Bank of America: The History and Impact of America's Largest Bank

Is It Really the Biggest?

Bank of America is one of the most powerful institutions not just in the U.S. financial system — but in the global economy. Its status as a top American bank is well-earned: with operations in nearly 40 countries, 47 million customers, and 16,000 ATMs, the numbers speak volumes about the trust and stability this bank represents.

This financial giant is part of the so-called “Big Six” major U.S. banks, ranks 3rd by assets, and sits at #23 on Forbes’ list of the world’s largest companies. Among American banks, it's considered the most secure and holds the largest share of customer deposits. The bank’s headquarters are located in Charlotte, North Carolina.

A Century-Long Legacy

The history of Bank of America is a tale of mergers, acquisitions, resilience, and reinvention — one that spans over a hundred years. Through economic booms and financial crashes, the bank’s story is deeply woven into the broader narrative of America itself.

Bank of Italy

The origin of this financial giant traces back to the founding of the Bank of Italy in 1904 by Amadeo Giannini, the son of Italian immigrants. His mission was revolutionary for its time: to provide banking services to immigrants and working-class individuals who were often denied credit by traditional institutions. Giannini’s goal was simple — make financial services accessible to everyone, regardless of background or social status.

The first major turning point came after the devastating 1906 San Francisco earthquake. Giannini offered unsecured loans to help rebuild the city — a bold move that enabled many to start over and proved that banks could serve a social purpose beyond profit.

By 1927, Bank of Italy had grown into a network of over 300 branches. This expansion beyond California was fueled by Giannini’s forward-thinking innovations:

• A focus on small investors and the middle class
• Creation of a widespread branch banking system
• Extended business hours and a longer work week

These efforts democratized banking, making everyday services like opening accounts, applying for loans, or securing a mortgage accessible to working-class Americans — many of whom were immigrants.

Bank of America

In 1929, Giannini’s institution officially became Bank of America after merging with a Los Angeles–based bank of the same name. The financial headquarters shifted to Wall Street, but the bank’s dedication to the middle class helped it survive the Great Depression. Not only did it stay afloat, but it also saw an increase in the number of deposit accounts.

A major crisis hit in 1998, when global markets trembled following Russia’s default. During this time, Bank of America was acquired by NationsBank — which kept the Bank of America name and expanded the brand into what it is today.

Innovation and Technology

Bank of America has long been recognized for its commitment to innovation and cutting-edge technology. In the early 2000s, the bank made major investments in developing online banking — allowing customers to manage their accounts and conduct transactions from anywhere. This marked a key step in the digital transformation of the financial industry.

Today, Bank of America offers advanced mobile apps that make managing money easy and accessible. Customers can pay bills, transfer funds, and even receive financial guidance — all from the convenience of their smartphones.

Impact and Social Responsibility

As one of the world’s largest financial institutions, Bank of America plays a significant role in the global economy. The bank is actively committed to sustainability and corporate social responsibility, investing in initiatives that focus on environmental improvement, educational support, and poverty reduction.

Bank of America also contributes to numerous charitable programs and supports a wide range of community and cultural projects. The bank aims to be more than just a financial institution — it strives to be a social partner, making a meaningful and lasting impact on society.

Core Areas of Operation

As one of the largest banking and financial holding companies in the world, Bank of America operates through five main divisions, offering a broad range of services — from lending and asset management to insurance — for both individuals and businesses.

• Consumer Banking
  Serves individual customers and small businesses by managing deposits and offering credit products through physical branches, as well as online and mobile banking platforms.
• Global Wealth & Investment Management
  Provides professional asset management services. The bank currently manages more than $900 billion in client assets.
• Global Banking
  Focuses on large corporations, institutions, and nonprofit organizations, offering a wide range of services including lending, treasury, and financial advisory.
• Global Markets
  Handles trading on global financial markets — including currency, commodities, equity, and bond markets. Bank of America is a leader in trading volume across multiple exchanges.
• Legacy Assets & Servicing
  Specializes in mortgage lending and real estate financing. In 2015 alone, the bank issued over $565 billion in home loans.

The current Chairman, President, and CEO of Bank of America is Brian Moynihan, who has been with the institution since 1993.

Numbers speak louder than words: more than 47 million clients worldwide trust Bank of America with their financial needs — including 3 million small and mid-sized business owners.

Popularity and Success

Today, Bank of America earns the trust of millions thanks to its innovation, reliability, and commitment to exceptional service. The bank continually strives to offer financial solutions that meet the evolving needs and expectations of its clients.

Customer trust is one of Bank of America’s core values. The institution focuses on enhancing the client experience by providing personalized support and high-quality service. Whether it’s day-to-day banking or complex financial planning, clients know they can count on professional guidance — making Bank of America a truly dependable partner in the financial world.

1. 01. The founder of Bank of America, Amadeo Peter Giannini, was affectionately known as “A.P.” by friends and family. He lived his entire life in the same house he bought as a young man and famously owned just four well-worn suits and three pairs of shoes.
2. 02. Bank of America invested hundreds of millions into Hollywood. In fact, it financed the legendary 1939 film “Gone with the Wind.”
3. 03. After Giannini’s death, his heirs owned just 1/200th of the company’s shares — while 40% of the bank was in the hands of its employees.
4. 04. Bank of America offers annual deposit interest rates ranging from 0.01% to 0.8%, depending on the amount and duration. Customers can even open accounts remotely.
5. 05. In 2018, the total balance of all client accounts reached $2.5 trillion. To serve its customers and automate banking services, the bank operates over 16,000 ATMs nationwide.
6. 06. Bank of America was one of the first U.S. banks to install ATMs — launching them in 1969 and revolutionizing the way people access cash.
7. 07. Bank of America is one of the largest mortgage lenders in the U.S., helping millions of Americans finance their home purchases.