History of Bank of America in Timeline
Bank of America is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina. Formed in 1998 through the merger of NationsBank and Bank of America, it ranks as the second-largest bank in the U.S. and globally by market capitalization, rivaling JPMorgan Chase. As one of the "Big Four" U.S. banks and a systemically important financial institution, it holds approximately 10% of American bank deposits. Its services encompass commercial banking, wealth management, and investment banking. Its roots trace back to 1784 with the Massachusetts Bank and to Amadeo Pietro Giannini's Bank of Italy, founded in 1904 in San Francisco, which later became Bank of America.
October 17, 1904: Amadeo Pietro Giannini Founded Bank of Italy
On October 17, 1904, Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.
1904: Founding of the Bank of Italy
In 1904, Amadeo Pietro Giannini founded the Bank of Italy in San Francisco. The Bank of Italy provided banking services to Italian immigrants who faced discrimination.
1909: Establishment of First Branch Outside San Francisco
Shortly after 1909 legislation in California allowed for branch banking in the state, Giannini established the bank's first branch outside San Francisco in San Jose.
1918: Organization of Bancitaly Corporation
In 1918, A. P. Giannini organized Bancitaly Corporation, which acquired stocks of various banks in New York City and foreign countries.
1922: Giannini Acquired Banca d'America e d'Italia
In 1922, Amadeo Pietro Giannini acquired Banca d'America e d'Italia, later doing business as Bank of America.
1922: Establishment of Bank of America, Los Angeles
In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor.
1923: Founding of Bank of America, Los Angeles
In 1923, Bank of America, Los Angeles was founded in California.
1928: Acquisition by Bank of Italy
In 1928, Bank of America, Los Angeles was acquired by Bank of Italy of San Francisco.
1928: Merger of Bank of Italy and Bank of America, Los Angeles
In 1928, Bank of Italy and Bank of America, Los Angeles, merged, consolidating with other bank holdings.
1928: Merger with Bank of America, Los Angeles
In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette.
1928: Opening of the Industrial Trust Building
In 1928, the Industrial Trust Building (later known as the Bank of America Building) opened in Providence, Rhode Island. It remains the tallest building in Rhode Island.
1929: Bank's Resources Reach Over US$1.4 Billion
By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.
1947: Banco de Boston de Brazil Founded
1953: Forced Separation of Transamerica Corporation and Bank of America
In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.
1956: Establishment of BankAmerica Corporation
Following passage of the Bank Holding Company Act of 1956, BankAmerica Corporation was established to own and operate Bank of America and its subsidiaries.
1956: Passage of Bank Holding Company Act
The Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies.
1958: Formation of American Commercial Bank
In 1958, Commercial National Bank merged with American Trust Company to form American Commercial Bank in Charlotte.
1958: Introduction of BankAmericard
In 1958, the bank introduced the BankAmericard, which allowed direct linking of credit cards with individual bank accounts.
1966: Introduction of Interbank
In 1966, a coalition of regional bankcard associations introduced Interbank to compete with BankAmericard.
February 1970: Burning of the Isla Vista branch
During a February 1970 riot, the Isla Vista branch was burned, accounting for 80% of the $500,000 in property damage. There were "few injuries".
September 1971: End of Attacks on Bank of America Branches
From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires.
1977: BankAmericard Changes Name to Visa
In 1977, BankAmericard changed its name to Visa.
1979: Master Charge Becomes Mastercard
In 1979, Master Charge became Mastercard.
1983: Acquisition of Seafirst Corporation
In 1983, Bank of America expanded outside California through the acquisition of Seafirst Corporation in Seattle.
1986: CEO Sam Armacost fired
In 1986, BankAmerica experienced huge losses due to bad loans, leading to the firing of its CEO, Sam Armacost.
1987: Stock Market Crash
By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, making it vulnerable to a hostile takeover.
1991: Formation of NationsBank
In 1991, American Commercial Bank merged with C&S/Sovran Corporation to form NationsBank.
1992: Stock Rebound
By 1992, BankAmerica's share price had rebounded to become one of the biggest gainers of that half-decade.
1992: Acquisition of Security Pacific Corporation
In 1992, BankAmerica acquired Security Pacific Corporation, marking the largest bank acquisition at the time.
1992: Bank of America Corporate Center completed
In 1992, the Bank of America Corporate Center in Charlotte, North Carolina, was completed. The skyscraper stands at 871 ft (265 m).
