The Bank of America Corporation commonly referred to as Bank of America

often abbreviated as BofA or BoA is an American multinational investment bank and financial

services holding company headquartered in Charlotte, North Carolina.

The bank was founded in San Francisco and took its present form when NationsBank of Charlotte acquired it in 1998.

It is the second-largest banking institution in the United States, after JPMorgan Chase,

and the eighth-largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.

It serves approximately 10.73% of all American bank deposits, in direct ompetition with JPMorgan Chase,

Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking,

wealth management, and investment banking. One branch of its history stretches back to the U.S.-based Bank of Italy,

founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.

Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia Bank of America and Italy in 1922.

The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s,

quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default,

BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion.

Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded.

Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing,

Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008. and 2009,

respectively since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain,

large market shares in their respective offerings. The investment bank is considered within the Bulge Bracket as,

the third largest investment bank in the world, as of 2018.Its wealth management side manages US$1.081,

trillion in assets under management as the second largest wealth manager in the world, after UBS.

In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States,

the District of Columbia and more than 40 other countries. Its commercial banking footprint encapsulates 46 million,

consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines.