most highways in the state.

The governor also recently approved a bill to boost the state’s hemp industry by legalizing retail sales of a wide range of consumable products derived from the plant—including CBD-infused foods, beverages, cosmetics and dietary supplements. It will also eventually allow the sales of smokable hemp products in the state.

In September, Newsom signed separate legislation to require hospitals to permit medical marijuana use by certain patients in their facilities.

California officials are also making millions of dollars available for grants programs to support marijuana social equity initiatives and assist localities in processing pending cannabis business license applications.

Next year’s California State Fair will host a first-of-its-kind, state-sanctioned cannabis competition.

Marijuana Had ‘Unprecedented’ Success In State Legislatures In 2021, NORML Report Shows

Photo courtesy of Mike Latimer.

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.

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Источник: https://www.marijuanamoment.net/bank-of-america-cancels-account-of-marijuana-and-psychedelics-research-institute-registered-with-dea/

Bank of America Earnings: What Happened

Key Takeaways

  • EPS was $0.59 vs. the $0.53 analysts expected.
  • Revenue fell short of analyst expectations.
  • Bond trading revenue was lower than the level analysts estimated.
  • Equities trading revenue was higher than the level analysts estimated.
  • Net interest income declined, driven by lower interest rates.

What Happened

Bank of America reported mixed results for Q4 FY 2020. The bank reported EPS that beat expectations while revenue missed analyst forecasts. Both EPS and revenue were down compared to the year-ago quarter. The bank's equities trading revenue surpassed analyst estimates and was up year over year (YOY). However, bond trading revenue was below expectations and declined YOY. CEO Brian Moynihan noted that the bank is seeing continued signs of recovery from the economic fallout caused by the pandemic.

(Below is Investopedia's original earnings preview, published January 18, 2021.)

What to Look For

Bank of America Corp. (BAC), which held the highest share of domestic deposits among U.S. banks in 2019, has experienced falling revenue and profits over the past year amid ultra low interest rates. The Federal Reserve swiftly eased monetary conditions last March, cutting its key interest rate to near zero in order to provide liquidity to a pandemic-shocked economy. But those low interest rates are eating into many banks' profits.

Investors will be watching closely to see how well Bank of America is weathering two major challenges when it reports earnings on January 19, 2021 for Q4 FY 2020. These challenges are the low interest rate environment and the economic fallout from the COVID-19 pandemic. Analysts expect a substantial decline in earnings per share (EPS) as revenue falls for the fifth consecutive quarter.

Investors also will focus on the bank's trading revenue, both from its bond trading desk and its equities trading desk. Heightened volatility over the past year has provided significant opportunities for professional bank traders to boost revenue. That has helped to offset the adverse impact of low rates on the bank's net interest margin, which measures the difference between the interest banks earn on the loans they make and the interest they pay on deposits. Analysts are expecting both bond and equities trading revenue to rise.

Bank of America's shares lagged the broader market over the past year. The bank's underperformance gap widened as the broader market rebounded in the latter half of March 2020 following the late February crash. It was not until early November, following the U.S. presidential election, that the stock began to rise sharply and close the gap. Shares of Bank of America have provided a total return of -1.2% over the past 12 months, well below the S&P 500's total return of 15.6%.

The bank's stock has been relatively unaffected by quarterly financial results over the past year. Bank of America posted a 10.3% EPS decline in Q3 FY 2020, marking the third consecutive quarter of year-over-year (YOY) declines. Revenue fell 10.8%, the fourth consecutive quarter of YOY declines. The bank noted that falling net interest income was driven by lower interest rates.

The revenue decline was less severe in Q2 FY 2020, falling 3.3%. However, EPS plunged 49.6% compared to the same three-month period a year ago. The hit to the bank's earnings included a $4.0 billion increase in its loan loss reserve, reflecting the need to build up its buffer of cash against bad loans amid the economic fallout from the pandemic.

Analysts expect more declines in EPS and revenue in Q4 FY 2020. EPS is expected to fall 28.6% while revenue falls 9.1% compared to the year-ago quarter. For full-year 2020, analysts are forecasting a 34.7% decline in EPS and a 6.0% fall in revenue. Those would be the first declines for either financial number in at least five years.

