Bank of America
(abbreviated as BofA
) 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 2016, Bank of America is the 26th largest company in the United States by total revenue
. In 2016, Forbes
listed Bank of America as the eleventh largest company in the world.
Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management
corporation and a major player in the investment banking market. According to the Scorpio Partnership Global Private Banking Benchmark 2014 it had assets under management
(AuM) of US$1,866.6 Bn, an increase of 12.5% on 2013.
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—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries. It has a retail banking footprint that serves approximately 50 million consumer and small business
relationships at 5,151 banking centers and 16,259 automated teller machines (ATMs).
Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis
, including a record settlement of $16.65 billion on August 21, 2014.