A century long story

This financial conglomerate is one of the six largest banks in the United States. It is in 3rd place in terms of the number of assets. Forbes magazine is ranked 23rd among the largest companies in the world. Among American banks, it is considered the most reliable, in terms of deposits leads among competitors.

The history of Bank of America is the history of mergers and acquisitions of various financial organizations a century-long. The ups and downs, the heyday and financial catastrophes — the history of the country is intricately intertwined with the history of this largest holding.

Bank of Italy

The beginning of the financial giant is considered to be the Bank of Italy, founded in 1904. Created by Amadeo Giannini, the son of Italian immigrants, he quickly developed. What was a surprise for the banking patriarchs.

In 1927, the number of branches exceeded three hundred — it was already a whole banking network. Breaking the boundaries of California helped innovations in banking, introduced by Amadeo Giannini:

• Focus on small investors and the middle class;
• Creation of a network of branches and branches;
• Increase the duration of the working day and working week.

All this made banking transactions (opening an account, obtaining a loan or mortgage) available for simple hard workers, among whom were many immigrants.

Bank of America

Bank of America, the brainchild of Giannini became known in 1929 after merging with the eponymous bank located in Los Angeles. The center of the financial empire has moved to Wall Street.

The orientation towards the middle class and small investors helped the bank survive during the Great Depression (1929-1932) — it not only survived, but also increased the number of deposit accounts.

In 1958, Bank of America again challenged competitors — the release of the first credit cards, future Visa cards, begins. Eight years later, competing banks, together, will issue MasterCard cards.

The financial catastrophe happened in 1998, and it was associated with a default in Russia. And the bank itself has become the object of expansion by NationsBank, while “giving” its name to it. The headquarters is located in North Carolina, the city of Charlotte.

Areas of activity and popularity of Bank of America

Five divisions of the largest bank holding company Bank of America offers a wide range of financial services to its customers. Lending, asset management, insurance — everything is available to individuals and legal entities.

• Consumer Banking serves deposits of individuals and small entrepreneurs and provides lending services in bank branches, via mobile and online banking.
• Global Wealth & Investment Management can be entrusted with its assets for management. 900 billion dollars — the total amount of assets held in a bank under management.
• Global Banking serves large corporations, companies and foundations. Services are provided the most different — from crediting to financial consultations.
• Global Markets trades on the stock exchanges — currency , commodity, commodity, stock. Leads among other similar agents by the number of transactions.
• Legacy Assets & Servicing is engaged in lending to the purchase and construction of housing. In 2015, mortgage loans were issued at $565 billion.

The chairman of the board, the president and the executive director of the holding is Brian Moynihan, who has worked for this financial company since 1993.

The numbers will best tell about the company's popularity — 47 million customers around the world trust it with their financial issues. Among them, 3 million owners of small and medium businesses. There are 36 million active online accounts registered in the Internet Bank, and 25 million active users in the Mobile Bank.

Interesting facts and figures

1. Founder of Bank of America, relatives and friends simply called AP — short for Amadeo Peter Giannini. All his life he lived in a house bought as a young man, and in his wardrobe there were 4 far from new suits and 3 pairs of shoes.
2. Bank of America has invested hundreds of millions of dollars in the development of Hollywood. With his money in 1939, the film Gone With the Wind was shot.
3. The heirs of Giannini after his death belonged to 1/200 of the shares of the financial empire. 40% of the shares were in the hands of employees of the company.
4. You can earn from 0.01 to 0.8% per annum on the deposit account of this bank — it all depends on the size and term of the deposit. For customers there is the possibility of remote opening an account.
5. The total balance of funds in customer accounts at Bank of America reached $2.5 trillion in 2018. For the convenience of its customers and the automation of banking operations, the bank has 16 thousand ATMs.

It’s easy to become a Bank of America customer — the procedures are simple and take a little time. American Butler, if necessary, will always be close by and will provide timely assistance in solving the problems encountered. Qualified specialists of the company will select the nearest branch and tell you what documents you may need in each case.