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Bank of America history
Bank of America company history timeline
McColl took control of the new company as chairman and CEO. Coulter, however, resigned his presidency in the Fall of 1998 amid speculation that he and McColl had come into conflict over some of BankAmerica's previous bad loans and lost earnings.
BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.
However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.
In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.
2001: Kenneth D. Lewis is named chairman and CEO; the company focuses on brand recognition.
In 2001, McColl stepped down and named Ken Lewis as his successor.
The company also went to work on its brand image, increasing its 2002 advertising budget to $145 million--an increase of 50 percent over the previous year.
In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.
After purchasing its major competitor in California, Security Pacific Corporation, in 1991, Bank of America became the first bank to offer coast-to-coast operations in the United States. It expanded into New England with the acquisition of FleetBoston Financial Corporation in 2004, and by the early 21st century it was operating more than 5,500 bank branches in more than 20 United States states and conducting corporate and investment banking in numerous countries worldwide.
On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock.
On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation.
United States Trust, acquired in 2006.
On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial.
Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.
Bank of America took over the event starting with the 2007 race.
On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.
In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.
LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.
As the global financial crisis emerged in 2008, numerous institutions began to struggle, notably Countrywide Financial, the largest American mortgage lender, and Merrill Lynch & Co., Inc.
In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.
The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill.
Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch.
However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.
Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January.
On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010.
In 2010, the United States government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales.
As of January 2011, other bankers and brokers are under indictment or investigation.
In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.
In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial.
In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.
On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.
Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy.
In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.
In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares.
In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in United States corporate history.
As of 2014, Bank of America has 31 million active online users and 16 million mobile users.
In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence.
One of the reasons Bank of America's stock price has roughly doubled since early 2016 is that interest rates have started to rise and are expected to keep doing so, especially now that Donald Trump is in the White House.
As of March 31, 2017, Bank of America has $635.6 billion in consumer banking deposits, giving it the No.
As of the end of the first quarter of 2017, Bank of America had a book value of $24.36 per share.
In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area.
In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.
In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.
By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.
By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.
As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.
Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2022 Bank of America Corporation.
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Bank of America competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wells Fargo | 1852 | $2.4B | 268,531 | 1,527 |
| U.S. Bank | 1863 | $202.1M | 70,000 | 1,793 |
| Fifth Third Bank | 1858 | $7.7T | 19,846 | 1,008 |
| KeyBank | 1825 | $2.8B | 17,999 | 647 |
| JPMorgan Chase & Co. | 2000 | $2.4B | 255,351 | 11,315 |
| Citizens Financial Group | 1828 | $6.1B | 18,100 | 951 |
| Citi | 1812 | $74.3B | 210,000 | 1,097 |
| SunTrust | 1891 | $300.1M | 22,899 | - |
| Merrill Lynch | 1914 | $13.8B | 15,100 | - |
| Capital One | 1994 | $26.0B | 51,985 | 5,436 |
Bank of America history FAQs
Zippia gives an in-depth look into the details of Bank of America, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Bank of America. The employee data is based on information from people who have self-reported their past or current employments at Bank of America. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Bank of America. The data presented on this page does not represent the view of Bank of America and its employees or that of Zippia.
Bank of America may also be known as or be related to Banc of America Securities LLC, Bank Of America, Bank of America, Bank of America Corporation, Bank of America, N.A. and bank of america merrill lynch.