# BANK OF AMERICA CORP /DE/

Summary updated: 2026-03-18T23:07:27.259402Z
Canonical: https://finbar.com/research/companies/bank-of-america-de

## Overview

Bank of America Corporation is a bank holding company and diversified financial institution that provides banking, investing, asset management, and risk management products and services to individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments. It operates through four core business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets, combining a large U.S. retail banking franchise with wealth management, corporate and investment banking, and institutional trading and market services. [1](https://app.finbar.com/go?id=P-407ffb83124f4c7cbc99e6fec3e46316)[2](https://app.finbar.com/go?id=P-907dc36998ee47d7b9345fe2d32348cd)[3](https://app.finbar.com/go?id=P-01d0aa1b468342729b31f6bf0f04a265)[4](https://app.finbar.com/go?id=P-d21a79c9a8474067a49ed6d104aa3ecd)[5](https://app.finbar.com/go?id=P-1d035fab8bb5434c9f639fe031eb214f)[6](https://app.finbar.com/go?id=P-ce5b26756ee44525a971066b6beab924)

The company’s business is defined by its broad U.S. presence and selective international reach. As of December 31, 2024, it served clients across the U.S., its territories, and more than 35 countries; its retail banking network spans all major U.S. markets, and it reported approximately 69 million consumer and small business clients. Bank of America frames its mission and culture around being a “bank of opportunity” and delivering “Responsible Growth” for clients, customers, communities, and employees. [7](https://app.finbar.com/go?id=P-e3b18db50e8c46df881faad8fe96fccd)[8](https://app.finbar.com/go?id=P-1d444a20539d4bff9ed7115e92f73e26)

By size, Bank of America is one of the world’s largest financial institutions, with $3.3 trillion in assets and approximately 213,000 employees at year-end 2024, 78% of whom were located in the U.S. For 2024, it reported total revenue, net of interest expense, of $101.9 billion. [1](https://app.finbar.com/go?id=P-407ffb83124f4c7cbc99e6fec3e46316)[2](https://app.finbar.com/go?id=P-907dc36998ee47d7b9345fe2d32348cd)[9](https://app.finbar.com/go?id=P-3bd5d8bbb7a44673906470f65b1bce20)[10](https://app.finbar.com/go?id=T-c33796cc9cc54b54b78c63671d951657)
[1](https://app.finbar.com/go?id=P-407ffb83124f4c7cbc99e6fec3e46316)[2](https://app.finbar.com/go?id=P-907dc36998ee47d7b9345fe2d32348cd)[3](https://app.finbar.com/go?id=P-01d0aa1b468342729b31f6bf0f04a265)[4](https://app.finbar.com/go?id=P-d21a79c9a8474067a49ed6d104aa3ecd)[5](https://app.finbar.com/go?id=P-1d035fab8bb5434c9f639fe031eb214f)[6](https://app.finbar.com/go?id=P-ce5b26756ee44525a971066b6beab924)[7](https://app.finbar.com/go?id=P-e3b18db50e8c46df881faad8fe96fccd)[8](https://app.finbar.com/go?id=P-1d444a20539d4bff9ed7115e92f73e26)[9](https://app.finbar.com/go?id=P-3bd5d8bbb7a44673906470f65b1bce20)[10](https://app.finbar.com/go?id=T-c33796cc9cc54b54b78c63671d951657)

## Products & services

Bank of America’s consumer product set includes noninterest- and interest-bearing checking accounts, money market savings accounts, traditional savings accounts, certificates of deposit, IRAs, and other investment accounts and products for consumers and small businesses.[11](https://app.finbar.com/go?id=P-cf48284009624d6c8950f1c403ebd2f0) Through Consumer Investments, the Merrill Edge platform combines investment advice and guidance, brokerage asset services, self-directed online investing, and banking access through the company’s financial center and ATM network.[11](https://app.finbar.com/go?id=P-cf48284009624d6c8950f1c403ebd2f0) Its Consumer Lending offerings include debit cards, credit cards, residential mortgages, home equity loans, and direct and indirect loans such as auto, recreational vehicle, and consumer personal loans; these products are distributed through retail locations, telephone, online, and mobile channels, and the business also includes mortgage and home-equity servicing.[12](https://app.finbar.com/go?id=P-41261365ff5e4725b4b27cfc3a764ccd)

