History of Bank of America in Timeline
Bank of America is a multinational investment bank and financial services company headquartered in Charlotte, North Carolina. Founded in 1998 through the merger of NationsBank and Bank of America, it stands as the second-largest banking institution in the U.S. and globally by market capitalization, only surpassed by JPMorgan Chase. A component of the "Big Four" U.S. banks and a systemically important financial institution, Bank of America handles roughly 10% of all American bank deposits. Its services include commercial banking, wealth management, and investment banking. The bank's lineage traces back to 1784 with the Massachusetts Bank, and the Bank of Italy founded in 1904 by Amadeo Pietro Giannini, catering to Italian immigrants, which later became Bank of America.
October 17, 1904: Founding of Bank of Italy
On October 17, 1904, Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.
1909: First Branch Outside San Francisco
Shortly after 1909 legislation in California allowed branch banking, Giannini established Bank of Italy's first branch outside San Francisco in 1909 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 certain foreign countries.
1922: Establishment of Bank of America, Los Angeles
In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor.
1922: Giannini Acquired Banca d'America e d'Italia
In 1922, Giannini acquired Banca d'America e d'Italia, which eventually led to doing business as Bank of America.
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: Giannini merged his bank with Bank of America, Los Angeles
In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette.
1928: Merger of the Two Banks
In 1928, the Bank of Italy and Bank of America, Los Angeles, merged and consolidated with other bank holdings.
1928: Industrial Trust Building Opens
In 1928, the Industrial Trust Building opened as the Industrial Trust Building. Through a number of mergers, it was later known as the Industrial National Bank building and the Fleet Bank building.
1929: Bank Growth
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: Separation of Transamerica Corporation and Bank of America
In 1953, regulators forced the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.
1956: Establishment of BankAmerica Corporation
In 1956, following the passage of the Bank Holding Company Act, BankAmerica Corporation was established to own and operate Bank of America and its subsidiaries.
1956: Passage of the Bank Holding Company Act
The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries, leading to further changes for Bank of America.
1958: Introduction of BankAmericard
In 1958, Bank of America introduced the BankAmericard, which changed its name to Visa in 1977.
1958: Merger to form American Commercial Bank
In 1958, Commercial National Bank merged with American Trust Company to form American Commercial Bank.
1966: Introduction of Interbank/Master Charge
In 1966, a coalition of regional bankcard associations introduced Interbank to compete with BankAmericard; Interbank later became Master Charge.
February 1970: Attacks on Bank of America Branches
During February 1970 there were numerous attacks on Bank of America branches in California, including a destructive fire-bombing incident.
September 1971: 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 changed its name to Visa
In 1977, the BankAmericard changed its name to Visa.
1979: Master Charge became Mastercard
In 1979, Master Charge became Mastercard.
1983: Acquisition of Seafirst Corporation
In 1983, Bank of America expanded outside California by acquiring Seafirst Corporation in Seattle, which was at risk of seizure by the federal government.
1987: BankAmerica Stock Decline
In 1987, losses resulted in a decline of BankAmerica stock, making it vulnerable to a hostile takeover.
1991: Merger to form NationsBank
In 1991, American Commercial Bank merged with C&S/Sovran Corporation to form NationsBank.
1992: Stock Rebound
By 1992, BankAmerica's share price 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 and its subsidiary Security Pacific National Bank, marking the largest bank acquisition in history at the time.
1992: Completion of Bank of America Corporate Center
In 1992, the Bank of America Corporate Center in Charlotte, North Carolina, was completed. The skyscraper stands at 871 ft (265 m).
1996: ABN AMRO acquired Chicago Marathon
In 1996, ABN AMRO acquired the Chicago Marathon event.
1996: Acquisition of First Interstate Bancorp by Wells Fargo
In 1996, Wells Fargo and Company acquired First Interstate Bancorp, which had originated from banks once owned by Bank of America.
1997: U.S. Bank Holding Company
In 1997, BankAmerica Corporation fell to second place behind North Carolina's fast-growing NationsBank Corporation as the largest U.S. bank holding company in terms of deposits.
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: Investment in D. E. Shaw & Co.
