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The Info List - Bank Of America



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BANK OF AMERICA CORPORATION (abbreviated as BOFA) is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina . It is ranked 2nd on the list of largest banks in the United States by assets. As of 2016, Bank
Bank
of America was the 26th largest company in the United States by total revenue. In 2016, it was ranked #11 on the Forbes Magazine
Forbes Magazine
Global 2000 list of largest companies in the world.

Its acquisition of Merrill Lynch
Merrill Lynch
in 2008 made it the world's largest wealth management corporation and a major player in the investment banking market. As of December 31, 2016, it had US$ 886.148 billion in assets under management (AUM).

As of December 31, 2016, the company held 10.73% of all bank deposits in the United States. It is one of the Big Four banks in the United States , along with Citigroup
Citigroup
, JPMorgan Chase
JPMorgan Chase
and Wells Fargo
Wells Fargo
—its main competitors. Bank
Bank
of America operates—but does not necessarily maintain retail branches —in all 50 states of the United States, the District of Columbia
District of Columbia
and more than 40 other countries. It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

Bank
Bank
of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines , call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.

Bank
Bank
of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis , including a record settlement of $16.65 billion on August 21, 2014.

CONTENTS

* 1 History

* 1.1 Bank
Bank
of Italy
Italy
* 1.2 Expansion in California
California
* 1.3 Expansion outside California
California
* 1.4 Merger of Nations Bank
Bank
and BankAmerica

* 1.5 2001 to present

* 1.5.1 Acquisition of Countrywide Financial * 1.5.2 Acquisition of Merrill Lynch
Merrill Lynch
* 1.5.3 Federal Troubled Asset
Asset
Relief Program * 1.5.4 Bonus settlement * 1.5.5 Fraud * 1.5.6 Downsizing (2011 to 2014) * 1.5.7 Sale of stake in China Construction Bank
Bank
* 1.5.8 $17 billion settlement with Justice Department * 1.5.9 DOD Community Bank
Bank

* 1.6 Introduction of Erica

* 2 Operations

* 2.1 Consumer Banking * 2.2 Global Banking * 2.3 Global Wealth and Investment Management * 2.4 Global Markets

* 2.5 Offices

* 2.5.1 International offices

* 3 Charitable efforts * 4 Lawsuits

* 5 Controversies

* 5.1 Parmalat
Parmalat
controversy * 5.2 Consumer credit controversies * 5.3 WikiLeaks
WikiLeaks
* 5.4 Anonymous * 5.5 Mortgage business * 5.6 Accounts of Iranians frozen * 5.7 Investment in mountaintop removal

* 6 Notable buildings

* 6.1 Former buildings

* 7 See also * 8 References * 9 Further reading * 10 External links

HISTORY

BANK OF ITALY

Main article: Bank
Bank
of Italy
Italy
(United States)

The history of Bank
Bank
of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank
Bank
of Italy
Italy
in San Francisco. The Bank
Bank
of Italy
Italy
served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest. Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee. When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild.

In 1922, Giannini established Bank
Bank
of America and Italy
Italy
. In 1986, Deutsche Bank
Bank
AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries.

In 1928 Giannini merged his bank with Bank
Bank
of America, Los Angeles , headed by Orra E. Monnette
Orra E. Monnette
and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Bank
Bank
of Italy
Italy
was renamed on November 3, 1930 to Bank of America National Trust and Savings Association , which was the only such designated bank in the United States of America at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.

EXPANSION IN CALIFORNIA

Branch banking was introduced by Giannini shortly after 1909 legislation in California
California
that allowed for branch banking in the state. Its first branch outside San Francisco was established in 1909 in San Jose. By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion. There is a replica of the 1909 Bank
Bank
of Italy
Italy
branch bank in History Park in San Jose, and the 1925 Bank
Bank
of Italy
Italy
Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation
Transamerica Corporation
. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation
Transamerica Corporation
and Bank
Bank
of America under the Clayton Antitrust Act
Clayton Antitrust Act
. The passage of the Bank
Bank
Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank
Bank
of America and Transamerica were separated, with the latter company continuing in the insurance business. However, federal banking regulators prohibited Bank
Bank
of America's interstate banking activity, and Bank
Bank
of America's domestic banks outside California
California
were forced into a separate company that eventually became First Interstate Bancorp
First Interstate Bancorp
, later acquired by Wells Fargo
Wells Fargo
and Company in 1996. It was not until the 1980s with a change in federal banking legislation and regulation that Bank
Bank
of America was again able to expand its domestic consumer banking activity outside California.

