Economics

Bank of America Corporation is the largest bank holding company in the United States by assets, and the second largest bank by market capitalization. For more than 60 years of operation, the banks operations expanded outside California, successively acquiring FleetBoston Financial, MBNA, LaSalle Bank, Countrywide Financial, and Merrill Lynch.

Services
The bank offers short term and long term credit as well as household loans to clients. The interest rates charged is equivalent to prevailing interest rate set by the Federal Reserve. The bank also offers corporate loans to big corporations (credit limit is determined by the capital-profit ration of the borrowing corporation). The bank also provides a summary of credit ratings of countries.

Operations
At present, the bank serves clients in more than 150 countries. It has more or less 203 subsidiaries overseas by virtue of acquisition agreements. In May 2006, for example Bank of America and Banco Itau entered into an acquisition agreement in which Itau agreed to acquire BankBostons operations in Chile and Uruguay. In return, Bank of Americas stake in Itau should reach 11.5.

Corporate Headquarters
The banks corporate headquarters is in Charlotte, North Carolina. Subsidiary headquarters are in San Francisco, Lima, Mexico City, and New York.

Total Employees
The bank has about 360 000 employees. At present, the bank is planning to cut about 35 000 employees to recover from the purchase of Merrill Lynch.

Revenues, Equity, and Income
Total revenue last year amounted to  113 billion. Net income was about  4 billion. Total assets amounted to  2.25 trillion. Total equity was about  177 billion.

Interesting Fact
One interesting fact about the corporation is its ability to purchase large financial institutions within a year. This can only be accomplished if the bank has a large flexible capital and financial offer.