Bank of America#Acquisition of Countrywide Financial

Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.{{cite web |url=https://www.britannica.com/topic/Bank-of-America-Corporation |title=Bank of America {{!}} History, Services, Acquisitions, & Facts |website=Encyclopedia Britannica |language=en |access-date=January 29, 2020 |archive-date=May 4, 2015 |archive-url=https://web.archive.org/web/20150504203253/http://www.britannica.com/EBchecked/topic/51984/Bank-of-America-Corporation |url-status=live }}

The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.{{cite web |url=https://www.charlotteobserver.com/living/living-here-guide/article99119107.html |title=Here's what to know about the area's biggest employers |last=Roberts |first=Deon |date=August 31, 2016 |website=The Charlotte Observer |access-date=January 29, 2020 |archive-date=November 5, 2020 |archive-url=https://web.archive.org/web/20201105124039/https://www.charlotteobserver.com/living/living-here-guide/article99119107.html |url-status=live }} Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

{{Main|Bank of Italy (United States)}}

File:M. A. P. Giannini, président de la Banque d'Italie.jpg, founder of Bank of Italy, in 1927]]

The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded the Bank of Italy, in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.{{cite web |url=https://artsandculture.google.com/exhibit/settlement-part-ii/ywKCC2Udnlo3KQ |title=Settlement: Part II - Italian American Museum of Los Angeles |website=Google Arts & Culture |language=en |access-date=January 29, 2020 |archive-date=July 26, 2020 |archive-url=https://web.archive.org/web/20200726134136/https://artsandculture.google.com/exhibit/settlement-part-ii/ywKCC2Udnlo3KQ |url-status=live }}

In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.{{Citation needed|date=September 2022}} This company acquired the stocks of various banks located in New York City and certain foreign countries.{{Citation needed|date=September 2022}}

In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,{{cite web |url=https://fortune.com/2011/08/28/worlds-biggest-bank-fortune-classics-1947/ |title=World's biggest bank (Fortune Classics, 1947) |website=Fortune |language=en |access-date=March 25, 2019 |archive-url=https://web.archive.org/web/20190325145650/http://fortune.com/2011/08/28/worlds-biggest-bank-fortune-classics-1947/ |archive-date=March 25, 2019 |url-status=live}} which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.{{cite book |title=Bucyrus (OH) (Images of America) |last=Vance |first=Marian |publisher=Arcadia Publishing |year=2006 |isbn=978-0738540818 |location=United States |pages=84}}

File:The Bank of America 8d28756v.jpg in 1943]]

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion."Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: [https://fraser.stlouisfed.org/scribd/?title_id=801&filepath=/docs/historical/federal%20reserve%20history/frcom_br_gp_ch_banking/branch_banking_california.pdf PDF version] {{Webarchive|url=https://web.archive.org/web/20160904121051/https://fraser.stlouisfed.org/scribd/?title_id=801&filepath=%2Fdocs%2Fhistorical%2Ffederal%20reserve%20history%2Ffrcom_br_gp_ch_banking%2Fbranch_banking_california.pdf |date=September 4, 2016}} There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation.

In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[http://bulk.resource.org/courts.gov/c/F2/206/206.F2d.163.10768.html Transamerica Corporation, a corporation of Delaware] {{webarchive|url=https://web.archive.org/web/20090830051239/http://bulk.resource.org/courts.gov/c/F2/206/206.F2d.163.10768.html |date=August 30, 2009}}, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18. The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.

{{cite web

|title=The History of Visa |publisher=Visa Inc.

|quote=Bank of America had the entire state of California as a potential market, and when it issued BankAmericard in 1958, the card was an instant success. (Added Note: Though it lost $8.8 million in defaults in California.) [...] In many countries, there was still a reluctance to issue a card associated with Bank of America, even though the association was entirely nominal in nature. For this reason, in 1977 BankAmericard became the Visa card, retaining its distinctive blue, white and gold flag. NBI became Visa U.S.A., and IBANCO became Visa International.

|url=http://www.visalatam.com/e_aboutvisa/acerca_historia.jsp

|access-date=October 29, 2007 |url-status=dead

|archive-url=https://web.archive.org/web/20071103060809/http://www.visalatam.com/e_aboutvisa/acerca_historia.jsp

|archive-date=November 3, 2007

}}

A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979.{{cite book |last1=Stearns |first1=David L. |title=Electronic Value Exchange: Origins of the Visa Electronic Payment System |date=2011 |publisher=Springer |location=London |isbn=978-1-84996-138-7 |pages=25–28}} Available through SpringerLink.

From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and the property damage cost about $500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot.{{Cite web |title=Santa Cruz Sentinel 7 September 1971 — California Digital Newspaper Collection |url=https://cdnc.ucr.edu/?a=d&d=SCS19710907.1.26&srpos=12&e=-------en--20--1-byDA-txt-txIN-%22Chicano+Liberation+Front%22------- |access-date=April 26, 2023 |website=cdnc.ucr.edu}}

File: BankAmerica logo.png

File:Bank of America Tower in Manhattan 2015.jpg, headquarters for Bank of America's investment banking operations, seen from Bryant Park in Midtown Manhattan, in 2015]]

Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress,{{cite web |url=https://www.fdic.gov/regulations/laws/rules/6000-1880.html |title=FDIC Law, Regulations, Related Acts - Bank Holding Company Act |website=www.fdic.gov |access-date=January 29, 2020 |archive-date=January 25, 2021 |archive-url=https://web.archive.org/web/20210125235028/https://www.fdic.gov/regulations/laws/rules/6000-1880.html |url-status=live }} BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

In 1983, Bank of America expanded outside California, through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle, and its wholly owned banking subsidiary, Seattle-First National Bank.{{cite web |url=https://www.seattletimes.com/business/remember-seafirst-its-more-than-a-local-tale/ |title=Remember Seafirst? It's more than a local tale |last=Columnist |first=Jon Talton / |date=August 15, 2015 |website=The Seattle Times |language=en-US |access-date=January 29, 2020 |archive-date=July 26, 2020 |archive-url=https://web.archive.org/web/20200726134033/https://www.seattletimes.com/business/remember-seafirst-its-more-than-a-local-tale/ |url-status=live }} Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.

BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World. The company fired its CEO, Sam Armacost, in 1986. Though Armacost blamed the problems on his predecessor, A. W. (Tom) Clausen, Clausen was appointed to replace Armacost.{{Citation needed|date=January 2020}} The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.{{cite web |url=https://www.latimes.com/archives/la-xpm-1986-10-08-fi-4689-story.html |title=BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings |date=October 8, 1986 |website=Los Angeles Times |language=en-US |access-date=January 29, 2020 |archive-date=July 26, 2020 |archive-url=https://web.archive.org/web/20200726130525/https://www.latimes.com/archives/la-xpm-1986-10-08-fi-4689-story.html |url-status=live }} It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.{{Citation needed|date=March 2020}}

BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.{{cite web |url=https://www.latimes.com/archives/la-xpm-1992-04-22-fi-633-story.html |title=BankAmerica Takes Over at Security Pacific: Acquisitions: The merger becomes official today, creating the nation's second-largest banking company. |date=April 22, 1992 |website=Los Angeles Times |language=en-US |access-date=January 29, 2020 |archive-date=July 26, 2020 |archive-url=https://web.archive.org/web/20200726134457/https://www.latimes.com/archives/la-xpm-1992-04-22-fi-633-story.html |url-status=live }} Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.{{cite news |first=Michele |last=Matassa Flores |title=Key Bank, West One Finalize Purchases |date=April 2, 1992 |url=https://archive.seattletimes.com/archive/19920402/1484315/key-bank-west-one-finalize-purchases |work=The Seattle Times |access-date=September 27, 2008 |archive-url=https://web.archive.org/web/20110519103007/http://community.seattletimes.nwsource.com/archive/?date=19920402&slug=1484315 |archive-date=May 19, 2011 |url-status=live}} Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.{{cite web |url=https://www.reviewjournal.com/business/bank-takes-famous-name-poises-for-future/ |title=Bank takes famous name, poises for future |date=April 29, 2012 |website=Las Vegas Review-Journal |language=en-US |access-date=January 29, 2020 |archive-date=July 26, 2020 |archive-url=https://web.archive.org/web/20200726131422/https://www.reviewjournal.com/business/bank-takes-famous-name-poises-for-future/ |url-status=live }}

In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.{{cite web |url=https://www.fdic.gov/bank/historical/history/235_258.pdf|title=Continental Illinois and Continental Illinois and 'Too Big to Fail' |date=1995 |publisher=FDIC |access-date=January 29, 2020|archive-date=January 26, 2021|archive-url=https://web.archive.org/web/20210126181124/https://www.fdic.gov/bank/historical/history/235_258.pdf|url-status=live}} Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.{{cite web |url=https://www.bank-locations.com/about_banks/ |title=About Banks - Bank of America |publisher=www.bank-locations.com |access-date=January 29, 2020 |archive-date=February 27, 2021 |archive-url=https://web.archive.org/web/20210227190337/https://www.bank-locations.com/about_banks/ |url-status=live }}

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.{{Citation needed|date=January 2020}}

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.{{cite web |title=BankAmerica Adds 4 Traders To Its High-Yield Bond Sector |date=June 17, 1996 |url=https://www.americanbanker.com/-74439-1.html |url-status=live |archive-url=https://web.archive.org/web/20120401224730/http://www.americanbanker.com/issues/161_115/-74439-1.html |archive-date=April 1, 2012}}. American Banker, June 17, 1996. In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.{{cite news |url=https://www.wsj.com/articles/SB86581106255571500 |title=BankAmerica Agrees to Pay $540 Million for Robertson |last=Journal |first=Stephen E. Frank and Patrick McGeehan |date=June 9, 1997 |work=The Wall Street Journal |access-date=January 29, 2020 |language=en-US |issn=0099-9660 |archive-date=August 13, 2020 |archive-url=https://web.archive.org/web/20200813213547/https://www.wsj.com/articles/SB86581106255571500 |url-status=live }} Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens"."[https://www.nytimes.com/1997/06/09/business/bankamerica-to-buy-robertson-stephens-investment-company.html BankAmerica to Buy Robertson, Stephens Investment Company]" ({{Webarchive|url=https://web.archive.org/web/20160826213526/http://www.nytimes.com/1997/06/09/business/bankamerica-to-buy-robertson-stephens-investment-company.html |date=August 26, 2016}}.) The New York Times, June 9, 1997.