New technologies also allowed credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977. A consortium of other California
California
banks introduced Master Charge (now MasterCard
MasterCard
) to compete with BankAmericard.

EXPANSION OUTSIDE CALIFORNIA

Following the passage of the Bank
Bank
Holding Company Act of 1956 , BankAmerica Corporation was established for the purpose of owning and operation of Bank
Bank
of America and its subsidiaries.

Bank
Bank
of America expanded outside California
California
in 1983 with its acquisition of Seafirst Corporation of Seattle
Seattle
, Washington , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank
Bank
of America until the 1998 merger with NationsBank.

BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World
Third World
, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen , Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover . First Interstate Bancorp
First Interstate Bancorp
of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab . It also sold Bank
Bank
of America and Italy
Italy
to Deutsche Bank
Bank
. By the time of the 1987 stock market crash , BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. The Bank
Bank
of America Tower in New York City.

BankAmerica's next big acquisition came in 1992. The company acquired its California
California
rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank
Bank
in California
California
and other banks in Arizona
Arizona
, Idaho
Idaho
, Oregon
Oregon
, and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank
Bank
, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp
U.S. Bancorp
) and Key Bank
Bank
. Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank
Bank
of Nevada.

In 1994, BankAmerica acquired the Continental Illinois
Illinois
National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois
Illinois
at that time regulated branch banking extremely heavily, so Bank
Bank
of America Illinois
Illinois
was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region. Pyramid-shaped former Bank
Bank
of America branch building towers over Interstate 410
Interstate 410
in San Antonio
San Antonio
, Texas
Texas
.

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing Nations Bank
Bank
Corporation , and to third in 1998 First Union Corp.

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business (Continental Illinois
Illinois
had extensive leveraged lending relationships) which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens
Robertson Stephens
, a San Francisco–based investment bank specializing in high technology for $540 million. Robertson Stephens
Robertson Stephens
was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens.

MERGER OF NATIONSBANK AND BANKAMERICA

Logo of the former Bank
Bank
of America (BA), 1969–1998

In 1997, Bank
Bank
of America lent D. E. Shaw & Co. , a large hedge fund , $1.4 billion in order to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . BankAmerica was acquired by Nations Bank
Bank
of Charlotte in October 1998 in what was the largest bank acquisition in history at that time.

While Nations Bank
Bank
was the nominal survivor, the merged bank took the better-known name of Bank
Bank
of America. Hence, the holding company was renamed Bank
Bank
of America Corporation, while NationsBank, N.A. merged with Bank
Bank
of America NT"> Typical Bank
Bank
of America local office in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, Bank
Bank
of America announced it would purchase Boston-based bank FleetBoston Financial
FleetBoston Financial
for $47 billion in cash and stock. By merging with Bank
Bank
of America, all of its banks and branches were given the Bank
Bank
of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe
Boston Globe
.

On June 30, 2005, Bank
Bank
of America announced it would purchase credit card giant MBNA
MBNA
for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA
MBNA
provided Bank
Bank
of America a leading domestic and foreign credit card issuer. The combined Bank
Bank
of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank
Bank
of America the operation was renamed FIA Card Services. Bank
Bank
of America footprint

Bank
Bank
of America operated under the name BankBoston
BankBoston
in many other Latin American countries, including Brazil. In 2006, Bank
Bank
of America sold BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston
BankBoston
name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank
Bank
of America (ending the BankBoston
BankBoston
brand).

In May 2006, Bank
Bank
of America and Banco Itaú
Banco Itaú
(Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank
Bank
of America's operations in Chile
Chile
and Uruguay
Uruguay
. The deal was signed in August 2006 under which Itaú agreed to purchase Bank
Bank
of America's operations in Chile
Chile
and Uruguay. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston
BankBoston
in Chile
Chile
had 44 branches and 58,000 clients and in Uruguay
Uruguay
it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston
BankBoston
N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston
BankBoston
name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank
Bank
of America in Brazil, Chile
Chile
or Uruguay
Uruguay
following the transactions. Hence, the BankBoston
BankBoston
name has disappeared from Brazil, Chile
Chile
and Uruguay. The Itaú stock received by Bank
Bank
of America in the transactions has allowed Bank
Bank
of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank
Bank
of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation . US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.