In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $1.4 billion to run various businesses for the bank.
1998: Merger with NationsBank
Bank of America's operations of Seafirst were continued until the 1998 merger with NationsBank.
1998: BAS Founded Following Citigroup Strategy
In 1998, Banc of America Securities (BAS) was founded, following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services.
1998: Banc of America Securities LLC (BAS) Founded
In 1998, Banc of America Securities LLC (BAS), the investment banking subsidiary of BoA, was founded. The use of "Banc" in the BAS's name was indicative of the fact that the company was not a bank.
1998: $350 Billion Commitment to Disadvantaged Neighborhoods
In 1998, Bank of America pledged a ten-year commitment of $350 billion towards affordable mortgages, housing, small businesses, and job creation in disadvantaged neighborhoods.
1998: Bank of America Possesses Combined Assets
In 1998, Bank of America possessed combined assets of $570 billion and 4,800 branches across 22 U.S. states. The broker-dealer, NationsBanc Montgomery Securities, was renamed Banc of America Securities in 1998.
1998: Merger of NationsBank and Bank of America
In 1998, Bank of America was founded through the merger of NationsBank and Bank of America, creating one of the largest banking institutions in the United States.
1998: Ranking
In 1998, BankAmerica Corporation fell to third place behind First Union Corp.
1998: Acquisition by NationsBank
In 1998, BankAmerica was acquired by Charlotte-based NationsBank for US$62 billion, leading to the formation of Bank of America Corporation.
1998: Bank of America and NationsBank Merger
In 1998, NationsBank merged with Bank of America NT&SA and the holding company was renamed Bank of America Corporation. The merged company operated under the Bank of America name and was headquartered in Charlotte, retaining NationsBank's pre-1998 stock price history. Hugh McColl became the CEO of the merged company in 1998.
2001: Ken Lewis Named CEO
In 2001, McColl stepped down as CEO and named Ken Lewis as his successor.
2003: Parmalat Sues Bank of America After Bankruptcy
Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from knowledge of its financial difficulties.
2004: Mortgage Discrimination by Countrywide Financial
Between 2004 and 2008, Countrywide Financial discriminated against Hispanic and African-American homebuyers, prior to Bank of America's acquisition.
2004: Mortgage-Backed Securities
From 2004 to 2008, Merrill Lynch and Countrywide provided $965 billion of mortgage-backed securities.
2004: Discriminatory Lending Practices
From 2004, Countrywide Financial discriminated against qualified African-American and Latino borrowers.
2004: $750 Million Pledge for Community Development
In 2004, Bank of America committed $750 million over ten years for community development lending and affordable housing programs.
2004: Merger with FleetBoston
In 2004, Bank of America merged with FleetBoston, expanding its reach.
2004: Bank of America Leases Building
In 2004, the Bank of America Leased the Industrial Trust Building.
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 with MBNA.
January 1, 2006: Bank of America Acquired MBNA
On January 1, 2006, the merger between Bank of America and MBNA closed, providing Bank of America a leading domestic and foreign credit card issuer.
May 2006: Acquisition Agreement with Banco Itaú
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.
August 2006: Sale Agreement with Banco Itaú Signed
In August 2006, the deal between Bank of America and Banco Itaú was signed.
November 20, 2006: Bank of America to Purchase US Trust
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 Acquired US Trust
On July 1, 2007, Bank of America acquired The United States Trust Company.
August 23, 2007: $2 Billion Repurchase Agreement for Countrywide Financial
On August 23, 2007, Bank of America announced a $2 billion repurchase agreement for Countrywide Financial.
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 Completed the Acquisition of LaSalle Bank Corporation
On October 1, 2007, Bank of America completed the acquisition of LaSalle Bank Corporation from ABN AMRO.
2007: BAS Downsized International Operations
During 2007, Banc of America Securities (BAS) significantly downsized its international operations, eliminating industry groups in Europe and cutting banking and sales 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 hybrid vehicle purchases and provided rebates or lower interest rates for customers with energy-efficient homes. They also partnered with Brighter Planet for eco-friendly credit and debit cards.
