Bank of America is the largest bank in the United States. According to the 2010 annual report of the bank has more than $ 150.450 billion revenue and net income was $ 2238000000. This is by far the largest employer in the banking sector and more than 286 951 employees in 2010. The bank is very healthy as total assets are worth more than $ 2265000000000, only $ 231.444 billion with equity.
Bank of America is not only included in the top five companies in the United States, but also the 2nd largest company that is not related to the oil industry. According to Forbs and Fortune 500, BOA is the third best organization working in the banking sector in the world. The share of banks in the local deposit market is more than 12.2% as well. The BOA holding includes the prestigious institutions such as Merrill Lynch, which she founded in 2008
BOA was acquired in 1904 by Amadeo Giannini as Bank of Italy. This humble organization in San Francisco with the aim of providing banking services to immigrants. In 1906, was beaten by an earthquake in San Francisco. The fire burned the building of the organization, but the bank began soon after working with the funds in the vaults that survived. The banking sector start was quite simple.
The first office of BOA was quite modest because only two makeshift tables created by the barrels. The bank grew and in 1918 the bank changed name as Bank of America and Italy. The next chapter in the BOA history happened in 1927 when the largest institute after consolidation with Liberty Bank of Los Angles
The subsequent years saw the growth of BOA in the western states of California as a base. The BOA began to work as a body even in this time too. The 1956 insurance business was separated as a result of Banking & Holding Act. Transamerica was the insurance partner of BOA, who continue to work in those cases after the separation.
BOA was the first bank to the credit cards in massive introduction to Visa in 1975 with the help of the consortium of other banks. In 1980, the BOA moved beyond the California and started working as the national bank. The prestige and the organization of the company also increased after the acquisition of companies like Bancorp.
The bank dealt with many problems, including huge losses in 1983 as well. The outcome of the struggle years has led to the sale of the organization to the Deutsche Bank in 1987. The next major step was the merger of BOA Bank and Nations, which is very successful in generating the largest banking organization.