Bank of America Key Metrics
 Estimate for Q4 2020 (FY) Q4 2019 (FY) Q4 2018 (FY)
 Earnings Per Share ($) 0.53 0.74 0.70
 Revenue ($B) 20.3 22.3 22.7
 Bond Trading Revenue ($B) 2.0 1.81.5
 Equities Trading Revenue ($B) 1.2 1.0 1.1

Source: Visible Alpha

As mentioned above, investors also will be watching Bank of America's bond and equities trading revenue. The bank refers to these two revenue streams as fixed income, currency and commodities revenue and equities revenue, respectively. Bond trading includes revenue on currency and commodity trading, but mostly consists of revenue from bond market trading. With net interest income down due to extremely low interest rates, Bank of America is more dependent on its trading desks to pull in revenue.

During the first two quarters of FY 2020, the bank's bond trading revenue grew at rates unseen in at least 13 quarters. Revenue rose 29.1% in Q1 and by 40.2% in Q2. However, the bank had a rougher third quarter, as bond trading revenue fell 1.8% compared to the same three-month period a year ago. Analysts expect a 15.1% rise in Q4 FY 2020.

For the equities trading desk, Q1 FY 2020 was the big quarter, with equities trading revenue rising 43.0%. That's the fastest pace of growth the bank has had in at least 13 quarters. However, that pace slowed to 5.8% in Q2 and to 4.6% in Q3. Analysts are forecasting equities trading revenue to rise 15.8% in Q4 FY 2020.

Источник: https://www.investopedia.com/bac-q4-2020-earnings-5095603
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services.
Источник: https://www.macrotrends.net/stocks/charts/BAC/bank-of-america/stock-price-history

FinancialsBanks

  • Price (USD)44.10
  • Today's Change-0.79 / -1.76%
  • Shares traded39.19m
  • 1 Year change+52.54%
  • Beta1.5061

Data delayed at least 15 minutes, as of Dec 03 2021 20:30 GMT.

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  • BAC:NYQ ex-dividend date 02 Dec 2021 for next dividend payment
  • BAC:NYQ price moved over +1.44% to 46.42
  • BAC:NYQ price rises above 50-day moving average to 45.53 at 09:57 GMT
  • BAC:NYQ price falls below 50-day moving average to 44.62 at 09:30 GMT
  • BAC:NYQ trading volume exceeds daily average by +19.51%
  • BAC:NYQ price falls below 50-day moving average to 45.32 at 10:31 GMT

As of last trade traded at 44.10, -9.43% below its 52-week high of 48.69, set on Nov 03, 2021.

Today

28.14Dec 14 202048.69Nov 03 2021

Open45.00
High45.07
Low43.80
Bid44.10
Offer44.11
Previous close44.89

Data delayed at least 15 minutes, as of Dec 03 2021 20:30 GMT.

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Источник: https://markets.ft.com/data/equities/tearsheet/summary?s=BAC:NYQ

Bank of America

$43.98

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About BAC

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other.

Headquarters

Charlotte, North Carolina

Price-Earnings ratio

13.43

BenzingaDec 1

Where Bank of America Stands With Analysts - Bank Of America Corp.

Bank of America (NYSE:BAC) has observed the following analyst ratings within the last quarter: Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish To

BloombergNov 30

Amtrak Weighs Shifting Credit-Card Portfolio Away From BofA

Amtrak is considering ending its credit-card partnership with Bank of America Corp., according to people familiar with the matter. The portfolio, which Bank of

ReutersNov 30

Futures slump on fresh Omicron worries after vaccine warning

Summary Travel, energy and banks lead premarket declines Stay-at-home names like Netflix, Zoom rise Futures down: Dow 1.31%, S&P 1.07%, Nasdaq 0.54% Nov 30 (

BAC Earnings

Q1 FY20

Q2 FY20

Q3 FY20

Q4 FY20

Q1 FY21

Q2 FY21

Q3 FY21

Q4 FY21

Actual

Available Jan 19, Pre-Market

ReutersNov 29

Wall Street banks stick with return-to-work plans while monitoring Omicron situation

By Noor Zainab Hussain and Elizabeth Dilts Marshall Nov 29 (Reuters) - Wall Street banks are not immediately changing their U.S. return-to-work plans in respon

Simply Wall StNov 27

Why You Might Be Interested In Bank of America Corporation For Its Upcoming Dividend

Bank of America Corporation (NYSE:BAC) is about to trade ex-dividend in the next 4 days. Typically, the ex-dividend date is one business day before the record d

Simply Wall StNov 27

Here's What We Like About Bank of America's Upcoming Dividend

Bank of America Corporation ( ) is about to trade ex-dividend in the next 4 days. The ex-dividend date occurs one day before the record date which is the day on