File:Bank of America 1998.svg

In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $1.4 billion to run various businesses for the bank.{{cite news |url=https://www.nytimes.com/1998/10/15/business/shaw-self-styled-cautious-operator-reveals-it-has-a-big-appetite-for-risk.html |title=Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk |last=O'Brien |first=Timothy L. |date=October 15, 1998 |work=The New York Times |access-date=January 29, 2020 |language=en-US |issn=0362-4331 |archive-date=September 8, 2020 |archive-url=https://web.archive.org/web/20200908061406/https://www.nytimes.com/1998/10/15/business/shaw-self-styled-cautious-operator-reveals-it-has-a-big-appetite-for-risk.html |url-status=live }} However, D.E. Shaw suffered significant loss during the 1998 Russian financial crisis.{{cite news |title=BankAmerica's Coulter to Step Down Oct. 30 |url=https://www.latimes.com/archives/la-xpm-1998-oct-21-fi-34613-story.html |newspaper=Los Angeles Times |date=October 21, 1998 |first=Thomas S. |last=Mulligan |access-date=June 22, 2013 |archive-url=https://web.archive.org/web/20131203003722/http://articles.latimes.com/1998/oct/21/business/fi-34613 |archive-date=December 3, 2013 |url-status=live}}{{cite news |title=Surprise BofA Losses Trigger Plunge in Stock |url=https://www.latimes.com/archives/la-xpm-1998-oct-15-fi-32616-story.html |access-date=June 22, 2013 |newspaper=Los Angeles Times |date=October 15, 1998 |first=Tom |last=Petruno |archive-url=https://web.archive.org/web/20131203074605/http://articles.latimes.com/1998/oct/15/business/fi-32616 |archive-date=December 3, 2013 |url-status=live}} NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time.{{cite news |last1=Martin |first1=Mitchell |title=Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks |url=https://www.nytimes.com/1998/04/14/news/14iht-banks.t_0.html |work=The New York Times |access-date=June 5, 2014 |date=April 14, 1998 |archive-url=https://web.archive.org/web/20140607021544/http://www.nytimes.com/1998/04/14/news/14iht-banks.t_0.html |archive-date=June 7, 2014 |url-status=live}}

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.{{cite web |url=https://www.federalreserve.gov/supervisionreg/files/19980709.pdf |title=BankAmerica's Merger with NationsBank |last=Coulter |first=David |date=July 8, 1998 |website=Federal Reserve Bank of San Francisco |access-date=January 29, 2020 |archive-date=November 23, 2020 |archive-url=https://web.archive.org/web/20201123183201/https://www.federalreserve.gov/supervisionreg/files/19980709.pdf |url-status=live }} The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.{{Citation needed|date=January 2020}}

In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 U.S. states.{{Citation needed|date=January 2020}} Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.{{cite web |url=https://www.federalreserve.gov/boarddocs/press/bhc/1998/19980817/default.pdf |title=Federal Reserve Press Release |date=August 17, 1998 |website=Federal Reserve |access-date=January 29, 2020 |archive-date=November 23, 2020 |archive-url=https://web.archive.org/web/20201123191051/https://www.federalreserve.gov/boarddocs/press/bhc/1998/19980817/default.pdf |url-status=live }} These branches were sold to BOK Financial Corporation, which operates them under the name "Bank of Albuquerque".{{cite news | url=http://www.tulsaworld.com/business/moneypower/bank-of-oklahoma-celebrates-years/article_dc191484-8233-5279-91eb-643446f8518d.html | title=Bank of Oklahoma celebrates 100 years | first=LAURIE | last=WINSLOW | work=Tulsa World | date=November 14, 2010}}{{subscription required}}{{Cite web |last=Boyd |first=Danny M. |title=BOK Financial Corp Announces Acquisition |url=https://www.oklahoman.com/story/news/1998/07/28/bok-financial-corp-announces-acquisition/62274245007/ |access-date=2023-03-07 |website=The Oklahoman |language=en-US}} The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.{{Citation needed|date=January 2020}}

{{Infobox company

| name = Banc of America Securities

| logo = Banc of America Securities Logo 03.2002.svg

| type = Subsidiary

| foundation = {{start date|1998}}

| defunct = {{end date|2008}}

| location = New York City, US

| key_people = Kenneth D. Lewis, President

| num_employees =

| revenue =

| assets =

| industry = Financial services

| products =

| successor = Bank of America Merrill Lynch

| homepage = {{URL|http://www.bofasecurities.com/}}

}}

Banc of America Securities LLC (BAS), was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and the National Association of Securities Dealers. The use of "Banc" in the BAS's name was indicative of the fact that the company was not a bank, and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation.

The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services.{{cite web |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=110529 |archive-url=https://web.archive.org/web/20080101111521/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=110529 |url-status=dead |archive-date=January 1, 2008 |title=Company Overview of Banc of America Securities LLC |publisher=Bloomberg Business week |access-date=August 19, 2013 }} During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did a significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions.

During 2007–2008, BAS significantly downsized its international operations, eliminating a number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of the colossal losses visited on B of A due to its acquisition of Merrill Lynch.{{cite news|last1=Creswell|first1=Julie|last2=Story|first2=Louise|title=Thain Resigns Amid Losses at Bank of America|url=https://www.nytimes.com/2009/01/23/business/23thain.html|newspaper=The New York Times|date=2009-01-22|access-date=2013-09-13}} With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011.

BAS operated from a number of offices across the world, with major offices in New York, New York, Charlotte, North Carolina, Chicago, Illinois, San Francisco, California, Tokyo, Frankfurt, London, and Mumbai. The bulk of its investment banking operations eventually moved to the Bank of America Tower, a $1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center, 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street.

File:Porter Ranch Bank of America.jpg]]

File:Hoboken, N.J., Nov. 3, 2012 -- Bank of America and other banks have set up mobile ATMs for survivors of Hurricane Sandy get cash to spend at stores that are open for cash customers. - DPLA - def08f331beecb7cc3210f2c013d1a7a.jpg following Hurricane Sandy in 2012]]

In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.{{cite news |title=US banking mega-merger unveiled |date=October 27, 2003 |work=BBC News |url=http://news.bbc.co.uk/2/low/business/3217803.stm |access-date=February 27, 2009 |archive-url=https://web.archive.org/web/20040625190526/http://news.bbc.co.uk/2/low/business/3217803.stm |archive-date=June 25, 2004 |url-status=live}} By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35  billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.{{cite news |title=Bank of America To Buy U.S. Trust |work=Forbes |date=November 20, 2006 |url=https://www.forbes.com/markets/2006/11/20/bank-of-america-markets-equity-cx_jl_1120markets12.html |access-date=August 22, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20071012191411/http://www.forbes.com/markets/2006/11/20/bank-of-america-markets-equity-cx_jl_1120markets12.html |archive-date=October 12, 2007}}

On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.{{cite news |last=Tom |first=Henderson |title=BOA to 'paint the town red' with LaSalle name change |work=Crain's Detroit Business |date=April 14, 2008 |url=http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=/20080414/SUB/804140331 |access-date=May 5, 2008 |archive-url=https://web.archive.org/web/20080605152132/http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=%2F20080414%2FSUB%2F804140331 |archive-date=June 5, 2008 |url-status=live}}

During the subprime mortgage crisis, the bank, under Ken Lewis, made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars.

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.{{cite news |first1=Caroline |last1=Salas |first2=Steven |last2=Church |title=Countrywide Gives Bank of America $447 million Gain |publisher=Bloomberg L.P. |date=August 23, 2007 |url=https://www.bloomberg.com/apps/news?pid=20601087&sid=aqHmmBljF9Ok |access-date=October 29, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20071009123419/http://www.bloomberg.com/apps/news?pid=20601087 |archive-date=October 9, 2007}}

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.{{cite news |title=Bank of America to buy Countrywide for $4 billion |work=Reuters |date=January 11, 2008 |url=https://www.reuters.com/article/sppage012-n11303684-oisbn/bank-of-america-to-buy-countrywide-for-4-billion-idUSN1130368420080111 |access-date=January 17, 2018 |archive-url=https://web.archive.org/web/20180117191035/https://www.reuters.com/article/sppage012-n11303684-oisbn/bank-of-america-to-buy-countrywide-for-4-billion-idUSN1130368420080111 |archive-date=January 17, 2018 |url-status=live}} In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.{{cite news |work=CNNMoney.com |title=Countrywide FBI Investigation |date=March 10, 2008 |url=https://money.cnn.com/2008/03/08/news/companies/countrywide_FBI/index.htm |access-date=March 10, 2008 |archive-url=https://web.archive.org/web/20080309171915/https://money.cnn.com/2008/03/08/news/companies/countrywide_FBI/index.htm |archive-date=March 9, 2008 |url-status=live}} This news did not hinder the acquisition, which was completed in July 2008,Arena, Kelli (September 24, 2008), [https://money.cnn.com/2008/09/23/news/companies/fbi_finance/index.htm "FBI probing bailout firms"] {{Webarchive|url=https://web.archive.org/web/20100420070950/https://money.cnn.com/2008/09/23/news/companies/fbi_finance/index.htm |date=April 20, 2010}}, CNNMoney.com. Retrieved March 8, 2010. giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.{{cite news |last1=Bauerlein |first1=Valerie |last2=Hagerty |first2=James S. |title=Behind Bank of America's Big Gamble |work=The Wall Street Journal |pages=A1, A5 |date=January 12, 2008 |url=https://www.wsj.com/articles/SB120005404048583617 |access-date=January 15, 2008 |archive-url=https://web.archive.org/web/20080115063355/http://online.wsj.com/article/SB120005404048583617.html |archive-date=January 15, 2008 |url-status=live}} The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.{{cite press release |title=Countrywide Financial Corporation Thirteen Month Statistical Data for the period ended December 31, 2007 |url=http://about.countrywide.com/PressRelease/PressRelease.aspx?rid=1093858 |access-date=January 15, 2008 |archive-url=https://web.archive.org/web/20080113103647/http://about.countrywide.com/PressRelease/PressRelease.aspx?rid=1093858 |archive-date=January 13, 2008}}

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.{{cite news |url=http://www.orlandosentinel.com/business/sns-ap-bank-of-america-countrywide,0,1423871.story |title=BofA completes deal for Countrywide Financial |agency=Associated Press |date=July 1, 2008 |access-date=July 2, 2008 |archive-url=https://web.archive.org/web/20080804033303/http://www.orlandosentinel.com/business/sns-ap-bank-of-america-countrywide%2C0%2C1423871.story |archive-date=August 4, 2008 |url-status=dead |newspaper=Orlando Sentinel }} The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601103&sid=aEtv5YOYSFwY |title=Bank of America May Not Guarantee Countrywide's Debt |publisher=Bloomberg News |date=May 2, 2008 |access-date=August 3, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20090122224028/http://www.bloomberg.com/apps/news?pid=20601103 |archive-date=January 22, 2009}} Countrywide Financial has changed its name to Bank of America Home Loans.

In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.{{cite news |url=https://money.cnn.com/2011/12/21/news/companies/bank_america_settlement/index.htm?iid=HP_River |publisher=CNN |first=Chris |last=Isidore |title=BofA settles unfair lending claims for $335 million |date=December 21, 2011 |access-date=December 22, 2011 |archive-url=https://web.archive.org/web/20120114071035/https://money.cnn.com/2011/12/21/news/companies/bank_america_settlement/index.htm?iid=HP_River |archive-date=January 14, 2012 |url-status=live}}

File:BOAChart.svg]]

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.{{cite web |first=Zach |last=Lowe |url=http://www.law.com/jsp/article.jsp?id=1202424529176 |title=Wachtell, Shearman, Cravath on Bank of America-Merrill Deal |publisher=Law.com |date=September 15, 2008 |access-date=October 17, 2010 |archive-date=July 31, 2020 |archive-url=https://web.archive.org/web/20200731235219/https://www.law.com/?id=1202424529176 |url-status=live }} Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.{{cite news |last=Popper |first=Margaret |url=https://www.bloomberg.com/apps/news?pid=20601087&sid=aiu6I5m66pcw |title=Bank of America Said to Walk Away From Lehman Talks (Update1) |publisher=Bloomberg |date=September 14, 2008 |access-date=October 17, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100613163056/http://www.bloomberg.com/apps/news?pid=20601087 |archive-date=June 13, 2010}} Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.{{cite news |first=Andrew Ross |last=Sorkin |url=https://www.nytimes.com/2008/09/15/business/15lehman.html |work=The New York Times |title=Lehman Files for Bankruptcy; Merrill Is Sold |date=September 15, 2008 |access-date=March 31, 2010 |archive-url=https://web.archive.org/web/20090417081048/http://www.nytimes.com/2008/09/15/business/15lehman.html |archive-date=April 17, 2009 |url-status=live}} This acquisition made Bank of America the largest financial services company in the world.{{cite news |url=http://news.bbc.co.uk/1/hi/business/7615931.stm |title=Lehman Brothers files for Bankruptcy |work=BBC News |date=September 16, 2008 |access-date=October 17, 2010 |archive-url=https://web.archive.org/web/20090122193638/http://news.bbc.co.uk/1/hi/business/7615931.stm |archive-date=January 22, 2009 |url-status=live}} Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.{{cite web |url=http://afp.google.com/article/ALeqM5i2utZN9Et0f-U1kZR8zBMw51evaA |title=AFP: Temasek could profit on Merrill takeover: economists |date=September 15, 2008 |access-date=October 17, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090508055125/http://afp.google.com/article/ALeqM5i2utZN9Et0f-U1kZR8zBMw51evaA |archive-date=May 8, 2009}} However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.Lim, Kevin & Azhar, Saeed (May 22, 2009), [https://www.reuters.com/article/innovationNews/idUSTRE54L17Q20090522 "Singapore's Temasek defends costly Bank of America exit"] {{Webarchive|url=https://web.archive.org/web/20091002100012/http://www.reuters.com/article/innovationNews/idUSTRE54L17Q20090522 |date=October 2, 2009}}, Reuters, retrieved August 3, 2009

