Bank of America
|Traded as||NYSE: BAC
S&P 500 Component
|Industry||Banking, Financial services|
|Founded||1998 (1904 as Bank of Italy)|
|Headquarters||Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina, U.S.
|Key people||Charles O. Holliday
Brian T. Moynihan
(President & CEO)
|Products||Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,|
|Revenue||US$ 88.94 billion (2013)|
|Operating income||US$ 16.17 billion (2013)|
|Net income||US$ 11.43 billion (2013)|
|Total assets||US$ 2.102 trillion (2013)|
|Total equity||US$ 232.6 billion (2013)|
|Divisions||Bank of America Home Loans, Bank of America Merrill Lynch|
|Subsidiaries||Merrill Lynch, U.S. Trust Corporation|
The Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2010, Bank of America is the fifth-largest company in the United States by total revenue, and the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the third biggest company in the world.
The company held 12.2% of all bank deposits in the United States in August 2009, and 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 in all 50 states of the U.S., the District of Columbia and more than 40 other countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and serves approximately 57 million consumer and small business relationships at 5,600 banking centers and 16,200 automated teller machines (ATMs).
- 1 History
- 1.1 Bank of Italy
- 1.2 Growth in California
- 1.3 Expansion outside California
- 1.4 Merger of NationsBank and BankAmerica
- 1.5 2001 to present
- 2 Operations
- 3 Corporate affairs
- 4 Corporate social responsibility
- 5 Lawsuits
- 6 Controversies
- 7 Notable buildings
- 8 See also
- 9 References
- 10 Further reading
Bank of Italy
The history of Bank of America dates back to 1904, when Amadeo Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, a service denied them by the existing American banks who were typically discriminatory and often denied service to all but the wealthiest. Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee. When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild. Later in life, he took great pride in the fact that all of these loans were repaid.
On March 7, 1927, Giannini consolidated his Bank of Italy (101 branches) with the newly formed Liberty Bank of America (175 branches). The result was the Bank of Italy National Trust & Savings Association with capital of $30 million, In 1928, A.P. Giannini merged with Bank of America, Los Angeles and consolidated it with his other bank holdings to create what would become the largest banking institution in the country. He renamed the Bank of Italy on November 3, 1930, calling it Bank of America. The resulting company was headed by Giannini with Orra E. Monnette serving as co-Chair.
Growth in California
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. 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 business. 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. It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California.
New technologies also allowed credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1975. A consortium of other California banks introduced Master Charge (now MasterCard) to compete with BankAmericard.
Expansion outside California
Following the passage of the Bank Holding Company Act of 1956, BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.
Bank of America expanded outside California in 1983 with its acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. 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.
BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. 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. 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.
BankAmerica's next big acquisition came in 1992. The company acquired its California rival, 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 was, at the time, the largest bank acquisition in history. 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. Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.
In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois at that time 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.
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 fast-growing NationsBank Corporation, and to third in 1998 behind North Carolina's First Union Corp.
On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business (Continental Illinois had extensive leveraged lending relationships) which allowed the firm’s existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco-based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens.
Merger of NationsBank and BankAmerica
In 1997, BankAmerica lent D. E. Shaw & Co., a large hedge fund, $1.4 billion in order to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default. BankAmerica was acquired by NationsBank of Charlotte in October 1998 in what was the largest bank acquisition in history at that time.
While NationsBank was the nominal survivor and the combined company was based in Charlotte, 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. The combined bank still operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, it retains NationsBank's pre-1998 stock price history, and U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not BankAmerica.
Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. Despite the mammoth size of the 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.(Branch divestitures are only required if the combined company will have a larger than 25% Federal Deposit Insurance Corporation (FDIC) deposit market share in a particular state or 10% deposit market share overall.) In addition, the combined broker-dealer, created from the integration of BancAmerica Robertson Stephens and NationsBanc Montgomery Securities, was renamed Banc of America Securities in 1998.
2001 to present
In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock. 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. 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 the operation was renamed FIA Card Services.
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. The deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. 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.
On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from Netherlands's 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 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.
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.
Acquisition of Countrywide Financial
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.
On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion. 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. This news did not hinder the acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. 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.
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. 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. Countrywide Financial has changed its name to Bank of America Home Loans.
In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination 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.
Acquisition of Merrill Lynch
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. 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. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America the largest financial services company in the world. 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. However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.
Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009. Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger. 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.
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 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 sales 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 that he had some misgivings about the acquisition of Merrill Lynch, and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.
Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. 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 management 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. 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.
On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion. 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
Bank of America received $20 billion in the federal bailout from the U.S. government through the Troubled Asset Relief Program (TARP) on January 16, 2009, and a guarantee of $118 billion in potential losses at the company. This was in addition to the $25 billion given to them in the Fall 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with the troubled investment firm Merrill Lynch. 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. 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.
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 management". 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.
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."