December 31, 2007: Countrywide Serviced $1.4 Trillion in Mortgages
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: Interest Rates Increased
In January 2008, Bank of America began notifying some customers that their interest rates were more than doubled, up to 28%. This action was criticized.
March 2008: FBI Investigates Countrywide
In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was 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 Completed 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.
October 3, 2008: John Thain to Lead Combined Enterprise
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 Approved Acquisition
On December 5, 2008, shareholders of Bank of America and Merrill Lynch approved the acquisition.
2008: Mortgage Discrimination by Countrywide Financial
Between 2004 and 2008, Countrywide Financial discriminated against Hispanic and African-American homebuyers, prior to Bank of America's acquisition.
2008: Financial Crisis
Dating back to the 2008 financial crisis, Bank of America has been involved in numerous lawsuits and investigations regarding mortgages and financial disclosures.
2008: Mortgage-Backed Securities
From 2004 to 2008, Merrill Lynch and Countrywide provided $965 billion of mortgage-backed securities.
2008: Establishment of Merrill Lynch for Wealth Management
In 2008, Bank of America established Merrill Lynch for wealth management through a series of mergers and acquisitions.
2008: BoA Merged with Merrill Lynch
In 2008, BoA was merged with Merrill Lynch.
2008: Discriminatory Lending Practices
Until 2008, Countrywide Financial discriminated against qualified African-American and Latino borrowers.
January 1, 2009: Acquisition Closed
On January 1, 2009, the acquisition of Merrill Lynch closed.
January 16, 2009: Earnings Release Revealed Losses at Merrill Lynch
On January 16, 2009, Bank of America's earnings release revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money from the government. Merrill Lynch recorded an operating loss of $21.5 billion in the quarter.
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 Money
On March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money through the bailout of American International Group (AIG).
July 2009: Bank of America Reaches Settlement with Parmalat
In July 2009, Bank of America announced a settlement with Parmalat, agreeing to pay $98.5 million in October 2009.
August 3, 2009: Bank of America Fined for Merrill Bonus Non-Disclosure
On August 3, 2009, Bank of America agreed to pay a $33 million fine to the SEC for failing to disclose an agreement to pay up to $5.8 billion in bonuses at Merrill Lynch before the merger approval in December 2008.
September 2009: Customer Posts Viral Video
In September 2009, Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate, which then went viral.
October 2009: Bank of America Pays Parmalat $98.5 Million
In October 2009, Bank of America paid Parmalat $98.5 million as part of a settlement agreement resolving a lawsuit related to Parmalat's bankruptcy.
October 2009: WikiLeaks Claims Possession of Bank Data
In October 2009, Julian Assange of WikiLeaks claimed his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive.
December 2, 2009: Bank of America Announces TARP Repayment
On December 2, 2009, Bank of America announced its intention to repay the entire $45 billion it received from the Troubled Asset Relief Program (TARP) and exit the program.
2009: Establishment of Bank of America Merrill Lynch
In 2009, Bank of America established Bank of America Merrill Lynch for investment banking.
2009: Bank of America became number one underwriter
In 2009, The acquisition made Bank of America the number one underwriter of global high-yield debt.
2009: Investment Banking Operations Moved
In 2009, the bulk of Bank of America's investment banking operations eventually moved to the Bank of America Tower at Bryant Park in New York City.
2009: Temasek Holdings Sold Stake
In the first quarter of 2009, Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., sold its whole stake in Bank of America.
December 31, 2009: Ken Lewis to Retire as CEO
Ken Lewis announced his retirement as CEO of Bank of America, effective December 31, 2009, amid controversy and legal investigations related to the Merrill Lynch purchase.
January 1, 2010: Brian Moynihan Appointed CEO of Bank of America
Effective January 1, 2010, Brian Moynihan became the President and CEO of Bank of America, succeeding Ken Lewis.
February 1, 2010: Judge Orders Trial Preparation in Bank of America Settlement Case
On February 1, 2010, a judge instructed parties involved in a Bank of America settlement case to prepare for trial, set to begin no later than this date, after rejecting a proposed settlement.
