<P> Bank of America Corporation (abbreviated as BofA) is an American multinational financial services company headquartered in Charlotte, North Carolina . It is ranked 2nd on the list of largest banks in the United States by assets . As of 2016, Bank of America was the 26th largest company in the United States by total revenue . In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world . </P> <P> Its acquisition of investment bank Merrill Lynch in 2008 solidified it as a "Bulge Bracket bank", becoming a major player in the investment banking market . As of December 31, 2017, it had US $1.081 trillion in assets under management (AUM). As of December 31, 2016, the company held 10.73% of all bank deposits in the United States . It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo--its main competitors . Bank of America operates--but does not necessarily maintain retail branches--in all 50 states of the United States, the District of Columbia and more than 40 other countries . It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs). </P> <P> Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines, call centers, and online and mobile banking platforms . The bank's Consumer Real Estate Services segment offers consumer real estate products comprising both fixed and adjustable - rate first - lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans . Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014 . </P> <P> The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco . The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest . Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee . When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires . Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster . From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild . </P>

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