Bank of America at a Glance
How Big Is Bank of America?
With $3.3 trillion in assets, Bank of America controls more resources than the entire annual economic output of the United Kingdom ($3.3T GDP), India ($3.7T GDP), or France ($3.0T GDP). It's a financial institution of truly global significance. To grasp the sheer magnitude of these numbers, see our guide on understanding bank scale.
| U.S. Bank | Total Assets | Rank |
|---|---|---|
| JPMorgan Chase | $4.0 Trillion | #1 |
| Bank of America | $3.3 Trillion | #2 |
| Citigroup | $2.4 Trillion | #3 |
| Wells Fargo | $1.9 Trillion | #4 |
The History of Bank of America
Bank of America's story is one of relentless consolidation. The modern bank is the result of over 4,600 mergers and acquisitions over more than a century.
Key Milestones
- 1904: Amadeo Giannini founds Bank of Italy in San Francisco to serve immigrants
- 1930: Bank of Italy renamed to Bank of America
- 1958: Launches BankAmericard (later became Visa)
- 1998: NationsBank acquires BankAmerica, keeps the BofA name
- 2008: Acquires Countrywide Financial and Merrill Lynch during financial crisis
Bank of America was built through over 4,600 mergers and acquisitions. Major deals include acquiring FleetBoston ($47B in 2004), MBNA ($35B in 2006), Countrywide ($4B in 2008), and Merrill Lynch ($50B in 2008).
Bank of America's 2008 Crisis Acquisitions
During the 2008 financial crisis, Bank of America made two transformational acquisitions that shaped its current form:
Countrywide Financial (2008)
BofA acquired troubled mortgage lender Countrywide for $4 billion in January 2008. This acquisition ultimately cost the bank over $50 billion in legal settlements and write-downs related to Countrywide's subprime mortgage practices.
Merrill Lynch (2008)
In September 2008, as Lehman Brothers collapsed, BofA agreed to acquire investment bank Merrill Lynch for $50 billion. This gave Bank of America a major wealth management and investment banking arm.
In retrospect, I wish I had kept the FDIC out of that unnecessary bailout.
From her book Bull by the Horns (2012)
Bank of America Today
Today, Bank of America operates in all 50 states and more than 35 countries:
- 3,800+ retail financial centers
- 15,000+ ATMs nationwide
- 69 million consumer and small business clients
- $1.9 trillion in deposits
- One of the world's largest wealth management firms (Merrill)
Growth Since 2008
Like other megabanks, Bank of America has grown substantially since the financial crisis. This growth is a key factor in the ongoing too big to fail debate and the broader history of bank consolidation. You can explore all the data on our global statistics page.
- 2008 Assets: $2.4 trillion
- 2024 Assets: $3.3 trillion
- Growth: +38% in 16 years
This growth occurred despite the bank paying over $76 billion in fines and settlements related to the financial crisis—the largest amount paid by any single company.
Sources & Further Reading
- Bank of America Annual Reports and SEC filings
- Bull by the Horns by Sheila Bair (2012)
- FDIC Banking Statistics
- Federal Reserve Bank holding company data
Frequently Asked Questions
How big is Bank of America?
Bank of America has $3.3 trillion in total assets, making it America's second-largest bank. It has 213,000 employees, 3,800 branches, and serves 69 million customers. Its assets exceed the GDP of the United Kingdom.
What is Bank of America's asset size?
Bank of America's total asset size is approximately $3.3 trillion, ranking it #2 in the US and #5 globally. BofA's assets grew 38% from $2.4 trillion in 2008 to $3.3 trillion today. Its asset size exceeds the GDP of the UK, India, and France.
How many employees does Bank of America have?
Bank of America employs approximately 213,000 people worldwide, making it one of the largest private employers in the United States. Employees work across 3,800+ retail financial centers, corporate offices, and operations in more than 35 countries.
Is Bank of America bigger than JPMorgan?
No. JPMorgan Chase ($4.0T) is larger than Bank of America ($3.3T). BofA is about 17% smaller than JPMorgan by total assets.
How many customers does Bank of America have?
Bank of America serves approximately 69 million consumer and small business clients across 3,800+ branches and 15,000+ ATMs.
What is Bank of America's global ranking?
Bank of America ranks #5 globally by total assets, behind ICBC ($6.3T), Agricultural Bank of China ($5.8T), China Construction Bank ($5.4T), and JPMorgan Chase ($4.0T).