Bank of America: A History and Basics of Success

Bank of America is an international corporation operating in 35 countries. The company has 213 thousand employees, 16 thousand ATMs and 4700 offices in America. It is engaged in three areas: lending to individuals and servicing their accounts, helping corporations manage assets, and trading on foreign exchange, stock and commodity exchanges.

In 2015, Forbes recognized Bank of America as the twenty-third largest company in the world. In 2018, the bank became the largest in the United States in terms of assets. In 2019, the company earned $ 83.7 billion.

History of the company

The company has existed since 1904, when Amadeo Giannini founded the Bank of Italy in San Francisco. Giannini Bank was different from other banks of the early 20th century: it had 100 branches, which served the middle class and emigrants — other banks in the city did not give them loans. After the earthquake in 1906, the Bank of Italy retained its building and money, unlike other banks. Giannini took advantage of the saved resources and began to issue loans for recovery a few days after the disaster. In 1929, Bank of Italy merged with Bank of America from Los Angeles. The combined bank received the name of the latter.

The success story of one of the largest financial institutions in the United States, a vivid illustration of how the legend of the endless possibilities of everyone who comes here came to this country.

An Italian by birth, he inherited from his ancestors colossal capacity for work, business acumen, and also the belief that good deeds can bring real income. Investing in projects that others avoided, soon allowed Bank of Italy to buy up hundreds of small banks across the country and become Bank of America.

Courage in making decisions is the key to success

By studying the history of the bank and its founder, you can verify the correctness of those who claim that the US economy owes Italians their success in the 20th century. Entrepreneurship and courage, bordering on recklessness, allowed them to create new opportunities for the development of the service sector. It was Bank of America that was the first to tie a plastic payment card to the owner’s account, thereby opening a new era in the development of the entire financial transaction system.

Having survived all the economic turmoil and withstood competition in the period of financial recovery, the bank remains the largest player in the global financial market. Despite a number of unsuccessful transactions that have led to years of financial litigation and billions of fines, Bank of America has not lost its position. Perhaps this was possible due to the huge network of branches that now cover the whole world.

In 2008, during the global economic crisis, the legendary Merrill Lynch (then in decline) was bought with funds allocated by the government to combat the crisis.

Conclusion

The story of Bank of America is a story of incredible highs and dramatic falls. Experienced investors successfully profit from trading in stocks of the company, regardless of the circumstances.

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