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 considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York State Attorney General Andrew Cuomo, who commented after the suit and announced 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." A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5. 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.
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."
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.
Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform, under chairman Edolphus Towns (D-NY) and in its investigative Domestic Policy Subcommittee under Kucinich.
In 2010, the bank was accused by the U.S. government 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 state attorney general, to the affected organizations to settle the allegations.
Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges. As of January 2011, other bankers and brokers are under indictment or investigation.
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 it sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.
Downsizing (2011 to 2014)
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.
In December 2011, Forbes ranked Bank of America's financial health 91st out of the nation's largest 100 banks and thrift institutions.
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.
Sale of stake in China Construction Bank
Bank of America generates 90% of its revenues in its domestic market and continues to buy businesses in the U.S. 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.
Consumer Banking is the largest division in the company, and provides financial services to consumers and small businesses. The acquisition of FleetBoston and MBNA significantly expanded its size and range of services, resulting in about 51% of the company's total revenue in 2005. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 5,800 retail branches and over 18,000 ATMs across the United States.
Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that until the end of 2013 allowed customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance without access fees when traveling internationally. A change of policy means that customers are now charged 3% of funds withdrawn from ATMs overseas. Other participating banks are Barclays (United Kingdom), BNP Paribas (France), Ukrsibbank (Ukraine), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand). This feature is restricted to withdrawals using a debit card and is subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees. Additionally, some foreign ATMs use Smart Card technology and may not accept non-Smart Cards.
Bank of America offers banking and brokerage products as a result of the acquisition of Merrill Lynch. Savings programs such as "Add it Up" and "Keep the Change" have been well received and are a reflection of the product development banks have taken during the 2008 recession.
Bank of America, N.A is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.
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 (GWIM) manages assets of institutions and individuals. It is among the 10 largest U.S. wealth managers (ranked by private banking assets under management in accounts of $1 million or more as of June 30, 2005). In July 2006, Chairman Ken Lewis announced that GWIM's total assets under management exceeded $500 billion. 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.
Bank of America has spent $675 million building its U.S. investment banking business and is looking to become one of the top five investment banks worldwide. "Bank of America already has excellent relationships with the corporate and financial institutions world. Its clients include 98% of the Fortune 500 companies in the U.S. and 79% of the Global Fortune 500. These relationships, as well as a balance sheet that most banks would kill for, are the foundations for a lofty ambition."
Bank of America has a new headquarters for its operations at the Bank of America Tower, New York City. The skyscraper is located on 42nd Street and Avenue of the Americas, at Bryant Park, and features state-of-the-art, environmentally friendly technology throughout its 2.1 million square feet (195,096 m²) of office space. The building is the headquarters for the company's investment banking division, and also hosts most of Bank of America's New York-based staff.
In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion. 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. In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.
Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In 2006, Bank of America sold BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America. ( exhausting the BankBoston brand.)
Bank of America's Global Corporate and Investment Banking spans the Globe with divisions in United States, Europe, and Asia. The U.S. headquarters are located in New York, European headquarters are based in London, and Asian headquarters are based in Hong Kong.
|This section reads like a news release, or is otherwise written in an overly promotional tone. (August 2013)|
Bank of America underwent many structural changes over five years, which resulted in the development of new management practices. The CEO is directly responsible for the day to day operations of the company and he in turn reports to the board of directors who monitor his and the company's performance. The CEO works with a group of officers looking over various areas of the company. Each office also has its own senior management followed by a range of both mid-level and entry-level positions.
Bank of America portrays itself as a team consisting of the CEO and officers underneath him who have a united goal of providing opportunities for customers and clients. This division of offices suggests that the large company is engaging in division of labor but is keeping offices tied together through senior management.
As a whole, Bank of America strongly demonstrates the importance of teamwork and suggests that their main goals are to trust the team, embrace the power of the people, act responsibly and promote opportunity. This idea of teamwork ties in closely with job autonomy and the feeling of social control and belonging. Bank of America is also a strong supporter of an open dialogue between employees and senior leadership. There is direct response from senior management to employee emails and a Speak Up! internal information sharing platform where ideas can be presented. The Hawthorne Study found that people increased their production levels when they felt cohesion by working as a team. Roethlisberger and William also found that as workers worked in teams and became a cohesive unity, they increased their perception of their colleagues and often became friends.
On a similar note Bank of America has its employees volunteer for a variety of community service programs, which also helps provide a sense of community within the work force and brings employees closer together. Through volunteering in local areas, Bank of America employees demonstrate a strong force within the community in which they live. This form of volunteering makes the company act like a community within itself, which can increase employee morale and the feeling of being a part of a team and demonstrates that the company is engaging in High Commitment work practices. The group activities provide a feeling of belonging, which is associated with Human Relations where the social organizational structure of the company plays a large role in determining employees feeling of a collective unit.