All investments involve risks, including the loss of principal. Securities trading offered through Robinhood Financial LLC, a registered broker-dealer and Member SIPC. Full disclosure

Источник: https://robinhood.com/stocks/BAC

: Bank of america share price today

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bank of america share price today

The Quote Overview page gives you a snapshot view for a specific symbol. Real-time prices are provided by Cboe BZX Exchange on individual U.S. equities quote pages. During market hours, the real-time Cboe BZX price displays and new trade updates are updated on the page (as indicated by a "flash"). Volume always reflects consolidated markets. If the symbol has pre-market or post-market trades, that information will also be reflected along with the last (closing) price from the symbol's exchange. Real-time prices are available during market hours (9:30 AM to 4:00 PM EST).

Note: The Cboe BZX Exchange currently accounts for approximately 11-12% of all U.S. equity trading each day. As a result, the real-time prices displayed may have minor discrepancies when comparing the information with other sites offering real-time data, or with brokerage firms. If you require comprehensive real-time bids/asks/quotes, we offer a no-risk trial to one of our real-time products.

Summary Quoteboard

The Summary Quoteboard displays snapshot quote data. When available, Bid and Ask information from the Cboe BZX Exchange is updated as new data is received. Volume is also updated but is the delayed consolidated Volume from the symbol's exchange. Quoteboard data fields include:

  • Day High / Low: The highest and lowest trade price for the current trading session.
  • Open: The opening price for the current trading session is plotted on the day's High/Low histogram.
  • Previous Close: The closing price from the previous trading session.
  • Bid: The last bid price and bid size.
  • Ask: The last ask price and ask size.
  • Volume: The total number of bank of america mortgage appointment or contracts traded in the current trading session.
  • Average Volume: The average number of shares traded over the last 20 days.
  • Weighted Alpha: A measure of how much a stock or commodity has risen or fallen over a one-year period. Barchart takes this Alpha and weights this, assigning more weight to recent activity, and less (0.5 factor) to activity at the beginning of the period. Thus, Weighted Alpha is a measure of one-year growth with an emphasis on the most recent price activity.

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A thumbnail of a daily chart is provided, with a link to open and customize a full-sized chart.

Barchart Technical Opinion

The Barchart Technical Opinion widget shows you today's overally Barchart Opinion with general information on how to interpret the short and longer term signals. Unique to Barchart.com, Opinions analyzes a stock or commodity using 13 popular analytics in short- medium- and long-term periods. Results are interpreted as buy, sell or hold signals, each with numeric ratings and summarized with an overall percentage buy or sell rating. After each calculation the program assigns a Buy, Sell, or Hold value with the study, depending wells fargo nairobi branches where the price salem five bank salem ma hours in reference to the common interpretation of the study. For example, a price above its moving average is generally considered an upward trend or a buy.

A symbol will be given one of the following overall ratings:

  • Strong Buy (greater than "66% Buy")
  • Buy (greater than or equal to "33% Buy" and less than or equal to "66% Buy")
  • Weak Buy ("0% Buy" through "33% Buy")
  • Hold
  • Strong Sell (greater than "66% Sell")
  • Sell (greater than or equal to "33% Sell" and less than or equal to "66% Sell")
  • Weak Sell ("0% Sell" through "33% Sell")

The current reading of the 14-Day Stochastic indicator is also factored into the interpretation. The following information will appear when the following conditions are met:

  • If the 14-Day Stochastic %K is greater than 90 and the Overall Opinion is a Buy, the following displays: "The market is in highly overbought territory. Beware of a trend reversal."
  • If the 14-Day Stochastic %K is greater than 80 and the Overall Opinion is a Buy, the following displays: "The market is approaching overbought territory. Be watchful of a trend reversal."
  • If the 14-Day Stochastic %K is less than 10 and the Overall Opinion is a Sell, the following displays: "The market is in midland tour slc oversold territory. Beware of a trend reversal."
  • If the 14-Day Stochastic %K is less than 20 and the Overall Opinion is a Sell, the following displays: "The market is approaching oversold territory. Be watchful of a trend reversal."
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Provides a general description of the business conducted by this company.

Price Performance

This section shows the Highs and Lows over the past 1, 3 and 12-Month periods. Click the "See More" link to see the full Performance Report page with expanded historical information.