On September 14, 2007, Bank
Bank
of America won approval from the Federal Reserve to acquire LaSalle Bank
Bank
Corporation from ABN AMRO
ABN AMRO
for $21 billion. With this purchase, Bank
Bank
of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit based Michigan
Michigan
National Bank
Bank
.

The deal increased Bank
Bank
of America's presence in Illinois
Illinois
, Michigan , and Indiana
Indiana
by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank
Bank
of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase
JPMorgan Chase
.

LaSalle Bank
Bank
and LaSalle Bank
Bank
Midwest branches adopted the Bank
Bank
of America name on May 5, 2008.

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan
Brian Moynihan
became President and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank
Bank
of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.

Acquisition Of Countrywide Financial

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.

On January 11, 2008, Bank
Bank
of America announced that it would buy Countrywide Financial for $4.1 billion. In March 2008, it was reported that the Federal Bureau of Investigation
Federal Bureau of Investigation
(FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages. This news did not hinder the acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.

This purchase made Bank
Bank
of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank
Bank
of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote . Countrywide Financial has changed its name to Bank
Bank
of America Home Loans . Chart showing the trajectory of BOA share value and transaction volume during the 2007-2009 Financial Crisis

In December 2011, the Justice Department announced a $335 million settlement with Bank
Bank
of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder
Eric Holder
said a federal probe found discrimination against qualified African-American
African-American
and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans .

Acquisition Of Merrill Lynch

On September 14, 2008, Bank
Bank
of America announced its intention to purchase Merrill Lynch
Merrill Lynch
& Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch
Merrill Lynch
was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Around the same time Bank
Bank
of America was reportedly also in talks to purchase Lehman Brothers
Lehman Brothers
, however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank
Bank
of America announced its plans to acquire Merrill Lynch. This acquisition made Bank
Bank
of America the largest financial services company in the world. Temasek Holdings , the largest shareholder of Merrill Lynch
Merrill Lynch
">'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank
Bank
of America pays for how it handled its merger of Merrill Lynch." A federal judge, Jed Rakoff , in an unusual action, refused to approve the settlement on August 5. A first hearing before the judge on August 10 was at times heated, and he was "sharply critic" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman , represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims’ money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank
Bank
of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth."

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank
Bank
of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank
Bank
of America Corp., 09-cv-06829, United States District Court for the Southern District of New York .

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform , under chairman Edolphus Towns
Edolphus Towns
(D-NY) and in its investigative Domestic Policy Subcommittee under Kucinich.

Fraud

In 2010, the bank was accused by the U.S. government of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue service and $4.5 million to state attorney general, to the affected organizations to settle the allegations.

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges. As of January 2011, other bankers and brokers are under indictment or investigation.

On October 24, 2012, the top federal prosecutor in Manhattan
Manhattan
filed a lawsuit alleging that Bank
Bank
of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae
Fannie Mae
and Freddie Mac
Freddie Mac
. The scheme was called 'Hustle', or High Speed Swim Lane. On May 23, 2016 the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac
Freddie Mac
in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act . The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.

Downsizing (2011 To 2014)

During 2011, Bank
Bank
of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.

In December 2011, Forbes
Forbes
ranked Bank
Bank
of America's financial health 91st out of the nation's largest 100 banks and thrift institutions.

Bank
Bank
of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC. In the first quarter of 2014 Berkshire bank purchased 20 Bank
Bank
of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May 2014, Bank
Bank
of America sold two dozen branches in Michigan
Michigan
to Huntington Bancshares
Huntington Bancshares
. The locations were converted to Huntington National Bank
Bank
branches in September.

As part of its new strategy Bank
Bank
of America is focused on growing its mobile banking platform. As of 2014, Bank
Bank
of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits.