On the main webpage, Bank of America states its vision, which includes employee well-being and benefits, embracing diversity, training development and recognition and employee commitment. However most importantly it recognizes its employees by praising efforts such that individuals or teams receive personalized e-cards to show that they are acknowledged for embracing the company’s core values. The company also rewards its employees by providing employees with “recognition awards” which can be exchanged for merchandise or gift cards or employees can receive “appreciation points” which can accumulate for future redemption. These incentives are only for entry-level to mid-level employees. These career incentives provide evidence for bureaucratic control within the company.
All employees receive life management benefits such as tuition reimbursement, child care benefits and an employee assistance program which provides confidential services for families and health care including medical, dental and vision benefits. Bank of America bases itself on a “pay-for-performance” culture and therefore they have a Rewards Program in place to reward employees for contributing to the success of the company. At the senior level compensation is heavily oriented towards long term incentive plans which vest over a multi year period encouraging managers to both stay at the company as well as focus on long term as opposed to short term profitability. At the lower level the long-term incentives are a smaller percentage of overall compensation but the company still provides long-term incentives for all employees for example the 401(k) plans are heavily geared toward increasing payment based on the number of years of service.
Bank of America provides resources for current employees such as the ability to search for other jobs available within Bank of America, coaching and global learning programs. Bank of America has an employee-learning curriculum where employees can take thousands of different courses with tuition reimbursement. This allows employees to further their skills in current positions and also provides the opportunity to advance into other jobs. This further provides evidence of bureaucratic control within the company as employees have the ability to move up in the job hierarchy.
Another form of motivation and authority seen at the Bank of America is in the charismatic leadership of the CEO. The face of the CEO is present throughout Bank of America including the website, offices and the annual report to shareholders. Not only is his physical presence seen throughout the company but he also writes letters to clients, shareholders, and on manuals such as the code of ethics, which can motivate people to trust him to manage the company well and to work hard for him. He is also seen throughout the world of finance as a “nice” boss and one that is trying to prove to the world that he is capable of fixing the problems that arose in the past five years.
Bank of America also expresses its commitment to ensuring that its suppliers use responsible practices and goes as far as surveying suppliers to assess their performance and practices. Bank of America also commits itself to using local economies in order to be environmental and help boost local businesses.
Due to the team focus, diversity, and job autonomy there seems to be a lot of High Commitment work practices within the Bank of America workforce. Although there is a hierarchy, there does appear to be the ability to move up in the workforce and the CEO works as a team with officers below him. Incentives are also used to ensure people are contributing to the success of the company and want to stay with Bank of America for many years. These practices encourage creativity and commitment from the employees to the company and are a product of bureaucratic control.
Board of directors
- Susan Bies, former Governor of the Federal Reserve Board
- William Boardman, former Chairman of Visa International Inc.
- Frank P. Bramble Sr, former Executive Officer, MBNA Corporation
- Virgis W. Colbert, (69), senior advisor, MillerCoors Company
- Charles K. Gifford, former Chairman, Bank of America Corporation
- Charles O. Holliday, Chairman, Bank of America Corporation, former Chairman and CEO of DuPont
- D. Paul Jones, lawyer and former CEO of Compass Bancshares, a Birmingham, Alabama bank now part of Banco Bilbao Vizcaya Argentaria SA
- Brian T. Moynihan, President and Chief Executive Officer, Bank of America Corporation
- Monica C. Lozano, Publisher and Chief Executive Officer of La Opinión
- Walter E. Massey, former Chairman, Bank of America Corporation, President Emeritus, Morehouse College
- Mukesh Ambani,Director and Chairman, Reliance Industries
- Thomas J. May, Chairman, President and Chief Executive Officer, NSTAR
- Donald E. Powell, former Chairman of the Federal Deposit Insurance Corp.
- Charles O. Rossotti, (68) senior advisor, The Carlyle Group
- Thomas M. Ryan, President and Chief Executive Officer, CVS Caremark Corporation
- Robert W. Scully, former member, Office of the Chairman of Morgan Stanley
|Thomas K. Montag (Co-Chief Operating Officer)||752,627|
|Bruce R. Thompson (Chief Financial Officer)||688,315|
|Brian T. Moynihan (President and Chief Executive Officer)||595,740|
|Terrence (Terry) P. Laughlin (Chief Risk Officer)||325,091|
|Gary G. Lynch (Global General Counsel and Head of Compliance & Regulatory Relations)||228,926|
|Institutions||Shares held||% held|
|State Street Corp||460,496,575||4.54|
|BlackRock Institutional Trust Company,N.A.||256,552,573||2.53|
|JP Morgan Chase & Co||204,909,812||2.02|
|Wellington Management Co||161,691,214||1.60|
|Capital Research Global Investors||131,327,985||1.30|
|Bank of New York Mellon Corp||116,396,174||1.15|
|Capital World Investors||112,200,000||1.11|
|Northern Trust Corp.||111,873,089||1.10|
|Franklin Resources Inc.||111,852,815||1.10|
- Capital Research Global Investors and Capital World Investors are both owned by parent company Capital Group Companies
Data from Yahoo! Finance as of March 10, 2014
Warren Buffett, in August 2011, agreed to invest $5 billion through Berkshire Hathaway for 50,000 preferred shares along with warrants to purchase up to 700,000,000 shares at US$7.14 though August 2021. The bank has the option to buy back the shares for a 5 percent premium.