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  • For US and Canadian Stocks, the Overview page includes key statistics on the stock's fundamentals, with a link to see more.
  • Market Cap: capitalization or market value of a stock is simply the market value of all outstanding shares. It is computed by multiplying the market price by the number of outstanding shares. For example, a publicly held company with 10 million shares outstanding that trade at $10 each would have a market capitalization of $100 million.
  • Shares Outstanding: Common shares outstanding as reported by the company on the 10-Q or 10-K.
  • Annual Sales: The annual sales, expressed in millions of dollars.
  • Annual Income: The annual net income, expressed in millions of dollars.
  • 60-Month Beta: Coefficient that measures the volatility of a stock's returns relative to the market (S&P 500). It is based on a 60-month historical regression of the return on the stock onto the return on the S&P 500.
  • Price/Sales: Latest closing price divided by the last 12 months of revenue/sales per share.
  • Price/Cash Flow: Latest closing price divided by the last 12 months revenue/cash flow per share.
  • Price/Book: A financial ratio used to compare a company's current market price to its book value.
  • Price/Earnings: Latest closing price divided by the earnings-per-share based on the trailing 12 months. Companies with negative earnings receive an "NE."
  • Earnings Per Share: The trailing 12 months EPS from total operations is the bottom line income after all expenses, divided by the weighted average number of common shares outstanding. For example, if a company has $10 million in net income and 10 million in outstanding shares, then its EPS is $1.
  • Most Recent Earnings: The amount of latest Earnings Per Share (EPS) paid out to shareholders and the date paid. Most Recent Earnings figures are based on Non-GAAP income from continuing operations.
  • Next Earnings Date: The next reported earnings date.
  • Annual Dividend & Yield: The indicated annual dividend rate and yield, calculated from the latest dividend. The dividend rate is the portion of a company's profit paid to shareholders, quoted as the dollar amount each share receives (dividends per share). Yield is the amount of dividends paid per share, divided by the closing price.
  • Most Recent Dividend: The most recent dividend paid and the most recent dividend date.
  • Sectors: Links to the Industry Groups and/or SIC codes in which the stock is found.
Options Overview

Highlights important summary options statistics to provide a forward looking indication of investors' sentiment.

  • Implied Volatility: The average implied volatility (IV) of the nearest monthly options contract. IV is a forward looking prediction of the likelihood of price change of the underlying asset, with a higher IV signifying that the market expects significant price movement, and a lower IV signifying the market expects the underlying asset price to remain within the current trading range.

  • 20-Day Historical Volatility: The average deviation from the average price over the last 20 days. Historical Volatility is a measurement of how fast the underlying security has been changing in price back in time.

  • IV Percentile: The percentage of days with IV closing below the current IV value over the prior 1-year. A high IV Percentile means the current IV is at a higher level than for most of the past year. This would occur after a period of significant price movement, and a high IV Percentile can often predict a coming market reversal in price.

  • IV Rank: The current IV compared to the highest and lowest values over the past 1-year. If IV Rank is 100% this means the IV is at its highest level over the past 1-year, and can signify the market is overbought.

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  • Put/Call Vol Ratio: The total Put/Call volume ratio for all option contracts (across all expiration dates). A high put/call ratio can signify the market is oversold as more traders are buying puts rather than calls, and a low put/call ratio can signify the market is overbought as more traders are buying calls rather than puts.

  • Today's Volume: The total volume for all option contracts (across all expiration dates) traded during the current session.

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  • Open Int (30-Day): The average total open interest for all option contracts (across all expiration dates) for the last 30 days.
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Источник: https://www.barchart.com

Bank of America Earnings: What Happened

Key Takeaways

  • EPS was $0.59 vs. the $0.53 analysts expected.
  • Revenue fell short of analyst expectations.
  • Bond trading revenue was lower than the level analysts estimated.
  • Equities trading revenue was higher than the level analysts estimated.
  • Net interest income declined, driven by lower interest rates.

What Happened

Bank of America reported mixed results for Q4 FY 2020. The bank reported EPS that beat expectations while revenue missed analyst forecasts. Both EPS and revenue were down compared to the year-ago quarter. The bank's equities trading revenue surpassed analyst estimates and was up year over year (YOY). However, bond trading revenue was below expectations and declined YOY. CEO Brian Moynihan noted that the bank is seeing continued signs of recovery from the economic fallout caused by the pandemic.

(Below is Investopedia's original earnings preview, published January 18, 2021.)

What to Look For

Bank of America Corp. (BAC), which held the highest share of domestic deposits among U.S. banks in 2019, has experienced falling revenue and profits over the past year amid consumer platinum debit card wells fargo low interest rates. The Federal Reserve swiftly eased monetary conditions last March, cutting its key interest rate to near zero in order to provide liquidity to a pandemic-shocked economy. But those low interest rates are eating into many banks' profits.