Sale Of Stake In China Construction Bank

In 2005, Bank
Bank
of America acquired a 9% stake in China Construction Bank
Bank
, one of the Big Four banks in China , for $3 billion. It represented the company's largest foray into China's growing banking sector. Bank
Bank
of America has offices in Hong Kong, Shanghai, and Guangzhou
Guangzhou
and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank
Bank
of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards. In November 2011, Bank
Bank
of America announced plans to divest most of its stake in the China Construction Bank.

In September 2013, Bank
Bank
of America sold its remaining stake in the China Construction Bank
Bank
for as much as $1.5 billion, marking the firm's full exit from the country.

$17 Billion Settlement With Justice Department

In August 2014, Bank
Bank
of America agreed to a near-$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities. Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."

Much of the government's prosecution was based on information provided by three whistleblowers - Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary) and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.

DOD Community Bank

DOD Community Bank
Bank
logo.

Bank
Bank
of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD COMMUNITY BANK ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations on U.S. military installations in Guantanamo Bay Naval Base
Guantanamo Bay Naval Base
Cuba
Cuba
, Diego Garcia
Diego Garcia
, Germany
Germany
, Japan
Japan
, Italy
Italy
, Kwajalein Atoll
Kwajalein Atoll
, South Korea
South Korea
, the Netherlands
Netherlands
and the United Kingdom
United Kingdom
. It should be noted that even though Bank
Bank
of America operates Community Bank
Bank
customer services are not interchangeable between the two financial institutions, meaning a Community Bank
Bank
customer cannot go to a Bank
Bank
of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance
Insurance
Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

INTRODUCTION OF ERICA

At the Money 20/20 conference in October 2016, retail banking president Thong Nguyen introduced a digital assistant called Erica, whose name comes from the bank name. Starting in 2017, customers will be able to use voice or text to communicate with Erica and get advice, check balances and pay bills. Unlike the people who work for the bank, Erica will be available 24/7. Digital banking head Michelle Moore said the technology was designed to help customers do a better job of managing money.

Forrester analyst Peter Wannemacher says bank customer experiences with the technology have been "uneven or poor," but Bank
Bank
of America intends to adapt Erica as needed.

OPERATIONS

Bank
Bank
of America branch in Washington, D.C.
Washington, D.C.

Bank
Bank
of America generates 90% of its revenues in its domestic market. The core of Bank
Bank
of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.

CONSUMER BANKING

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments and lending products including business loans, mortgages, and credit cards. It provides for investing online through its electronic trading platform , Merrill Edge. The consumer banking division represented 38% of the company's total revenue in 2016. The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer . It competes primarily with the retail banking arms of America's three other megabanks: Citigroup , JPMorgan Chase
JPMorgan Chase
, and Wells Fargo
Wells Fargo
. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines .

Bank
Bank
of America is a member of the Global ATM Alliance , a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

GLOBAL BANKING

Bank
Bank
of America Tower , located on Laura Street
Laura Street
in Jacksonville , Florida
Florida

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.

Before Bank
Bank
of America's acquisition of Merrill Lynch
Merrill Lynch
, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch
Merrill Lynch
subsidiary and provided mergers and acquisitions advisory, underwriting , capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance , Syndicated Loans , and mortgage-backed securities . It also has one of the largest research teams on Wall Street
Wall Street
. Bank
Bank
of America Merrill Lynch
Merrill Lynch
is headquartered in New York City.

GLOBAL WEALTH AND INVESTMENT MANAGEMENT

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch
Merrill Lynch
Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016. It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances. GWIM has five primary lines of business: Premier Banking "> Bank
Bank
of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient. In 2007, Bank
Bank
of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase. In 2010, the bank completed construction of the 1 Bank
Bank
of America Center in Charlotte center city . The tower, and accompanying hotel, is a LEED-certified building.

Bank
Bank
of America has also donated money to help health centers in Massachusetts and made a $1 million donation in 2007 to help homeless shelters in Miami.

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.

In 2004, the bank pledged $750 billion over a ten-year period for community development lending and affordable housing programs.

LAWSUITS

In August 2011, Bank
Bank
of America was sued for $10 billion by American International Group . Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank
Bank
of America sold to Fannie Mae
Fannie Mae
and Freddie Mac
Freddie Mac
. That December, Bank
Bank
of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American
African-American
homebuyers from 2004 to 2008, prior to being acquired by BofA. In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch
Merrill Lynch
.