In addition to its new eco-friendly office tower in Manhattan, Bank of America has pledged to spend billions on commercial lending and investment banking for projects that it considers "green". The corporation supplied all of its employees with cash incentives to buy hybrid vehicles, and began providing mortgage loan breaks for customers whose homes qualified as energy efficient. 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. The corporation recently completed the new 1 Bank of America Center in Uptown Charlotte. The tower, and accompanying hotel, will be a LEED-certified building.
In 2004, the bank pledged $750 billion over a ten-year period for community development lending and investment. The company had delivered more than $230 billion against a ten-year commitment of $350 billion made in 1998 to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.
In August 2011, Bank of America was sued for $10 billion by American International Group Inc. 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.
In December 2011, 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.
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.
On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against BofA 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 BofA, 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. 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.
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. 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.
Consumer credit controversies
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. 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. 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.
In October 2009, WikiLeaks representative Julian Assange reported 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.
In November 2010, Forbes magazine published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out". In response to this announcement, Bank of America stock dropped 3.2%.
In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks, 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."
In late December it was announced that Bank of America had bought up more than 300 Internet domain names in an attempt to preempt bad publicity that might be 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. Nick Baumann of Mother Jones ridiculed this effort, stating: "If I owned stock in Bank of America, this would not give me confidence that the bank is prepared for whatever Julian Assange is planning to throw at it."
Sometime before August 2011, it is claimed by WikiLeaks 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.
On March 14, 2011, one or more members of the decentralized collective Anonymous began releasing emails it said were obtained from Bank of America. According to the group, the emails document "corruption and fraud", and relate to the issue of improper foreclosures. The source, identified publicly as Brian Penny, 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.
The state of Arizona has investigated 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 refrain from criticizing the bank.
According to Kelly McMillan, operations director of McMillan Firearms, in April 2012, Bank of America began terminating its business relationships with the company. McMillan said the company's accounts were in good standing and that a bank representative, Ray Fox, said the bank felt McMillan had moved from simple accessories to more involvement with manufacturing firearms. According to McMillan, when asked if this was a political decision, Fox replied that it was. Bank of America again closed service to a legally qualified gun store in January 2013. American Spirit Arms owner Joe Sirochman says Bank of America froze his account and later told him they did not believe he should be selling gun parts on the internet.
Notable buildings which Bank of America currently occupies include:
- Bank of America Tower in Phoenix, Arizona
- Bank of America Center in Los Angeles
- 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco
- Bank of America Plaza in Fort Lauderdale, Florida
- Bank of America Tower in Jacksonville, Florida
- Bank of America Tower 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 (the tallest U.S. building outside of NYC and Chicago)
- 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 America 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 Building in Providence, Rhode Island
- Bank of America Plaza in Dallas, Texas
- Bank of America Center in Houston, 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)
- Bank of America Building in Newark, Delaware, formerly MBNA Executive Headquarters in Newark, Delaware
- Bank of America Stadium in Charlotte, North Carolina
|Wikimedia Commons has media related to Bank of America.|
- BAML Capital Partners
- Bank of America (Asia)
- Bank of America Canada
- Calibuso, et al. v. Bank of America Corp., et al.
- Death of Kevin Flanagan
- List of bank mergers in United States
- "Bank of America Corporation". Encyclopædia Britannica. Retrieved October 21, 2011.
- "Bank of America Financial Statements". MSN Money.
- Key people: Son, Hugh (August 20, 2011). "BofA expects 3,500 job cuts". The News Journal (New Castle, DE: Gannett). Retrieved August 20, 2011.
- Rappaport, Liz; Fitzpatrick, Dan (October 19, 2011). "Pain Spreads to Biggest Banks". The Wall Street Journal.
- "Fortune 500". CNN Money.
- "The Global 2000". Forbes. March 1, 2010. Archived from the original on October 17, 2010. Retrieved October 17, 2010.
- Cohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
- Fitzpatrick, Dan (July 28, 2009). "BofA Plans to Cut 10% of Branches". The Wall Street Journal.
- "Citigroup posts 4th straight loss; Merrill loss widens". USA Today. Associated Press. October 16, 2008. Retrieved December 17, 2009.
- Dash, Eric (August 23, 2007). "4 Major Banks Tap Fed for Financing". The New York Times. Retrieved December 17, 2009.
- Moynihan, Brian T. (2011). Bank of America 2010 Annual Report. Charlotte, NC: Bank of America. p. 28.
- "Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
- Nation & World: Ripples from 1906 San Francisco quake felt even today. The Seattle Times. Retrieved on 2013-08-25.