Investors will be watching closely to see how well Bank of America is weathering two major challenges when it reports earnings on January 19, 2021 for Q4 FY 2020. These challenges are the low interest rate environment and the economic fallout from the COVID-19 pandemic. Analysts expect a substantial decline in earnings per share (EPS) as revenue falls for the fifth consecutive quarter.

Investors also will focus on the bank's trading revenue, both from its bond trading desk and its equities trading desk. Heightened volatility over the past year has provided significant opportunities for professional bank traders to boost revenue. That has helped to offset the adverse impact of low rates on the bank's net interest margin, which measures the difference between the interest banks earn on the loans they make and the interest they pay on deposits. Analysts are expecting both bond and equities trading revenue to rise.

Bank of America's shares lagged the broader market over the past year. The bank's underperformance gap widened as the broader market rebounded in the latter half of March 2020 following the late February crash. It was not until early November, following the U.S. presidential election, that the stock began to rise sharply and close the gap. Shares of Bank of America have provided a total return of -1.2% over the past 12 months, well below the S&P 500's total return of 15.6%.

The bank's stock has been relatively unaffected by quarterly financial results over the past year. Bank of America posted a 10.3% EPS decline in Q3 FY 2020, marking the third consecutive quarter of year-over-year (YOY) declines. Revenue fell 10.8%, the fourth consecutive quarter of YOY declines. The bank noted that falling net interest income was driven by lower interest rates.

The revenue decline was less severe in Q2 FY 2020, falling 3.3%. However, EPS plunged 49.6% compared to the same three-month period a year ago. The hit to the bank's earnings included a $4.0 billion increase in its loan loss reserve, reflecting the need to build up its buffer of cash against bad loans amid the economic fallout from the pandemic.

Analysts expect more declines in EPS and revenue in Q4 FY 2020. EPS is expected to fall 28.6% while revenue falls 9.1% compared to the year-ago quarter. For full-year 2020, analysts are forecasting a 34.7% decline in EPS and a 6.0% fall in revenue. Those would be the first declines for either financial number in at least five years.

Bank of America Key Metrics
 Estimate for Q4 2020 (FY) Q4 2019 (FY) Q4 2018 (FY)
 Earnings Per Share ($) 0.53 0.74 0.70
 Revenue ($B) 20.3 22.3 22.7
 Bond Trading Revenue ($B) 2.0 1.81.5
 Equities Trading Revenue ($B) 1.2 1.0 1.1

Source: Visible Alpha

As mentioned above, investors also will be watching Bank of America's bond and equities sears com customer service delivery revenue. The bank refers to these two revenue streams as fixed income, currency and commodities revenue and equities revenue, respectively. Bond trading includes revenue on currency and commodity trading, but mostly consists of revenue from bond market trading. With net interest income down due to extremely low interest rates, Bank of America is more dependent on its trading desks to pull in revenue.

During the first two quarters of FY 2020, the bank's bond trading revenue phone number santander customer service at rates unseen in at least 13 quarters. Revenue rose 29.1% in Q1 and by 40.2% in Q2. However, the bank had a rougher third quarter, as bond trading revenue fell 1.8% compared to the same three-month period a year ago. Analysts expect a 15.1% rise in Q4 FY 2020.

For the equities trading desk, Q1 FY 2020 was the big quarter, with equities trading revenue rising 43.0%. That's the fastest pace of growth the bank has had in at least 13 quarters. However, that pace slowed to 5.8% in Q2 and to 4.6% in Q3. Analysts are forecasting equities trading revenue to rise 15.8% in Q4 FY 2020.