February 2010: Judge Approves Revised Settlement in Bank of America Case
In February 2010, a judge "reluctantly" approved a revised settlement in the Bank of America case, which included a $150 million fine to be distributed to shareholders harmed by non-disclosures.
November 2010: Forbes Interview with Assange
In November 2010, Forbes published an interview with Assange where he stated his intent to publish information which would turn a major U.S. bank "inside out", resulting in Bank of America stock dropping 3.2%.
December 2010: Bank of America Blocks WikiLeaks Transactions
In December 2010, Bank of America announced it would no longer service requests to transfer funds to WikiLeaks.
2010: Completion of 1 Bank of America Center
In 2010, the bank completed construction of 1 Bank of America Center in Charlotte center city, a LEED-certified building.
2010: Property Seizures
In 2010, the bank was criticized for allegedly seizing three properties that were not under their ownership.
January 2011: SEC Registration of Banc of America Securities Terminated
In January 2011, after the merger was closed, the SEC Registration of Banc of America Securities was terminated.
January 2011: Investigations of bankers and brokers underway
As of January 2011, after the U.S. government accused Bank of America in 2010 of defrauding organizations via municipal bond sales, other bankers and brokers are under indictment or investigation.
March 14, 2011: Anonymous Releases Alleged Bank of America Emails
On March 14, 2011, the hacker group Anonymous began releasing emails allegedly from a former Bank of America employee, claiming they documented "corruption and fraud".
April 18, 2011: Bank of America Acquitted in Parmalat Fraud Case
On April 18, 2011, an Italian court acquitted Bank of America and other banks of charges that they assisted Parmalat in concealing its fraud.
August 2011: AIG Sues Bank of America for Mortgage Fraud
In August 2011, American International Group (AIG) sued Bank of America for $10 billion, alleging a "massive fraud" related to mortgage debt.
August 2011: WikiLeaks Claims Data Deletion
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.
December 2011: Bank of America's Financial Wealth Ranked
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 Reach National Mortgage Settlement
On February 9, 2012, the five largest mortgage servicers, including Bank of America, reached a historic settlement with the federal government and 49 states, known as the National Mortgage Settlement (NMS), requiring them to provide about $26 billion in relief to distressed homeowners.
September 2012: Bank of America Settles Shareholder Lawsuit
In September 2012, Bank of America settled out of court for $2.4 billion in a class action lawsuit filed by shareholders who claimed they were misled about the Merrill Lynch purchase.
September 28, 2012: Bank of America Settles Class-Action 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 marked one of the first major settlements stemming from the 2007-2008 financial crisis.
October 24, 2012: Lawsuit Filed Against Bank of America Over Toxic Mortgages
On October 24, 2012, a lawsuit was filed alleging that Bank of America fraudulently cost American taxpayers more than $1 billion through Countrywide Financial's sale of toxic mortgages to Fannie Mae and Freddie Mac.
2012: Bank of America Accelerated Job Cuts
By the end of 2012, Bank of America had accelerated its job cuts, eliminating around 16,000 positions due to declining revenue and new regulations, advancing its Project New BAC cost-cutting program.
2012: Bank of America Lease Ends
In 2012, Bank of America Lease Ends the Industrial Trust Building.
2012: Bank of America Cuts Ties with ALEC
In 2012, Bank of America severed its ties with the American Legislative Exchange Council (ALEC).
March 2013: Building Vacant
The building has been vacant since March 2013.
2013: Intern Death Sparks Debate on Working Hours
In 2013, an intern in the London office was found dead, reportedly after working long hours, sparking debate regarding working hours at the firm.
March 2014: Bank of America Settles Mortgage Fraud Suit
In March 2014, Bank of America settled a mortgage fraud suit 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: Settlement Reached in Email Leak Case
On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the 2011 email leak for $228 million.
April 2014: Settlement Reached with Joe L. Price
In April 2014, Bank of America reached a $7.5 million settlement with former chief financial officer Joe L. Price, over allegations of withheld information related to the 2008 merger with Merrill Lynch.
April 2014: CFPB Orders Relief for Harmed Consumers
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 deceptive practices related to credit card add-on products.
August 2014: Bank of America Agrees to Massive Settlement Over Toxic Securities
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.