In wealth management, the company’s main branded offerings are Merrill Wealth Management and Bank of America Private Bank.[13](https://app.finbar.com/go?id=P-bf204acbfad34a2b8a68b36dce490b34) Merrill Wealth Management focuses on clients with more than $250,000 in investable assets and offers investment management, brokerage, banking, and retirement products.[14](https://app.finbar.com/go?id=P-4476b82f7c994a10a8b6468abe041f1a) Bank of America Private Bank, together with Private Wealth Management, provides wealth structuring, investment management, trust, and banking solutions, including specialty asset management services, for high-net-worth and ultra-high-net-worth clients.[15](https://app.finbar.com/go?id=P-885294b0eb524f53a190da729bcae390)

For business and institutional clients, Global Banking offers commercial loans, leases, commitment facilities, trade finance, commercial real estate lending, and asset-based lending, alongside treasury solutions such as treasury management, foreign exchange, short-term investing options, merchant services, deposits, and credit card products.[16](https://app.finbar.com/go?id=P-cddf8ad2f7a34a66884bc80d8774d225)[17](https://app.finbar.com/go?id=P-c8cfa106d5254ccf9be0c2762bebdb44) Its investment-banking services include debt and equity underwriting and distribution as well as merger-related and other advisory services.[16](https://app.finbar.com/go?id=P-cddf8ad2f7a34a66884bc80d8774d225) Global Markets provides sales and trading and research across fixed-income, credit, currency, commodity, and equity businesses, with securities and derivative products in primary and secondary markets, plus market-making, financing, clearing, settlement, and custody services.[18](https://app.finbar.com/go?id=P-1b66680ac2244e479e9ea105a576ecd6) It also offers client risk-management products using interest-rate, equity, credit, currency, and commodity derivatives, as well as foreign exchange, fixed-income, and mortgage-related products.[18](https://app.finbar.com/go?id=P-1b66680ac2244e479e9ea105a576ecd6)
[11](https://app.finbar.com/go?id=P-cf48284009624d6c8950f1c403ebd2f0)[12](https://app.finbar.com/go?id=P-41261365ff5e4725b4b27cfc3a764ccd)[13](https://app.finbar.com/go?id=P-bf204acbfad34a2b8a68b36dce490b34)[14](https://app.finbar.com/go?id=P-4476b82f7c994a10a8b6468abe041f1a)[15](https://app.finbar.com/go?id=P-885294b0eb524f53a190da729bcae390)[16](https://app.finbar.com/go?id=P-cddf8ad2f7a34a66884bc80d8774d225)[17](https://app.finbar.com/go?id=P-c8cfa106d5254ccf9be0c2762bebdb44)[18](https://app.finbar.com/go?id=P-1b66680ac2244e479e9ea105a576ecd6)

## Geographic presence

Bank of America serves clients through operations across the U.S., its territories and more than 35 countries, and it describes its non-U.S. business activity as concentrated largely in Europe, the Middle East and Africa and in Asia; the company also notes that its operations are highly integrated across U.S. and non-U.S. markets. [7](https://app.finbar.com/go?id=P-e3b18db50e8c46df881faad8fe96fccd)[19](https://app.finbar.com/go?id=P-77c3025adcb54d7bb7815060a48bd377)

In 2024, total revenue net of interest expense was $101.9 billion, of which $88.5 billion, or about 86.8%, came from the U.S. and $13.4 billion, or about 13.2%, came from non-U.S. markets. Within the non-U.S. total, Europe, the Middle East and Africa contributed $6.5 billion, or about 6.4% of total revenue, Asia contributed $5.2 billion, or about 5.1%, and Latin America and the Caribbean contributed $1.7 billion, or about 1.7%. At year-end 2024, total assets were $3.26 trillion, including $2.82 trillion in the U.S. and $444.2 billion outside the U.S. [20](https://app.finbar.com/go?id=T-0661b8b9609b45aa9763031dac5c6482)