1996: Acquisition of First Interstate Bancorp by Wells Fargo
In 1996, Wells Fargo and Company acquired First Interstate Bancorp, which had originated from Bank of America's domestic banks outside California.
1997: Fell to Second Place Behind NationsBank Corporation
In 1997, BankAmerica Corporation fell to second place in terms of deposits behind North Carolina's fast-growing NationsBank Corporation.
1997: Acquisition of Robertson Stephens
In 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology, for $540 million.
1997: BankAmerica lends to D. E. Shaw & Co.
In 1997, BankAmerica provided a $1.4 billion loan to investment management firm D. E. Shaw & Co. to manage various businesses for the bank.
1998: Merger with NationsBank
BankAmerica continued to operate Seafirst as a subsidiary until the 1998 merger with NationsBank.
1998: Banc of America Securities (BAS) Founded
In 1998, Banc of America Securities (BAS) was founded, combining corporate lending with investment banking services, with strong groups in high-yield debt, Leveraged Finance, Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate, and Gaming.
1998: Bank of America makes commitment to affordable housing
In 1998, Bank of America committed $350 billion over ten years to provide affordable mortgages, build affordable housing, support small businesses, and create jobs in disadvantaged neighborhoods.
1998: Bank of America Possesses Combined Assets
In 1998, Bank of America had combined assets of $570 billion and 4,800 branches in 22 U.S. states. Federal regulators insisted on the divestiture of 13 branches in New Mexico, which were sold to BOK Financial Corporation and operated as "Bank of Albuquerque". NationsBanc Montgomery Securities was renamed Banc of America Securities in 1998.
1998: Fell to Third Place Behind First Union Corp
In 1998, BankAmerica Corporation fell to third place in terms of deposits behind First Union Corp.
1998: Acquisition of BankAmerica by NationsBank
In 1998, BankAmerica, after experiencing losses, was acquired by NationsBank for $62 billion. This acquisition led to the founding of Bank of America Corporation.
1998: Merger of NationsBank and Bank of America
In 1998, NationsBank and Bank of America merged to form the Bank of America Corporation. This merger established what is now the second-largest banking institution in the United States.
1998: NationsBank Acquires BankAmerica
In 1998, NationsBank of Charlotte acquired BankAmerica in what was the largest bank acquisition in history at that time. Also, D.E. Shaw suffered significant loss after the 1998 Russia bond default.
1998: Bank of America Corporation formed
In 1998, following the acquisition of BankAmerica by NationsBank, the merged entity adopted the Bank of America name. The holding company was renamed Bank of America Corporation, and NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A.. The company headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history.
2001: McColl Steps Down as CEO
In 2001, McColl stepped down as CEO of Bank of America and named Ken Lewis as his successor.
2003: Parmalat sues Bank of America following bankruptcy
Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties.
2004: Countrywide Financial Discriminates Against Homebuyers
From 2004 to 2008 Countrywide Financial discriminated against Hispanic and African-American homebuyers, prior to being acquired by BofA.
2004: Discriminatory Lending Practices at Countrywide Financial
From 2004 to 2008, Countrywide Financial engaged in discriminatory lending practices.
2004: Bank of America leases the Industrial National Bank building
In 2004, Bank of America leased the Industrial National Bank building, formerly known as the Industrial Trust Building, in Providence, Rhode Island.
2004: Merger with FleetBoston
In 2004, Bank of America merged with FleetBoston.
2004: Bank of America pledges funds for community development
In 2004, Bank of America pledged $750 million over a ten-year period for community development lending and affordable housing programs.
2004: Bank of America's risky, mortgage-backed securities
In August 2014, the United States Department of Justice and Bank of America agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008. As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.
June 30, 2005: Bank of America to Purchase MBNA
On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock.
December 15, 2005: Federal Reserve Board Approves MBNA Merger
On December 15, 2005, the Federal Reserve Board gave final approval to the merger between Bank of America and MBNA.
January 1, 2006: Bank of America Merger with MBNA Closes
On January 1, 2006, the merger between Bank of America and MBNA closed. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances.
May 2006: Bank of America and Banco Itaú Acquisition Agreement
In May 2006, Bank of America and Banco Itaú entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares.
November 20, 2006: Bank of America to Purchase The United States Trust Company
On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation.
July 1, 2007: Bank of America Closes Deal to Purchase US Trust
On July 1, 2007, Bank of America closed the deal to purchase The United States Trust Company.
August 23, 2007: Bank of America Announces Agreement for Countrywide Financial
On August 23, 2007, Bank of America announced a $2 billion repurchase agreement for Countrywide Financial, providing a 7.25% return and the option to purchase common stock at $18 per share.
September 14, 2007: Bank of America Wins Approval to Acquire LaSalle Bank Corporation
On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion.
October 1, 2007: Bank of America Completes Acquisition of LaSalle Bank Corporation
On October 1, 2007, Bank of America completed the acquisition of LaSalle Bank Corporation.
2007: BAS begins downsizing
During 2007, Banc of America Securities (BAS) began significantly downsizing its international operations, eliminating industry groups in Europe and cutting banking, sales, and trading positions in North America and Asia.
2007: Bank of America offers rebates for hybrid vehicles and energy-efficient homes
In 2007, Bank of America offered employees a $3,000 rebate for the purchase of hybrid vehicles and provided a $1,000 rebate or a lower interest rate for customers with energy-efficient homes. Bank of America also partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase. Additionally, the bank donated money to health centers in Massachusetts and made a $1 million donation to help homeless shelters in Miami.
December 31, 2007: Countrywide provided mortgage servicing
As of December 31, 2007, Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion.
January 11, 2008: Bank of America to Buy Countrywide Financial
On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.
January 2008: Bank of America criticized for raising interest rates
In January 2008, Bank of America faced criticism for more than doubling interest rates (up to 28%) for some customers, even those without payment problems. The bank was criticized for its lack of explanation for the rate hikes.
March 2008: FBI Investigates Countrywide
In March 2008, the Federal Bureau of Investigation (FBI) was reported to be investigating Countrywide for possible fraud relating to home loans and mortgages.
May 5, 2008: LaSalle Bank Branches Adopt Bank of America Name
On May 5, 2008, LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name.
July 2008: Bank of America Completes Acquisition of Countrywide Financial
In July 2008, Bank of America completed the acquisition of Countrywide Financial, giving the bank a substantial market share of the mortgage business.
September 14, 2008: Bank of America to Purchase Merrill Lynch
On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion, saving it from bankruptcy. Bank of America was also in talks to purchase Lehman Brothers, but abandoned talks due to lack of government guarantees.
October 3, 2008: John Thain to Lead Combined Bank of America/Merrill Lynch
On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/Merrill Lynch Global Corporate and Investment Banking enterprise.
December 5, 2008: Shareholders Approve Acquisition of Merrill Lynch
On December 5, 2008, shareholders of both Bank of America and Merrill Lynch approved the acquisition.
2008: Countrywide Financial Discriminates Against Homebuyers
From 2004 to 2008 Countrywide Financial discriminated against Hispanic and African-American homebuyers, prior to being acquired by BofA.
2008: Discriminatory Lending Practices at Countrywide Financial
From 2004 to 2008, Countrywide Financial engaged in discriminatory lending practices.
2008: Establishment of Merrill Lynch for wealth management
In 2008, Bank of America established Merrill Lynch for wealth management through mergers and acquisitions, expanding its commercial banking business.
2008: BoA Merged with Merrill Lynch
In 2008, BoA was merged with Merrill Lynch.
2008: Bank of America's risky, mortgage-backed securities
In August 2014, the United States Department of Justice and Bank of America agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.
2008: Lawsuits and Investigations related to Mortgages and Financial Disclosures
Since 2008 financial crisis, Bank of America's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures.
January 1, 2009: Bank of America Acquisition of Merrill Lynch Closes
On January 1, 2009, Bank of America's acquisition of Merrill Lynch closed. Following the removal of John Thain, most of his management team allies left the company.
January 16, 2009: Bank of America Reveals Massive Losses at Merrill Lynch
On January 16, 2009, Bank of America's earnings release revealed substantial losses at Merrill Lynch in the fourth quarter, necessitating an infusion of government money that had been negotiated as part of the acquisition deal. Merrill Lynch recorded an operating loss of $21.5 billion, primarily in its sales and trading operations. Bank of America's stock price fell to its lowest level in 17 years, and the bank disclosed that it had attempted to abandon the deal in December, but was compelled to complete the merger by the U.S. government.
