Bank of America
Revenue | US$98.6 billion (2023) |
---|---|
US$28.3 billion (2023) | |
US$26.5 billion (2023) | |
AUM | US$1.62 trillion (2023) |
Total assets | US$3.18 trillion (2023) |
Total equity | US$292 billion (2023) |
Owners | Berkshire Hathaway (12.8%) |
Number of employees | c. 213,000 (2023) |
Divisions | |
Website | bankofamerica |
Footnotes / references [1][2] |
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational
Through mergers, the oldest branch of the Bank of America franchise can be traced to 1784, when
Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The
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
History
Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[14]
The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[15] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.
The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.
Bank of Italy
The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded the Bank of Italy, in San Francisco.[14] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[16]
In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[citation needed] This company acquired the stocks of various banks located in New York City and certain foreign countries.[citation needed]
In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]
Expansion in California
Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.
In 1953 regulators succeeded in forcing the separation of
New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979.[22]
From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and the property damage cost about $500,000, fourth-fifths of which was from the burning of the Isla Vista branch during a February 1970 riot.[23]
Expansion outside California
Following the passage of the
Bank of America expanded outside
BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the
BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary
In 1994, BankAmerica acquired the
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
On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[32] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[33] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[34]
Merger of NationsBank and BankAmerica
In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $1.4 billion to run various businesses for the bank.[35] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[36][37] NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[38]
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.[39] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]
In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 U.S. states.[
2001 to present
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.[43] 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.[43] 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
Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.
Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.
On November 20, 2006, Bank of America announced the purchase of
On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire
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.[46][47]
Acquisition of Countrywide Financial
On August 23, 2007, the company announced a $2 billion
On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[49] 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.[50] This news did not hinder the acquisition, which was completed in July 2008,[51] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[52] 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.[53]
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.[54] 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.[55] Countrywide Financial has changed its name to Bank of America Home Loans.
In December 2011, the
Acquisition of Merrill Lynch
On September 14, 2008, Bank of America announced its intention to purchase
Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[63] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[64] 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.[65]
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[66] 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[5] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[67]
Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[68] 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
On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[72] 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
On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the
According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[76]
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.[77]
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."[78][79]
Bonus settlement
On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the
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."[83]
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,
Fraud
In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[87] Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[88]
On October 24, 2012, the top
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.[92] In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[93]
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.[94] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region. In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[95]
As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[96]
Sale of stake in China Construction Bank
In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for US$3 billion.[97] 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.[98] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[99]
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.[100]
$17 billion settlement with Justice Department
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.[101] 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."[102]
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.[103]
DOD Community Bank
Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[104] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[105] 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. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[106] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.
Decision not to finance makers of military-style guns
In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the
Return to expansion (2015–present)
In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[108] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.
In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[108][109] this coincided with Chase making a similar expansion into Pittsburgh.[110] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[111] By 2021, Bank of America had moved up to 12th in the market.[112]
In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[113][114] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[115] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[112]
In January 2020, Bank of America hired new advisors whose primary functions are to assist ultra-wealthy clients.[116]
Operations
Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[117]
Consumer Banking
Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, merchant services, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, a specific division for investment and related services (such as research and call center counsel) after Merrill Lynch became a subsidiary of Bank of America. The consumer banking division represented 38% of the company's total revenue in 2016.[118] The company earns revenue from interest income, service charges, and fees. In addition, the company is 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 travelling 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.[118]
Before Bank of America's acquisition of
Global Wealth and Investment Management
The Global Wealth and Investment Management (GWIM) division manages the 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.[118] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[118] 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
Labor
On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[119]
Offices
The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.