The company identifies principal office or major property locations in Charlotte, North Carolina, where its principal executive offices are located, as well as New York, London and Hong Kong. Its real estate footprint totaled about 64.2 million square feet across more than 19,700 facilities and ATM locations globally, including 57.9 million square feet in the U.S. and 6.3 million square feet in more than 35 countries. Bank of America employed approximately 213,000 people at year-end 2024, with 78% located in the U.S. [21](https://app.finbar.com/go?id=P-23d8bf6841464362ae5e40d09e050338)[22](https://app.finbar.com/go?id=T-097a43c083514448adcb0365216957fd)[23](https://app.finbar.com/go?id=P-71c2a094417e483294b776c8a29cad99)[9](https://app.finbar.com/go?id=P-3bd5d8bbb7a44673906470f65b1bce20)

As an additional indicator of international footprint, the company disclosed that its top 20 non-U.S. country exposures represented 89% of total non-U.S. exposure at Dec. 31, 2024, with the largest exposures in the United Kingdom and Germany. [24](https://app.finbar.com/go?id=P-df338cb4a48047edacbb1c4e199bcc99)[25](https://app.finbar.com/go?id=P-b5c45690e7fd45839eb06bc2073a8c05)[26](https://app.finbar.com/go?id=T-9078230993534412a80ade7d8717bd2f)
[7](https://app.finbar.com/go?id=P-e3b18db50e8c46df881faad8fe96fccd)[19](https://app.finbar.com/go?id=P-77c3025adcb54d7bb7815060a48bd377)[20](https://app.finbar.com/go?id=T-0661b8b9609b45aa9763031dac5c6482)[21](https://app.finbar.com/go?id=P-23d8bf6841464362ae5e40d09e050338)[22](https://app.finbar.com/go?id=T-097a43c083514448adcb0365216957fd)[23](https://app.finbar.com/go?id=P-71c2a094417e483294b776c8a29cad99)[9](https://app.finbar.com/go?id=P-3bd5d8bbb7a44673906470f65b1bce20)[24](https://app.finbar.com/go?id=P-df338cb4a48047edacbb1c4e199bcc99)[25](https://app.finbar.com/go?id=P-b5c45690e7fd45839eb06bc2073a8c05)[26](https://app.finbar.com/go?id=T-9078230993534412a80ade7d8717bd2f)

## Business segments

Bank of America reports four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets, with remaining operations recorded in All Other.[27](https://app.finbar.com/go?id=P-ccc64c79ee6f4ba4a9c260ee27654d6b) Segment results are presented on a fully taxable-equivalent basis, and the company reports no material intersegment revenues.[28](https://app.finbar.com/go?id=P-c7ef9387407f4b28beaf531cbcbaa3b1)[29](https://app.finbar.com/go?id=P-593cd18125c84d4dad6b0df5565b757e)

Consumer Banking, which comprises Deposits and Consumer Lending, provides credit, banking and investment products to consumers and small businesses through branch, ATM, call-center and digital channels; in 2024 it accounted for about 40% of total revenue and 40% of net income.[30](https://app.finbar.com/go?id=P-54a405244a4f43b698ef595f9460d126)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42) GWIM consists primarily of Merrill Wealth Management and Bank of America Private Bank, offering advisory, brokerage, banking, retirement, trust and wealth-structuring solutions for affluent, high-net-worth and ultra-high-net-worth clients; it represented about 22% of revenue and 16% of net income.[13](https://app.finbar.com/go?id=P-bf204acbfad34a2b8a68b36dce490b34)[15](https://app.finbar.com/go?id=P-885294b0eb524f53a190da729bcae390)[32](https://app.finbar.com/go?id=P-3e9c775b04ce44ef8797000b47ae13c9)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42)

