Bank of America - statistics & facts
The history of Bank of America can be traced back to 1904, when it was known as Bank of Italy. At that time, the feature that distinguished the Bank of Italy from other American banks was that it offered financial services to immigrants arriving in the United States, not only the wealthiest American citizens. Today, the bank is a national giant, one of the most valuable banking brands, and one of the leading banks in terms of assets or market capitalization globally.
As of 2023, Bank of America was the fourth-largest employer in the banking sector in the United States, with an employment figure exceeding 135,000 people. While the majority of the total workforce consists of female employees, in 2023, less than 40 percent of leadership roles were held by women.
Bank of America's journey from its origins as the Bank of Italy in 1904 to its current status as a national financial powerhouse highlights its commitment to serving a diverse clientele. Today, it stands as one of the most valuable banking brands globally, with a vast range of financial services and significant assets. Despite being the fourth-largest employer in the U.S. banking sector, the bank continues to face challenges in gender diversity within leadership roles. Competing closely with other major U.S. banks, Bank of America remains a key player in the global financial landscape.
As of 2023, Bank of America was the fourth-largest employer in the banking sector in the United States, with an employment figure exceeding 135,000 people. While the majority of the total workforce consists of female employees, in 2023, less than 40 percent of leadership roles were held by women.
What does Bank of America do?
The bank provides a broad range of financial services, such as retail banking, wealth management, private banking, and business & corporate banking. The bank operates in several regions of the world, but most of the its assets come from the United States. The total assets of Bank of America reached over 3.1 trillion U.S. dollars in 2023, with the assets mainly composed of brokerage assets and assets under management; deposits and loans and leases account for a comparatively small share. Through its investment banking division, BofA Securities, the bank is also one of the leading banks in terms of revenue from investment banking.What are Bank of America's main competitors?
There are four major banks in the United States (the “big four”), consisting of JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Among the big four, JPMorgan Chase is the largest, ranking first in terms of market capitalization, total assets, and domestic deposits - just to name a few measurements. Bank of America ranks second according to most performance indicators, but as mentioned above, it is only fourth in terms of the number of employees and third in terms of the number of branches, below both Wells Fargo and JPMorgan Chase.Bank of America's journey from its origins as the Bank of Italy in 1904 to its current status as a national financial powerhouse highlights its commitment to serving a diverse clientele. Today, it stands as one of the most valuable banking brands globally, with a vast range of financial services and significant assets. Despite being the fourth-largest employer in the U.S. banking sector, the bank continues to face challenges in gender diversity within leadership roles. Competing closely with other major U.S. banks, Bank of America remains a key player in the global financial landscape.
