The Bank of America Corporation (simply referred to as Bank of
America, often abbreviated as BofA) is an American multinational
investment bank and financial services holding company headquartered
in Charlotte, North Carolina, with central hubs in New York City,
London, Hong Kong, Dallas, and Toronto. Founded in San Francisco, Bank
of America was formed through NationsBank's acquisition of BankAmerica
in 1998. It is the second largest banking institution in the United
States, after JPMorgan Chase, and the eighth largest bank in the
world. Bank of America is one of the Big Four banking institutions of
the United States. It services 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.One
branch of its history stretches back to Bank of Italy, founded by
Amadeo Pietro Giannini in 1904, which provided Italian immigrants who
faced service discrimination various banking options. Originally
headquartered in San Francisco, California, Giannini acquired Banca
d'America e d'Italia (Bank of America and Italy) in 1922. The passage
of landmark federal banking legislation facilitated a rapid growth in
the 1950s, quickly establishing a prominent market share. After
suffering a significant loss after the 1998 Russian bond default,
BankAmerica, as it was then known, was acquired by the Charlotte-based
NationsBank for US$62 billion. Following what was then the largest
bank acquisition in history, the Bank of America Corporation was
founded. Through a series of mergers and acquisitions, it built upon
its commercial banking business by establishing Merrill Lynch for
wealth management and Bank of America Merrill Lynch for investment
banking in 2008 and 2009, respectively (since renamed BofA
Securities).Both Bank of America and Merrill Lynch Wealth Management
retain large market shares in their respective offerings. The
investment bank is considered within the "Bulge Bracket" as the third
largest investment bank in the world, as of 2018[update]. Its wealth
management side manages US$1.081 trillion in assets under management
(AUM) as the second largest wealth manager in the world, after UBS. In
commercial banking, Bank of America operatesâ€"but does not
necessarily maintain retail branchesâ€"in all 50 states of the United
States, the District of Columbia and more than 40 other countries. Its
commercial banking footprint encapsulates 46 million consumer and
small business relationships at 4,600 banking centers and 15,900
automated teller machines (ATMs). Bank of America Biography, NetWorth, Height, Age, Weight, Family, Married, Son, Daughter