Global Banking includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, and focuses on lending, treasury and working-capital solutions, plus debt/equity underwriting and advisory services; it contributed about 23% of revenue and 30% of net income in 2024.[16](https://app.finbar.com/go?id=P-cddf8ad2f7a34a66884bc80d8774d225)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42) Global Markets provides institutional sales and trading, research, market-making, financing, clearing, settlement, custody and client risk-management products across fixed-income, credit, currency, commodity and equity markets; it generated about 21% of revenue and 21% of net income.[18](https://app.finbar.com/go?id=P-1b66680ac2244e479e9ea105a576ecd6)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42) All Other primarily covers asset and liability management activities, liquidating businesses and unallocated expenses, and was a negative contributor at roughly -7% of revenue and -6% of net income.[33](https://app.finbar.com/go?id=P-68f0ca10a5194a02b63c34e6f394b610)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42)
[27](https://app.finbar.com/go?id=P-ccc64c79ee6f4ba4a9c260ee27654d6b)[28](https://app.finbar.com/go?id=P-c7ef9387407f4b28beaf531cbcbaa3b1)[29](https://app.finbar.com/go?id=P-593cd18125c84d4dad6b0df5565b757e)[30](https://app.finbar.com/go?id=P-54a405244a4f43b698ef595f9460d126)[31](https://app.finbar.com/go?id=T-81dac6ee323a4882a968e936b944ab42)[13](https://app.finbar.com/go?id=P-bf204acbfad34a2b8a68b36dce490b34)[15](https://app.finbar.com/go?id=P-885294b0eb524f53a190da729bcae390)[32](https://app.finbar.com/go?id=P-3e9c775b04ce44ef8797000b47ae13c9)[16](https://app.finbar.com/go?id=P-cddf8ad2f7a34a66884bc80d8774d225)[18](https://app.finbar.com/go?id=P-1b66680ac2244e479e9ea105a576ecd6)[33](https://app.finbar.com/go?id=P-68f0ca10a5194a02b63c34e6f394b610)

## Company history

Bank of America’s roots trace to 1904, when Amadeo Peter Giannini founded the Bank of Italy in San Francisco; over the following decades, that institution evolved into the Bank of America name and franchise. [34](https://about.bankofamerica.com/en-us/who-we-are/our-history-and-heritage.html)[35](https://www.britannica.com/biography/A-P-Giannini)[36](http://content.time.com/time/magazine/article/0,9171,731707,00.html)

The modern company emerged from U.S. banking consolidation in the 1990s. In 1998, NationsBank agreed to acquire BankAmerica, the Federal Reserve approved the combination that August, and shareholders approved renaming the holding company Bank of America Corporation in 1999. [37](https://www.federalreserve.gov/boarddocs/press/bhc/1998/19980817/)[38](https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-99-000170/EX-99_3.txt)

Bank of America expanded further through major acquisitions in the 2000s. FleetBoston Financial was merged into the company in 2004, MBNA’s merger was completed in 2006, and Merrill Lynch was acquired in early 2009 after the deal was announced in 2008. [39](https://investor.bankofamerica.com/regulatory-and-other-filings/current-reports/content/0000895527-04-000033/0000895527-04-000033.pdf)[40](https://investor.bankofamerica.com/regulatory-and-other-filings/current-reports/content/0000903423-06-000001/0000903423-06-000001.pdf)[41](https://investor.bankofamerica.com/regulatory-and-other-filings/all-sec-filings/content/0000950144-08-007082/g15091k1exv99w1.htm?wcmmode=disabled)[42](https://investor.bankofamerica.com/regulatory-and-other-filings/all-sec-filings/content/0000950123-09-000010/y73597exv99w1.htm)
[34](https://about.bankofamerica.com/en-us/who-we-are/our-history-and-heritage.html)[35](https://www.britannica.com/biography/A-P-Giannini)[36](http://content.time.com/time/magazine/article/0,9171,731707,00.html)[37](https://www.federalreserve.gov/boarddocs/press/bhc/1998/19980817/)[38](https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-99-000170/EX-99_3.txt)[39](https://investor.bankofamerica.com/regulatory-and-other-filings/current-reports/content/0000895527-04-000033/0000895527-04-000033.pdf)[40](https://investor.bankofamerica.com/regulatory-and-other-filings/current-reports/content/0000903423-06-000001/0000903423-06-000001.pdf)[41](https://investor.bankofamerica.com/regulatory-and-other-filings/all-sec-filings/content/0000950144-08-007082/g15091k1exv99w1.htm?wcmmode=disabled)[42](https://investor.bankofamerica.com/regulatory-and-other-filings/all-sec-filings/content/0000950123-09-000010/y73597exv99w1.htm)

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