Bank of America Spanish
We are talking about the second largest banking industry that got founded in 1998 by Amadeo Giannini. The company was born from Bank of Italy in San Francisco. It is specially known for its American type banking and financial services multinational. It holds the place of being the fifth largest company with the total revenues in 2010. It is headquartered in Charlotte, United States offering job to 209,000 employees.
In 2008, it helped Bank of America converting into largest Wealth Management Company by playing its vital role in investment banking market. It is also not far behind from its competitors like JPMorgan Chase, Wells Fargo and Citigroup still maintaining its fourth position in United States by holding 12.2% of all bank deposits in United States. It works in country and worldwide having 4,600 retail financial centres plus near around 16,000 ATMs (Automated Teller Machines) under the guidance of Chairman and CEO Brian Moynihan.
Talking about its origin
The bank originated from 1904 founded Bank of Italy by Amadeo Giannini in 1998. Giannini made a great contribution to establish such a trustworthy banking system. In 1906, after San Francisco earthquake Giannini somehow managed to save the money deposited in bank from fire and maintained the stability and lent that part of money to the needy ones in that disaster. The bank was acquired by NationsBank in 1997 and established its presence in areas around the country.
Its expansion
The bank reached to top positions in banking operations after making a major decision about purchase of Washington state bank in 1983 followed by Security Pacific Corporation in 1991 finally expanding its branches in New England and conducting the corporate and investment banking in numerous countries worldwide. They also fought well during the global financial crisis in 2008 finally restraining its position but was accused of making some risky mortgage loans misrepresenting the quality of loans to investors and paying for the fraud about $16.65 billion in 2013.
What brings in popularity?
Being the world’s largest financial institutions, it provides better service to individual consumers, small and middle market businesses and large corporations. It offers full range of banking, investing, asset management and other financial and risk management products and services serving around 58 million consumers. It is also active with the latest technology of online banking serving nearly 30 million users. It also adds an interesting feature for its employees like providing a paid time off work due to associates illness or domestic partner, parent and child.
Troubles being faced
The bank went through many problems like closing of customer’s accounts without placing any information, being unable to hold customer’s direct deposit to cover debts and experiencing trouble from online banking.
Aside from all such, the bank maintained its image in banking sector and was positioned at #26 among largest company list of United States in 2016 as counted according to total revenue. Also bank made it to 11th position on Forbes Magazine Global 2000 in world. It now counts to $87.352 billion revenue as per report in 2017.