- Fradkin, Philip L. (2005). The Great Earthquake and Firestorms of 1906: How San Francisco Nearly Destroyed Itself . pp. 97–99. ISBN 978-0-520-23060-6
- Bank of America - Our Heritage: Loans on a Handshake. About.bankofamerica.com (1906-04-18). Retrieved on 2013-08-25.
- In 1918 the Bank of Italy opened a Delegation in New York in order to follow American political, economic and financial affairs more closely; together with the London Delegation, this was the first permanent overseas office opened by the Bank, at a time when the foundations were being laid for the restructuring of the international money market.
- Transamerica Corporation, a corporation of Delaware, 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.
- Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Retrieved September 27, 2008.
- BA Securities, Inc. Changes to BancAmerica Securities, Inc.. Business Wire, January 16, 1997
- BankAmerica Adds 4 Traders To Its High-Yield Bond Sector. American Banker, June 17, 1996
- BankAmerica to Buy Robertson, Stephens Investment Company. New York Times, June 9, 1997
- Kolman, Joe (1998). "Inside D. E. Shaw". Derivatives Strategy. Retrieved 22 June 2013.
- "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Oct 21, 1998.
- "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. October 15, 1998|. Retrieved 22 June 2013.
- Montgomery name disappears, as Banc of America Securities debuts. Investment Dealers' Digest, May 17, 1999
- "US banking mega-merger unveiled". BBC News. October 27, 2003.
- "Bank of America To Buy U.S. Trust". Forbes. November 20, 2006. Retrieved August 22, 2007.[dead link]
- Tom, Henderson (April 14, 2008). "BOA to 'paint the town red' with LaSalle name change". Crain's Detroit Business (Crain Communications Inc.). Archived from the original on June 5, 2008. Retrieved May 5, 2008.
- Fitzpatrick, Dan; Lublin, Joann S. (October 2, 2009). "Bank of America Chief Resigns Under Fire". The Wall Street Journal. Archived from the original on February 11, 2010. Retrieved March 29, 2010.
- La Monica, Paul R. (February 24, 2010). "BofA: No longer hated on Wall Street". The Buzz (CNNMoney.com). Archived from the original on February 25, 2010. Retrieved March 29, 2010.
- Salas, Caroline; Church, Steven (August 23, 2007). "Countrywide Gives Bank of America $447 million Gain". Bloomberg L.P. Retrieved October 29, 2007.
- "Bank of America to buy Countrywide for $4 billion". Reuters (via Yahoo! News). January 11, 2008. Retrieved January 11, 2008.[dead link]
- "Countrywide FBI Investigation". CNNMoney.com. March 10, 2008. Archived from the original on March 9, 2008. Retrieved March 10, 2008.
- Arena, Kelli (September 24, 2008), "FBI probing bailout firms", CNNMoney.com. Retrieved March 8, 2010.
- Bauerlein, Valerie; Hagerty, James S. (January 12, 2008). "Behind Bank of America's Big Gamble". The Wall Street Journal. pp. A1, A5. Archived from the original on January 15, 2008. Retrieved January 15, 2008.
- "Countrywide Financial Corporation Thirteen Month Statistical Data for the period ended December 31, 2007". Archived from the original on January 13, 2008. Retrieved January 15, 2008.
- "BofA completes deal for Countrywide Financial". Associated Press. July 1, 2008. Archived from the original on August 4, 2008. Retrieved July 2, 2008.
- "Bank of America May Not Guarantee Countrywide's Debt". Bloomberg News. May 2, 2008. Retrieved August 3, 2008.
- Isidore, Chris (December 21, 2011). "BofA settles unfair lending claims for $335 million". CNN.
- Zach Lowe (September 15, 2008). "Wachtell, Shearman, Cravath on Bank of America-Merrill Deal". Law.com. Retrieved October 17, 2010.
- Popper, Margaret (September 14, 2008). "Bank of America Said to Walk Away From Lehman Talks (Update1)". Bloomberg. Retrieved October 17, 2010.
- Sorkin, Andrew Ross (September 15, 2008). "Lehman Files for Bankruptcy; Merrill Is Sold". The New York Times. Retrieved March 31, 2010.
- "Lehman Brothers files for Bankruptcy". BBC News. September 16, 2008. Archived from the original on November 12, 2010. Retrieved October 17, 2010.
- "AFP: Temasek could profit on Merrill takeover: economists". Google. September 15, 2008. Retrieved October 17, 2010.
- Lim, Kevin & Azhar, Saeed (May 22, 2009), "Singapore's Temasek defends costly Bank of America exit", Reuters, retrieved August 3, 2009
- "Bank of America Completes Merrill Lynch Purchase". prnewswire.com for Bank of America. January 1, 2009.