January 22, 2009: John Thain Forced Out
On January 22, 2009, John Thain was forced out by Bank of America Chairman Kenneth D. Lewis due to losses from the Merrill Lynch acquisition. Brian Moynihan became president of Global Banking and Global Wealth and Investment Management.
March 15, 2009: Bank of America Receives Additional Bailout Funds
On March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money through the bailout of American International Group, as reported in The New York Times.
July 2009: Bank of America and Parmalat reach settlement
In July 2009, Bank of America and Parmalat announced a settlement where Bank of America would pay Parmalat $98.5 million.
August 3, 2009: Bank of America Fined for Non-Disclosure of Merrill Lynch Bonuses
On August 3, 2009, Bank of America agreed to pay a $33 million fine to the U.S. Securities and Exchange Commission (SEC) for not disclosing an agreement to pay up to $5.8 billion of bonuses at Merrill Lynch. The bonuses were approved before the merger but were not disclosed to shareholders when they were considering approving the Merrill acquisition in December 2008. A federal judge refused to approve the settlement on August 5.
September 2009: Customer posts viral video criticizing Bank of America
In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. The video went viral, leading to the bank lowering her rate and attracting national media attention.
October 2009: Bank of America pays Parmalat as part of settlement
In October 2009, Bank of America paid Parmalat $98.5 million as part of the settlement reached in July 2009.
October 2009: Julian Assange claims WikiLeaks possesses Bank of America executive's hard drive
In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive, with intentions to publish its contents.
December 2, 2009: Bank of America Announces Repayment of TARP Funds
On December 2, 2009, Bank of America announced its plan to repay the entire $45 billion it received in TARP funds and exit the program. The bank used $26.2 billion of excess liquidity and $18.6 billion in "common equivalent securities" (Tier 1 capital) to complete the repayment. Bank of America completed the repayment on December 9. Ken Lewis highlighted the critical role of the U.S. government in stabilizing financial markets and expressed the bank's responsibility to repay taxpayers' investment.
2009: Establishment of Bank of America Merrill Lynch for investment banking
In 2009, Bank of America established Bank of America Merrill Lynch for investment banking through mergers and acquisitions, expanding its commercial banking business. It has since been renamed BofA Securities.
2009: Investment banking operations moved to Bank of America Tower
In 2009, the bulk of Bank of America Securities' investment banking operations moved to the Bank of America Tower in New York City.
2009: Temasek Holdings Sells Stake in Bank of America
In the first quarter of 2009, Temasek Holdings sold its whole stake in Bank of America, taking an estimated $3 billion loss.
December 31, 2009: Ken Lewis to Retire as CEO
Ken Lewis, who had lost the title of chairman of the board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch.
February 1, 2010: Judge Sets Trial Date in Bank of America Settlement Case
On September 14, a judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge criticized the fact that the fine would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure.
February 2010: Judge Approves Revised Settlement in Bank of America Case
In February 2010, Judge Rakoff "reluctantly" approved a revised settlement with a $150 million fine, calling the accord "half-baked justice at best" and "inadequate and misguided". The fine will be distributed only to Bank of America shareholders harmed by the non-disclosures, an improvement on the prior $33 million while still "paltry", according to the judge.
November 2010: Assange interview causes Bank of America stock to drop
In November 2010, Forbes published an interview with Julian Assange in which he stated his intent to publish information that would turn a major U.S. bank "inside out". In response to this announcement, Bank of America stock dropped 3.2%.
December 2010: Bank of America blocks transactions to WikiLeaks
In December 2010, Bank of America announced it would no longer service requests to transfer funds to WikiLeaks. The bank stated this decision was based on a reasonable belief that WikiLeaks might be engaged in activities inconsistent with internal policies for processing payments.
2010: Completion of 1 Bank of America Center in Charlotte
In 2010, Bank of America completed construction of 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.
2010: Bank of America criticized for seizing wrong properties
In 2010, Bank of America was criticized for allegedly seizing three properties that it did not own, reportedly due to incorrect addresses on legal documents.
2010: Arizona investigates Bank of America for misleading homeowners
In 2010, the state of Arizona launched an investigation into Bank of America, alleging that the bank "repeatedly has deceived" homeowners seeking mortgage loan modifications. The bank responded by offering some modifications contingent on homeowners removing critical online information about the bank.