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.{{cite web |url=http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/01-01-2009/0004948222&EDATE=|publisher=prnewswire.com for Bank of America |title=Bank of America Completes Merrill Lynch Purchase |date=January 1, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090215024145/http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=%2Fwww%2Fstory%2F01-01-2009%2F0004948222&EDATE=|archive-date=February 15, 2009}} Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601080&sid=a8FKrqSTGhNU |periodical=Bloomberg L.P. |date=December 18, 2008 |access-date=November 17, 2009 |title=Bank of America Moves Chai; Berkery Said to Depart |first1=Bradley |last1=Keoun |first2=Poppy |last2=Trowbridge |url-status=dead |archive-url=https://web.archive.org/web/20071014072312/http://bloomberg.com/apps/news?pid=20601080 |archive-date=October 14, 2007}} However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.{{cite news |url=http://www.ft.com/cms/s/0/d4def908-f241-11dd-9678-0000779fd2ac.html |periodical=Financial Times |date=February 3, 2009 |access-date=November 17, 2009 |title=BofA Asia head and Thain ally leaves |first1=Greg |last1=Farrell |first2=Francesco |last2=Guerrera |archive-date=February 28, 2021 |archive-url=https://web.archive.org/web/20210228233108/https://www.ft.com/content/d4def908-f241-11dd-9678-0000779fd2ac |url-status=live }}

The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated{{cite news |url=https://www.nytimes.com/2009/01/16/business/16merrill.html |work=The New York Times |title=Bank of America to Receive Additional $20 billion |first1=Eric |last1=Dash |first2=Louise |last2=Story |date=January 16, 2009 |access-date=April 26, 2010 |archive-url=https://web.archive.org/web/20090425170435/http://www.nytimes.com/2009/01/16/business/16merrill.html |archive-date=April 25, 2009 |url-status=live}} with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601110&sid=a5A4F5W_PygQ |archive-url=http://wayback.vefsafn.is/wayback/20100312122842/http%3A//www.bloomberg.com/apps/news?pid%3D20601110%26sid%3Da5A4F5W_PygQ |url-status=dead |archive-date=March 12, 2010 |title=Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch |author=LOUISE STORY and JO BECKER |work=The New York Times |date=June 11, 2009 |access-date=June 13, 2009}}

Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.{{cite news |url=https://www.reuters.com/article/us-bankofamerica-fed/emails-show-fed-pressed-bofa-to-do-merrill-deal-idUSTRE5596Q620090610 |title=BofA documents, e-mails show pressure to buy Merrill Lynch |author=Kim Dixon |publisher=Reuters |date=June 10, 2009 |access-date=January 1, 2018 |archive-url=https://web.archive.org/web/20180117191101/https://www.reuters.com/article/us-bankofamerica-fed/emails-show-fed-pressed-bofa-to-do-merrill-deal-idUSTRE5596Q620090610 |archive-date=January 17, 2018 |url-status=live}} In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.{{cite press release |title=Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm |publisher=Bank of America |date=September 15, 2008 |url=http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=1196836 |access-date=January 17, 2018 |archive-url=https://web.archive.org/web/20170911230425/http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=1196836 |archive-date=September 11, 2017 |url-status=live}} As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.{{cite news |url=http://news.bbc.co.uk/2/hi/business/8008158.stm |work=BBC News |title=Debt overshadows US bank's profit |date=April 20, 2009 |access-date=March 31, 2010 |archive-url=https://web.archive.org/web/20090424003201/http://news.bbc.co.uk/2/hi/business/8008158.stm |archive-date=April 24, 2009 |url-status=live}}{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601109&sid=au3YrxK8NS2s |title=Merrill Bringing Down Lewis Gives Bank 30% Profits as 'a Steal' |last=Mildenberg |first=David |date=October 5, 2009 |publisher=Bloomberg |access-date=December 12, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20100525071928/http://www.bloomberg.com/apps/news?pid=20601109 |archive-date=May 25, 2010}}

On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.{{cite news |title=Bank of America Settles Suit Over Merrill for $2.43 Billion |url=https://dealbook.nytimes.com/2012/09/28/bank-of-america-to-pay-2-43-billion-to-settle-class-action-over-merrill-deal/ |first1=Jessica |last1=Silver-Greenberg |first2=Susanne |last2=Craig |date=September 28, 2012 |newspaper=The New York Times |access-date=March 5, 2017 |archive-url=https://web.archive.org/web/20171009190610/https://dealbook.nytimes.com/2012/09/28/bank-of-america-to-pay-2-43-billion-to-settle-class-action-over-merrill-deal/ |archive-date=October 9, 2017 |url-status=live}} This was one of the first major securities class action lawsuits stemming from the 2008 financial crisis to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).{{cite web |first1=Patrick |last1=Rucker |first2=Jonathan |last2=Stempel |url=https://www.reuters.com/article/us-banks-idUSTRE50F1Q720090116 |title=Bank of America gets big government bailout |date=January 16, 2009 |work=Reuters |access-date=June 30, 2017 |archive-url=https://web.archive.org/web/20170725203813/http://www.reuters.com/article/us-banks-idUSTRE50F1Q720090116 |archive-date=July 25, 2017 |url-status=live}} This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.{{cite news |url=http://uk.reuters.com/article/americasDealsNews/idUKTRE5140OA20090205 |title=U.S. pushed Bank of America to complete Merrill buy: report |date=February 5, 2009 |work=Reuters |first=Joseph A. |last=Giannone |url-status=dead |archive-url=https://web.archive.org/web/20090208113545/http://uk.reuters.com/article/americasDealsNews/idUKTRE5140OA20090205 |archive-date=February 8, 2009}} Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.{{cite news |first=David |last=Ellis |url=https://money.cnn.com/2009/02/11/news/companies/congress_banks/index.htm?postversion=2009021117 |title=Bank CEOs flogged in Washington |work=CNNMoney.com |date=February 11, 2009 |access-date=March 31, 2010 |archive-url=https://web.archive.org/web/20090214142235/https://money.cnn.com/2009/02/11/news/companies/congress_banks/index.htm?postversion=2009021117 |archive-date=February 14, 2009 |url-status=live}} Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.Walsh, Mary Williams (March 15, 2009), [https://www.nytimes.com/2009/03/16/business/16rescue.html "A.I.G. Lists Firms It Paid With Taxpayer Money"] {{Webarchive|url=https://web.archive.org/web/20170205084237/http://www.nytimes.com/2009/03/16/business/16rescue.html |date=February 5, 2017}}, The New York Times. Retrieved March 31, 2009.

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[https://www.wsj.com/articles/SB124771415436449393 "US Regulators to B of A: Obey or Else"] {{Webarchive|url=https://web.archive.org/web/20170812134333/https://www.wsj.com/articles/SB124771415436449393 |date=August 12, 2017}}, The Wall Street Journal, July 16, 2009

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[http://www.prnewswire.com/news-releases/bank-of-america-to-repay-entire-45-billion-in-tarp-to-us-taxpayers-78355327.html Bank of America to Repay Entire $45 billion in TARP to U.S. Taxpayers] {{Webarchive|url=https://web.archive.org/web/20091205041918/http://www.prnewswire.com/news-releases/bank-of-america-to-repay-entire-45-billion-in-tarp-to-us-taxpayers-78355327.html |date=December 5, 2009}}, PR Newswire, December 2, 2009{{cite web |url=https://www.google.com/hostednews/afp/article/ALeqM5hVDH-K0l9zbGcavAHfSrw1-Pn6og |title=Bank of America Completes US TARP Repayment |date=October 12, 2009 |access-date=December 12, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20120523055149/http://www.google.com/hostednews/afp/article/ALeqM5hVDH-K0l9zbGcavAHfSrw1-Pn6og |archive-date=May 23, 2012 |work=Google News}}

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney General Andrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility{{'"}} and "our investigation of these and other matters pursuant to New York's Martin Act will continue". Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."Kouwe, Zachery (August 3, 2009), [http://dealbook.blogs.nytimes.com/2009/08/03/sec-sues-bank-of-america-over-merrill-deal/ "BofA Settles S.E.C. Suit Over Merrill Deal"] {{Webarchive|url=https://web.archive.org/web/20090805133503/http://dealbook.blogs.nytimes.com/2009/08/03/sec-sues-bank-of-america-over-merrill-deal/ |date=August 5, 2009}} DealBook blog, The New York Times, Retrieved August 3, 2009. A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.Stempel, Jonathan,[https://www.reuters.com/article/wtUSInvestingNews/idUSTRE57555A20090807 "Judge blocks Bank of America-SEC bonus settlement"] {{Webarchive|url=https://web.archive.org/web/20090810160156/http://www.reuters.com/article/wtUSInvestingNews/idUSTRE57555A20090807 |date=August 10, 2009}} Reuters, 8/6/09. Retrieved 8/7/09.

A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared among 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.Story, Louise (August 10, 2009), [https://www.nytimes.com/2009/08/11/business/11bank.html "Judge Attacks Merrill Pre-Merger Bonuses"] {{Webarchive|url=https://web.archive.org/web/20171024044803/http://www.nytimes.com/2009/08/11/business/11bank.html |date=October 24, 2017}}, The New York Times, (p. B1, August 11, 2009, NY ed.), retrieved August 11, 2009

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders, an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.Glovin, David (February 22, 2010), [https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMU9F1952OHA "Bank of America $150 million SEC Accord Is Approved"] {{Webarchive|url=https://web.archive.org/web/20151018114139/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMU9F1952OHA |date=October 18, 2015}}, Bloomberg.com, retrieved March 2, 2010 Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,Story, Louise, [https://www.nytimes.com/2009/09/15/business/15bank.html "Judge Rejects Settlement Over Merrill Bonuses"] {{Webarchive|url=https://web.archive.org/web/20170113115114/http://www.nytimes.com/2009/09/15/business/15bank.html |date=January 13, 2017}}, The New York Times, September 14, 2009. Retrieved September 14, 2009. under chairman Edolphus Towns (D-NY)[http://democrats.oversight.house.gov/index.php?option=com_content&task=view&id=4619&Itemid=2 "Executive Compensation: How Much is Too Much?"] {{Webarchive|url=https://web.archive.org/web/20110605151647/http://democrats.oversight.house.gov/index.php?option=com_content&task=view&id=4619&Itemid=2 |date=June 5, 2011}} Hearing, with statements, October 28, 2009. Retrieved October 30, 2011. and in its investigative Domestic Policy Subcommittee under Kucinich.[http://oversight.house.gov/index.php?option=com_content&view=article&id=4771:kucinich-on-new-ny-ag-fraud-charges-against-bank-of-america-and-sec-settling-charges-against-bofa-for-misleading-shareholders&catid=80:press-room&Itemid=39 "Kucinich on new NY AG fraud charges against Bank of America and SEC settling charges against BofA for misleading shareholders"] {{Webarchive|url=https://web.archive.org/web/20100206043538/http://oversight.house.gov/index.php?option=com_content&view=article&id=4771:kucinich-on-new-ny-ag-fraud-charges-against-bank-of-america-and-sec-settling-charges-against-bofa-for-misleading-shareholders&catid=80:press-room&Itemid=39 |date=February 6, 2010}} Press release, February 4, 2010. Retrieved March 2, 2010.