Источник: https://www.investopedia.com/bac-q4-2020-earnings-5095603
History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29, 2020.
  • ^Roberts, Deon (August 31, 2016). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29, 2020.
  • ^ abcd"Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. Retrieved January 29, 2020.
  • ^"Bank of Italy". Archived from the original on July 18, 2011. Retrieved July 22, 2019.
  • ^"World's biggest bank (Fortune Classics, 1947)". Fortune. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  • ^Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. ISBN .
  • ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, 2016, at the Wayback Machine
  • ^Transamerica Corporation, a corporation of DelawareArchived August 30, 2009, at the Wayback Machine, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18.
  • ^"The History of Visa". Visa Inc. Archived from the original on November 3, 2007. Retrieved October 29, 2007.
  • ^Stearns, Ode to the west wind imagery L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp. 25–28. ISBN . Available through SpringerLink.
  • ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. Retrieved January 29, 2020.
  • ^ abColumnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29, 2020.
  • ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. Retrieved January 29, 2020.
  • ^"BankAmerica Takes Over at Security Pacific : Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, 1992. Retrieved January 29, 2020.
  • ^Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, 2011. Retrieved September 27, 2008.
  • ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. Retrieved January 29, 2020.
  • ^FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29, 2020.
  • ^"About Banks - Bank of America". www.bank-locations.com. Retrieved January 29, 2020.
  • ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, 2012, at the Wayback Machine. American Banker, June 17, 1996
  • ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2020.
  • ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
  • ^O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. Retrieved January 29, 2020.
  • ^Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  • ^Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  • ^Martin, Mitchell (April 14, 1998). "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks". The New York Times
  • Источник: https://en.wikipedia.org/wiki/Bank_of_America

    Quote

    Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

    This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.

    Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

    Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

    Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.

    Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

    Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose Value
    Are Not DepositsAre Not Insured by Any Governmental AgencyAre Not a Condition to Any Banking Service or Activity



    "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

    Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.

    Источник: https://investor.bankofamerica.com

    Bank Of America Cancels Account Of Marijuana And Psychedelics Research Institute Registered With DEA

    Members of the marijuana business community in Oakland, California are calling on state and local officials to provide “tax amnesty” after numerous cannabis companies were robbed earlier this month.

    At a press conference on Monday, the Oakland-based association Supernova Women urged officials to deliver financial relief after more than 25 licensed marijuana businesses were burglarized or robbed during the week of November 15.

    Specifically, the non-profit group wants to see a repeal of the state’s cannabis cultivation tax and a “significant reduction” in the excise tax on marijuana products. They say that would help sustain small and minority-owned firms that are facing up to $5 million in losses following the robberies.

    “All types of licensed cannabis businesses were impacted—cultivation, manufacturing, distribution and retail, delivery and storefront,” Amber Senter, executive director of Supernova Women, said at the press conference. “The cannabis industry needs tax relief.”

    “Cannabis equity businesses in particular need more money and resources. Small businesses and small farmers need help,” she said. “Piling on and increasing taxes—and now with the threat of robberies and violence—is proving to be unbearable for cannabis operators. When we’re faced with targeted attacks, the effects are magnified. Our communities do not have the runway cash america pawn corpus christi tx robberies and tragedies of this time.”

    Raeven Duckett, a social equity licensee who founded Text Johnnie, emphasized that “cannabis companies operating in Oakland pay at least a 6 percent tax rate while other non cannabis companies pay 0.12 percent—so cannabis companies are paying 600 percent more taxes than any other Oakland company.”

    “Yet when organized crime organizations target at our facilities, we get little to no response and zero compassion from local law enforcement and city officials,” she said. “Our businesses are hurting. These operators are scared. These operators deserve the right to a safe work environment and local support in a city where we pay an exorbitant amount of taxes.”

    Across the bay in San Francisco, activists have similarly criticized the police response to marijuana burglaries. Surveillance video from earlier this month that was obtained by The San Francisco Chronicle showed local chase bank 800 935 9935 apparently observing and not intervening as suspects got away after they responded to a 911 call about a dispensary being burglarized.

    State officials say they understand where the activists concerns are coming from and said that changes to laws might be needed to make it easier for businesses victimized by robberies to get relief.

    “We appreciate hearing from and deeply sympathize with cannabis operators impacted by the recent increases in organized cannabis theft,” Nicole Elliott, director of the California Department of Cannabis Control, told Marijuana Moment. “Though state law does not require excise and sales tax to be paid on stolen goods, the complexities of the current cannabis tax structure mean that, in practice, it can be difficult for retailers to recover those taxes.”

    “We encourage businesses to focus their advocacy on addressing the broader cannabis tax challenges and engage with their state legislators on policy proposals to reform and simplify California’s cannabis tax structure,” she said. “A 2/3 vote is needed to amend the law related to cannabis taxes so any changes will require a collective effort.”

    When a theft of cannabis occurs, a retailer seeking a refund of taxes needs to work with a distributor to amend relevant tax filings. Unlike other systems where tax is due only at point-of-sale, California’s cannabis tax process—where retailers must pay estimated excise tax to distributors, who then remit the payment to state tax authorities—is relatively long and cumbersome, and requires arduous record keeping.

    Senter ended Monday’s event with a clear message to city and state officials: “Listen to us. This is our cry for help. Help us.”