- Keoun, Bradley; Trowbridge, Poppy (December 18, 2008), "Bank of America Moves Chai; Berkery Said to Depart", Bloomberg L.P., retrieved November 17, 2009
- Farrell, Greg; Guerrera, Francesco (February 3, 2009), "BofA Asia head and Thain ally leaves", Financial Times, retrieved November 17, 2009
- Dash, Eric; Story, Louise (January 16, 2009). "Bank of America to Receive Additional $20 billion". The New York Times. Retrieved April 26, 2010.
- LOUISE STORY and JO BECKER (June 11, 2009). "Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch". New York Times. Retrieved June 13, 2009.
- BARBARA BARRETT (June 10, 2009). "BofA documents, e-mails show pressure to buy Merrill Lynch". Miami Herald. Retrieved June 13, 2009.[dead link]
- "Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm" (Press release). Bank of America. September 15, 2008.[dead link]
- "Debt overshadows US bank's profit". BBC News. April 20, 2009. Retrieved March 31, 2010.
- Mildenberg, David (October 5, 2009). "Merrill Bringing Down Lewis Gives Bank 30% Profits as 'a Steal'". Bloomberg. Retrieved December 12, 2009.
- "Bank of America Reaches Settlement in Merrill Lynch Deal, Will Pay $2.43B; Sees Q3 EPS Hurt by $0.28". benzinger.com. Retrieved September 28, 2012.
- "US gives Bank of America 20 billion dollars in capital injection". Breitbart.com. January 15, 2009. Retrieved October 17, 2010.
- Giannone, Joseph A. (February 5, 2009). "U.S. pushed Bank of America to complete Merrill buy: report". Reuters.
- Ellis, David (February 11, 2009). "Bank CEOs flogged in Washington". CNNMoney.com. Retrieved March 31, 2010.
- Walsh, Mary Williams (March 15, 2009), "A.I.G. Lists Firms It Paid With Taxpayer Money", The New York Times. Retrieved March 31, 2009.
- "US Regulators to B of A: Obey or Else", The Wall Street Journal, July 16, 2009
- Bank of America to Repay Entire $45 billion in TARP to U.S. Taxpayers, PR Newswire, December 2, 2009
- "Bank of America Completes US TARP Repayment". October 12, 2009. Retrieved December 12, 2009.
- Kouwe, Zachery (August 3, 2009), "BofA Settles S.E.C. Suit Over Merrill Deal" DealBook blog, The New York Times, Retrieved August 3, 2009.
- "Judge blocks Bank of America-SEC bonus settlement" by Jonathan Stempel, Reuters, 8/6/09. Retrieved 8/7/09.
- Story, Louise (August 10, 2009), "Judge Attacks Merrill Pre-Merger Bonuses", The New York Times, (p. B1, August 11, 2009 NY ed.), retrieved August 11, 2009
- "Judge Rejects Settlement Over Merrill Bonuses" by Louise Story, The New York Times, September 14, 2009. Retrieved September 14, 2009.
- Glovin, David (February 22, 2010), "Bank of America $150 million SEC Accord Is Approved", Bloomberg.com, retrieved March 2, 2010
- "Executive Compensation: How Much is Too Much?" Hearing, with statements, October 28, 2009. Retrieved October 30, 2011.
- "Kucinich on new NY AG fraud charges against Bank of America and SEC settling charges against BofA for misleading shareholders" Press release, February 4, 2010. Retrieved March 2, 2010.
- , "BoA fined $137 million for fraud", Washington Post, December 8, 2010
- Selway, William, & Braun, Martin Z. (January 2011), "The Men who Rigged the Muni Market", Bloomberg Markets, pp. 79–84
- "U.S. Sues Bank Of America Over Mortgage Loans To Fannie And Freddie". npr. October 24, 2012.
- "U.S. Accuses Bank of America of a ‘Brazen’ Mortgage Fraud". The New York Times/Dealbook. October 24, 2012. Retrieved October 25, 2012.
- "Bank of America ending 30K more jobs". Philadelphia Business Journal (American City Business Journals). September 13, 2011. Archived from the original on September 15, 2011. Retrieved September 15, 2011.
- Badenhausen, Kurt (December 13, 2011). "Full List: America's Best And Worst Banks". Forbes.
- "BofA speeds up plans to cut 16,000 jobs: WSJ". Yahoo News. Retrieved 21 September 2012.
- Elzio Barreto, Denny Thomas and Peter Rudegeair (3 September 2013). "Bank of America selling remaining stake in Chinese bank". Reuters.
- "Awards for Excellence 2007 Best Bank: Bank of America". Euromoney. July 13, 2007.
- "Five big banks form Global ATM Alliance", ATMmarketplace.com. January 9, 2002. Retrieved June 22, 2007.
- Henry. "Bank of America – Add it Up". Interest Savings Accounts. Retrieved October 27, 2009.
- "Bank of America's next step forward". Euromoney. July 13, 2007.
- Conservative Nonprofit Acts as a Stealth Business Lobbyist April 21, 2012
- "Bank of America invests in China". BBC. June 17, 2005. Retrieved August 22, 2007.