In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.{{cite news |title=Bank of America to pay $137 million in state fraud cases |url=https://www.washingtonpost.com/wp-dyn/content/article/2010/12/07/AR2010120703314.html |newspaper=The Washington Post |first=Zachary A. |last=Goldfarb |date=December 7, 2010 |access-date=February 3, 2018 |archive-url=https://web.archive.org/web/20171231203258/http://www.washingtonpost.com/wp-dyn/content/article/2010/12/07/AR2010120703314.html |archive-date=December 31, 2017 |url-status=live}} Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. {{as of|2011|January|}}, other bankers and brokers are under indictment or investigation.Selway, William, & Braun, Martin Z. (January 2011), "The Men who Rigged the Muni Market", Bloomberg Markets, pp. 79–84

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.{{cite news |url=https://www.npr.org/blogs/thetwo-way/2012/10/24/163581908/u-s-sues-bank-of-america-over-mortgage-loans-to-fannie-and-freddie |title=U.S. Sues Bank Of America Over Mortgage Loans To Fannie And Freddie |date=October 24, 2012 |work=npr |access-date=April 6, 2018 |archive-url=https://web.archive.org/web/20150504050720/http://www.npr.org/blogs/thetwo-way/2012/10/24/163581908/u-s-sues-bank-of-america-over-mortgage-loans-to-fannie-and-freddie |archive-date=May 4, 2015 |url-status=live}}{{cite news |title=U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud |work=The New York Times |date=October 24, 2012 |access-date=February 3, 2018 |url=https://dealbook.nytimes.com/2012/10/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/ |first=Ben |last=Protess |archive-url=https://web.archive.org/web/20180215180111/https://dealbook.nytimes.com/2012/10/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/ |archive-date=February 15, 2018 |url-status=live}} On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract", not a fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.{{cite news |first1=Aruna |last1=Viswanatha |first2=Christina |last2=Rexrode |title=Bank of America Penalty Thrown Out in Crisis-Era 'Hustle' Case Appeals court says government didn't prove case, bank doesn't have to pay $1.27 billion |url=https://www.wsj.com/articles/appeals-court-throws-out-1-27-billion-penalty-against-bank-of-america-1464018896 |access-date=May 24, 2016 |work=The Wall Street Journal |date=May 23, 2016 |url-access=subscription |archive-url=https://web.archive.org/web/20160523165329/http://www.wsj.com/articles/appeals-court-throws-out-1-27-billion-penalty-against-bank-of-america-1464018896 |archive-date=May 23, 2016 |url-status=live}}

Ken Lewis, who had lost the title of chairman of the board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.{{cite news |last1=Fitzpatrick |first1=Dan |last2=Lublin |first2=Joann S. |date=October 2, 2009 |url=https://www.wsj.com/articles/SB125434715693053835 |title=Bank of America Chief Resigns Under Fire |newspaper=The Wall Street Journal |access-date=March 29, 2010 |archive-url=https://web.archive.org/web/20100211201826/http://online.wsj.com/article/SB125434715693053835.html |archive-date=February 11, 2010 |url-status=live}}{{cite news |last=La Monica |first=Paul R. |date=February 24, 2010 |title=BofA: No longer hated on Wall Street |url=https://money.cnn.com/2010/02/24/markets/thebuzz/index.htm |work=CNNMoney.com |access-date=March 29, 2010 |archive-url=https://web.archive.org/web/20100225163959/https://money.cnn.com/2010/02/24/markets/thebuzz/index.htm |archive-date=February 25, 2010 |url-status=live}}

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.{{cite news |publisher=American City Business Journals |date=September 13, 2011 |access-date=September 15, 2011 |title=Bank of America ending 30K more jobs |work=Philadelphia Business Journal |url=http://www.bizjournals.com/philadelphia/morning_roundup/2011/09/bank-of-america-ending-30k-more-jobs.html |archive-url=https://web.archive.org/web/20130721045708/http://www.bizjournals.com/philadelphia/morning_roundup/2011/09/bank-of-america-ending-30k-more-jobs.html |archive-date=July 21, 2013 |url-status=live}} In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.Badenhausen, Kurt (December 13, 2011). [https://www.forbes.com/sites/kurtbadenhausen/2011/12/13/americas-best-and-worst-banks/ "Full List: America's Best And Worst Banks"] {{Webarchive|url=https://web.archive.org/web/20170525043009/https://www.forbes.com/sites/kurtbadenhausen/2011/12/13/americas-best-and-worst-banks/ |date=May 25, 2017}}. Forbes.

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.{{cite web |title=BofA speeds up plans to cut 16,000 jobs: WSJ |url=https://news.yahoo.com/bofa-speeds-plans-cut-16-000-jobs-wsj-175953062--sector.html |publisher=Yahoo News |access-date=September 21, 2012 |archive-url=https://web.archive.org/web/20120922140340/http://news.yahoo.com/bofa-speeds-plans-cut-16-000-jobs-wsj-175953062--sector.html |archive-date=September 22, 2012 |url-status=live}} In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region. In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.{{cite web |url=http://www.mlive.com/news/flint/index.ssf/2014/05/huntington_bank_adding_13_bran.html |title=Huntington Bank buys 13 branches to Flint-area, Monroe, Muskegon in $500 million deal |work=MLive.com |date=May 15, 2014 |access-date=September 17, 2014 |archive-url=https://web.archive.org/web/20140731024109/http://www.mlive.com/news/flint/index.ssf/2014/05/huntington_bank_adding_13_bran.html |archive-date=July 31, 2014 |url-status=live}}

As part of its new strategy Bank of America is focused on growing its mobile banking platform. {{as of|2014}}, Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.{{cite web |url=https://money.cnn.com/2018/07/16/news/companies/bank-of-america-branch-mobile-banking/index.html |title=Why Bank of America branches are disappearing |first=Matt |last=Egan |date=July 16, 2018 |website=CNNMoney |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190827185535/https://money.cnn.com/2018/07/16/news/companies/bank-of-america-branch-mobile-banking/index.html |archive-date=August 27, 2019 |url-status=live}}

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for US$3 billion.{{cite news |title=Bank of America invests in China |newspaper=BBC News |date=June 17, 2005 |url=http://news.bbc.co.uk/2/hi/business/4102670.stm |access-date=August 22, 2007 |archive-url=https://web.archive.org/web/20071013115642/http://news.bbc.co.uk/2/hi/business/4102670.stm |archive-date=October 13, 2007 |url-status=live}} It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.{{cite web |url=http://www.legalbusinessonline.com.au |title=ALB Asia – legal deals, law deals, law firm deals, lawyer deals |publisher=Legalbusinessonline.com.au |access-date=October 17, 2010 |archive-url=https://wayback.archive-it.org/all/20170525042328/http://www.legalbusinessonline.com/asia |archive-date=May 25, 2017 |url-status=live}} In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.{{cite news |title=Bank of America's Construction Bank Sale Lifts Capital, Reduces China Risk |publisher=Bloomberg |date=November 15, 2011 |url=https://www.bloomberg.com/news/2011-11-14/bank-of-america-sells-most-of-china-construction-stake-boost-its-capital.html |access-date=June 10, 2012 |first1=Hugh |last1=Son |first2=Stephanie |last2=Tong |archive-url=https://web.archive.org/web/20120508043609/http://www.bloomberg.com/news/2011-11-14/bank-of-america-sells-most-of-china-construction-stake-boost-its-capital.html |archive-date=May 8, 2012 |url-status=live}}

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.{{cite news |url=https://www.reuters.com/article/us-bankofamerica-china-idUSBRE98209P20130903 |title=Bank of America selling remaining stake in Chinese bank |first1=Elzio |last1=Barreto |first2=Denny |last2=Thomas |first3=Peter |last3=Rudegeair |publisher=Reuters |date=September 3, 2013 |access-date=June 30, 2017 |archive-url=https://web.archive.org/web/20150924184215/http://www.reuters.com/article/2013/09/03/us-bankofamerica-china-idUSBRE98209P20130903 |archive-date=September 24, 2015 |url-status=live}}

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.{{cite news |title=Bank of America to pay nearly $17 bn to settle mortgage claims |url=http://www.philadelphiaherald.com/index.php/sid/224972439 |date=August 21, 2014 |access-date=August 22, 2014 |newspaper=Philadelphia Herald |archive-url=https://web.archive.org/web/20140826161237/http://www.philadelphiaherald.com/index.php/sid/224972439 |archive-date=August 26, 2014 |url-status=live}} Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck".{{cite web |url=https://www.usnews.com/news/blogs/home-front/2012/02/10/mortgage-settlement-do-the-big-banks-owe-you-money |title=Mortgage Settlement: Do the Big Banks Owe You Money? |first=Meg |last=Handley |work=U.S. News & World Report |url-status=dead |archive-url=https://web.archive.org/web/20150103021055/http://www.usnews.com/news/blogs/home-front/2012/02/10/mortgage-settlement-do-the-big-banks-owe-you-money |archive-date=January 3, 2015}}

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.{{cite web |url=http://www.mahanyertl.com/2015/whistleblowers-share-170m-bank-america-settlement/ |title=Whistleblowers Share Over $170M in Bank of America Settlement |date=January 5, 2015 |access-date=November 25, 2015 |website=MahanyLaw |last=Mahany |first=Brian |archive-url=https://web.archive.org/web/20151125171632/http://www.mahanyertl.com/2015/whistleblowers-share-170m-bank-america-settlement/ |archive-date=November 25, 2015 |url-status=live}}

File:DOD Community Bank operated by Bank of America logo.png

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank{{cite web |url=https://www.dodcommunitybank.com/home |title=Community Bank | Home |website=Community Bank |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190722053717/https://www.dodcommunitybank.com/home |archive-date=July 22, 2019 |url-status=live}} ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations{{cite web |url=https://www.dodcommunitybank.com/home/locations |title=Community Bank | Banking Centers |website=Community Bank |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20170213000725/https://www.dodcommunitybank.com/home/locations |archive-date=February 13, 2017 |url-status=live}} on U.S. military installations in Guantanamo Bay Naval Base Cuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,{{cite web |url=https://www.dodcommunitybank.com/home/newcomer/faqs/general_faqs |title=Community Bank | General FAQs |website=Community Bank |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190323105306/https://www.dodcommunitybank.com/home/newcomer/faqs/general_faqs |archive-date=March 23, 2019 |url-status=live}} meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.{{cite news |last1=Hsu |first1=Tiffany |title=Bank of America to Stop Financing Makers of Military-Style Guns |url=https://www.nytimes.com/2018/04/10/business/bank-of-america-guns.html |access-date=April 12, 2018 |work=The New York Times |date=April 10, 2018 |archive-url=https://web.archive.org/web/20180412221321/https://www.nytimes.com/2018/04/10/business/bank-of-america-guns.html |archive-date=April 12, 2018 |url-status=live}} In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

File:Bank of America footprint.png, Indianapolis, Ohio, Pittsburgh, and Twin Cities markets]]

File:A Bank of America branch in Chestnut Hill, Philadelphia.jpg section of Philadelphia]]

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.{{cite web |url=https://www.charlotteobserver.com/news/business/banking/article197198599.html |title=Bank of America is expanding into a new U.S. market |work=Charlotte Observer |last=Roberts |first=Deon |access-date=November 11, 2018 |archive-url=https://web.archive.org/web/20181111215400/https://www.charlotteobserver.com/news/business/banking/article197198599.html |archive-date=November 11, 2018 |url-status=live}} The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;{{cite web |url=https://www.post-gazette.com/business/pittsburgh-company-news/2018/01/29/Bank-of-America-expanding-Pittsburgh-region-Wexford-Mt-Lebanon-East-Libery-branches/stories/201801290085 |title=Bank of America, the nation's second-biggest bank, expanding in Pittsburgh region |website=Pittsburgh Post-Gazette |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190722053713/https://www.post-gazette.com/business/pittsburgh-company-news/2018/01/29/Bank-of-America-expanding-Pittsburgh-region-Wexford-Mt-Lebanon-East-Libery-branches/stories/201801290085 |archive-date=July 22, 2019 |url-status=live}} this coincided with Chase making a similar expansion into Pittsburgh.{{cite web |url=https://patch.com/pennsylvania/pittsburgh/chase-more-doubles-pittsburgh-presence |title=Chase More Than Doubles Pittsburgh Presence |last=Heyl |first=Eric |website=Patch.com |date=December 16, 2020 |access-date=July 29, 2021 |archive-date=February 2, 2021 |archive-url=https://web.archive.org/web/20210202191256/https://patch.com/pennsylvania/pittsburgh/chase-more-doubles-pittsburgh-presence |url-status=live }} By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive."Pittsburgh becomes a battleground for national banking powerhouses |Banking Dive" https://www.bankingdive.com/news/pittsburgh-bank-of-america-jpmorgan-mars-nextier/585576/ {{Webarchive|url=https://web.archive.org/web/20210908234543/https://www.bankingdive.com/news/pittsburgh-bank-of-america-jpmorgan-mars-nextier/585576/ |date=September 8, 2021 }} By 2021, Bank of America had moved up to 12th in the market.{{cite web |url=https://www7.fdic.gov/sod/sodMarketRpt.asp?barItem=2 |title=Summary of Deposits - Market Share |access-date=October 24, 2021 |archive-date=May 27, 2021 |archive-url=https://web.archive.org/web/20210527065621/https://www7.fdic.gov/sod/sodMarketRpt.asp?barItem=2 |url-status=live }}