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank
Bank
of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states. The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement . The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank
Bank
of America for mortgage fraud under the False Claims Act , which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide , which was acquired by Bank
Bank
of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae
Fannie Mae
and Freddie Mac
Freddie Mac
. The suit was filed by Preet Bharara , the United States attorney in Manhattan
Manhattan
, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program . In March 2014, Bank
Bank
of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae
Fannie Mae
and Freddie Mac
Freddie Mac
and to buy back around $3.2 billion worth of mortgage bonds.

In April 2014, the Consumer Financial Protection Bureau
Consumer Financial Protection Bureau
(CFPB) ordered Bank
Bank
of America to provide and estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.

A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank
Bank
of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch
Merrill Lynch
. In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession
Great Recession
; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch
Merrill Lynch
and Countrywide in 2008. As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004–2008. The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California
California
, for instance, received $300 million to recompense public pension funds. The settlement was the largest in United States history between a single company and the federal government.

CONTROVERSIES

PARMALAT CONTROVERSY

Parmalat
Parmalat
SpA is a multinational Italian dairy and food corporation. Following Parmalat\'s 2003 bankruptcy , the company sued Bank
Bank
of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank
Bank
of America paying Parmalat $98.5 million in October 2009. In a related case, on April 18, 2011, an Italian court acquitted Bank
Bank
of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma
Parma
, the banks were still charged with covering up the fraud.

CONSUMER CREDIT CONTROVERSIES

In January 2008, Bank
Bank
of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so. In September 2009, a Bank
Bank
of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral , she was contacted by a Bank
Bank
of America representative who lowered her rate. The story attracted national attention from television and internet commentators. More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.

WIKILEAKS

In October 2009, WikiLeaks
WikiLeaks
representative Julian Assange
Julian Assange
reported that his organization possessed a 5 gigabyte hard drive formerly used by a Bank
Bank
of America executive and that Wikileaks intended to publish its contents.

In November 2010, Forbes
Forbes
magazine published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out". In response to this announcement, Bank
Bank
of America stock dropped 3.2%.

In December 2010, Bank
Bank
of America announced that it would no longer service requests to transfer funds to WikiLeaks, stating that "Bank of America joins in the actions previously announced by MasterCard
MasterCard
, PayPal
PayPal
, Visa Europe
Europe
and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks
WikiLeaks
may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."

In late December it was announced that Bank
Bank
of America had bought up more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank. Nick Baumann of Mother Jones ridiculed this effort, stating: "If I owned stock in Bank
Bank
of America, this would not give me confidence that the bank is prepared for whatever Julian Assange
Julian Assange
is planning to throw at it."

Sometime before August 2011, it is claimed by WikiLeaks
WikiLeaks
that 5 GB of Bank
Bank
of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg , a now ex-WikiLeaks volunteer.

ANONYMOUS

On March 14, 2011, one or more members of the decentralized collective Anonymous began releasing emails it said were obtained from Bank
Bank
of America. According to the group, the emails documented "corruption and fraud", and relate to the issue of improper foreclosures. The source, identified publicly as Brian Penny, was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.

MORTGAGE BUSINESS

The state of Arizona
Arizona
has investigated Bank
Bank
of America for misleading homeowners who sought to modify their mortgage loans . According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners refrain from criticizing the bank.

ACCOUNTS OF IRANIANS FROZEN

In May 2014 many Iranian students in the U.S. and some American-Iranian citizens realized their accounts have been frozen by Bank
Bank
of America. Although Bank
Bank
of America denied to reveal any information or reason regarding this, some Iranians believe that it is related to sanctions against Iran . Betty Riess, a spokeswoman for Bank
Bank
of America, told MintPress News via email, "We do not close accounts on the basis of nationality, nor do we close accounts without notice to customers." However, account holders believe there could be a relationship between this action and their national origin. Although most account holders say they did not receive any notification prior their accounts being frozen, Bank
Bank
of America insists that they do not freeze any account without prior notification. When it was reported that Bank
Bank
of America was closing the accounts of Iranians living in the U.S. and Iranian-Americans, there was speculation that the bank did so on the basis of discriminatory ideology, since Bank
Bank
of America did not give these individuals any reason why their accounts were being closed. The bank responded to these accusations, arguing that it was only following the rules put forth by the U.S. federal government regarding economic relations between the U.S. and Iran.