- "ALB Asia – legal deals, law deals, law firm deals, lawyer deals". Legalbusinessonline.com.au. Retrieved October 17, 2010.
- Son, Hugh; Tong, Stephanie (November 15, 2011). "Bank of America's Construction Bank Sale Lifts Capital, Reduces China Risk". Bloomberg. Retrieved June 10, 2012.
- "Asia Pacific | Global Regions | Bank of America Merrill Lynch". Corp.bankofamerica.com. Retrieved October 17, 2010.
- ,’’Bank of America’’,
- [The Wealth of Nations, Of the Division of Labour.‖ Pp. 109-121, Adam Smith],
- ,Bank of America - Core Values,
- [Elton Mayo, 1984 . ―Hawthorne and the Western Electric Company.‖ Pp. 279-292 in Organization Theory: Selected Readings. Second Edition. Edited by D.S. Pugh. New York: Penguin],
- [Roethlisberger, Fritz J. and William J. Dickson. 1981 . ―Human Relations.‖ Pp. 67-83 in The Sociology of Organizations: Basic Studies. Second Edition. Edited by O. Grusky and G. A. Miller. New York: Free Press],
- ,Bank of America - Volunteerism,
- [Richard E. Walton, 1985 - From Control to Commitment in the Workplace Pp. 77-84 in Harvard Business Review],
- ,Bank of America - Our Story,
- [Richard Edwards, Contested Terrain:The Transformation of the Workplace in the Twentieth Century. Chapters 7-8. New York: Basic.],
- ,’’Corporate Social Responsibility Report’’,
- ,Opportunity in Motion,
- ,Corporate Social Responsibility Report,
- [Max Weber, ―Bureaucracy.‖ Weber, Max. 1978 . Economy and Society. Berkeley: University of California Press. Pp. 956-969.],
- ,Bank of America - Code of Ethics,
- ,What's Next for Bank of America
- , ‘’Business Insider’’,
- ,’’Responsible Supplier Relations’’,
- Mildenberg, David (August 1, 2009), "Bank of America Says Three Directors Quit as Exodus Totals 10", Bloomberg.com, retrieved August 1, 2009
- Company Web page Retrieved 8/2/09.
- Kamalakaran, Ajay (September 21, 2009). "UPDATE 1-BofA board adds DuPont's Holliday". Reuters. Retrieved September 22, 2009.
- Jarvis, Crystal (April 18, 2008), "Former Compass CEO Jones returns to Balch and Bingham", retrieved August 2, 2009
- [dead link]
- "Money Economics Top 10 Banks Project". Moneyeconomics.com. Retrieved November 3, 2011.
- Barr, Greg (April 28, 2009). "Houston investors set for BofA showdown Houston Business Journal". Houston.bizjournals.com. Retrieved October 17, 2010.
- Pittman, Kirsten (November 24, 2011). "Newly Formed Private Investment Firm Makes Big Offer for Bank of America Shares Charlotte Observer". CharlotteObserver.com. Retrieved November 28, 2011.
- "IPIC Group Commences Partial Tender Offer for Bank of America Shares Charlotte Observer". Bloomberg.
- Berkowitz, Ben; Rauch, Joe (August 25, 2011). "Warren Buffett to invest $5 bn in Bank of America". Reuters.
- Protess, Ben; Craig, Susanne (August 25, 2011). "Buffett Invests $5 Billion in Bank of America". The New York Times.
- "Bank vows $20 billion for green projects". msnbc. February 6, 2008.
- Cui, Carolyn (November 30, 2007). "Credit Cards' Latest Pitch: Green Benefits". Wall Street Journal. Retrieved 8-7-09.
- Kowalczyk, Liz (March 10, 2007). "Bank to aid health centers". The Boston Globe. Retrieved August 22, 2007.
- Freer, Jim (March 9, 2007). "BofA donates $1M to Camillus House". South Florida Business Journal. Archived from the original on October 12, 2007. Retrieved August 22, 2007.
- Connelly, Eileen AJ (October 13, 2011). "Fitch may downgrade BofA, Morgan Stanley, Goldman". Seattle Post-Intelligencer. Associated Press. Retrieved October 13, 2011.
- Savage, Charlie (December 21, 2011). "Countrywide Will Settle a Bias Suit". The New York Times. Retrieved November 19, 2011.
- "BofA's Moynihan Delivers at Last on Vow to Boost Dividend", Bloomberg, March 27, 2014
- "BofA settles with Parmalat for $100M". Charlotte Business Journal. July 28, 2009. Retrieved June 19, 2011.
- "Italy/US: Parmalat receives Bank of America settlement". Aroq Ltd. October 5, 2009. Retrieved June 19, 2011.
- Sylvers, Eric (April 18, 2011). "Judge Clears Banks in Parmalat Case". The New York Times. Retrieved June 19, 2011.
