BAC: Stock Quote & Summary Data

  BAC Company Description

Bank of America (ticker symbol: BAC) is one of the largest financial institutions in the world and the second-largest bank holding company in the United States based on total assets. Its operations began more than 100 years ago with the founding of the Bank of Italy in San Francisco by Amadeo Giannini. After subsequent mergers with the Liberty Bank of America and the Bank of America, Los Angeles in later years, the company took the name Bank of America in 1930.

With its headquarters at the Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255, the bank is one of the region's major employers and has more than 250,000 full-time equivalent employees worldwide.

Its customers range from the world's largest corporations and governments to institutional investors, small- and medium-sized businesses and individual consumers. The bank divides its business activities into six major segments: Card Services, Consumer Real Estate Services, Deposits, Global Banking and Markets, Global Commercial Banking and Global Wealth and Investment Management, with a seventh collective category dubbed "All Other." Global Banking and Markets represents the largest share of the bank's revenue stream, followed by its Card Services segment.

According to the bank's own filings, its competition includes other major bank holding companies, credit unions, investment banks, insurance firms, mortgage banking companies, credit card issuers, mutual fund companies and new e-commerce businesses.

Banking regulations and government policy are hugely important to Bank of America - it is bound by numerous federal, state and local regulations and its supervisory authorities include the Federal Reserve, the Federal Deposit Insurance Corporation and the Bureau of Consumer Financial Protection. The most significant regulations pertaining to the bank are the Gramm-Leach-Bliley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Corporation Improvement Act.