federal reserve bank of atlanta careers

Diversity Still Lacking: Staff Report of the Committee on Banking, Downtown Child Development Center (DCDC) The Atlanta office joined with four major. four-year term as Federal Reserve chair, endorsing Powell's stewa. including a vice chair for supervision, a bank regulatory post. With the assistance of the Federal Reserve Bank of Kansas City, MoKan Goodwill will incorporate the Federal Reserve Bank of Atlanta's Career.

Federal reserve bank of atlanta careers -

New data show the US economic recovery is a lot stronger than economists thought

Forecasters now expect the US economy to grow much faster in the last three months of the year after an economic data dump on Nov. 24 showed a much rosier picture than they had expected.

The new data point to stronger growth in the third quarter than was originally reported, and a pickup in the pace of the recovery in October and November. Economists at various institutions, from Morgan Stanley to the Federal Reserve Bank of Atlanta, upped their GDP estimates for the fourth quarter in response.

A strong end of the year is not inevitable, however. Another delta-style surge in covid-19 cases could slow down the recovery again. Barring that, here are the indicators that have economists feeling optimistic:

Stronger third-quarter GDP

Economists have different ways of measuring economic growth. GDP, the most traditional, is based on spending on goods and services. It grew by 2.1% in the third quarter, according to the US Bureau of Economic Analysis (BEA). But on Wednesday, the agency released another measure of growth, gross domestic income (GDI), which is based on people’s and companies’ income. It grew much faster than GDP, by 7.6% compared with the same period last year.

The accounting for both figures is prone to errors and is often revised months or even years after, so economists have begun to average the two. The resulting indicator has proven to be a pretty good predictor of final GDP figures.

According to the calculations of Jason Furman, a Harvard economist, the new GDI figure translates into 4.4% growth in the third quarter, double what was reported.

Jobless claims hit historic low

Meanwhile, jobless claims for the week ending Nov. 20 fell to a 50-year low (pdf) at 199,000, which probably spells a strong jobs report for November. This is the first time that claims have fallen below pre-pandemic levels, and is an indication that employers are very hesitant to lay off workers given the labor shortage, senior Glassdoor economist Daniel Zhao said on Twitter.

However, claims filed before this week are at 2.05 million, and the number of unemployed is still higher than it was pre-pandemic, signaling that the labor market won’t fully recovery anytime soon.

Consumers and companies are spending more

Americans are keeping up with their spending habits in the face of higher prices. Consumer spending  increased by 1.3% (or 0.7% adjusted for inflation) in October, BEA data show. Incomes, meanwhile, rose 0.5% after falling by 1% in September.

Companies are shopping, too, with business spending on equipment up by 0.6% in October. Overall, shipments of durable goods increased by 1.5% from the prior month. To be sure, some sectors are still struggling due to supply chain snags. Orders for transportation like airplanes dropped by 2.6% 

Reassessing the US recovery

This is how forecasters increased their projections for economic growth in the fourth quarter in response to the flurry of positive economic data:

Источник: https://qz.com/2094598/the-us-economic-recovery-is-on-track-to-pick-up-in-fourth-quarter/

Fed’s Bostic on How to Help Americans Find the Right Jobs

Many are familiar with what I view as short-term maximum employment—a state in which all Americans who want a job can find one commensurate with their current skills and information networks. Indeed, many who track employment use this notion to determine appropriate benchmarks and, in turn, monetary-policy approaches.

Another notion of maximum employment takes a longer view that doesn’t assume one’s skills and networks are fixed in place. Attaining this longer-term maximum employment means that all Americans who want a job can find one commensurate with their full potential. Reaching this goal will result in more employed and productive Americans and a more robust economy.

Progress toward that admittedly lofty standard demands that we focus on people and communities who lack employment opportunities consistent with their potential. Dismantling barriers to their prospects would expand the ranks of those earning family-supporting wages, narrow inequality of income and wealth, and enhance the productive capacity of the macro economy. It would represent a critical step toward longer-term maximum employment. Therefore, identifying those structural barriers and highlighting solutions to overcoming them are clearly in the Fed’s interest.

