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 ?
For the global economy, BofA Merrill Lynch has a bullish macro outlook for 2018, calling for robust global economic growth, steady US expansion and solid stock returns that peak in the first half of the year.
With an improving climate for dividends in EEMEA, BofA Merrill Lynch has brought together oits EEMEA banks team and launched an excess capital framework.
In the second quarter, BofA wealth had net client inflows $27.
AIG filed the case against BofA accusing the US lender for selling defective mortgage-backed securities in the run-up to the financial crisis of 2008, which caused billions of dollars in losses.
6m) in BofA and up to USD300m in Samsung, which, at current market prices, would mean less than 1% of the US lender and significantly less than 1% in the South Korean technology major.
The bank settled directly with Fannie Mae in early 2013 for nearly $12 billion, and BofA settled with financial services company MBIA in May 2013.
Following completion of the deal with BofA, seen to occur in the second quarter, KeyBank's commercial mortgage servicing portfolio will be among the three largest named servicers of commercial/multifamily loans in the US, the buyer said.
Xenakis joins BofA Merrill from Barclays (NYSE: BCY), where he was head of electronic options trading distribution.
Kathleen Caid said BofA said her $80,000 credit line debt is due in May.
Greg Miller, the company product manager for Eagle Service Plan global sales, said, 'We see this alliance with BofA Merrill as a strong endorsement of our ESP programme.
The Journal said BofA executives met on Thursday at Charlotte, North Carolina, where the bank is headquartered, and was scheduled to gather again yesterday to make final decisions on the reductions, putting the finishing touches on five months of work.
Due to the fact that Swedbank's share buybacks have been more aggressive than what BofA has expected, the bank upgraded its stock repurchase forecast to a total SEK25bn for 2011-2013.