Bank of America is the largest commercial bank in the United States. The company earns billions each year, other than when it has wrecked the economy and is worth billions and billions. Its name traces its history to the American Bank of Italy in San Francisco circa 1900, but the company is actually the former NationsBank, headquartered in Durham, NC, which acquired Bank of America in 1998 and assumed its name. BAC is currently constructing a massive million-square-foot headquarters in New York City, with taxpayer support.
Bank of America is a leading finance company but is still paying for its errors. Recently, it said it would set aside $400 million more just for rising legal costs. In August 2014, Bank of America agreed to a $16.65 billion deal with federal and state authorities to settle civil charges related to its sale of shoddy mortgage securities.
Through mergers and acquisitions, Banc of America became a huge source of loans of all types. It has almost 6,000 branches in the U.S.
Banc of America Securities was the stock brokerage company of Bank of America. They have a common business strategy of placing stockbrokers in branches but assert that the stockbrokers actually work for a separate company. There have been serious issues of bank customers being referred by the tellers, and unsuspecting people, never being able to tell the difference.
The brokerage company has yet another company in the web of the bank’s activities, which has been called the Global Wealth and Investment Management. That company is composed of other purchased companies and may have an even higher duty of care to its customers.
Please Note – Bank of America Investment Services has been consolidated.