The Federal Reserve wields tools to advance both concepts of maximum employment. Monetary policy certainly plays a part. Our new strategic framework, which keeps interest rates lower for longer, should create conditions in which many who have been tenuously attached to work can find and keep jobs.

The Atlanta Fed also uses other tools to help foster an economy that works for everyone. First, we advise organizations doing grass-roots work. The Federal Reserve is neither legally nor practically structured to directly conduct the types of programs that these organizations offer. For example, an initiative we call Advancing Careers for Low-Income Families develops tools to help partnering organizations lessen the harm from benefits cliffs that undercut millions of low-wage workers trying to gain new skills.

Many public benefits have an income-eligibility threshold, so increases in income above the threshold result in lost benefits—a “benefits cliff” that can occur when a worker receives multiple sources of assistance. If they earn an extra dollar an hour, they may lose $1 from each source of assistance. An additional dollar in earnings can mean a benefit loss of $2, $3, or more.

Our team joined the state of Alabama, for example, to create a dashboard for users to calculate how much take-home pay they need to cover basic expenses without public assistance.

Refining benefits programs to limit the negative incentives of cliffs helps economically vulnerable Americans and governments. Their citizens will earn more, pay more income taxes, and require less public assistance.

Second, Fed research can highlight ways that disparities persist and widen, and spark efforts to address those disparities. Atlanta Fed economist Kris Gerardi and co-authors found that African-Americans are not building equity in their homes as fast as non-Hispanic white borrowers, in part because they don’t refinance as aggressively when mortgage rates fall. By illuminating this, we hope to focus lenders, financial-education practitioners, and Black mortgage borrowers on solutions to help Black homeowners build equity and wealth more quickly.

Third, Federal Reserve Banks gather people for discussion. The Fed’s Racism and the Economy webinars examine lesser-known facets of our history, show how that history has implications today, and allow experts to propose remedies. Solutions can be as simple as not automatically disqualifying millions of potential workers by asking them to have a college degree for jobs that do not truly require one.

Fourth, we bring attention to what works. We know, for instance, that an understanding of which skills are in demand and will remain so helps workers secure and keep better jobs and build careers even without a degree. Our Rework America Alliance partnership is establishing programs to help workers connect with good jobs using current, localized data.

Finally, we are active in the regulatory arena. The Fed is collaborating with other regulators to update the Community Reinvestment Act to ensure that financial institutions serve their entire communities, particularly low- to moderate-income and minority neighborhoods with histories of disinvestment and lending discrimination.

The CRA provides for access to mortgages, small-business loans, and other funding to ensure these neighborhoods can build economic sustainability. A few years ago, I co-wrote a paper showing that the CRA promotes small-business lending by banks in lower-income neighborhoods.

The Atlanta Fed and the Federal Reserve System are working toward both the long-term and shorter-term maximum employment goals. While I’ve highlighted mostly recent efforts, we’ve pursued this work for many years and appreciate the importance of this undertaking.

Guest commentaries like this one are written by authors outside the Barron’s and MarketWatch newsroom. They reflect the perspective and opinions of the authors. Submit commentary proposals and other feedback to [email protected]

Источник: https://www.barrons.com/articles/fed-maximum-employment-job-potential-bostic-51631209018

The Cashier/Food Service Worker works primarily in the foodservice operation, handling cash and credit transactions from Sodexo customers. In addition, they will assist in setup and serving of food from counters and steamtables. Duties will include cleaning and sanitizing equipment and work stations. As a cashier, they must accurately operate the cash register/POS and complete the transactions. Will also provide support to the retail operation, including setup, maintaining supplies and products, and assisting in cleanup and closedown. The general responsibilities of the position include those listed below, but Sodexo may identify other responsibilities of the position. These responsibilities may differ among accounts, depending on business necessities and client requirements.