INVESTMENT IN MOUNTAINTOP REMOVAL

Bank
Bank
of America has been criticized for its heavy investment in the environmentally damaging processes of coal mining, especially through mountaintop removal (MTR). On May 6, 2015, the company announced that it would "reduce credit exposure ... to the coal mining industry," i.e. reduce its financing of companies engaging in MTR, coal mining, and coal power production. The company stated that pressure to divest from universities and environmental groups led to this policy change.

NOTABLE BUILDINGS

Bank
Bank
of America Plaza , the tallest building in Atlanta
Atlanta
Bank
Bank
of America Stadium , home to the Carolina Panthers
Carolina Panthers
of the NFL
NFL

Notable buildings which Bank
Bank
of America currently occupies include:

* Bank
Bank
of America Tower in Phoenix, Arizona
Arizona
* Bank
Bank
of America Center in Los Angeles * Transamerica Pyramid
Transamerica Pyramid
, in San Francisco * 555 California
California
Street , formerly the Bank
Bank
of America Center and world headquarters, in San Francisco * Bank
Bank
of America Plaza in Fort Lauderdale, Florida
Florida
* Bank
Bank
of America Tower in Jacksonville, Florida
Jacksonville, Florida
* Bank
Bank
of America Tower in Miami, Florida * Bank
Bank
of America Center in Orlando, Florida
Florida
* Bank
Bank
of America Tower in St. Petersburg, Florida
Florida
* Bank
Bank
of America Plaza in Tampa, Florida
Florida
* Bank
Bank
of America Plaza in Atlanta
Atlanta
, Georgia * Bank
Bank
of America Building , formerly the LaSalle Bank
Bank
Building in Chicago, Illinois * One City Center , often called the Bank
Bank
of America building due to signage rights, in Portland, Maine
Portland, Maine
* Bank
Bank
of America Building in Baltimore
Baltimore
, Maryland * Bank
Bank
of America Plaza in St Louis, Missouri * Bank
Bank
of America Tower in Albuquerque, New Mexico
New Mexico
* Bank
Bank
of America Tower in New York City * Bank
Bank
of America Corporate Center in Charlotte, North Carolina
Charlotte, North Carolina
(the corporate headquarters) * Bank
Bank
of America Plaza in Charlotte, North Carolina * Bank
Bank
of America Plaza in Dallas
Dallas
, Texas * Bank
Bank
of America Center in Houston
Houston
, Texas * Bank
Bank
of America Tower in Midland, Texas
Texas
* Bank
Bank
of America Plaza in San Antonio
San Antonio
, Texas * Bank
Bank
of America Fifth Avenue Plaza in Seattle
Seattle
, Washington * Columbia Center in Seattle, Washington * Bank
Bank
of America Tower in Hong Kong * City Place I , also known as United Healthcare Center, in Hartford, Connecticut
Hartford, Connecticut
(the tallest building in Connecticut) * 9454 Wilshire Boulevard in Beverly Hills, California
California

FORMER BUILDINGS

The Robert B. Atwood Building in Anchorage, Alaska
Anchorage, Alaska
was at one time named the Bank
Bank
of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank
Bank
and moved across the street to the Linny Pacillo Parking Garage .

The Bank
Bank
of America Building (Providence) was opened in 1928 as the Industrial Trust Building. It was, and is, the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank
Bank
building and the Fleet Bank
Bank
building. The building was leased by Bank
Bank
of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman
Superman
Building based on a popular belief that it was the model for the Daily Planet building in the Superman
Superman
comic books.

SEE ALSO

* North Carolina portal * San Francisco Bay Area portal * Companies portal

* List of members ATM Industry Association (ATMIA) * BAML Capital Partners * Bank
Bank
of America (Asia) * Bank
Bank
of America Canada * Calibuso, et al. v. Bank
Bank
of America Corp., et al. * List of bank mergers in United States

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FURTHER READING

* Cohen, Lauren (2016). Bank