Bank of America – a holding financial company, serving a wide range of clients from individuals to large corporations and governments. Bank of America operates in five main fields – banking services for customers and companies, real estate services, global banking, global markets and investment management. Was founded in the beginning of the last century, providing a large number of banking and financial services to its customers, which owns an extensive network of subsidiaries and offices.
Bank of America serves clients in more than 40 countries around the world. The number of bank branches in the United States is about 6,000, in other countries – more than 300, staff of the company has more than 170 thousand. Headquartered in Charlotte (North Carolina).
Bank of America – it is the second largest bank in the United States by assets after J.P.Morgan Chase. The bank accounts for 10% of all deposits in the country. Bank of America is also the 21st largest corporation in the country in terms of aggregate income.
The main activities of the Bank aimed at providing services in the sphere of investment and banking activities, work in global stock markets, cash management in the global market, trading on commodity and currency world markets, providing specialized consulting services to the largest corporations, holding companies, investors and government agencies throughout the the world.
History of Bank of America
In 1904, the son of Italian immigrants Amadeo Giannini founded in San Francisco, the new bank, called Bank of Italy, is designed to work among the many Italian immigrants. Bank of Italy showed great activity to rebuild San Francisco after the disastrous 1906 earthquake.
In 1906, after the earthquake, most of the deposits in the bank was destroyed. What was saved was the beginning of a new – Bank of America and Italy.
In 1929 Giannini carried out the merger of the Bank of America which was located of Los Angeles. After that the corporation has received a new name – Bank of America.
By this time, Bank of America became the largest US bank. Operations Giannini went far beyond California with the help of which he founded in 1928 Transamerica Corporation, which held main stake in the Bank of America.
After retirement in 1945 by Amadeo Giannini business was continued by his son Lawrence Giannini, who became president of the bank as early as 1936. With his death, which coincided with the victory in the presidential elections in the US Republican Party, for the Bank of America fell on hard times.
Since 1958, Bank of America began to issue credit cards, out of which grew the modern VISA card. In response, a group of banks, grouped around Wells Fargo, released in 1966 by MasterCard.
The beginning of the huge success of the corporation should be considered in 1992, when the bank began to buy their competitors and other companies. As a result of mergers, the corporation has been able to regain the status of the largest US bank holding company.
September 14, 2008 Bank of America announced the purchase of investment bank Merrill Lynch. The purchase price according to the newspaper The Wall Street Journal was $ 50 billion.
The largest shareholders of Bank of America:
- State Street Corporation – US financial holding company. State Street was founded in 1792 and is the second oldest financial institution in the United States. The company’s headquarters is located on Lincoln Street in Boston, the company has offices in 29 countries around the world;
- Vanguard Group – the largest US investment company, assets under management – $ 2 trillion. Located in Malvern, Pennsylvania. Founded in 1975 by John C. Bogle;
- BlackRock – an international investment company with headquarters in New York in the United States. By the end of 2013 the company manages assets at $ 4.57 trillion, and this indicator is the largest in the world;
- FMR (Fidelity) – American multinational corporation that provides financial services. One of the largest mutual fund and financial corporations in the world. Founded in 1946, it caters to North American investors;
- Paulson – investment management firm founded by its president and portfolio manager John Paulson in 1994;
- JP Morgan – one of the oldest financial conglomerates on the planet. The financial institution, stationed in New York, is a leader in the field of investment and commercial banking services;
- T. Rowe Price Group – financial holding company providing international investment management services for private and institutional clients. The company’s products include mutual funds, managed accounts and other types of funds, as well as in the US life insurance products;
- Capital World Investors – American Trust Company. It is one of the largest in the world. Estimated total value of assets under management of about a trillion dollars;
- AXA – a French company specializing in the provision of insurance services. One of the largest in the world, classified as a systemically important for the global economy. The company’s headquarters is located in Paris, France;
- Bank of NY Mellon – the oldest US bank. Capitalization – $ 31.26 billion.
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