In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.{{cite web |url=https://www.dispatch.com/news/20180226/bank-of-america-expanding-into-ohio |title=Bank of America expanding into Ohio |first=Mark |last=Williams |website=The Columbus Dispatch |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190421200128/https://www.dispatch.com/news/20180226/bank-of-america-expanding-into-ohio |archive-date=April 21, 2019 |url-status=live}}{{cite web |url=https://www.marketwatch.com/story/bank-of-america-will-expand-into-ohio-2018-02-27 |title=Bank of America will expand into Ohio |first=Rachel Louise |last=Ensign |website=MarketWatch |date=February 27, 2018 |access-date=July 22, 2019 |archive-url=https://web.archive.org/web/20190323105307/https://www.marketwatch.com/story/bank-of-america-will-expand-into-ohio-2018-02-27 |archive-date=March 23, 2019 |url-status=live}} Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.{{cite web |url=https://www.dispatch.com/story/business/2020/09/21/bank-of-america-making-presence-known-in-central-ohio/114107800/ |title=Bank of America making presence known in central Ohio |access-date=September 8, 2021 |archive-date=September 8, 2021 |archive-url=https://web.archive.org/web/20210908234543/https://amp.dispatch.com/amp/114107800 |url-status=live }} As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.

In January 2020, Bank of America hired new advisors whose primary functions are to assist ultra-wealthy clients.{{Cite news |date=January 16, 2020 |title=Bank of America adds advisors to cater to the ultra-wealthy |language=en |work=Reuters |url=https://www.reuters.com/article/us-bofaml-wealth-idUSKBN1ZF2Q2 |access-date=May 22, 2023}}

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.{{cite news |title=Awards for Excellence 2007 Best Bank: Bank of America |publisher=Euromoney |date=July 13, 2007 |url=http://www.euromoney.com/article.asp?ArticleID=1391932 |url-status=dead |archive-url=https://web.archive.org/web/20070921195713/http://www.euromoney.com/article.asp?ArticleID=1391932 |archive-date=September 21, 2007}}

File:Bank of America - Near Northeast.JPG]]

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, merchant services, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, a specific division for investment and related services, such as research and call center counsel, after Merrill Lynch became a subsidiary of Bank of America. The consumer banking division represented 38% of the company's total revenue in 2016.{{cite web |url=https://investor.bankofamerica.com/regulatory-and-other-filings/annual-reports/content/0000070858-17-000013/0000070858-17-000013.pdf |archive-url=https://web.archive.org/web/20210804045629/https://investor.bankofamerica.com/regulatory-and-other-filings/annual-reports/content/0000070858-17-000013/0000070858-17-000013.pdf |url-status=live |title=Bank of America Corp 2016 Annual Report (Form 10-K) |date=February 23, 2017 |archive-date=August 4, 2021 |publisher=U.S. Securities and Exchange Commission}} The company earns revenue from interest income, service charges, and fees. In addition, the company is a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when travelling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

File:LaurastBOAT.jpg, on Laura Street in Jacksonville, Florida]]

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

The Global Wealth and Investment Management (GWIM) division manages the investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016. It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

File:The Chairman and CEO, Bank of America, Mr. Brian Moynihan meeting the Prime Minister, Shri Narendra Modi, in New Delhi on December 03, 2014.jpg meeting Narendra Modi, Prime Minister of India, in New Delhi, in December 2014]]

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as securities service, market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.{{cite web |url=https://www.bizjournals.com/austin/news/2019/04/09/bank-of-america-to-raise-minimum-wage-to-20-an.html |last=Hudson |first=Caroline |date=April 9, 2019 |title=Bank of America to raise minimum wage to $20 an hour |work=Austin Business Journal |access-date=April 10, 2019 |archive-date=June 23, 2022 |archive-url=https://web.archive.org/web/20220623110744/https://www.bizjournals.com/austin/news/2019/04/09/bank-of-america-to-raise-minimum-wage-to-20-an.html |url-status=live }}

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).{{cite news |title=Whoa! Bank of America cuts ties to ALEC |url=https://teamster.org/blog/2015/11/whoa-bank-america-cuts-ties-alec-0 |publisher=Teamsters |date=November 6, 2012 |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20170320143433/https://teamster.org/blog/2015/11/whoa-bank-america-cuts-ties-alec-0 |archive-date=March 20, 2017 |url-status=live}}

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.{{cite web |url=http://corp.bankofamerica.com/public/public.portal?_pd_page_label=products/regions/asia/contact |title=Asia Pacific | Global Regions | Bank of America Merrill Lynch |publisher=Bank of America |access-date=October 17, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090721021214/http://corp.bankofamerica.com/public/public.portal?_pd_page_label=products%2Fregions%2Fasia%2Fcontact |archive-date=July 21, 2009}}

File:Brian Moynihan, official portrait, Homeland Security Council.jpg, Bank of America CEO since 2010]]

1. Hugh McColl (1998–2001){{cite web |title=Bank of America Chairman and CEO Hugh L. McColl, Jr. to Retire in April; Board Names Lewis Successor |url=http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-chairman-and-ceo-hugh-l-mccoll-jr-retire-april |access-date=December 29, 2020 |archive-date=June 23, 2022 |archive-url=https://web.archive.org/web/20220623110742/https://newsroom.bankofamerica.com/content/newsroom/press-releases.html?page=1&year=all&category=press-release-categories/corporate-and-financial-news&categTitle=Corporate%20and%20Financial%20News |url-status=live }}
2. Ken Lewis (2001–2009){{cite web |title=Former FDIC chief: BofA ex-CEO Ken Lewis seen as 'country bumpkin' |url=https://www.bizjournals.com/charlotte/blog/bank_notes/2012/09/former-fdic-chief-bofa-ex-ceo-ken.html |access-date=December 29, 2020 |archive-date=April 23, 2021 |archive-url=https://web.archive.org/web/20210423153808/https://www.bizjournals.com/charlotte/blog/bank_notes/2012/09/former-fdic-chief-bofa-ex-ceo-ken.html |url-status=live }}
3. Brian Moynihan (2010– ){{cite web |title=Brian Moynihan Chairman of the Board and Chief Executive Officer |url=https://newsroom.bankofamerica.com/brian-moynihan |access-date=December 29, 2020 |archive-date=January 26, 2021 |archive-url=https://web.archive.org/web/20210126223319/https://newsroom.bankofamerica.com/brian-moynihan |url-status=live }}

File:Bank of America LA Pride 2011.jpg pride parade in Los Angeles in 2011]]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighbourhoods.{{cite press release |title=Bank of America Meeting $350 Billion Community Development Goals |url=http://www.prnewswire.com/news-releases/bank-of-america-meeting-350-billion-community-development-goals-77946622.htmll |publisher=Bank of America |via=PRNewswire |date=June 20, 2002}} In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.{{cite news |title=Beyond the Balance Sheet: Social Scorecard |url=https://www.forbes.com/free_forbes/2004/1213/171tab.html |work=Forbes |date=December 13, 2004 |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20170320054558/https://www.forbes.com/free_forbes/2004/1213/171tab.html |archive-date=March 20, 2017 |url-status=dead}}

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.{{cite news |title=Bank Vows $20 Billion for Green Projects |url=https://www.nbcnews.com/id/wbna17500301 |agency=Associated Press |work=NBC News |date=February 6, 2008 |access-date=August 21, 2014 |archive-url=https://web.archive.org/web/20150103015100/http://www.nbcnews.com/id/17500301/ |archive-date=January 3, 2015 |url-status=live}} In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.{{cite news |title=Credit Cards' Latest Pitch: Green Benefits |url=https://www.wsj.com/articles/SB120225763311445823 |first=Carolyn |last=Cui |work=The Wall Street Journal |date=November 30, 2007 |url-access=subscription |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20170320054234/https://www.wsj.com/articles/SB120225763311445823 |archive-date=March 20, 2017 |url-status=live}} Bank of America has also donated money to help health centers in Massachusetts{{cite news |last=Kowalczyk |first=Liz |title=Bank to aid health centers |url=http://archive.boston.com/business/globe/articles/2007/03/10/bank_to_aid_health_centers/ |work=The Boston Globe |date=March 10, 2007 |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20160818170405/http://archive.boston.com/business/globe/articles/2007/03/10/bank_to_aid_health_centers/ |archive-date=August 18, 2016 |url-status=live}} and made a $1 million donation in 2007 to help homeless shelters in Miami.{{cite news |last=Freer |first=Jim |title=BofA donates $1M to Camillus House |url=http://www.bizjournals.com/southflorida/stories/2007/03/05/daily40.html |publisher=South Florida Business Journal |date=March 9, 2007 |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20170320052701/http://www.bizjournals.com/southflorida/stories/2007/03/05/daily40.html |archive-date=March 20, 2017 |url-status=live}}

In India, Bank of America donates to the preservation and documentation of relics. Since 2010, under the stewardship of Kaku Nakhate, president and head of BoA India, the company has supported arts and culture in the country, including sponsoring the Children's Museum at CSMVS (Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, formerly known as Prince of Wales Museum).{{Cite web|language=en|url=https://www.businesstoday.in/magazine/banking/story/mpw-2023-how-kaku-nakhate-is-powering-bank-of-americas-india-strategy-372108-2023-03-03|title=MPW 2022: How Kaku Nakhate is powering Bank of America's India strategy|website=Businesstoday|date=March 3, 2023 |access-date=2024-01-29|archive-date=2024-01-11|archive-url=https://web.archive.org/web/20240111083837/https://www.businesstoday.in/magazine/banking/story/mpw-2023-how-kaku-nakhate-is-powering-bank-of-americas-india-strategy-372108-2023-03-03}}

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.{{cite news |title=BofA settles with Parmalat for $100M |work=Charlotte Business Journal |date=July 28, 2009 |url=http://charlotte.bizjournals.com/charlotte/stories/2009/07/27/daily21.html |access-date=June 19, 2011 |archive-url=https://web.archive.org/web/20090805031148/http://charlotte.bizjournals.com/charlotte/stories/2009/07/27/daily21.html |archive-date=August 5, 2009 |url-status=live}}{{cite news |title=Italy/US: Parmalat receives Bank of America settlement |publisher=Aroq Ltd. |date=October 5, 2009 |url=http://www.just-food.com/news/parmalat-receives-bank-of-america-settlement_id108270.aspx?lk=fs |access-date=June 19, 2011 |archive-url=https://web.archive.org/web/20111003042012/http://www.just-food.com/news/parmalat-receives-bank-of-america-settlement_id108270.aspx?lk=fs |archive-date=October 3, 2011 |url-status=live}} In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.{{cite news |title=Judge Clears Banks in Parmalat Case |work=The New York Times |date=April 18, 2011 |url=https://dealbook.nytimes.com/2011/04/18/judge-clears-banks-in-parmalat-case/ |first=Eric |last=Sylvers |access-date=June 19, 2011 |archive-url=https://web.archive.org/web/20110423120510/http://dealbook.nytimes.com/2011/04/18/judge-clears-banks-in-parmalat-case/ |archive-date=April 23, 2011 |url-status=live}}

In August 2011, Bank of America was sued for $10 billion by American International Group over an alleged "massive fraud" on mortgage debt.{{cite web |title=AIG sues BofA for $10 billion, alleging 'massive fraud' |url=https://www.nbcnews.com/id/wbna44061250 |access-date=February 7, 2022 |website=NBC News |date=August 8, 2011 |language=en |archive-date=February 7, 2022 |archive-url=https://web.archive.org/web/20220207235532/https://www.nbcnews.com/id/wbna44061250 |url-status=live }} Another lawsuit filed against Bank of America, pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.{{cite news |last=Connelly |first=Eileen AJ |date=October 13, 2011 |title=Fitch may downgrade BofA, Morgan Stanley, Goldman |work=Seattle Post-Intelligencer |agency=Associated Press |url=http://www.seattlepi.com/business/article/Fitch-may-downgrade-BofA-Morgan-Stanley-Goldman-2217414.php |access-date=October 13, 2011 |archive-date=December 8, 2011 |archive-url=http://web.archive.bibalex.org/web/20111208121205/http://www.seattlepi.com/business/article/Fitch-may-downgrade-BofA-Morgan-Stanley-Goldman-2217414.php |url-status=dead }} That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.{{cite news |last=Savage |first=Charlie |date=December 21, 2011 |title=Countrywide Will Settle a Bias Suit |work=The New York Times |url=https://www.nytimes.com/2011/12/22/business/us-settlement-reported-on-countrywide-lending.html |url-status=live |access-date=November 19, 2011 |archive-url=https://web.archive.org/web/20111221193202/http://www.nytimes.com/2011/12/22/business/us-settlement-reported-on-countrywide-lending.html |archive-date=December 21, 2011}} In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.{{cite web |last= |first= |date=September 28, 2012 |title=In September 2012, BofA settled out of court for $2.4 billion |url=https://www.reuters.com/article/us-bofa-lawsuit/bofa-pays-2-4-billion-to-settle-claims-over-merrill-idUSBRE88R0PR20120928 |access-date=January 15, 2021 |website=reuters |archive-date=April 29, 2021 |archive-url=https://web.archive.org/web/20210429054808/https://www.reuters.com/article/us-bofa-lawsuit/bofa-pays-2-4-billion-to-settle-claims-over-merrill-idUSBRE88R0PR20120928 |url-status=live }}

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.{{cite web |url=http://www.nationalmortgagesettlement.com/faq |title=Joint State-Federal Mortgage Servicing Settlement FAQ |publisher=Attorneys General Executive Committee |access-date=June 15, 2015 |archive-url=https://web.archive.org/web/20150612125713/http://www.nationalmortgagesettlement.com/faq |archive-date=June 12, 2015 |url-status=live}} The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.{{cite news |url=https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html |newspaper=The New York Times |title=Mortgage Plan Gives Billions to Homeowners, but With Exceptions |date=February 9, 2012 |first1=Nelson D. |last1=Schwartz |first2=Julie |last2=Creswell |access-date=February 14, 2017 |archive-url=https://web.archive.org/web/20170216063228/http://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html |archive-date=February 16, 2017 |url-status=live}} The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.{{cite news |url=https://dealbook.nytimes.com/2012/10F/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/ |work=The New York Times |first=Ben |last=Protess |title=U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud |date=October 24, 2012}} In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.{{cite news |last=Son |first=Hugh |url=https://www.bloomberg.com/news/2014-03-26/bofa-agrees-to-9-5-billion-mortgage-settlement-boosts-dividend.html |title=BofA's Moynihan Delivers at Last on Vow to Boost Dividend |publisher=Bloomberg |date=March 26, 2014 |access-date=August 23, 2014 |archive-url=https://web.archive.org/web/20141101181801/http://www.bloomberg.com/news/2014-03-26/bofa-agrees-to-9-5-billion-mortgage-settlement-boosts-dividend.html |archive-date=November 1, 2014 |url-status=live}}

A$7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.{{cite news |last=Abrams |first=Rachel |title=Ex-Finance Chief at Bank of America to Pay $7.5 Million in Settlement |url=https://dealbook.nytimes.com/2014/04/25/ex-finance-chief-at-bank-of-america-to-pay-7-5-million-in-settlement/ |newspaper=The New York Times |access-date=April 28, 2014 |date=April 25, 2014 |archive-url=https://web.archive.org/web/20140428054130/http://dealbook.nytimes.com/2014/04/25/ex-finance-chief-at-bank-of-america-to-pay-7-5-million-in-settlement/ |archive-date=April 28, 2014 |url-status=live}} In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.{{cite news |url=https://www.latimes.com/business/la-fi-bank-of-america-settlement-justice-mortgage-countrywide-20140821-story.html |title=Bank of America to Pay Record $16.65 Billion to Settle Mortgage Claims |newspaper=Los Angeles Times |date=August 21, 2014 |first=Jim |last=Puzzanghera |access-date=August 21, 2014 |archive-url=https://web.archive.org/web/20140821235838/http://www.latimes.com/business/la-fi-bank-of-america-settlement-justice-mortgage-countrywide-20140821-story.html |archive-date=August 21, 2014 |url-status=live}} As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.{{cite news |url=http://www.cbsnews.com/news/eric-holder-to-announce-17b-bank-of-america-settlement/ |title=Holder to Announce Record Bank of America Settlement |work=CBS News |date=August 21, 2014 |access-date=August 21, 2014 |archive-url=https://web.archive.org/web/20140822051846/http://www.cbsnews.com/news/eric-holder-to-announce-17b-bank-of-america-settlement/ |archive-date=August 22, 2014 |url-status=live}} The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.{{cite news |url=http://www.charlotteobserver.com/2014/08/20/5118079/bank-of-americas-nearly-17-billion.html |title=Bank of America's Nearly $17 Billion Settlement Could be Announced Thursday |date=August 20, 2014 |newspaper=The Charlotte Observer |last=Roberts |first=Deon |access-date=August 22, 2014 |archive-url=https://web.archive.org/web/20150103014749/http://www.charlotteobserver.com/2014/08/20/5118079/bank-of-americas-nearly-17-billion.html |archive-date=January 3, 2015 |url-status=dead}} The settlement was the largest in United States history between a single company and the federal government.{{cite news |title=Bank of America Reaches $16.65 Billion Mortgage Settlement |url=https://dealbook.nytimes.com/2014/08/21/bank-of-america-reaches-16-65-billion-mortgage-settlement/ |newspaper=The New York Times |date=August 21, 2014 |last1=Corkery |first1=Michael |last2=Apuzzo |first2=Matt |access-date=March 5, 2017 |archive-url=https://web.archive.org/web/20170521192032/https://dealbook.nytimes.com/2014/08/21/bank-of-america-reaches-16-65-billion-mortgage-settlement/ |archive-date=May 21, 2017 |url-status=live}}{{cite news |title=Bank of America Agrees to Nearly $17B Settlement |url=https://www.usatoday.com/story/money/business/2014/08/20/bank-of-america-doj-settlement/14355935/ |newspaper=USA Today |date=August 21, 2014 |last1=McCoy |first1=Kevin |last2=Johnson |first2=Kevin |access-date=August 24, 2017 |archive-url=https://web.archive.org/web/20171115145514/https://www.usatoday.com/story/money/business/2014/08/20/bank-of-america-doj-settlement/14355935/ |archive-date=November 15, 2017 |url-status=live}}

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,{{cite news |first1=Cynthia |last1=Koons |first2=Dan |last2=Fitzpatrick |title=Anonymous' Perplexing Leak of Bank of America Documents |url=https://blogs.wsj.com/deals/2011/03/15/anonymous-perplexing-leak-of-bank-of-america-documents/ |work=The Wall Street Journal |access-date=March 1, 2012 |date=March 15, 2011 |url-access=subscription |archive-url=https://web.archive.org/web/20120313001616/http://blogs.wsj.com/deals/2011/03/15/anonymous-perplexing-leak-of-bank-of-america-documents/ |archive-date=March 13, 2012 |url-status=live}} was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.{{cite news |url=https://www.huffingtonpost.com/2011/03/14/bank-of-america-anonymous-leak-mortgage_n_835220.html |title=Bank Of America Anonymous Leak Alleges 'Corruption And Fraud' |last=McCarthy |first=Ryan |date=March 14, 2011 |work=Huffington Post |access-date=May 10, 2018 |language=en-US |archive-url=https://web.archive.org/web/20180805082925/https://www.huffingtonpost.com/2011/03/14/bank-of-america-anonymous-leak-mortgage_n_835220.html |archive-date=August 5, 2018 |url-status=live}} On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.{{cite news |last1=Aubin |first1=Dena |title=Bank of America, QBE to settle insurance lawsuit for $228 million |url=https://www.reuters.com/article/us-bankofamerica-settlement/bank-of-america-qbe-to-settle-insurance-lawsuit-for-228-million-idUSBREA361FJ20140407 |access-date=September 29, 2021 |publisher=Reuters |date=April 7, 2014 |archive-date=September 29, 2021 |archive-url=https://web.archive.org/web/20210929092800/https://www.reuters.com/article/us-bankofamerica-settlement/bank-of-america-qbe-to-settle-insurance-lawsuit-for-228-million-idUSBREA361FJ20140407 |url-status=live }}

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.{{cite web |title=CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices |date=April 9, 2014 |url=http://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-727-million-in-consumer-relief-for-illegal-credit-card-practices/ |url-status=live |archive-url=https://web.archive.org/web/20160521025448/http://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-727-million-in-consumer-relief-for-illegal-credit-card-practices/ |archive-date=May 21, 2016 |access-date=June 8, 2016 |publisher=Consumer Financial Protection Bureau}} In May 2022, CFPB ordered Bank of America to pay $10 million in penalties for illegal garnishments.{{Cite web |title=CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments |url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-10-million-penalty-for-illegal-garnishments/ |access-date=May 26, 2022 |website=Consumer Financial Protection Bureau |date=May 4, 2022 |language=en |archive-date=May 27, 2022 |archive-url=https://web.archive.org/web/20220527114902/https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-10-million-penalty-for-illegal-garnishments/ |url-status=live }}

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.{{cite web |last1=Picker |first1=Leslie |last2=Manning |first2=Patrick |date=April 27, 2018 |title=Ex-Bank of America executive seeks $100 million in damages in defamation claim |url=https://www.cnbc.com/2018/04/27/ex-bank-of-america-executive-seeks-100-million-in-damages-in-defamation-claim.html |access-date=December 15, 2019 |website=CNBC |archive-date=May 16, 2019 |archive-url=https://web.archive.org/web/20190516214144/https://www.cnbc.com/2018/04/27/ex-bank-of-america-executive-seeks-100-million-in-damages-in-defamation-claim.html |url-status=live }} His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.{{cite news |date=April 27, 2018 |title=Ex-BofA Executive Omeed Malik Seeks $100 Million in Defamation Claim |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2018-04-27/ex-bofa-executive-malik-seeks-100-million-in-defamation-claim |url-status=live |access-date=April 30, 2018 |archive-url=https://web.archive.org/web/20180501010130/https://www.bloomberg.com/news/articles/2018-04-27/ex-bofa-executive-malik-seeks-100-million-in-defamation-claim |archive-date=May 1, 2018}} Malik received an eight-figure settlement in July of the same year.{{cite news |last1=Keller |first1=Laura J. |last2=Kishan |first2=Saijel |date=July 13, 2018 |title=BofA Agrees to Settlement With Former Executive Omeed Malik |newspaper=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2018-07-13/bofa-is-said-to-agree-to-settlement-with-former-executive-malik |url-status=live |access-date=October 31, 2019 |archive-url=https://web.archive.org/web/20191101023100/https://www.bloomberg.com/news/articles/2018-07-13/bofa-is-said-to-agree-to-settlement-with-former-executive-malik |archive-date=November 1, 2019}}{{cite web |date=July 14, 2018 |title=BOA settles with exec who says whistleblowing led to bogus sex harassment claims |url=https://nypost.com/2018/07/13/boa-settles-with-exec-who-says-whistleblowing-led-to-bogus-sex-harassment-claims/ |url-status=live |archive-url=https://web.archive.org/web/20190516214150/https://nypost.com/2018/07/13/boa-settles-with-exec-who-says-whistleblowing-led-to-bogus-sex-harassment-claims/ |archive-date=May 16, 2019 |access-date=November 2, 2019}}

