Bank of America Corp (BAC)
Shares of Bank of America Corporation (Bank of America) are traded on the NYSE.
Bank of America is one of the biggest bank holding companies in the world. It provides a wide range of banking services to individual customers and businesses.
The franchise network includes almost 6,000 banking centers, 284,000 employees, and 18,000 ATMs.
In 1904, 1904 Italian immigrant Amadeo Giannini founded Bank of Italy in San Francisco to provide financial services for immigrants. After an earthquake in 1906, Giannini managed to save all the deposits from the bank’s building. In 1922, he started off Bank of America and Italy in Italy after buying Banca dell'Italia Meridionale founded in 1918. In the late 1920s Giannini put forward the merger proposal to Orra Eugene Monnette, the founder of Bank of America in Los Angeles.   The deal was completed in early 1929 and the new company was renamed Bank of America.
In September 2008, Bank of America announced its intention to buy Merrill Lynch. According to the Wall Street Journal, the deal was worth $50 billion.
Bank of America Corporation is one of the largest financial companies in the U.S., the second largest bank by assets, the biggest bank by deposits, and the second largest bank by market capitalization. Bank of America holds 12.2% of all U.S. deposits. Moreover, it is the third largest insurer and the ninth largest adviser on global mergers and acquisitions.
As of Q2 2014, Bank of America's net income dropped 43% to $2.29 billion from $4.01 billion a year earlier as it spent a solid amount to cover litigation costs, including a mortgage settlement with AIG. However, the bank reported earnings per share of 41 cents, beating estimates of 27 cents.
Bank of America has the market cap of $169.2 billion, $2.17 trillion in total assets, and 10.51bn (99.9%) shares in free float.