Bank of America

This article is about a commercial bank unaffiliated with the government. For the central bank of the United States, see Federal Reserve System.

Bank of America Corporation

In addition to its corporate headquarters in Charlotte, it maintains the Bank of America Tower (pictured) in New York City as a central hub.
Company type	Public
Traded as	NYSE: BAC
ISIN	US0605051046
Industry	Investment banking financial services
Predecessor	Bank America NationsBank
Founded	October 17, 1904 (1904-10-17) (as Bank of Italy)
Founder	Amadeo Giannini
Headquarters	Charlotte, North Carolina, U.S.
Number of locations	4,600 retail financial centers & approximately 15,900 automated teller machines
Area served	International service
Key people	Brian Moynihan (Chairman and CEO) Terrence Laughlin (Co-Vice Chairman) Bruce Thompson (Co-Vice Chairman)
Products	Consumer banking, corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards
Revenue	US$87.352 billion (2017)
Operating income	18,995,000,000 United States dollar (2020)
Net income	US$18.232 billion (2017)
Total assets	US$2.281 trillion (2017)
Total equity	US$267.146 billion (2017)
Number of employees	209,000 (2017)
Divisions	Bank of America Merrill Lynch
Subsidiaries	Merrill Lynch Merrill Edge U.S. Trust
Capital ratio	11.8% (2017)
Rating	Moody's: Baa1 S&P: BBB Fitch: A
Website	bankofamerica.com

The Bank of America Corporation (abbreviated as BofA) is an American multinational investment bank and financial services company based in Charlotte, North Carolina with central hubs in New York City, London, Hong Kong, and Toronto. Bank of America is the second largest banking institution in the United States, after JP Morgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

Founded as the Bank of Italy by Amadeo Pietro Giannini in 1904, it provided Italian immigrants banking options who faced service discrimination. Originally headquartered in San Fransisco, California, Giannini renamed his bank Banca d'America e d'Italia (Bank of America and Italy) in 1922, and expanded further into California. The passage of landmark federal banking legislation facilitated 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 the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of American 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 both divisions carry the "Merrill Lynch" signage, the former is often referred to as "Merrill Lynch Wealth Management" to differentiate itself from the latter.

Both Bank of America Merrill Lynch 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. 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. 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. 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, Bank of America has 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. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.

Corporate structure

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in New York City, European headquarters in London, and Asian headquarters in Hong Kong and Singapore.

Bank of America Tower, located on Laura Street in Jacksonville, Florida

Consumer Banking

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 for investing online through its electronic trading platform, Merrill Edge. The consumer banking division represented 38% of the company's total revenue in 2016. 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, and 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

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.

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

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. It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances. 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

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.

History

Bank of Italy

Main article: Bank of Italy (United States)

Amadeo Giannini (1922), founder of the Bank of Italy, the predecessor of the Bank of America.

The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro 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, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest. When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild. In 1922, Giannini established Bank of America and Italy. In 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, to follow American political, economic and financial affairs more closely. Ten years later, Giannini merged his bank with Bank of America, Los Angeles and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States at that time.

19th century expansion

Bank of America experienced substantial growth after the passage of multiple federal banking legislation.

Branch banking was introduced by Giannini shortly after 1909 legislation in California that allowed for branch banking in the state. Its first branch outside San Francisco was established in 1909 in San Jose. By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion. 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 1977. A consortium of other California banks introduced Master Charge (now MasterCard) to compete with BankAmericard. 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, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced large losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded to become one of the biggest gainers of that half-decade.

Pyramid-shaped former Bank of America branch building towers over Interstate 410 in San Antonio, Texas.

BankAmerica's next big acquisition came in 1992. The company acquired rival Security Pacific Corporation, 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. 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.

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 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, 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: 1997

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

In 1997, Bank of America 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. NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.

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. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. In addition, the combined broker-dealer, created from the integration of BancAmerica Robertson Stephens and NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.

2001 to 2011: consolidation

A newly created logo for Bank of America, 2011

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. 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 acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer.

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.

Bank of America footprint across the greater United States

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. U.S. 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 ABN AMRO for $21 billion. 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.

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

Bank of America retail branch in Washington, D.C.

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. 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. 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

Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 Financial Crisis

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.

Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations. 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.

Typical Bank of America local office in Los Angeles, California

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

The 2008 financial crisis jeopardized the acquisition of investment bank Merrill Lynch.

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 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 the troubled investment firm Merrill Lynch. 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." 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 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 Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane. 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.

2011–present: downsizing

Bank of America Merrill Lynch in London

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.

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. As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014, 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.

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. 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. 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."

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.

DOD Community Bank logo.

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations on U.S. military installations in Guantanamo Bay Naval Base Cuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands and the United Kingdom. It should be noted that even though Bank of America operates Community Bank customer services are not interchangeable between the two financial institutions, meaning 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.

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. 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.

Lawsuits

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. 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. 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 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. 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 federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. 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. 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.

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide and 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.

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. 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. As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004–2008. 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. The settlement was the largest in United States history between a single company and the federal government.

A lawsuit has been filed against Bank of America by a former senior executive, Omeed Malik, who was accused of sexual harassment. Malik filed a defamation claim against the bank and is seeking damages of more than $100 million.

Charitable efforts

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 $1,000 rebate or a lower interest rate 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. 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.

Notable buildings

Bank of America Plaza, the tallest building in Atlanta

Bank of America Stadium, home to the Carolina Panthers of the NFL

Notable buildings which Bank of America currently occupies include:

• Bank of America Tower in Phoenix, Arizona
• Bank of America Center in Los Angeles, California
• Transamerica Pyramid, in San Francisco
• 555 California Street, formerly the Bank of 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 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 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)
• 9454 Wilshire Boulevard in Beverly Hills, California

Former buildings

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 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 in Miami Vice was known as the Bank of America Tower for four decades. 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.

See also

• List of members ATM Industry Association (ATMIA)
• BAML Capital Partners
• Bank of America (Asia)
• Bank of America Canada
• Calibuso, et al. v. Bank of America Corp., et al.
• List of bank mergers in United States

Further reading

• Cohen, Lauren (2016). Bank of America Interview Tips. Los Angeles, CA: Smith-Westfield Press.
• 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.

External links

• Official website
• DOD Community Bank operated by Bank of America official website
• Business data for Bank of America Corp:
  • Google
  • SEC filings
  • Yahoo!