Bank of America Corporation (BOFA), headquartered in Charlotte, North Carolina, is the second-largest banking institution in the United States, with assets of $2.5 trillion and a market capitalization of $300 billion in 2025. Serving 69 million consumer and small business clients across 3,800 financial centers and 15,000 ATMs, BOFA is a global leader in consumer banking, wealth management and investment banking. Its digital platform, 58 million verified users and AI-powered virtual assistant Erika, redefine the convenience of banking. In 2025, BOFA reported its 13th consecutive quarterly growth in its market business, despite challenges in investment banking. Employing 213,000 employees and operating in more than 35 countries, BOFA’s mission, “Improving financial lives through the power of every connection,” drives its innovation and community impact. This blog will explore its history, operations, technological advancements, global reach, challenges, social contributions and future paths.
Bank of America's roots date back to 1904, when Amadeo Peter Giannini founded the Bank of Italy to serve migrant workers in San Francisco. It evolved into Bank of America, issuing the first bank credit card, the BankAmericard, in 1958, a precursor to the modern Visa. In 1998, the merger of NationsBank and BankAmericard formed the modern Bank of America Corporation, which was then the largest bank holding company in the United States by deposits. Significant acquisitions such as Security Pacific (1991), Fleetboston (2004), Countrywide Financial (2008), and Merrill Lynch (2008) expanded its footprint. It settled for $2.43 billion in 2012 to settle allegations of investor fraud related to the Merrill Lynch acquisition during the 2008 financial crisis. In 2025, BOFA's wealth management unit managed $1.08 trillion in assets, second only to UBS globally. Its focus on middle-class and small business banking has sustained its market dominance for more than a century.
Bank of America operates in four segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, and Global Markets. Consumer Banking provides credit, banking, and investment products to 69 million clients through 3,800 financial centers and 15,000 ATMs. GWIM, including Merrill Ly