Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922.
One branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination. Its primary financial services revolve around commercial banking, wealth management, and investment banking. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America is one of the Big Four banking institutions of the United States. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the eighth-largest bank in the world. The bank was founded in San Francisco and took its present form when NationsBank of Charlotte acquired it in 1998. The Bank of America Corporation (commonly referred to as Bank of America often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina.
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