Bank of America

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Bank of America

One of the largest banks in the United States. It traces its origins to the Bank of Italy in the early 20th century, which served immigrants in San Francisco. It grew to serve all of California and, through a number of acquisitions, spread throughout the United States. In the 1990s, while named BankAmerica, it lent a hedge fund more than $1 billion; when this hedge fund lost out in the Russian financial crisis, the bank was bought by NationsBank, which took the name Bank of America. It bought MBNA, at the time the world's largest credit card issuer, in 2005. In 2008, it acquired Merrill Lynch, which was near bankruptcy, after pressure from U.S. authorities. In 2008 and 2009 it received a federal bailout worth more than $150 billion in cash and guarantees.
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Not only did this reduce the number of independent securities firms, but it expanded those banks' product lines and made a relationship banking strategy more viable than ever before, A perfect example is BankAmerica, which finished 2001 with high league-table rankings in both high-grade and junk bonds, convertible securities and syndicated loans.
Tough Times/Tougher Banks: Bank consolidation and the recession have made it more difficult for companies to find lenders ready and willing to give them money. (Banking)
On his heels was BankAmerica's CEO, David Coulter, who was guaranteed $5 million annually for life when NationsBank took over BankAmerica, whether he worked for the merged companies or not.
It Pays to FAIL?
At the time of the 1993 announcement, BankAmerica said it would only retain 85,000 square feet at 40 East 52nd Street and would seek to sublease another 107,000 square feet, which has not yet been totally accomplished.
Bank of America in down-sizing mode
Honfed's purchase by BankAmerica has immense implications for its rivals, the industry and the future of interstate banking.
Banking on big
The chairman of BankAmerica, headquartered in San Francisco, recently announced that his bank will take up to U.
Profiles in green: the role of communication in worldwide corporate environmental management
BankAmerica contributed $75,000 to the Greenlining Institute.
Non-Profit Non Sequiturs
In a major boost for the World Trade Center and New York, The BankAmerica Corporation announced it will consolidate employees from 10 Manhattan locations into eight floors at One World Trade Center.
BankAmerica signs on at 1 World Trade
Ultimately, though, Honfed Bank would reach its final destination with its sale to $189-billion-in-assets BankAmerica Corp.
How BankAmerica came to town

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