    “We’re not going to hire people with AK-47s and put them on the roof. That’s not our job,” she said. “That’s not why we started to sell weed. We didn’t decide to get into cannabis to kill people. We’re here to provide medicine and improve people’s lives.”

    Prior to the spate of cannabis-related robberies, California Attorney General Rob Bonta (D) celebrated the 25th anniversary of the state’s move to legalize medical cannabis and described today’s market as “number one in the world.” However, he did acknowledge that more work needs to be done.

    Separately, California officials started accepting concept proposals last month for a program aimed at helping small marijuana cultivators with environmental clean-up and restoration efforts.

    Gov. Gavin Newsom (D) did veto a bill last month that would have allowed cannabis businesses to advertise on billboards along most highways in the state.

    The governor also recently approved a bill to boost the state’s hemp industry by legalizing retail sales of a wide range of consumable products derived from the plant—including CBD-infused foods, beverages, cosmetics and dietary supplements. It will also eventually allow the sales of smokable hemp products in the state.

    In September, Newsom signed separate legislation to require hospitals to permit medical marijuana use by certain patients in their facilities.

    California officials are also making millions of dollars available for grants programs to support marijuana social equity initiatives and assist localities in processing pending cannabis business license applications.

    Next year’s California State Fair will host a first-of-its-kind, state-sanctioned cannabis competition.

    Marijuana Had ‘Unprecedented’ Success In State Legislatures In 2021, NORML Report Shows

    Photo courtesy of Mike Latimer.

    Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.

    Continue Reading

    Источник: https://www.marijuanamoment.net/bank-of-america-cancels-account-of-marijuana-and-psychedelics-research-institute-registered-with-dea/

    Bank of America

    American multinational banking and financial services corporation

    This article is about a commercial bank unaffiliated with any government. Bank of america share price today the central bank of the United States, see Federal Reserve System.

    "BofA" redirects here. For the French illustrator, see Gus Bofa.

    Bank of America logo.svg
    Bank of America Corporate Center.jpg

    The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

    TypePublic company

    Traded as

    ISINUS0605051046
    IndustryFinancial services
    PredecessorBank America
    NationsBank
    Founded1998 (via the merger of BankAmerica & NationsBank)
    1956 (as BankAmerica)
    1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
    FounderAmadeo Giannini (BankAmerica)
    Hugh McColl
    (NationsBank)
    HeadquartersCharlotte, North Carolina, U.S. (Corporate)
    New York, NY (Investment banking)

    Number of locations

    4,600 retail financial centers & approximately 16,200 ATMs[1]

    Area served

    Worldwide

    Key people

    ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
    RevenueDecreaseUS$85.52 billion (2020)[1]

    Operating income

    DecreaseUS$18.99 billion (2020)[1]

    Net income

    DecreaseUS$17.89 billion (2020)[1]
    Total assetsfirst security bank bozeman 19th src="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" width="11" height="11">US$2.819 trillion (2020)[1]
    Total equityDecreaseUS$272.92 billion (2020)[1]
    OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

    Number of employees

    200,000 (2020)[1]
    DivisionsBofA Securities
    Merrill
    Bank of America Private Bank
    Websitebankofamerica.com

    The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as bank of america share price today or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank second round of stimulus check update, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services citywide management around commercial banking, wealth management, and investment banking.

    One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by chase pre qualified credit card offers Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

    Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

    The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America gpa requirements for south carolina state university a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

    History[edit]

    The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

    The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

    The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

    Bank of Italy[edit]

    Main article: Bank of Italy (United States)

    From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

    Expansion in California[edit]

    Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal cash america pawn corpus christi tx legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

    New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to bank of america share price today with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

    [edit]

    Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

    Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.[24]

    BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in 1986. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

    BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

    In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

    These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

    Bank of America logo gpa requirements for south carolina state university from 1998 to 2018

    On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

    Merger of NationsBank and BankAmerica[edit]

    Logo of the former Bank of America (BA), 1969–1998

    In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

    While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

    In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of ode to the west wind imagery two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

    2001 to present[edit]

    Typical Bank of America branch in Los Angeles

    In 2001, McColl stepped down and named Ken Lewis as his successor.

    In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

    On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, bank of america share price today operation was renamed FIA Card Services.

    Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

    Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

    On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

    On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

    The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

    LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.[42]

    Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[43][44]

    Acquisition of Countrywide Financial[edit]

    On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

    On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[50]

    This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

    Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

    In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found bank of america share price today against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

    Acquisition of Merrill Lynch[edit]

    On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of Temperature in san jose today in the first quarter of 2009.[59]

    Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

    The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its what is the routing number for renasant bank and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

    Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

    Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the bank of america share price today of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

    The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

    On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

    Federal Troubled Asset Relief Program[edit]

    On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

    According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[73]

    As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity cub bank shelbyville. With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

    On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest. As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

    Bonus settlement[edit]

    On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were roslyn savings bank east meadow approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.[79]

    On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," . "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

    While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.[81]

    Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

    Fraud[edit]

    In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[84]

    Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

    On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

    Downsizing (2011 to 2014)[edit]

    During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

    In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

    Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

    In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

    As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

    Sale of stake in China Construction Bank[edit]

    In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

    In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.[97]

    $17 billion settlement with Justice Department[edit]

    In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

    Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.[100]

    [edit]

    Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[103] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

    Decision not to finance makers of military-style guns[edit]

    In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

    Return to expansion (2015–present)[edit]

    In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

    In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

    In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[110][111] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

    Operations[edit]

    Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[114]

    Consumer Banking[edit]

    Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, renew license online tn Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

    Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

    Global Banking[edit]

    The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.[1]

    Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

    Global Wealth and Investment Management[edit]

    The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

    Global Markets[edit]

    The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

    Labor[edit]

    On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[115]

    Offices[edit]

    The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

    In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[116]

    International offices[edit]

    Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[117]

    Corporate Governance[edit]

    Charitable efforts[edit]

    Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

    In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a keep america great again rebate or a lower interest rate for customers whose homes qualified as energy efficient.[119] In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

    Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

    In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[124]

    In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

    Chief Executive Officer[edit]

    List of CEOs[edit]

    1. Hugh McColl (1998–2001)[126]
    2. Ken Lewis (2001–2009)[127]
    3. Brian Moynihan (2010– )[128]

    CEO Pay Ratio[edit]

    Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

    Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio online banking members first credit union estimated to be 247:1.[130]

    Lawsuits[edit]

    In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

    On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

    On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

    In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[138]

    A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.[139] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

    In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him bank of america share price today alleged sexual misconduct.[145] His defamation claim was on the basis of retaliation, breach of tarrant county court records family, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

    Controversies[edit]

    Parmalat controversy[edit]

    Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[149][150] In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[151]

    Consumer credit controversies[edit]

    In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[152][153] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

    Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

    In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[158]

    In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

    In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks. This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[162]

    Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might regions loan customer service forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[163][164][165][166]

    Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

    Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

    On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to victoria secret pink slides on sale group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[170] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[171]

    On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

    "Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

    In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[173]

    Investment in coal mining[edit]

    On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

    Competition[edit]

    Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

    Notable buildings[edit]

    Notable buildings which Bank of America currently occupies include:

    • Bank of America Tower in Phoenix, Arizona
    • Bank of America Center in Los Can i deposit a personal check at wells fargo atm, California
    • Transamerica Pyramid, in San Francisco
    • 555 California Street, formerly the Bank bank of america share price today America Center and world headquarters, in San Francisco, California
    • Bank of America Plaza in Fort Lauderdale, Florida
    • Bank of America Tower in Jacksonville, Florida
    • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
    • Bank of America Center in Orlando, Florida
    • Bank of America Tower in St. Petersburg, Florida
    • Bank of America Plaza in Tampa, Florida
    • Bank of America Plaza in Atlanta, Georgia
    • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
    • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
    • Bank of America Building in Baltimore, Maryland
    • Bank of Http activate bestbuy accountonline com Plaza in St Louis, Missouri
    • Bank of America Tower in Albuquerque, New Mexico
    • Bank of America Tower in New York City
    • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
    • Bank of America Plaza in Charlotte, North Carolina
    • Bank of America Tower in Charlotte, North Carolina
    • Hearst Tower in Charlotte, North Carolina
    • Bank of America Plaza in Dallas, Texas
    • Bank of America Tower in Midland, Texas
    • Bank of America Plaza in San Antonio, Texas
    • Bank of America Fifth Avenue Plaza in Seattle, Washington
    • Columbia Center in Seattle, Washington
    • Bank of America Tower in Hong Kong
    • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
    • 9454 Wilshire Boulevard in Beverly Hills, California

    Former buildings[edit]

    The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

    The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

    The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

    TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

    See also[edit]

    References[edit]

    1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
    2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
    3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
    4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
    5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
    6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
    7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
    8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
    9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
    10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
    11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
    12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
    13. ^ ab"Bank of America

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