The Bank of America is a famous multinational investment American bank along with financial services company located in Charlotte in North Carolina. This is the second largest bank in the US after JP Morgan Chase. The main financial services of the bank are wealth management, commercial and investment banking. In the year 1904, this bank was founded as Bank of Italy but later on evolutes and turned to Bank of America. During the financial crisis of the year 2008, the bank had to face lawsuits and various investigations regarding the financial disclosures. If you are interested in checking net worth of Bank of America, then you can read this article further.
The history of this bank starts from the year 1904 when Amadeo Giannini became the founder of the Bank of Italy located in San Francisco. This bank used to serve the needs of immigrants who used to settle in the US at that time period. During the San Francisco earthquake 1906, he saved all deposits from the bank building and kept them protected from fire. Banks weren’t able to open their vaults, but he was able to use his rescued funds after this great disaster. He started lending money to the people who wanted to rebuild their banks and companies. In the year 1922, he established a bank of America and Italy.
In the year 1928, she merged his bank with Bank of America located in Los Angeles which was headed by Orra E. Monnette at that time. In the year 1929, the bank had 453 offices and had resources of more than US $1.4 billion. The bank keeps introducing new technologies for the customers from time to time. The bank expanded outside of California in the year 1983 and faced a lot of losses during the time of 1986 to the year 1987. In the year 1977, a bank of America lent a large fund to run different businesses for the bank to a company.
During that time, bank possessed assets of around $570 billion along with 4800 branches in total 22 states. In the year 2010, the US government accused the bank of defrauding hospitals, schools, and various organizations with illegal activities and misconduct. The bank has been able to run on the path of success again.
Net Worth & Earnings
The net worth of Bank of America is around $2.3 trillion. There are 46 million consumer and business relationships in the 4600 banking centers around the world. This bank is ranked as one of the largest banks in the world, and it accumulated $102.98 billion during the June 2018 sales.
In the year 2007, the bank offered $3000 amount of rebate for purchasing hybrid vehicles. The bank keeps providing charity amounts to various help centers and instructions in the US. The bank also faced many controversies but has been able to rank amongst one of the top banks in the country and world. There is a number of people who are getting benefitted by the services provided by the Bank of America.