2014: Bank of America Focuses on Mobile Banking Growth
As of 2014, Bank of America was focusing on growing its mobile banking platform, with 31 million active online users and 16 million mobile users, leading to a decrease in retail banking branches.
April 2015: Competition Commission Investigates Bank of America for Cartel Conduct
In April 2015, the Competition Commission (South Africa) launched an investigation into potential cartel conduct by major banks, including Bank of America, in the foreign currency exchange market affecting the South African rand.
May 6, 2015: Reduced Financial Exposure to Coal Companies
On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies following pressure from universities and environmental groups.
2015: Bank of America Expands Organically
In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence, starting with Denver.
May 23, 2016: Court Rules on "Hustle" case
On May 23, 2016, the Second U.S. 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 a fraud.
2016: Consumer Banking Division Accounts for 38% of Total Revenue
In 2016, the Consumer Banking division, Bank of America's largest, which provides various financial services including banking, investments, and lending, represented 38% of the company's total revenue.
2016: Global Markets Division Accounts for 19% of Total Revenue
In 2016, the Global Markets division at Bank of America, offering services to institutional clients including trading in financial securities, represented 19% of the company's total revenues.
2016: GWIM Division Accounts for 21% of Total Revenue
In 2016, the Global Wealth and Investment Management (GWIM) division, responsible for managing investment assets, accounted for 21% of Bank of America's total revenue.
January 2018: Bank of America Expands Retail Footprint into Pittsburgh
In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas.
April 2018: Bank of America to Stop Financing Military-Style Weapons
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.
June 2018: Sales
As of June 2018, Bank of America garnered $102.98 billion in sales.
August 2018: Market Capitalization
As of August 2018, Bank of America had 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: Growth in Mobile Banking
By 2018, Bank of America's number of mobile users had 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 alleging defamation, retaliation, breach of contract, and discrimination.
April 9, 2019: Bank of America Announces Minimum Wage Increase
On April 9, 2019, Bank of America announced an increase in its minimum wage, starting May 1, 2019, at $17.00 per hour, with a goal to reach $20.00 per hour in 2021.
May 1, 2019: Minimum Wage Increased 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 in 2021.
June 2019: Bank of America Ends Tenancy
In June 2019, Bank of America ended its tenancy in the TC Energy Center, previously known as Bank of America Center.
January 2020: Bank of America Hires Advisors for Ultra-Wealthy Clients
In January 2020, Bank of America expanded its services by hiring new advisors with the specific role of assisting ultra-wealthy clients.
2020: Fortune 500 Ranking
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
Following the events of January 6, 2021, Bank of America faced heavy criticism and a congressional investigation for handing over private profile information of customers who shopped at certain stores or ATMs in DC.
2021: Goal of $20.00 Minimum Wage
In 2021, Bank of America reached its goal of $20.00 minimum wage for all employees.
March 2022: Ryan Coogler Incident
In March 2022, filmmaker Ryan Coogler was wrongly targeted as a bank robber and detained by police in Atlanta after attempting to withdraw cash from a Bank of America branch, leading to an apology from the bank.
May 2022: CFPB Orders Bank of America to Pay Penalties for Illegal Garnishments
In May 2022, the CFPB ordered Bank of America to pay $10 million in penalties for illegal garnishments.
2023: Account Termination of Christian Charity
In 2023, Bank of America terminated the account of a Christian charity without explanation, leading to accusations of political or religious bias.
2023: Forbes Global 2000 Ranking
In 2023, Bank of America was ranked No. 6 on the Global 2000 rankings done by Forbes.
2023: $250 Million in Fines and Compensation Levied Against Bank of America
In 2023, the CFPB reported that Bank of America was subject to $250 million in fines and compensation for deceptive practices.
2024: Death of Former US Army Special Forces Veteran
In 2024, Leo Lukensas III, a former US Army Special Forces Veteran working in the investment banking division, died following heart problems, bringing to light the firm's culture of overworking.
2025: Donald Trump Accusation
In 2025, United States, president Donald Trump accused Bank of America CEO Brian Moynahan of political debanking.
