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.
References in periodicals archive ?
In 2017, BOFA secured a footprint in Europe, opening its first office in Germany.
Once the transaction is complete, Donaldson will report revenue from the acquisition of BOFA within its Industrial Filtration Solutions business in the Industrial Products segment.
The "BofA Merrill Lynch bandwagon" can also be seen where private investors follow the U.S.-based financial giant's trading patterns.
On Saudi Arabia, BofA Merrill Lynch says it faces a mix of uncertainties, including policy-making and the anti-corruption probe.
With an improving climate for dividends in EEMEA, BofA Merrill Lynch has brought together oits EEMEA banks team and launched an excess capital framework.
This gives the BofA wealth group a pre-tax margin of 28% vs.
Charlotte, North Carolina-based BofA said its total provisions jumped to $997mn in the quarter ended March 31.
Michael Pelzar, President of BofA Global Capital Management.
On the positive side, BofA reported a 17.9 percent drop in non-interest expense to $14.2 billion due to lower litigation costs and reduced personnel spending.
If oil averages $105 per barrel, Saudi output would have to fall below 7.8 million barrels per day from 101 today to push the government budget into deficit, added the report from BofA Merrill Lynch Global Research, titled, "BofA Global Energy Weekly - "Opec discord and oil stability".
31 October 2013 -- US financial services firm Bank of America's (NYSE: BAC) BofA Merrill Lynch Global Research unit said it has launched four emerging markets local currency bond indices.
Morgan was not the only bank who got into lending trouble, and for Bank of America (BofA), the FHFA price tag could be even higher.