Team Leader

One of the world’s leading financial institutions that serves large corporations, individual consumers, small and middle-market businesses, Bank of America, provides a full range of banking, investing, asset management and other financial management and risk management products and services. The Bank renders unmatched services in the US, serving approximately 66 million clients and small enterprise clients with around 4400 retail financial centers, including 2200 financial centers, 1800 lending centers, and 1500 business centers; approximately 16400 ATMs also an award-winning digital banking with more than 37 million active users, including over 27 million mobile users.

The Company is a global leader in trading across a wide range of asset classes, wealth management, corporate and investment banking, serving corporations, governments, institutions and individuals around the world. Approximately 3 million small business owners are offered industry-leading support and services by Bank of America through innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE).

An American multinational investment bank and financial services company, The Bank of America Corporation is headquartered in North Carolina, with central offices in Minneapolis, New York City, Hong Kong, London, and Toronto. In 1998, Bank of America was formed through NationsBank's acquisition of BankAmerica. By total assets, Bank of America is the 9th largest bank on the planet.

Organization Structure:

Product Portfolio:

• Personal:
  
  • Savings
  • Credit Cards
  • Home Loans
  • Auto Loans
  • Investing
  • Better Money Habits
• Small Business:
  
  • Checking
  • Savings
  • Business Services
  • Credit Cards
  • Lending
  • Investing
  • Learning
• Wealth Mangement
• Business Institution

Bank of America, through eight lines of businesses, has a focus on helping individuals navigate every stage of their financial lives, to work with large or small companies, to drive the economy forward, and provide insights, ideas, and award-winning research for institutional investors.

• For People:
  
  • Retail
  • Preferred and Small Business
  • Merrill Wealth Management
  • Bank of America Private Bank
• For Companies:
  
  • Business Banking
  • Global Commercial Banking
  • Global Corporate & Investment Banking
• Institutional Investors:
  
  • Global Markets

Subsidiaries:

Bank of America has 50+ subsidiaries, few are mentioned below:

• BofA Securities
• Merrill Edge
• Bank of America Private Bank
• Merrill Lynch, Pierce, Fenner & Smith Inc.
• Bank of America Singapore Limited
• Bank of America Merchant Services
• FIA Card Services
• 1st Franklin Financial
• Countrywide Home Loans Inc.
• Citizens & Southern National Bank

Mergers and Acquisitions:

• In February 1784, Bank of America was formed as Massachusetts Bank, then till October 17, 1904, it was known as Bank of Italy until the acquisition of NationsBank in September 1998.
• On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion. The acquisition was completed by July same year 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 potential bankruptcy for Countrywide.
• Bank of America, on September 14, 2008, 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 but the acquisition effectively saved Merrill from bankruptcy.

News and Facts:

• 10 March 2020: Bank of America Names Terry Cline Knoxville Market President.
• 20 February 2020: Bank of America Community Development Banking Provided a Record $4.88 Billion in Lending and Investing in 2019.
• 12 February 2020: Bank of America Introduces Financial Life Benefits, Delivering the Industry’s Most Comprehensive Set of Solutions and Guidance to Employees of Corporate Clients.
• 7 January 2020: Bank of America Names Peter Mannino Daytona/Cocoa Beach Market President.
• 19 December 2019: Bank of America Names Alberto Garofalo New Jersey Market President.
• The marketing name for the global banking and global markets businesses of Bank of America Corporation is "Bank of America Merrill Lynch". Commercial banking activities, lending, and derivatives are all performed globally by banking affiliates of Bank of America Corporation, including Bank of America, Member FDIC. Strategic advisory, investment banking, and Securities works are handled by investment banking subsidiaries of Bank of America Corporation including, Fenner & Smith Inc., Merrill Lynch,  BofA Securities, Inc., and Pierce, in the US, all of which are registered brokers and dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities.
• Bank of America’s Denver-area deposits has grown considerably over the last few years following the opening of its first Colorado-based retail branch in 2015 which is how Bank of America aims to be the number 1 bank in Denver.