Top 10 Banks in the World 2017

Posted in Top Brand Lists, Total Reads: 11344

7. Bank of America

Bank of America, the pioneer of the branch banking system, was founded by Amadeo Peter Giannini as early as 1904.

Image: Wikimedia

It was originally formed to serve the interests of immigrants settling in the USA, after pre-existing banks declined to provide their services to them. In 1904, Giannini founded the Bank of Italy, which is considered to be the earliest predecessor of Bank of America.

Giannini procured funds from numerous investors, and although he didn’t hold a dominant share of ownership, his policy of not allowing any shareholder possess more than 100 shares at a time allowed him to effectively rule over the bank. Under his able leadership the bank grew rapidly, with assets growing from $6.5 million to $157 million from 1910 to 1920. Giannina soon established three separate state banks, and in 1927 consolidated all four of his banks into the Bank of America of California. In 1928 Transamerica, a holding company, was established so as to help Bank of America achieve its goal of branch banking. After 1929, the firm made a series of acquisitions, including the acquisition of Blair and Company, which enabled it to become the 4th largest bank in USA by 1936. The period between 1959 and 1961 witnessed the bank introduce a string of new initiatives, such as computerized record keeping, student loan schemes, employee loan and deposit plan, and the introduction of the predecessor of today’s VISA, the BankAmeriCard.

In 1968, the holding company BankAmerica Corporation was formed, and Bank of America also became the world’s largest bank. The company was also the first to sign a contract racial equality in hiring, and also has been a long standing supporter of minorities, with over 10% of the workforce accounting for women. The 1990s saw the company making a string of acquisitions, including companies like Sunbelt Federal Savings, Woodburn State Bank and rival Pacific Corporation as well. Domestic expansion was also carried out simultaneously. In 1997, Nations Bank took over Bank of America; however, owing to superior brand equity of Bank of America, the organization was named the Bank of America Corporation. Subsequent years saw the company make significant acquisitions, such as the acquisition of LaSalle Bank Corporation, Countrywide Financial, MBNA and Merril Lynch as well. Presently the company employs over 200,000 employees and is headquartered in Charlotte, North Carolina. The current CEO of the company is Brian T. Moynihan.

Revenue (in Billion of USD): 83.7

Net Profit (in Billion of USD): 17.91

Assets (in Billion of USD): 2187.7

Looking for Similar Lists, Browse more Top Lists

Share this Page on:
Facebook ShareTweetShare on Linkedin