NYSE: BACBank Of America Corp Statistics & Facts
Key Bank Of America facts
- Founded
- 1998
- Headquarters
- Charlotte, North Carolina
- Founders
- BankAmerica, NationsBank
- IPO Date
- 1978-01-13
Bank Of America Revenue Statistics
Bank Of America Revenue by Source
How does Bank of America make money?
Source:Bank of America
Fees and commissions
$32.01B
Market making and similar activities
$12.73B
Other
-$3.09B
Interest
$130.26B
Bank of America made $32 billion from fees and commissions in 2022, down from $33.212 billion in 2022. [1]
Date: Feb 20, 2024
Bank Of America Fees & Commissions Revenue Breakdown
Bank of America stats breaking down the company's earnings from fees and commissions.
Source:Bank of America
Card income
$6.05B
Service charges
$5.68B
Investment and brokerage services
$15.56B
Investment banking fees
$4.71B
Bank of America made $5.684 billion from service charges in 2023, down from $6.405 billion in 2022. [1]
Date: Feb 20, 2024
Bank Of America Interest Income Breakdown
Bank of America statistics breaking down the company's interest income.
Source:Bank of America
Loans and leases
$57.12B
Debt securities
$20.23B
Federal funds sold and securities borrowed or purchased under agreements to resell
$18.68B
Trading account assets
$8.77B
Other
$25.46B
Bank of America made $57.124 billion from interest on loans and leases in 2023, up from $37.919 billion in 2022. [1]
Date: Feb 20, 2024
Bank Of America Expense Statistics
Bank Of America Total Expenses
How much does Bank of America spend on operations in a year?
Bank of America's noninterest expenses in 2023 amounted to $65.845 billion, up from $61.438 billion in 2022. [1]
Date: Feb 20, 2024
Bank Of America Expenses by Type
Bank of America stats breaking down the company's annual noninterest expenses by type.
Source:Bank of America
Compensation and benefits
$38.33B
Occupancy and equipment
$7.16B
Information processing and communications
$6.71B
Product delivery and transactions
$3.61B
Marketing
$1.93B
Professional fees
$2.16B
Bank of America spent $38.33 billion on compensation and benefits, including salaries, in 2023, up from $36.447 billion in 2022. [1]
Date: Feb 20, 2024
Bank Of America Major Acquisitions
Bank of America acquired retail brokerage firm Merrill Lynch for $50 billion in stock in 2008. [4]
Date: Sep 15, 2008
Bank of America acquired mortgage lender Countrywide Financial for $4 billion in stock in 2008. [5]
Date: Jan 11, 2008
Bank of America acquired U.S. Trust in 2007 for $3.3 billion in cash in 2007. [6]
Date: Nov 20, 2006
Bank of America acquired LaSalle Bank for $21 billion in cash in 2007. [7]
Date: Apr 23, 2007
Bank of America acquired healthcare billing technology company HealthLogic in 2006. [8]
Date: Sep 11, 2006
Bank of America acquired credit card company MBNA for $35 billion in 2005. [9]
Date: Jun 30, 2005
Bank of America acquired merchant processor of bank cards National Processing for $1.4 billion in 2004. [10]
Date: Oct 18, 2004
Bank of America acquired FleetBoston Financial Corporation or $47 billion in 2003. [11]
Date: Oct 27, 2003
Bank of America acquired Continental Illinois Bank for $1.9 billion in cash and stock in 1994. [12]
Date: Aug 31, 1994
Bank of America acquired Security Pacific for $5 billion in 1992, in what was the largest bank merger in U.S. history at the time. [13]
Date: Apr 22, 1992
Bank Of America Employee Statistics
Bank Of America Employees
How many employees does Bank of America have?
Bank Of America Employees by Race/Ethnicity
Is Bank of America a diverse company?
Source:Bank of America
White
49.3%
Asian
13.9%
Black
14.7%
Hispanic or Latine
18.9%
Native American or Alaska Native
0.4%
Native Hawaiian or other Pacific Islander
0.3%
Bank Of America Employees by Location
Where are Bank of America's employees located?
78% of Bank of America's 213,000 employees at the end of 2023 were based in the US. [1]
Date: Feb 20, 2024
Sources
1.
Bank of America 2023 Annual Report
https://investor.bankofamerica.com/regulatory-and-other-filings/annual-reports/content/0000070858-24-000122/0000070858-24-000122.pdfDate: Feb 20, 2024
2.
3.
4.
5.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-agrees-purchase-countrywide-financial-corp/Date: Jan 11, 2008
6.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-acquire-us-trust/Date: Nov 20, 2006
7.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-agrees-acquire-lasalle-bank/Date: Apr 23, 2007
8.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-acquires-healthlogic-systems-corporation/Date: Sep 11, 2006
9.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-acquire-mbna/Date: Jun 30, 2005
10.
Bank of America
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-closes-14-billion-deal-acquire-national-processing/Date: Oct 18, 2004
11.
12.
Chicago Tribune
https://www.chicagotribune.com/news/ct-xpm-1994-08-31-9408310113-story.htmlDate: Aug 31, 1994
13.
Los Angeles Times
https://www.latimes.com/archives/la-xpm-1992-04-22-fi-633-story.htmlDate: Apr 22, 1992
14.
Bank of America
https://d1io3yog0oux5.cloudfront.net/_4a0ce3840ce1256df01299e336b1d86e/bankofamerica/db/867/10038/annual_report/BAC+2023+Annual+Report.pdfLast Accessed: Aug 10, 2024
15.
Bank of America
https://about.bankofamerica.com/en-us/our-story/birth-of-atms.html#fbid=ohnRDZVJN_JLast Accessed: Mar 26, 2021
16.
The New York Times
https://www.nytimes.com/1998/04/14/news/nations-bank-drives-62-billion-merger-a-new-bankamericabiggest-of-us.htmlDate: Apr 14, 1998
Company
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Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.
Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.