 

General Responsibilities:

  • Operates a cash register (or equivalent), receives payments of cash, checks and charges from customers or employees for goods or services, making change and issuing receipts or tickets to customers.
  • Responsible for accurate ring of proper PLU for sale items and/or accurate barcode scan.
  • Provides the highest quality of service to customers at all times.
  • Maintains proper security of cash at all times.
  • Understands and follows Sodexo cash-handling policies and procedures.
  • May assist in locating, reconciling and verifying the accuracy of transactions and operate peripheral equipment that records and supports non-cash transactions.
  • May also be required to prepare for service before the meal and clean the dining room after the meal (wiping tables, vacuuming the floor, cleaning chairs, ensuring the acceptable appearance of the dining area).
  • May set up and stock the beverage area, grab and go items, service ware and condiments or other assigned areas.
  • Sets up stations with entrees, soups, salads, breads, condiments, other food products and utensils.
  • Serves and replenishes food from counters and steam tables (sometimes using a conveyor food belt), and breaks down stations at the end of meal periods.
  • Cleans and sanitizes workstations, counters, steam tables and other equipment.
  • Brews coffee and tea. May be required to restock other beverage areas.
  • Interacts with customers in the serving and dining areas.
  • Assists customers with opening containers and cutting food when requested.
  • Attends all allergy and foodborne illness in-service training.
  • Complies with all Sodexo HACCP policies and procedures.
  • Complies with all company safety and risk management policies and procedures.
  • Reports all accidents and injuries in a timely manner.
  • Participates in regular safety meetings, safety training and hazard assessments.  
  • Attends training programs (classroom and virtual) as designated.
  • May maintain inventory, stock, and requisitions as well as complete assigned tasks from management every day.
  • May perform other duties and responsibilities as assigned.
Источник: https://external-careers-frontlinesodexo.icims.com/jobs/732707/cashier-food-service-worker/job

Federal Reserve Bank Of Atlanta

Currency: the money that a country uses

Finance: the way in which money is used and handled

Circulation: the act of passing money from person to person or place to place

Central Bank: a bank that does business with other banks and with the government and that controls a country's money supply and interest rates

Treasury: the government department that is in charge of handling a country's money

Gold Standard: a system in which a unit of money (such as the dollar) is equal to a particular amount of gold

IT: (information technology) application of computers to store, study, retrieve, transmit, and manipulate data, or information

Public Affairs: the activity or job of providing information about a particular person or organization to the public so that people will regard that person or organization in a favorable way

Regulation: an official rule or law that says how something should be done

Источник: https://www.gpb.org/fast-forward/episode/federal-reserve-bank-of-atlanta
Whatever our roles, we are called to do great work for the greater good.
Join us.
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The Cashier/Food Service Worker works primarily in the foodservice operation, handling cash and credit transactions from Sodexo customers. In addition, they will assist in setup and serving of food from counters and steamtables. Duties will include cleaning and sanitizing equipment and work stations. As a cashier, they must accurately operate the cash register/POS and complete the transactions. Will also provide support to the retail operation, including setup, maintaining supplies and products, and assisting in cleanup and closedown. The general responsibilities of the position include those listed below, but Sodexo may identify other responsibilities of the position. These responsibilities may differ among accounts, depending on business necessities and client requirements.

 

General Responsibilities:

  • Operates a cash register (or equivalent), receives payments of cash, checks and charges from customers or employees for goods or services, making change and issuing receipts or tickets to customers.
  • Responsible for accurate ring of proper PLU for sale items and/or accurate barcode scan.
  • Provides the highest quality of service to customers at all times.
  • Maintains proper security of cash at all times.
  • Understands and follows Sodexo cash-handling policies and procedures.
  • May assist in locating, reconciling and verifying the accuracy of transactions and operate peripheral equipment that records and supports non-cash transactions.
  • May also be required to prepare for service before the meal and clean the dining room after the meal (wiping tables, vacuuming the floor, cleaning chairs, ensuring the acceptable appearance of the dining area).
  • May set up and stock the beverage area, grab and go items, service ware and condiments or other assigned areas.
  • Sets up stations with entrees, soups, salads, breads, condiments, other food products and utensils.
  • Serves and replenishes food from counters and steam tables (sometimes using a conveyor food belt), and breaks down stations at the end of meal periods.
  • Cleans and sanitizes workstations, counters, steam tables and other equipment.
  • Brews coffee and tea. May be required to restock other beverage areas.
  • Interacts with customers in the serving and dining areas.
  • Assists customers with opening containers and cutting food when requested.
  • Attends all allergy and foodborne illness in-service training.
  • Complies with all Sodexo HACCP policies and procedures.
  • Complies with all company safety and risk management policies and procedures.
  • Reports all accidents and injuries in a timely manner.
  • Participates in regular safety meetings, safety training and hazard assessments.  
  • Attends training programs (classroom and virtual) as designated.
  • May maintain inventory, stock, and requisitions as well as complete assigned tasks from management every day.
  • May perform other duties and responsibilities as assigned.
Источник: https://external-careers-frontlinesodexo.icims.com/jobs/732707/cashier-food-service-worker/job