January 2011: SEC Registration of Banc of America Securities Terminated
In January 2011, the SEC Registration of Banc of America Securities was terminated after the merger was closed.
January 2011: Bankers Under Indictment or Investigation
As of January 2011, other bankers and brokers are under indictment or investigation for defrauding schools, hospitals, and dozens of state and local government organizations.
March 14, 2011: Anonymous releases emails from former Bank of America employee
On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee, alleging "corruption and fraud".
April 18, 2011: Italian court acquits Bank of America in Parmalat case
On April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud.
August 2011: AIG sues Bank of America for mortgage fraud
In August 2011, Bank of America was sued for $10 billion by American International Group over an alleged "massive fraud" on mortgage debt.
August 2011: WikiLeaks claims Bank of America leaks were deleted
Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.
December 2011: Forbes Ranks Bank of America's Financial Wealth
In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.
February 9, 2012: Mortgage servicers agree to National Mortgage Settlement
On February 9, 2012, the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states, known as the National Mortgage Settlement (NMS).
September 2012: Bank of America settles shareholder lawsuit over Merrill Lynch purchase
In September 2012, Bank of America settled out of court for $2.4 billion in a class action lawsuit filed by Bank of America shareholders who felt they were misled about the purchase of Merrill Lynch.
September 28, 2012: Bank of America Settles Merrill Lynch Acquisition Lawsuit
On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition, agreeing to pay $2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle.
October 24, 2012: Lawsuit Filed Against Bank of America Over Toxic Mortgages
On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac.
2012: Bank of America cuts ties with ALEC
In 2012, Bank of America cut ties with the American Legislative Exchange Council (ALEC).
2012: End of Bank of America's lease of the Industrial National Bank building
In 2012, Bank of America's lease of the Industrial National Bank building (also known as the Superman Building) in Providence, Rhode Island, came to an end.
March 2013: The Bank of America Building becomes vacant
In March 2013, the Bank of America Building in Providence, Rhode Island, became vacant.
2013: Death of Bank of America intern in London office
In 2013, an intern in Bank of America's London office was found dead. Reports indicated he had worked until 6am for three consecutive days prior to his death, which was considered typical. The incident sparked debate regarding working hours, leading Goldman Sachs to cap intern hours at 17 per day.
March 2014: Bank of America settles mortgage fraud lawsuit
In March 2014, Bank of America settled a lawsuit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.
April 7, 2014: Bank of America settles class-action lawsuit stemming from email leak
On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak of emails by Anonymous for $228 million.
April 2014: Settlement reached with former CFO Joe L. Price
A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.
April 2014: Bank of America ordered to provide relief to consumers harmed by credit card practices
In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products.
August 2014: Bank of America Agrees to Massive Settlement Over Toxic Mortgages
In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities, including subprime home loans. The agreement included a $9.65 billion fine and $7 billion in relief to victims of the faulty loans.
August 2014: Bank of America agrees to $16.65 billion agreement with DOJ
In August 2014, the United States Department of Justice and Bank of America agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession. The settlement was the largest in United States history between a single company and the federal government.
April 2015: Competition Commission investigates Bank of America for cartel conduct
In April 2015, the Competition Commission (South Africa) launched an investigation into Bank of America and other major banks for cartel conduct in the foreign currency exchange market, specifically affecting the South African rand. The investigation focused on alleged price-fixing related to spot, futures, and forwards currency trades, which distorted foreign exchange prices.
May 6, 2015: Bank of America reduces financial exposure to coal companies
On May 6, 2015, Bank of America announced that it would reduce its financial exposure to coal companies. This decision followed pressure from universities and environmental groups and was part of the bank's strategy to decrease credit exposure to the coal mining sector.
2015: Bank of America expands organically
In 2015, Bank of America began expanding organically by opening branches in cities where it previously lacked a retail presence, starting with Denver, followed by Minneapolis–Saint Paul and Indianapolis.
2016: Global Banking division represents 22% of the company's revenue
In 2016, the Global Banking division represented 22% of Bank of America's revenue. This division provides banking services, including investment banking and lending products to businesses.
2016: GWIM division represents 21% of the company's revenue
In 2016, the Global Wealth and Investment Management (GWIM) division represented 21% of Bank of America's total revenue. This division manages the investment assets of institutions and individuals and has over $2.5 trillion in client balances.
