Bank of America Corporation

Bank of America Corporation (abbreviated as BofA) is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is ranked 2nd on the list of largest banks in the United States by assets.[4] As of 2016, Bank of America was the 26th largest company in the United States by total revenue. In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world.[5]

Its acquisition of Merrill Lynch in 2008 made it the world's largest wealth management corporation and a major player in the investment banking market.[6] As of December 31, 2016, it had US$886.148 billion in assets under management (AUM).[3]

As of December 31, 2016, the company held 10.73% of all bank deposits in the United States.[7] It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.[8][9] Bank of America operates—but does not necessarily maintain retail branches[10]—in all 50 states of the United States, the District of Columbia and more than 40 other countries. It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).[3]

Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines,[3] call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising both fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.[11]

Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014.[12]