Federal Reserve Bank Of Atlanta

Currency: the money that a country uses

Finance: the way in which money is used and handled

Circulation: the act of passing money from person to person or place to place

Central Bank: a bank that does business with other banks and with the government and that controls a country's money supply and interest rates

Treasury: the government department that is in charge of handling a country's money

Gold Standard: a system in which a unit of money (such as the www optum com hsa is equal to a particular amount of gold

IT: (information technology) application of computers to store, study, retrieve, transmit, and manipulate data, or information

Public Affairs: the activity or job of providing information about a particular person or organization to the public so that people will regard that person or organization in a favorable way

Regulation: an official rule or law that says how something should be done

Источник: https://www.gpb.org/fast-forward/episode/federal-reserve-bank-of-atlanta

Careers

Internships

As an intern at the Philadelphia Fed, you’ll play a role in our mission of public service while gaining real-life work experience. Our paid internships offer a chance to hone your skills and build lasting relationships.

Start Your Career Journey with Us

Apply your skills to real-life projects and gain hands-on work experience though an internship at the Federal Reserve Bank of Philadelphia. We offer a variety of paid internships across different business areas, including economic research, bank supervision, community development, and technology, to name a few.

As an intern you’ll get an inside view of what we do while contributing to our mission and developing career skills. You’ll also:

  • Get help navigating your experience from an employee mentor.
  • Participate in special events for interns and other employee activities.
  • Have opportunities to socialize with fellow interns and connect with other employees.

Program Details

Most interns join from late May to mid-June and work 40 hours per week for 10 consecutive weeks in the summer. There may be opportunities to continue to work part-time after the internship ends or to start your internship at a different time, depending on departmental needs. Recruiting typically takes place from December to March.

Eligibility

To apply for an internship, you must be a full-time undergraduate or graduate students enrolled in an accredited four-year college or university. You should also have:

  • A strong academic record.
  • A demonstrated interest in economics, business, finance, math, marketing, writing and editing, information technology, web and graphic design, or other field relevant to our business functions.
  • Excellent analytical and interpersonal skills.
Источник: https://www.philadelphiafed.org/careers/internships
History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29, 2020.
  • ^Roberts, Deon (August 31, 2016). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29, 2020.
  • ^ abcd"Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. Retrieved January 29, 2020.
  • ^"Bank of Italy". Archived from the original on July 18, 2011. Retrieved July 22, 2019.
  • ^"World's biggest bank (Fortune Classics, 1947)". Fortune. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  • ^Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. ISBN .
  • ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, 2016, at the Wayback Machine
  • ^Transamerica Corporation, a corporation of DelawareArchived August 30, 2009, at the Wayback Machine, 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 History of Visa". Visa Inc. Archived from the original on November 3, is michigan on eastern or central time. Retrieved October 29, 2007.
  • ^Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp. 25–28. ISBN . Available through SpringerLink.
  • ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. Retrieved January 29, 2020.
  • ^ abColumnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29, 2020.
  • ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. Retrieved January 29, 2020.
  • ^"BankAmerica Takes Over at Security Pacific : Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, 1992. Retrieved January 29, 2020.
  • ^Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, 2011. Retrieved September 27, 2008.
  • ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. Retrieved January 29, 2020.
  • ^FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29, 2020.
  • ^"About Banks - Bank of America". www.bank-locations.com. Retrieved January 29, 2020.
  • ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, 2012, at the Wayback Machine. American Banker, June 17, 1996
  • ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2020.
  • ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
  • ^O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. Retrieved January 29, 2020.
  • ^Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  • ^Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  • ^
  • Источник: https://en.wikipedia.org/wiki/Bank_of_America

    Bank of America

    American multinational banking and financial services corporation

    This article is about a commercial bank unaffiliated with any government. For the central bank of the Call bank mobile vibe customer service States, see Federal Reserve System.