January 2018: Bank of America announces expansion into Pittsburgh
In January 2018, 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.
April 2018: Bank of America to Stop Financing Military-Style Weapon Makers
In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle, citing recent mass shootings and expressing a desire to help reduce them.
June 2018: Bank of America's Sales
As of June 2018, Bank of America garnered $102.98 billion in sales.
August 2018: Bank of America's Market Capitalization
As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world.
2018: Third Largest Investment Bank in the World
As of 2018, Bank of America's investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world.
2018: Increase in Mobile Banking Users
By 2018, the number of Bank of America mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.
2018: Omeed Malik files arbitration case against Bank of America
In 2018, former senior executive Omeed Malik filed a $100 million arbitration case against Bank of America through FINRA, alleging retaliation, breach of contract, and discrimination after being investigated for sexual misconduct. Malik received an eight-figure settlement in July of 2018.
April 9, 2019: Bank of America announces minimum wage increase
On April 9, 2019, Bank of America announced that the minimum wage would be increased beginning May 1, 2019, to $17.00 an hour, with a goal to reach $20.00 an hour in 2021.
May 1, 2019: Bank of America Increases Minimum Wage to $17.00 an Hour
On May 1, 2019, Bank of America increased its minimum wage to $17.00 an hour as part of its plan to reach $20.00 an hour by 2021.
January 2020: Bank of America Hires new Advisors to Assist Ultra-Wealthy Clients
In January 2020, Bank of America hired new advisors whose primary functions are to assist ultra-wealthy clients.
2020: Bank of America becomes Pittsburgh's 16th largest bank by deposits
By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.
2020: Ranked No. 25 on the Fortune 500
In 2020, Bank of America was ranked No. 25 on the Fortune 500 rankings of the largest US corporations by total revenue.
January 6, 2021: Congressional investigation following January 6th events
Following the events of January 6, 2021, Bank of America faced heavy criticism and a congressional investigation. The bank was accused of handing over private profile information of individuals who may have shopped at Cabela’s, rented a hotel in Virginia, or used an ATM in DC between January 5-7, 2021, without compulsion. The bank defended its actions by claiming it was allowed to do so.
2021: Bank of America moves up to 12th in the Pittsburgh market
By 2021, Bank of America had moved up to 12th in the Pittsburgh market.
2021: Bank of America aims to reach $20 minimum wage
In 2021, Bank of America aimed to reach the goal of $20.00 an hour for its minimum wage.
March 2022: Ryan Coogler Incident at Bank of America
In March 2022, filmmaker Ryan Coogler was wrongly targeted as a bank robber and detained by police at a Bank of America branch in Atlanta after attempting to withdraw cash. Coogler was released after his identity was verified. The bank issued an apology statement. The incident occurred because the teller didn't verify his identity before requesting the police.
May 2022: CFPB orders Bank of America to pay penalties for illegal garnishments
In May 2022, CFPB ordered Bank of America to pay $10 million in penalties for illegal garnishments.
2023: Christian charity account termination controversy
In 2023, Bank of America was accused of terminating accounts based on religious or political views. A Christian charity primarily focused on charitable work in Africa reportedly had its account suddenly terminated without explanation. The bank refused to explain anything until contacted by members of the media, where after refusing to explain anything to the customer, it proceeded to make a series of allegedly false accusations against the customer to a reporter.
2023: Ranked No. 6 on the Global 2000
In 2023, Bank of America was ranked No. 6 on the Global 2000 rankings done by Forbes.
2023: Bank of America fined for "deceptive practices"
In 2023, the Consumer Financial Protection Bureau levied $250 million in fines and compensation against Bank of America for deceptive practices affecting consumers. These practices included double charging insufficient funds fees, withholding credit card rewards, and opening unauthorized accounts.
2024: Death of Leo Lukensas III, investment banking employee
In 2024, Leo Lukensas III, a former US Army Special Forces veteran working in Bank of America's investment banking division, died following heart problems. It was reported that the investment bank has a culture of working in excess of 100 hours per week and that managers were encouraging employees to under report their working hours to HR. His manager was removed as a leader after the incident.
2025: Donald Trump accuses Bank of America CEO of political debanking
In 2025, United States, president Donald Trump accused Bank of America CEO Brian Moynahan of political debanking, stating he hoped the CEO would open his bank to conservatives.
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