Introduction to Bank of America

Bank of America is the largest bank in the United States. According to the 2010 annual report of the bank more than $ 150.450 billion revenue and net income of $ 2.238 billion. This is easily the largest employer in the banking sector, as well as more than 286 951 employees in 2010, the bank is quite healthy as the total asset worth more than $ 2.265 trillion, the equity is only $ 231.444 billion.

Bank of America is not only the top five companies in the United States, but also the second largest company, which is not related to the oil business. The forbs and Fortune 500, BOA third best organization working in the banking sector in the world. The share of banks in the local deposit market is more than 12.2%. The BOA holding includes the prestigious institutions like Merrill Lynch, which earned the 2008

which BOA in 1904 by Amadeo Giannini as the Bank of Italy. This modest organization in San Francisco purpose of banking services to immigrants. During the 1906 San Francisco earthquake was struck. The fire burned the building of the organization, but the bank began work shortly after the resources of the vaults that survived. The start of the banking system was fairly simple.

The first official BOA is quite modest, because only by drums in two makeshift tables. The bank grew and in 1918 the bank changed its name to Bank of America and Italy. The next chapter in the BOA history happened in 1927 when it became the largest institution after consolidation Liberty coast of Los Angeles

has seen an increase in the later years of the BOA western states of California base. The BOA also began working institution at this time as well. In 1956, the insurance business was separated as a result of Banking & Holding Act. Transamerica was the insurance partner of BOA, which is constantly working to make the business after the separation.

BOA was the first bank to introduce the Visa credit cards massive way in 1975 using a consortium of other banks. 1980s the BOA moved beyond the California and started working as a national bank. The prestige and economy, the company also increased after the acquisition of companies like Bancorp.

The bank dealt with a number of problems, including a large loss in 1983 as well. The result is the next few years led to the sale of the fighting organizations of the Deutsche Bank in 1987, was the next important step in the merger of AGO and Nations Bank, the largest bank which is a very successful organization.

Source by Chris J Anderson

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