In April 2015, the Competition Commission lodged an investigation into cartel conduct by major banks in the foreign currency exchange market affecting the South African rand. The investigation included Bank of America along with other banks including Barclays Bank Plc, CitiGroup Inc, JP Morgan Chase & Co, Standard New York Securities Inc and others. The above traders in foreign currencies are under investigation for directly or indirectly fixing prices on bids, offers and bid-offer spreads with regard to spot, futures and forwards currency trades. The conduct under investigation has the effect of distorting foreign exchange prices and artificially inflating the cost of trading in foreign currency, in relation to the rand.{{Cite news |title= Trader Group Said to Rig Rand Were Known as 'ZAR Domination'|url=https://www.bloomberg.com/news/articles/2015-05-22/rand-rigging-accused-called-themselves-zar-domination- |access-date=2024-01-11 |newspaper=Bloomberg|date=May 22, 2015 }}

In 2023, the Consumer Financial Protection Bureau said that a total of $250 million in fines and compensation has been levied against Bank of America for "deceptive practices that harmed hundreds of thousands of consumers", including double charging insufficient funds fees, withholding credit card rewards, and opening accounts without the knowledge or permission of customers.{{cite news |last=Schulz|first=Bailey|date=July 11, 2023 |title=Bank of America to pay $250M in fines, customer refunds over junk fees, fake accounts|url=https://www.usatoday.com/story/money/2023/07/11/bank-of-america-lawsuit-settlement-2023-fines/70402355007/|work=USA Today |location= |access-date=July 12, 2023}}

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.Berner, Robert (February 7, 2008), [http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db2008026_105146.htm A Credit Card You Want to Toss"] {{webarchive|url=https://web.archive.org/web/20100126071514/http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db2008026_105146.htm |date=January 26, 2010}}, Bloomberg BusinessWeek. Retrieved March 1, 2010.Palmer, Kimberly (February 28, 2008), [https://www.usnews.com/money/personal-finance/real-estate/articles/2008/02/28/mortgage-woes-boost-credit-card-debt.html Mortgage Woes Boost Credit Card Debt] {{webarchive|url=https://web.archive.org/web/20100505074500/http://www.usnews.com/money/personal-finance/real-estate/articles/2008/02/28/mortgage-woes-boost-credit-card-debt.html |date=May 5, 2010}}, U.S. News & World Report. Retrieved March 1, 2010. In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.Delaney, Arthur (September 21, 2009, updated November 21, 2009), [https://www.huffingtonpost.com/2009/09/21/ann-minch-triumphs-in-cre_n_293423.html "Ann Minch Triumphs In Credit Card Fight"] {{Webarchive|url=https://web.archive.org/web/20090925020140/http://www.huffingtonpost.com/2009/09/21/ann-minch-triumphs-in-cre_n_293423.html |date=September 25, 2009}}, The Huffington Post. Retrieved March 1, 2010.Ferran, Lee (September 29, 2009), [https://abcnews.go.com/GMA/woman-boycotts-bank-america-wins/story?id=8688175 "Woman Boycotts Bank of America, Wins"] {{Webarchive|url=https://web.archive.org/web/20100131045850/https://abcnews.go.com/GMA/woman-boycotts-bank-america-wins/story?id=8688175 |date=January 31, 2010}}, Good Morning America, ABC News. Retrieved March 1, 2010.Pepitone, Julianne (September 29, 2009), [https://money.cnn.com/2009/09/29/news/companies/youtube_bank_of_america/index.htm "YouTube credit card rant gets results"] {{Webarchive|url=https://web.archive.org/web/20100228082613/https://money.cnn.com/2009/09/29/news/companies/youtube_bank_of_america/index.htm |date=February 28, 2010}}. CNNMoney. Retrieved March 1, 2010. In 2010, the bank was criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.{{cite news |url=https://abcnews.go.com/Business/bank-america-sued-foreclosing-wrong-homes/story?id=9637897 |title=No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes |last=Gomstyn |first=Alice |date=January 25, 2010 |work=ABC News |access-date=March 4, 2010 |archive-url=https://web.archive.org/web/20100128101326/https://abcnews.go.com/Business/bank-america-sued-foreclosing-wrong-homes/story?id=9637897 |archive-date=January 28, 2010 |url-status=live}}

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.{{cite web |last=Garofalo |first=Pat |title=Bank Of America's Offer To Homeowners: We'll Modify Loans If You'll Erase All The Mean Things Said About Us On Twitter |work=ThinkProgress |date=January 26, 2012 |url=https://archive.thinkprogress.org/bank-of-americas-offer-to-homeowners-we-ll-modify-loans-if-you-ll-erase-all-the-mean-things-said-6b96f785445c/ |access-date=January 26, 2012 |url-status=live |archive-url=https://web.archive.org/web/20120126233510/http://thinkprogress.org/economy/2012/01/26/412273/bank-of-america-buys-silence-fraud-investigation/ |archive-date=January 26, 2012}}

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.{{cite web |author=Valerie Volcovici |url=http://www.businessinsider.com/r-bank-of-americas-new-policy-to-limit-credit-exposure-to-coal--2015-5 |title=Bank of America's new policy to limit credit exposure to coal |work=Business Insider |date=May 6, 2015 |access-date=September 29, 2015 |archive-url=https://web.archive.org/web/20150930105122/http://www.businessinsider.com/r-bank-of-americas-new-policy-to-limit-credit-exposure-to-coal--2015-5 |archive-date=September 30, 2015 |url-status=live}}

In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.{{cite web |url=http://www.computerworld.com/s/article/9139180/Wikileaks_plans_to_make_the_Web_a_leakier_place |title=Wikileaks plans to make the Web a leakier place |first=Dan |last=Nystedt |date=October 9, 2009 |work=Computerworld |access-date=December 19, 2010 |archive-url=https://web.archive.org/web/20101217211520/http://www.computerworld.com/s/article/9139180/Wikileaks_plans_to_make_the_Web_a_leakier_place |archive-date=December 17, 2010 |url-status=live}} In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".{{cite news |url=https://blogs.forbes.com/andygreenberg/2010/11/29/wikileaks-julian-assange-wants-to-spill-your-corporate-secrets |title=WikiLeaks' Julian Assange Wants To Spill Your Corporate Secrets |author=Andy Greenberg |date=November 29, 2010 |work=Forbes |access-date=December 19, 2010 |archive-url=https://web.archive.org/web/20101218034911/http://blogs.forbes.com/andygreenberg/2010/11/29/wikileaks-julian-assange-wants-to-spill-your-corporate-secrets/ |archive-date=December 18, 2010 |url-status=live}} In response to this announcement, Bank of America stock dropped 3.2%.{{cite news |url=https://www.cbsnews.com/news/bank-of-america-shares-fall-on-wikileaks-fears/ |title=Bank Of America Shares Fall On WikiLeaks Fears |agency=Associated Press |date=November 30, 2010 |work=CBS News |access-date=February 3, 2018 |archive-url=https://web.archive.org/web/20180204124135/https://www.cbsnews.com/news/bank-of-america-shares-fall-on-wikileaks-fears/ |archive-date=February 4, 2018 |url-status=live}}

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,{{cite web |last=Lundin |first=Leigh |title=WikiLicks |url=http://criminalbrief.com/?p=15747 |work=Crime |publisher=Criminal Brief |location=Orlando |date=February 20, 2011 |access-date=February 22, 2011 |archive-url=https://web.archive.org/web/20131025082942/http://criminalbrief.com/?p=15747 |archive-date=October 25, 2013 |url-status=live}} stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe, and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."{{cite news |url=https://www.nytimes.com/2010/12/19/business/global/19bank.html |title=Bank of America Suspends Payments Made to WikiLeaks |first=Nelson D. |last=Schwartz |date=December 18, 2010 |work=The New York Times |access-date=December 19, 2010 |archive-url=https://web.archive.org/web/20101226072451/http://www.nytimes.com/2010/12/19/business/global/19bank.html |archive-date=December 26, 2010 |url-status=live}}

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.{{cite news |title=Bank of America Wants You to Know Its Executives Don't Suck |url=http://domainnamewire.com/2010/12/20/bank-of-america-wants-you-to-know-its-executives-dont-suck/ |website=domainnamewire.com |date=December 20, 2010 |access-date=February 22, 2011 |archive-url=https://web.archive.org/web/20110115015249/http://domainnamewire.com/2010/12/20/bank-of-america-wants-you-to-know-its-executives-dont-suck/ |archive-date=January 15, 2011 |url-status=live}}{{cite news |last=Tiku |first=Nitasha |title=Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names |url=https://nymag.com/daily/intel/2010/12/wikileaks_newest_ally_gorbache.html |work=New York |date=December 22, 2010 |access-date=January 2, 2011 |archive-url=https://web.archive.org/web/20101228205258/http://nymag.com/daily/intel/2010/12/wikileaks_newest_ally_gorbache.html |archive-date=December 28, 2010 |url-status=live}}{{cite news |author=Kapne, Suzanne |title=Hundreds of anti-BofA websites registered |url=http://www.ft.com/cms/s/0/3993f69e-0e2b-11e0-86e9-00144feabdc0.html |work=Financial Times |date=December 23, 2010 |access-date=January 2, 2011 |archive-url=https://web.archive.org/web/20110101223701/http://www.ft.com/cms/s/0/3993f69e-0e2b-11e0-86e9-00144feabdc0.html |archive-date=January 1, 2011 |url-status=live}}{{cite news |last=Rothacker |first=Rick |title=Bank of America buys up critical domain names |url=http://www.charlotteobserver.com/2010/12/23/1929263/its-getting-harder-to-call-bofa.html |work=The Charlotte Observer |date=December 23, 2010 |access-date=January 2, 2011 |archive-date=December 8, 2011 |archive-url=http://web.archive.bibalex.org/web/20111208150447/http://www.charlotteobserver.com/2010/12/23/1929263/its-getting-harder-to-call-bofa.html |url-status=dead }}

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.{{cite news |title=We can confirm that the DDB ... |url=https://twitter.com/wikileaks/statuses/105246329529319424 |date=August 21, 2011 |access-date=September 28, 2012 |archive-url=https://web.archive.org/web/20130921061457/https://twitter.com/wikileaks/statuses/105246329529319424 |archive-date=September 21, 2013 |url-status=live}}{{cite news |title=We can confirm that the DDB |url=https://twitter.com/wikileaks/statuses/105244480457801728 |date=August 21, 2011 |access-date=September 28, 2012 |archive-url=https://web.archive.org/web/20130921061625/https://twitter.com/wikileaks/statuses/105244480457801728 |archive-date=September 21, 2013 |url-status=live}}

In March 2022, the bank was involved in an incident related to filmmaker Ryan Coogler, who was wrongly targeted as a bank robber and detained by the police in Atlanta, after Coogler tried to withdraw cash in the local branch of the Bank of America. After his identity was verified with both his California state ID card and his Bank of America card, Coogler was released and the bank released an apology statement. According to a number of sources, the bank's teller hadn't checked Coogler's ID to verify if he was the owner of the bank account before she asked the bank's supervisor to call police.{{cite news |url=https://www.bbc.com/news/world-us-canada-60685146 |title=Black Panther Ryan Coogler director mistaken for bank robber |work=BBC News |date=March 9, 2022 |access-date=March 10, 2022 |archive-date=March 10, 2022 |archive-url=https://web.archive.org/web/20220310214139/https://www.bbc.com/news/world-us-canada-60685146 |url-status=live }}{{cite web |url=https://www.tmz.com/2022/03/09/black-panther-director-ryan-coogler-mistakenly-cuffed-bank-robbery/ |title=Black Panther' Director Ryan Coogler Wrongly Targeted As Bank Robber |date=March 9, 2022 |publisher=TMZ |access-date=March 10, 2022 |archive-date=March 11, 2022 |archive-url=https://web.archive.org/web/20220311002414/https://www.tmz.com/2022/03/09/black-panther-director-ryan-coogler-mistakenly-cuffed-bank-robbery/ |url-status=live }}{{cite web |url=https://www.nytimes.com/2022/03/09/arts/ryan-coogler-bank-america.html |title='Black Panther' Director Ryan Coogler Mistaken for Bank Robber in Atlanta |date=March 9, 2022 |last1=Diaz |first1=Johnny |last2=Levenson |first2=Michael |work=The New York Times |access-date=March 10, 2022 |archive-date=March 9, 2022 |archive-url=https://web.archive.org/web/20220309220717/https://www.nytimes.com/2022/03/09/arts/ryan-coogler-bank-america.html |url-status=bot: unknown }},{{cite web |url=https://variety.com/2022/film/global/black-panther-ryan-coogler-bank-robber-1235199800/ |title=Black Panther' Director Ryan Coogler Was Mistaken for a Bank Robber: 'This Situation Should Never Have Happened' |date=March 9, 2022 |last=Ravindran |first=Manori |publisher=Variety |access-date=March 10, 2022 |archive-date=March 10, 2022 |archive-url=https://web.archive.org/web/20220310230506/https://variety.com/2022/film/global/black-panther-ryan-coogler-bank-robber-1235199800/ |url-status=live }}

