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The main job role of the Board of Directors is to protect the interest of the shareholders. They establish various compensation committees and review the financial statements of the bank at regular intervals of time. The chief executive officer is responsible for enacting the operations and policies. The chief operating officer analyses the market constraints, and set forth new business initiatives and plans in order to increase the quality of operations of the bank.
The COO manages all the regulatory issues and issues related to the operations and public relations. The general manager manages the bank staffs and assigns specific tasks to them. The deputy general manager assists the general manager in several of the duties. They review the various budget activities along with the general managers. The assistant general managers act as a communication line between the principal officers and the general managers. They take part in the various administrative activities.
The principal officers form an important rank in the bank management hierarchy. They perform various targeted functions like negotiating new transactions, rescheduling and restructuring of the portfolios.
They develop new financial structures according to the emerging needs of the bank. Moreover, they lead and manage the junior staff members and develop professional relationship with the various clients. The senior officers are responsible for meeting the monthly sales targets assigned to them by the executive officers of the bank. They evaluate the sales prospects in the particular geographical area assigned to them and coordinate with the internal and the external teams. Clerical staffs of the bank are also referred to as tellers.
This company acquired the stocks of various banks located in New York City and certain foreign countries. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Giannini and Monnette headed the resulting company, serving as co-chairs.
Giannini introduced branch banking shortly after legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in in San Jose. 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.
In regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp , later acquired by Wells Fargo and Company in Only in the s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.
New technologies also allowed the direct linking of credit cards with individual bank accounts. In , the bank introduced the BankAmericard, which changed its name to Visa in Following the passage of the Bank Holding Company Act of , BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries. 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 of America until the merger with NationsBank. BankAmerica experienced huge losses in and by the placement of a series of bad loans in the Third World , particularly in Latin America.
Though Armacost blamed the problems on his predecessor, A. 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 of Los Angeles which had originated from banks once owned by BankAmerica , launched such a bid in the fall of , although BankAmerica rebuffed it, mostly by selling operations. BankAmerica's next big acquisition came in The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona , Idaho , Oregon , and Washington which Security Pacific had acquired in a series of acquisitions in the late s.
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 , as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.
Illinois at that time regulated branch banking extremely heavily, so Bank of America 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.
These mergers helped BankAmerica Corporation to once again become the largest U. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business Continental 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 , Bank of America lent D. Shaw suffered significant loss after the Russia bond default.
While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. The combined bank operates under Federal Charter , which was granted to Giannini's Bank of Italy on March 1, However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre stock price history. Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico , in towns that would be left with only a single bank following the combination.
In , McColl stepped down and named Ken Lewis as his successor. The Federal Reserve Board gave final approval to the merger on December 15, , and the merger closed on January 1, The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America ending the BankBoston brand.
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 , clients in Brazil. BankBoston in Chile had 44 branches and 58, clients and in Uruguay it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches.
While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Banco de Boston de Brazil had been founded in The deal closed July 1, A Dutch court blocked the sale until it was later approved in July.
The acquisition was completed on October 1, 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 National Bank. Bank of America took over the event starting with the race. The deal increased Bank of America's presence in Illinois , Michigan , and Indiana by branches, 17, commercial bank clients, 1.
Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, , in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became President and CEO effective January 1, , and afterward credit card charge offs and delinquencies declined in January.
This purchase of preferred stock was arranged to provide a return on investment of 7. Countrywide, however, denied that it was close to bankruptcy. This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U. 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.
Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from to He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Shareholders of both companies approved the acquisition on December 5, , and the deal closed January 1, The departure of Nelson Chai , who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.
The bank, in its January 16, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated  with the government as part of the government-persuaded deal for the bank to acquire Merrill. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.
Bank of America CEO Kenneth Lewis testified before Congress  that he had some misgivings about the acquisition of Merrill Lynch, and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.
Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill.
Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt , the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation , hedge funds , and bank trusts, due to the belief that Bank of America stock was a sure investment.
The additional payment was part of a deal with the U. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants particularly small business owners being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.
As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" MOU from the U. With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office.
Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U. As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend.
The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December The issue was originally investigated by New York State Attorney General Andrew Cuomo , who commented after the suit and announced settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility ' " and "our investigation of these and other matters pursuant to New York's Martin Act will continue.
Liman, son of Arthur L. Liman , represented the bank. On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 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," And all this is done at the expense, not only of the shareholders, but also of the truth. Bank of America Corp. In , the U. Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges. 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 in the "Hustle" case supported only "intentional breach of contract," not fraud.
The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made. In December , Forbes ranked Bank of America's financial health 91st out of the nation's largest banks and thrift institutions. Bank of America cut around 16, jobs in a quicker fashion by the end of 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, jobs under a cost-cutting program, called Project New BAC. The locations were converted to Huntington National Bank branches in September. As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of [update] , Bank of America has 31 million active online users and 16 million mobile users.
Its retail banking branches have decreased to 4, as a result of increased mobile banking use and a decline in customer branch visits. By , the number of mobile users has increased to Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. The bank agreed with the U. 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.
It should be noted that even though Bank of America operates Community Bank customer services are not interchangeable between the two financial institutions,  meaning a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa.
In April , Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR rifle. In , Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. Bancorp , the largest non-Big Four rival. In January , Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area.
Starting in , customers will be able to use voice or text to communicate with Erica and get advice, check balances and pay bills. 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 of America intends to adapt Erica as needed. The core of 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, 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 company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: The Consumer Banking organization includes over 4, retail financial centers and approximately 15, automated teller machines.
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.
The Global Banking division provides banking services, including investment banking and lending products to businesses. Its strongest groups include Leveraged Finance , Syndicated Loans , and mortgage-backed securities. It also has one of the largest research teams on Wall Street. The Global Markets division offers services to institutional clients, including trading in financial securities.
The division provides research and other services such as market maker and risk management using derivatives. The tower, and accompanying hotel, is a LEED-certified building. This settlement amount makes the NMS the second largest civil settlement in U.
Oklahoma held out and agreed to settle with the banks separately. The government asserted that Countrywide , which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. According to the Bureau, roughly 1. 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. Price, over allegations that the bank's management withheld material information related to its merger with Merrill Lynch.
A lawsuit has been filed against Bank of America by a former senior executive, Omeed Malik, who was accused of sexual harassment. Parmalat SpA is a multinational Italian dairy and food corporation. Prosecutors did not immediately say whether they would appeal the rulings. In Parma , the banks were still charged with covering up the fraud. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.
After the video went viral , she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators. In October , Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents. In November , Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.
In December , 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 , PayPal , Visa 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 may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments.
Later in December, it was announced that Bank of America purchased more than 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. On March 14, , members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud".
In the state of Arizona launched an investigation into 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 remove some information criticizing the bank online.
On May 6, , Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector. Atwood Building in Anchorage, Alaska was at one time named the 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 and moved across the street to the Linny Pacillo Parking Garage. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building.
They perform various targeted functions like negotiating new transactions, rescheduling and restructuring of the portfolios. Later in December, it was announced that Bank of America purchased more than Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release.
It provides for investing online through its electronic trading platform , Merrill Edge. Find the perfect credit card from among our most popular options Shop all credit cards.