- Berner, Robert (February 7, 2008), A Credit Card You Want to Toss", Bloomberg BusinessWeek. Retrieved March 1, 2010.
- Palmer, Kimberly (February 28, 2008), Mortgage Woes Boost Credit Card Debt, U.S. News & World Report. Retrieved March 1, 2010.
- Delaney, Arthur (September 21, 2009, updated November 21, 2009), "Ann Minch Triumphs In Credit Card Fight", The Huffington Post. Retrieved March 1, 2010.
- Ferran, Lee (September 29, 2009), "Woman Boycotts Bank of America, Wins", Good Morning America, ABC News. Retrieved March 1, 2010.
- Pepitone, Julianne (September 29, 2009), "YouTube credit card rant gets results". Retrieved March 1, 2010.
- Gomstyn, Alice (January 25, 2010). "No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes". ABC News. Archived from the original on January 28, 2010. Retrieved March 4, 2010.
- Nystedt, Dan (October 9, 2009). "Wikileaks plans to make the Web a leakier place". Computerworld. IDG. Archived from the original on December 17, 2010. Retrieved December 19, 2010.
- Andy Greenberg (November 29, 2010). "WikiLeaks’ Julian Assange Wants To Spill Your Corporate Secrets". Forbes. Retrieved December 19, 2010.
- "Bank Of America Shares Fall On WikiLeaks Fears". NPR. Associated Press. November 30, 2010. Retrieved December 19, 2010.
- Lundin, Leigh (February 20, 2011). "WikiLicks". Crime. Orlando: Criminal Brief.
- Schwartz, Nelson D. (December 18, 2010). "Bank of America Suspends Payments Made to WikiLeaks". The New York Times. Archived from the original on December 26, 2010. Retrieved December 19, 2010.
- "Bank of America Wants You to Know Its Executives Don’t Suck". Domain Name Wire. December 20, 2010. Archived from the original on January 15, 2011. Retrieved February 22, 2011.
- Tiku, Nitasha (December 22, 2010). "Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names". New York. Archived from the original on December 28, 2010. Retrieved January 2, 2011.
- Kapne, Suzanne (December 23, 2010). "Hundreds of anti-BofA websites registered". Financial Times. Archived from the original on December 30, 2010. Retrieved January 2, 2011.
- Rothacker, Rick (December 23, 2010). "Bank of America buys up critical domain names". Charlotte Observer. Retrieved January 2, 2011.
- Baumann, Nick (2011-01-04) Bank of America's WikiLeaks Defense Fail, Mother Jones
- "We can confirm that the DDB ...". 2011-08-21.
- "We can confirm that the DDB". 2011-08-21.
- Cynthia Koons, Dan Fitzpatrick (March 15, 2011). "Anonymous' Perplexing Leak of Bank of America Documents". Wall Street Journal (Dow Jones & Company, Inc.). Retrieved March 1, 2012.
- "QBE Completes Acquisition of Balboa Insurance Co. Portfolio". Reuters. Reuters. June 1, 2011. Retrieved March 1, 2012.
- Garofalo, Pat (January 26, 2012). "Bank Of America's Offer To Homeowners: We’ll Modify Loans If You'll Erase All The Mean Things Said About Us On Twitter". ThinkProgress. Retrieved January 26, 2012.
- Piccione, Mike (April 21, 2012). "Bank of America to gun company: Find another bank". Daily Caller.
- American Spirit Arms
- Bonadio, Felice A. (1994). A.P. Giannini: Banker of America. Berkeley, CA: University of California Press. ISBN 0-520-08249-4.
- Hector, Gary (1988). Breaking the Bank: The Decline of BankAmerica. Boston: Little, Brown. ISBN 0-316-35392-2.
- James, Marquie; James, Bessie (1954). Biography of a Bank: The Story of Bank of America N.T.&S.A. New York: Harper and Brothers.
- Johnston, Moira (1990). Roller Coaster: The Bank of America and the Future of American Banking. New York: Ticknor & Fields.
- Josephson, Matthew (1972). The Money Lords: The Great Finance Capitalists, 1925–1950. New York: Weybright and Talley.
- Lampert, Hope (1986). Behind Closed Doors: Wheeling and Dealing in the Banking World. New York: Atheneum.
- Light, Larry (October 1, 2007). "Money for the Masses". Forbes.
- Monnette, Orra Eugene. Personal Papers Collection. Los Angeles, CA: Los Angeles Public Library.
- Nash, Gerald G. (1992). A.P. Giannini and the Bank of America. Norman, OK: University of Oklahoma Press.
- Yockey, Ross (1999). McColl: The Man with America's Money. Atlanta: Longstreet Press.
- Ahmed, Azam; Demirjian, Karoun (February 15, 2007). "Credit offered to illegal residents". Chicago Tribune.
- Taibbi, Matt (March 14, 2012). "Bank of America: Too Crooked to Fail". Rolling Stone.