Bank of America is a major name in banking sector of United States of America. It was placed in 3rd position in 2008 Forbes Global 2000 list. It is a major banking products and services provider in United States of America.
Bank of America is biggest bank of United States of America as far as volume of assets held is concerned. It is also second biggest commercial bank of United States of America in terms of market capitalization and deposits.
Earliest predecessor of Bank of America was Massachusetts Bank. It was inaugurated on July 5, 1784. Massachusetts Bank was opened with a view that properly regulated banks were essential to economic well-being of a country.
Products and services
Bank of America offers a number of banking products and services across United States of America, Canada and Asia. It offers its products and services in three major categories – personal, corporate and institutional and small businesses.
In personal banking section, its main products and services are auto loans, savings and certificates of deposit, individual retirement accounts, credit cards, investment services, mortgages, insurance, and home equity.
In small business section, Bank of America offers products and services like lending, check cards, health care practice loans, savings and certificates of deposit, merchant card processing and credit cards.
In corporate, institutional, commercial and business banking section, Bank of America offers products and services like asset-based finance, investment solutions, asset management, leasing, card solutions, merchant services, debt and liquid products, mergers and acquisitions advisory, electronic trading services, NYSE specialist firm, endorsed programs, private equity investments, equities, research, foreign exchange, trade services, futures and treasury management services.
These products and services are provided to entities like accounting firms, health care, consumer and retail, law firms, dealers (auto, marine, recreational vehicles), natural resources, education, not-for-profit, environmental services, real estate, financial institutions, religious organizations, financial sponsors, retail finance, franchises and restaurants, security alarm, gaming and leisure, sports, global industries, technology, government and transportation companies.
In 2007, sales of Bank of America amounted to around $119.19 billion and it earned profits worth about $14.98 billion. Bank of America held assets worth nearly $1,715.75 billion and its market value stood at about $176.53 billion.
Awards and recognition
Bank of America has won Points of Light Foundation Award. It has won this award for excellence in corporate community service. Bank of America has also won United Way Spirit of America Award and Corporate Social Responsibility and Ethics Award. It has won this award for commitment to environment, high ethical standards and community reinvestment.
Current financial crisis
Bank of America has been deeply affected by global financial crisis of 2008. Its profits have been reducing at a steady rate. It is assumed that Bank of America along with other major banks of United States of America like Chase, US Bancorp and Wells Fargo have experienced 68 percent dip in profits in quarter spanning from July to September, 2008.