Introduction to the Bank of America
Bank of America is largest bank in United States. According to the 2010 annual report the bank has more than $150.450 billion revenue and the net income is $2.238 billion. This is easily the largest employer in the banking sector in addition with more than 286,951 employees in 2010. The bank is quite healthy as the total asset are worth more than $2.265 trillion, with equity just $231.444 billion.
Bank of America is not only included in the top five companies of United States, but also the 2nd largest company that is not related to the oil business. According to the Forbs and Fortune 500, BOA is third best organization working in the banking sector in the world. The proportion of edges in the local place market is more than 12.2% too. The BOA holding includes the prestigious institutions like Merrill Lynch too, which it acquired in 2008.
BOA was established in 1904 by Amadeo Giannini as Bank of Italy. This humble organization in San Francisco with aim of providing banking sets to immigrants. In 1906 during the San Francisco was hit with earthquake. The fire burnt the building of organization, but the bank started working soon after with the funds in the vaults that survived. The start of the banking sector was quite simple.
The first office of BOA was quite humble as there were only two makeshift tables being produced by the barrels. The bank grew and in 1918 the bank changed name as Bank of America and Italy. The next chapter in BOA history happened in 1927 when it became the largest institute after consolidation with Liberty bank of Los Angles
The later years saw the growth of BOA in the western states with California as base. The BOA started working as insurance institution in addition in this time too. The 1956 the insurance business was separated as consequence of Banking & Holding Act. Transamerica was the insurance partner of BOA which kept working in that business after separation.
BOA was the first bank to introduce the credit cards in enormous way with Visa in 1975 with the help of consortium of other edges. In 1980s the BOA moved beyond the California and started working as national bank. The prestige and holding of the company also increased after acquiring of the companies like Bancorp.
The bank dealt with many problems including the major loses in 1983 in addition. The consequence of the next few years struggle led to sale of the organization to the Deutsche Bank in 1987. The next important step was merger of BOA and Nations Bank which was extremely successful in generating the largest Banking organization.
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