In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[120]
International offices
Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[121]
Corporate governance
Name | Position |
---|---|
Brian Moynihan | Chairman of the board and chief executive officer, Bank of America Corporation |
Susan S. Bies | |
Frank P. Bramble, Sr. | |
Arnold W. Donald | |
Monica C. Lozano | |
Lionel L. Nowell, III | |
Clayton S. Rose | |
Thomas D. Woods | |
Maria T. Zuber | |
Sharon L. Allen | |
Jack O. Bovender, Jr. | Lead Independent Director, Bank of America Corporation |
Pierre J. P. de Weck | |
Linda P. Hudson | |
Thomas J. May | |
Denise L. Ramos | |
Michael D. White | |
R. David Yost |
Chief executive officer
List of CEOs
- Hugh McColl (1998–2001)[123]
- Ken Lewis (2001–2009)[124]
- Brian Moynihan (2010– )[125]
Charitable efforts
In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighbourhoods.[126] In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[127]
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.[128] 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.[129] Bank of America has also donated money to help health centers in Massachusetts[130] and made a $1 million donation in 2007 to help homeless shelters in Miami.[131]
In India, Bank of America donates to the preservation and documentation of relics. Since 2010, under the stewardship of Kaku Nakhate, president and head of BoA India, the company has supported arts and culture in the country, including sponsoring the Children's Museum at CSMVS (Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, formerly known as Prince of Wales Museum).[132]
Lawsuits, controversies, and incidents
Lawsuits
Parmalat lawsuit
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.[133][134] 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.[135]
Mortgage abuses
In August 2011, Bank of America was sued for $10 billion by
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.[140] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[141] 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
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
Settlement with homeowners
On March 14, 2011, members of hacker group
Unfair billing practices
In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[153] In May 2022, CFPB ordered Bank of America to pay $10 million in penalties for illegal garnishments.[154]
Discrimination
In 2018, former senior executive Omeed Malik filed a $100 million
South African Currency Manipulation
In April 2015, the Competition Commission (South Africa) ) lodged an investigation into cartel conduct by major banks in the foreign currency exchange market affecting the South African rand. The investigation included Bank of America along with other banks including Barclays Bank Plc, CitiGroup Inc, JP Morgan Chase & Co, Standard New York Securities Inc and others. The above traders in foreign currencies are under investigation for directly or indirectly fixing prices on bids, offers and bid-offer spreads with regard to spot, futures and forwards currency trades. The conduct under investigation has the effect of distorting foreign exchange prices and artificially inflating the cost of trading in foreign currency, in relation to the rand.[159]
Fake accounts, junk fees and withheld rewards
In 2023, the Consumer Financial Protection Bureau said that a total of $250 million in fines and compensation has been levied against Bank of America for "deceptive practices that harmed hundreds of thousands of consumers," including double charging insufficient funds fees, withholding credit card rewards, and opening accounts without the knowledge or permission of customers.[160]
Controversies
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.[161][162] 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.[163][164][165] In 2010, the bank was criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[166]
State of Arizona investigation
In 2010 the state of
Investment in coal mining
On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.[168]
Incidents
Wikileaks incident
In October 2009,
In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,
Later in December, it was announced that Bank of America purchased more than 300
Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.[178][179]
Ryan Coogler incident
In March 2022, the bank was involved in a incident related to the notable filmmaker
Competition
Bank of America's major competitors are
.Notable buildings
Notable buildings which Bank of America currently occupies include:
- Bank of America Tower in Phoenix, Arizona
- 9454 Wilshire Boulevard in Beverly Hills, California
- Los Angeles, California
- Transamerica Pyramid, in San Francisco
- San Francisco, California
- City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
- 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
- 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
- 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 Plazain Charlotte, North Carolina
- Bank of America Towerin Charlotte, North Carolina
- Hearst Towerin Charlotte, North Carolina
- Bank of America Plaza in Dallas, Texas
- Bank of America Tower in Midland, Texas
- Bank of America Plaza in San Antonio, Texas
- Seattle, Washington
- Seattle, Washington
- Bank of America Tower in Hong Kong
In 2010, the bank completed construction of the 1 Bank of America Center in
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
The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[185]
TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[186]
See also
- List of members ATM Industry Association (ATMIA)
- BAML Capital Partners
- Bank of America (Asia)
- Big Four banks
- Calibuso, et al. v. Bank of America Corp., et al.
- List of bank mergers in the United States
- List of largest banks in the United States
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{{cite web}}
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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 978-0-520-08249-6.
- Hector, Gary (1988). Breaking the Bank: The Decline of BankAmerica. Boston: Little, Brown. ISBN 978-0-316-35392-2.
- 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. ISBN 9780899199559.
- 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. ISBN 9780689117473.
- 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.
External links
- Official website
- [DOD] Community Bank operated by Bank of America (official website)
- Business data for Bank of America Corporation: