Bank of Italy, founded by Amadeo Giannini in 1904, is the oldest predecessor of Bank of America (BoA), which has become a leading global brand name.
In 1930, it was renamed as Bank of America National Trust and Savings Association which was the only bank at that time in nation. The present form of BoA was achieved in 1998 when the merger with NationsBank.
Out of different products it offers, consumer banking is the largest division in the company which provides banking services to retail customers and small businesses. Corporate banking division is handled by Merrill Lynch, Bank of America’s major acquisition in recent years. BoA also provides services in sectors like mergers and acquisition, mortgage backed securities, investment management, etc.
BoA also has a fair share of frauds and controversies surrounded around it. Out of these controversies, Parmalat controversy is a major one where company got sued for profiting from use of the knowledge about financial difficulties faced by Parmalat. In 2009, Wikileaks mentioned its intent to public 5 gigabyte drive belonged to Bank of America with a claim that it will turn BoA inside-out. This triggered a drop of 3.2% in the bank’s stock. In 2011, Wikileaks announced that the Bank of America drive was deleted by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.
Bank of America has shown significant presence in charity. It has donated money to help health centers in Massachusetts and made donations to help homeless shelters in Miami. It has also pledged $750 billion in ten years for community development lending and investment making it the firm which indicates that it cares for the US as a whole.