Bank of America
One of the nation's largest banks.
Headquarters: 100 North Tryon St.
Charlotte, NC 28255
CEO: Brian Moynihan
Stock Symbol: BAC
Bank of America is one of the world's largest financial institutions. It serves over 67 million consumer and small business clients.
Bank of America currently has 4,300 bank locations, including 1,800 lending centers and 2,200 Merrill Edge investment centers. It has 16,300 ATMs and 36 million active online users and 26 million mobile users. The company serves clients through operations in more than 35 countries and all 50 states.
Bank of America generated revenues in 2018 of $91.2 billion, up 4% from the previous year, and net income of $28.1 billion.
Total deposits at the end of 2018 were $1.197 trillion.
The company reported over $2.32 trillion in assets.
Bank of America has been named one of the 100 Best Companies to Work for in America by Fortune magazine.
The company announced in April it will raise the minimum wage for employees to $20 an hour in two years. On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021.
"We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," said Sheri Bronstein, chief human resources officer at Bank of America. "Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work."
Bank of America was originally headquarted in San Francisco. It merged with NationsBank in Charlotte in 1998 and retained the Bank of America name. Headquarters are now located in Charlotte.
Bank of America has helped finance thousands of films since the earliest days of Hollywood. It also helped finance the construction of Disneyland in California.
In 2005, the company acquired MBNA, a leading issuer of credit cards. MBNA is now part of Bank of America Card Services and the largest credit card issuer in the U.S.
Bank of America was added to the Dow Jones Industrial Average Index in February 2008.
Bank of America acquired mortgage lender Countrywide Financial in June 2008.
Bank of America bought investment bank Merrill Lynch in a controversial $50 billion all-stock deal on September 15, 2008 which closed on Jan. 1, 2009. The deal was reportedly forced by the Dept. of Treasury and Federal Reserve due to serious problems at Merrill Lynch and the financial industry.
The company received $45 billion from the U.S. Treasury TARP program in 2008 and repaid the entire amount through a stock sale in December 2009.
Performance-based compensation - In addition to strong base compensation, bonuses and incentive programs are important parts of our overall compensation package.
Healthcare plans - We offer a variety of medical, dental and vision plans to our associates and their families (including domestic partners). We pay a majority of the cost for associate medical coverage.
Insurance plans - Our wide range of insurance plans provides income replacement in the event of serious injury or death.
Reimbursement accounts - Reimbursement accounts help to lower the costs of health care and dependent care by allowing you to plan ahead using pre-tax dollars.
Retirement plans - We offer a voluntary 401(k) retirement saving plan and a company-funded pension plan. After one year of service, Bank of America matches your pension contribution up to 5% of pay.
Discounts on bank products and services - Eligible associates can take advantage of discounts on a wide range of bank services, from checking accounts to credit cards.
Home loans - A variety of mortgages are available through Associate Banking.
Commuter benefits - This program allows associates to pay for many work-related commuting expenses on a pre-tax basis up to pre-defined IRS limits. An associate may enroll in the Program or make changes each month.
Other benefits available to associates include:
* Short-term disability
* Long-term disability
* Special leaves - bereavement, jury duty, Olympic, foster care, and military
* Matching charitable gifts program
* Long-term care
* Home ownership program
* Educational partnerships
* Volunteer grants program
* Volunteer Time Program
* Commuter Benefits
* MetLife Auto & Home Insurance Program
* Rewarding Success
Updated April 12, 2019