By Mr. Abhay Ray 
Introduction to Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase.
Incorporation
The bank was founded by the merger of NationsBank and Bank of America in 1998. Headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan.
Worldwide Location
Bank of America provides a array of financial products and services to corporate government and institutional customers in North and Latin America, Europe, Middle East, Africa and Asia Pacific.
Mission and Vision
Bank of America’s mission statement is to address clients’ needs for accessing beneficial financial services and related products. The company is committed to responsible growth and accountability on a global scale. Bank of America’s vision statement is to achieve leadership in the global industry. The bank is dedicated to being a service provider to its clientele, promising success and a better quality of life.
Founder Details
Amadeo Pietro Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of Italy, which eventually became Bank of America. Giannini is credited as the inventor of many modern banking practices. Most notably, Giannini was one of the first bankers to offer banking services to middle-class Americans, mainly Italian immigrants, rather than only the upper class. He also pioneered the holding company structure and established one of the first modern trans-national institutions.
A.P. Giannini – Education & Careeer
Giannini attended Heald College but realized he could do better in business than at school. In 1885, he dropped out and took a full-time position as a produce broker for L. Scatena & Co. Giannini worked as a produce broker, commission merchant and produce dealer for farms in the Santa Clara Valley. He was successful in that business. He later became a director of the Columbus Savings & Loan, in which his father-in-law owned an interest. Giannini observed an opportunity to service the increasing immigrant population that were without a bank. At loggerheads with the other directors who did not share his sentiment, he quit the board in frustration and started his own bank. He was one of the original Board of Directors of the Italian Board of Relief, now known as Italian Community Services, founded in 1916. It is a non-profit organization focused on serving the Italian and Italian-American community.
Bank of America – Financials
- Year over year (YOY) growth
Bank of America revenue for the twelve months ending September 30, 2024 was $189.111B, a 15.88% increase year-over-year. The annual revenue for 2023 was $171.912B, a 49.42% increase from 2022. The annual revenue for 2022 was $115.053B,a 22.59% increase from 2021.
- Market share in 2024
Market share of leading banks in the U.S.2024, by domestic deposits . As of March 31, 2024, JPMorgan Chase led the U.S. banking sector with approximately 11.7 percent of total domestic deposits, closely followed by Bank of America at nearly 11 percent.
- Increase dividends in 2024
Bank of America declares fourth quarter 2024 Stock Dividends. CHARLOTTE, NC – Bank of America Corporation today announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.26 per share, payable on December 27, 2024 to shareholders of record as of December 6, 2024.
- Profit and Growth
The gross profit for the quarter ending September 30, 2024 was $25.345B, a 0.71% increase year-over-year.The gross profit for the twelve months ending September 30, 2024 was $98.499B, a 2.62% decline year-over-year. The annual gross profit for 2023 was $98.581B, a 3.82% increase from 2022, annual gross profit for 2022 was $94.95B, a 6.55% increase from 2021.The annual gross profit for 2021 was $89.113B, a 4.19% increase from 2020.
- Net Income
Bank of America net income for the quarter ending September 30, 2024 was $6.380B, a 12.24% decline year-over-year.The net income for the twelve months ending September 30, 2024 was $21.942B,a 24.16% decline year-over-year.The annual net income for 2023 was $24.866B, a 4.42% decline from 2022.The annual net income for 2022 was $26.015B, a 14.86% decline from 2021, and the annual net income for 2021 was $30.557B, a 85.5% increase from 2020.
Bank of America – Awards & Recognitions
3BL Media recognized Bank of America on its 100 Best Corporate Citizens list and ranked No.2 in the banking industry category. Bank of America was recognized with an Aetna® Workplace Well-being Above and Beyond Award for our commitment to creating a healthier workplace. Bank of America won the Global Community Award for the Mná na hÉireann, ‘Women of Ireland’ Fund, in the American Chamber of Commerce (AmCham) Ireland Awards. Bank of America was named a top employer on the 2024 American Opportunity Index, ranking No. 10 overall in Top 100 Employers of Choice and No.1 in full-service banks. Global Capital named Bank of America the Best U.S. Private Placement Agent in the 2023 Syndicated Loan Awards. Bank of America was named the Best Bank in the US for Sustainable Finance by Global Finance Magazine in its 2024 Sustainable Finance Awards.
Competitors of Bank of America
Bank of America’s major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, JPMorgan Chase Bank, US Bank, Citizens Financial Group, Citigroup, M&T Bank,
Conclusion
Bank of America stands as one of the leading financial institutions in the U.S., offering a wide range of services including checking and savings accounts, credit cards, and mortgage loans. With its extensive network of branches and ATMs, coupled with innovative digital banking tools, Bank of America remains a top choice for individuals and businesses alike. Whether you’re looking for competitive interest rates, credit card rewards, or comprehensive investment services, Bank of America provides reliable financial solutions to meet your needs.
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