Bank of America
One of the nation's largest banks.
Headquarters: 100 North Tryon St.
Charlotte, NC 28255
Employees: 284,635
CEO: Brian Moynihan
Stock Symbol: BAC
Website: http://www.bankofamerica.com
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Bank of America is one of the world's largest financial institutions. It serves 57 million customers including businesses and individuals.
Bank of America currently has 5,700 bank locations in 29 states and the District of Columbia. It has 17,750 ATMs and 30 million active online users. The company serves clients through operations in more than 40 countries. It is the No. 1 Small Business Administration lender in the U.S. It also operates an investment bank under Bank of America Merrill Lynch.
Bank of America generated revenues in 2011 of $94.4 billion, down from $111.3 billion, and net income of $1.4 billion.
The company reported $2.1 trillion in assets at the end of 2011 and $1.03 trillion in deposits.
"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," said Chief Executive Officer Brian Moynihan. "We built our capital ratios to record levels during 2011 on the strength of our core businesses and by shedding those that are not core to serving customers and clients. I am proud of our team and their ability to serve our customers well while transforming the company."
The company announced it would freeze exisiting employee pension plans in 2012 but would increase contibutions to 401(k) plans instead. It plans to layoff up to 30,000 employees over the next several years.
History
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.
Benefits
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 February 24, 2012
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