The Bank of America Corporation (commonly referred to as Bank of America; often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina.
The company was founded by Amadeo Peter Giannini in 1904. The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.
Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and all other.
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. The consumer banking division represented 38% of the company's total revenue. The Global Banking division provides banking services, including investment banking and lending products to businesses. The division represented 22% of the company's revenue. The Global Wealth and Investment Management (GWIM) division manages the investment assets of institutions and individuals. It represented 21% of the company's total revenue. The Global Markets division offers services to institutional clients, including trading in financial securities and represented 19% of the company's total revenues.
In Global 2000 2022 list of Forbes, Amazon was ranked 83 in Sales, 15 in Profit, 7 in Assets, and 27 in Market value. BoA is also one of America's Best Banks 2022.
According to Wikipedia