In 2013, an intern in the London office was found dead.{{Cite news |date=2013-08-21 |title=Bank of America intern death sparks debate over hours |url=https://www.bbc.co.uk/news/business-23779779 |access-date=2024-12-20 |work=BBC News |language=en-GB}} It was reported that the intern had worked until 6am for the preceding three days before his death, and that this was typical of expectations at the bank.{{Cite web |date=2013-08-20 |title=Slavery in the City: Death of 21-year-old intern Moritz Erhardt at |url=https://www.independent.co.uk/news/uk/home-news/slavery-in-the-city-death-of-21yearold-intern-moritz-erhardt-at-merrill-lynch-sparks-furore-over-long-hours-and-macho-culture-at-banks-8775917.html |access-date=2024-12-20 |website=The Independent |language=en}} The incident sparked much debate regarding working hours at the firm, which resulted in rival firm Goldman Sachs capping intern hours to 17 per day.{{Cite web |last=Rothkopf |first=Joanna |date=2015-06-18 |title=Goldman Sachs reduces intern day to 17 hours after death of Bank of America Corp. intern |url=https://www.salon.com/2015/06/18/goldman_sachs_reduces_intern_day_to_17_hours_after_death_of_bank_of_america_corp_intern/ |access-date=2024-12-20 |website=Salon |language=en}}

In 2024, Leo Lukensas III a, former US Army Special Forces Veteran working in the investment banking division also died following heart problems.{{Cite news |date=2024-05-07 |title=Bank of America investment banker and US Army veteran dies |url=https://www.reuters.com/world/us/bank-america-investment-banker-dies-2024-05-07/ |work=Reuters}} It was reported that the investment bank has a culture of working weeks in excess of 100 hours per week, and managers encouraging employees to under report their working hours to HR.{{Cite web |last=Saeedy |first=Alexander |date=2024-08-12 |title=How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads |url=https://www.wsj.com/finance/banking/bank-of-america-worker-death-policies-89eff5f6 |access-date=2024-12-20 |website=WSJ |language=en-US}} Lukensas was reported to be seeking to leave the firm, citing excessive working hours.{{Cite web |last=Clarke |first=Paul |title=Bank of America associate who died raised concerns over long hours, looked to leave |url=https://www.fnlondon.com/articles/bank-of-america-associate-who-died-raised-concerns-over-long-hours-looked-to-leave-9372eec3 |archive-url=http://web.archive.org/web/20241201055751/https://www.fnlondon.com/articles/bank-of-america-associate-who-died-raised-concerns-over-long-hours-looked-to-leave-9372eec3 |archive-date=2024-12-01 |access-date=2024-12-20 |website=www.fnlondon.com |language=en-GB}} His manager, Gary Howe, was removed as a leader, although not fired from his post following the incident.{{citation needed|date=February 2025}}

Bank of America has been accused of terminating the accounts of people based on their religious or political views, often with alleged victims being aligned with conservative causes. in 2023, a Christian charity primarily focused on charitable work in Africa reportedly had its account suddenly terminated without explanation. The bank refused to explain anything until contacted by members of the media, where after refusing to explain anything to the customer, it proceeded to make a series of allegedly false accusations against the customer to a reporter. In response, a shareholder action proposal was made at a Bank of America annual meeting.{{Cite web |title= |url=https://investor.bankofamerica.com/regulatory-and-other-filings/all-sec-filings/content/0001096906-24-000909/0001096906-24-000909.pdf?wcmmode=disabled#:~:text=In%202020%2C%20Bank%20of%20America,most%20impoverished%20areas%20of%20the}} in 2025, United States, president Donald Trump accused Bank of America CEO Brian, Moynahan of political debanking, stating he hoped the CEO would open his bank to conservatives.{{Cite AV media |url=https://www.youtube.com/watch?app=desktop&v=ePcz0OkZXUA |title=Trump Asks BofA's Moynihan to Open Bank to Conservatives |date=2025-01-23 |last=Bloomberg Television |access-date=2025-02-17 |via=YouTube}}

The bank faced heavy criticism and a congressional investigation following the events of January 6, 2021. The bank was accused of without compulsion handing over extensive private profile information of any individual who may have shopped at Cabela’s, rented a hotel anywhere in Virginia, went to an ATM in DC, on January 5-7, 2021, even though it had been under no compulsion to do so. The bank claimed in its defense only that it was allowed to do so.{{Cite web |date=2023-11-16 |title=Jordan ramps up probe into financial institutions in wake of Jan. 6 |url=https://www.politico.com/live-updates/2023/11/16/congress/house-judiciary-subpoenas-jordan-bank-of-america-doj-00127639 |access-date=2025-02-17 |website=POLITICO |language=en}}

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, JPMorgan Chase Bank, US Bank, Citizens Financial Group, Citigroup, M&T Bank, and Truist.

File:Bank of America Atlanta 1.jpg in Atlanta, the tallest building in the Southern United States]]

File:Bank of America Stadium.jpg, home to the Carolina Panthers of the National Football League]]

Notable buildings which Bank of America currently occupies include:

• Bank of America Tower in Phoenix, Arizona
• 9454 Wilshire Boulevard in Beverly Hills, California
• Bank of America Center in Los Angeles
• Transamerica Pyramid, in San Francisco
• 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco
• City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
• Bank of America Plaza in Fort Lauderdale, Florida
• Bank of America Tower in Jacksonville, Florida
• Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami
• Bank of America Center in Orlando, Florida
• Bank of America Tower in St. Petersburg, Florida
• Bank of America Plaza in Tampa, Florida
• Bank of America Plaza in Atlanta, Georgia
• Bank of America Building, formerly the LaSalle Bank Building in Chicago
• One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
• Bank of America Building in Baltimore
• Bank of America Plaza in St Louis
• Bank of America Tower in Albuquerque, New Mexico
• Bank of America Tower in New York City
• Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
• Bank of America Plaza in Charlotte, North Carolina
• Bank of America Tower in Charlotte, North Carolina
• Hearst Tower in Charlotte, North Carolina
• Bank of America Plaza in Dallas, Texas
• Bank of America Tower in Midland, Texas
• Bank of America Plaza in San Antonio, Texas
• Bank of America Fifth Avenue Plaza in Seattle
• Columbia Center in Seattle
• Bank of America Tower in Hong Kong

In 2010, the bank completed construction of 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.{{cite news |title=Credit Cards' Latest Pitch: Green Benefits |url=http://www.bizjournals.com/charlotte/stories/2010/05/24/daily52.html |first1=Adam |first2=Will |last2=Boye |last1=O'Daniel |work=Charlotte Business Journal |date=May 10, 2011 |access-date=March 19, 2017 |archive-url=https://web.archive.org/web/20170320053532/http://www.bizjournals.com/charlotte/stories/2010/05/24/daily52.html |archive-date=March 20, 2017 |url-status=live}}

File:Bank of America, Loop 410, San Antonio, TX IMG 7852.JPG in San Antonio, Texas, in 2013]]

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers, it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

Miami Tower in Downtown Miami, known as Bank of America Tower for many years, was an iconic appearance in the television series Miami Vice.On April 18, 2012, the AIA's Florida Chapter placed the building on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.{{cite web |title=Florida Architecture: 100 Years. 100 Places |publisher=AIA Florida |url=http://aiaflatop100.org/buildings.cfm |url-status=dead |archive-url=https://web.archive.org/web/20120505184939/http://aiaflatop100.org/buildings.cfm |archive-date=May 5, 2012}}

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most recognizable landmarks of the downtown Houston skyline since it was completed in 1983.{{cite web |date=October 15, 2019 |title=Iconic downtown Houston office tower renamed TC Energy Center |url=https://www.houstonchronicle.com/business/prime-property/article/Iconic-downtown-Houston-office-tower-renamed-TC-14521396.php |access-date=January 8, 2021 |website=HoustonChronicle.com |language=en-US |archive-date=January 9, 2021 |archive-url=https://web.archive.org/web/20210109145001/https://www.houstonchronicle.com/business/prime-property/article/Iconic-downtown-Houston-office-tower-renamed-TC-14521396.php |url-status=live }}

{{Portal|Banks|United States|San Francisco Bay Area|Companies}}

• List of members ATM Industry Association (ATMIA)
• BAML Capital Partners
• Bank of America (Asia)
• Big Four banks
• Calibuso, et al. v. Bank of America Corp., et al.
• List of bank mergers in the United States
• List of largest banks in the United States

{{Reflist}}

• {{Cite news |last1=Ahmed |first1=Azam |last2=Demirjian |first2=Karoun |date=February 15, 2007 |title=Credit Offered to Illegal Residents |url=https://www.chicagotribune.com/2007/02/15/credit-offered-to-illegal-residents/ |work=Chicago Tribune}}
• {{Cite book |last=Bonadio |first=Felice A. |year=1994 |title=A.P. Giannini: Banker of America |location=Berkeley, CA |publisher=University of California Press |isbn=978-0-520-08249-6}}
• {{Cite book |last=Cohen |first=Lauren |year=2016 |title=Bank of America Interview Tips |url=https://www.amazon.com/gp/product/B01CKFECJ2 |location=Los Angeles |publisher=Smith-Westfield Press}}
• {{Cite book |last=Hector |first=Gary |year=1988 |title=Breaking the Bank: The Decline of BankAmerica |url=https://archive.org/details/breakingbankdecl00hect |url-access=registration |location=Boston |publisher=Little, Brown & Co. |isbn=978-0-316-35392-2}}
• {{Cite book |last1=James |first1=Marquie |last2=James |first2=Bessie |year=1954 |title=Biography of a Bank: The Story of Bank of America N.T.&S.A. |location=New York |publisher=Harper and Brothers}}
• {{Cite book |last=Johnston |first=Moira |year=1990 |title=Roller Coaster: The Bank of America and the Future of American Banking |url=https://archive.org/details/rollercoasterban00john |url-access=registration |location=New York |publisher=Ticknor & Fields |isbn=9780899199559}}
• {{Cite book |last=Josephson |first=Matthew |author-link=Matthew Josephson |year=1972 |title=The Money Lords: The Great Finance Capitalists, 1925–1950 |url=https://archive.org/details/moneylordsgrea00jose |url-access=registration |location=New York |publisher=Weybright and Talley}}
• {{Cite book |last=Lampert |first=Hope |year=1986 |title=Behind Closed Doors: Wheeling and Dealing in the Banking World |url=https://archive.org/details/behindcloseddoor00lamp |url-access=registration |location=New York |publisher=Atheneum |isbn=9780689117473}}
• {{Cite news |last=Light |first=Larry |date=October 1, 2007 |title=Money for the Masses |url=https://www.forbes.com/forbes/2007/1001/076.html |work=Forbes}}
• {{Cite book |last=Monnette |first=Orra Eugene |title=Personal Papers Collection |location=Los Angeles, CA |publisher=Los Angeles Public Library}}
• {{Cite book |last=Nash |first=Gerald G. |year=1992 |title=A.P. Giannini and the Bank of America |location=Norman, OK |publisher=University of Oklahoma Press}}
• {{Cite book |last=Yockey |first=Ross |author-link=Ross Yockey |year=1999 |title=McColl: The Man with America's Money |location=Atlanta |publisher=Longstreet Press}}

{{Commons category|Bank of America}}

• {{Official website}}
• [https://www.dodcommunitybank.com/ [DOD] Community Bank] operated by Bank of America (official website)

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