Bank of America – Banking, Credit Cards, Home Loans and Auto Loans
Bank of America Corporation (abbreviated as BofA) is an American multinational financial services company headquartered in Charlotte, North Carolina. It was formed through NationsBank’s acquisition of BankAmerica in 1998. It is ranked 2nd on the list of largest banks in the United States by assets. As of 2016, Bank of America was the 26th largest company in the United States by total revenue. It was ranked #11, #7 and #6 in the year 2016, 2017 and 2018 respectively on the Forbes Magazine Global 2000 list of largest companies in the world. Merrill Lynch in 2008 solidified it as a “Bulge Bracket bank”, becoming a major player in the investment banking market. As of December 31, 2017, it had US$1.081 trillion in assets under management (AUM). As of December 31, 2016, the company held 10.73% of all bank deposits in the United States. It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. 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. It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).
Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines, call centers, and online and mobile banking platforms. The bank’s Consumer Real Estate Services segment offers consumer real estate products comprising both fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans. Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014