    "BofA" redirects here. For the French illustrator, see Gus Bofa.

    Bank of America logo.svg
    Bank of America Corporate Center.jpg

    The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

    TypePublic company

    Traded as

    ISINUS0605051046
    IndustryFinancial services
    PredecessorBank America
    NationsBank
    Founded1998 (via the merger of BankAmerica & NationsBank)
    1956 (as BankAmerica)
    1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
    FounderAmadeo Giannini (BankAmerica)
    Hugh McColl
    (NationsBank)
    HeadquartersCharlotte, North Carolina, U.S. (Corporate)
    New York, NY (Investment banking)

    Number of locations

    4,600 retail financial centers & approximately 16,200 ATMs[1]

    Area served

    Worldwide

    Key people

    ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
    RevenueDecreaseUS$85.52 billion (2020)[1]

    Operating income

    DecreaseUS$18.99 billion (2020)[1]

    Net income

    DecreaseUS$17.89 billion (2020)[1]
    Total assetsIncreaseUS$2.819 trillion (2020)[1]
    Total equityDecreaseUS$272.92 billion (2020)[1]
    OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

    Number of employees

    200,000 (2020)[1]
    DivisionsBofA Securities
    Merrill
    Bank of America Private Bank
    Websitebankofamerica.com

    The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

    One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

    Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) long beach real estate offices the second largest wealth manager first mid america the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

    The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

    History[edit]

    The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

    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 federal reserve bank of atlanta careers. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[14] 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.

    Bank of Italy[edit]

    Main article: Bank of Italy (United States)

    From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] 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.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] 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,[17] 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.[18]

    Expansion in California[edit]

    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.[19] There is a federal reserve bank of atlanta careers 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.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from www walmart money card customer service 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 call bank mobile vibe customer service 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.[21] 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.[22]

    [edit]

    Following the passage of the Bank Holding Company Act of 1956,[23] BankAmerica Corporation was established[by whom?] for the purpose of owning and operating Bank of America and its subsidiaries.

    Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] 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.[24]

    BankAmerica experienced huge losses in 1986 federal reserve bank of atlanta careers 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] 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] 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.[25] 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]

    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.[26] 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.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

    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.[29]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.[30]

    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]

    Bank of America logo used from 1998 to 2018

    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.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

    Merger of NationsBank and BankAmerica[edit]

    Logo of the former Bank of America (BA), 1969–1998

    In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

    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.[38] 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]

    In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture 3 story homes for sale in charlotte nc 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

    2001 to present[edit]

    Typical Bank of America branch in Los Angeles

    In 2001, McColl stepped down 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.[40] 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, how do i activate my first premier bank credit card 20 million customers and revenue of $12 billion.[40] 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.[41]

    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 www black people com 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 Amazon prime movies account login 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.[42]

    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.[43][44]

    Acquisition of Countrywide Financial[edit]

    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.[45]

    On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] 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.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] 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.[50]

    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.[51] 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.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

    Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

    In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric 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.[53]

    Acquisition of Merrill Lynch[edit]

    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.[54] 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.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]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.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

    Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] 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.[62]

    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[63] 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 all first national bank locations 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[6] 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.[64]

    Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] 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.[66] 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.[67][68]

    On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 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.

    Federal Troubled Asset Relief Program[edit]

    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).[70] 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.[71] 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.[72] 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 Ach fpb cr card Group.[73]

    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.[74]

    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."[75][76]

    Bonus settlement[edit]

    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 GeneralAndrew 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."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] 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 amongst 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.[79]

    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 federal home loan bank act great depression 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."[80]

    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.[81]

    Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

    Fraud[edit]

    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.[84]

    Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

    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.[86][87] 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 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.[88]

    Downsizing (2011 to 2014)[edit]

    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.[89]

    In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

    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.[91] 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.[92]

    As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], 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.[93]

    Sale of stake in China Construction Bank[edit]

    In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] 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.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

    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.[97]

    $17 billion settlement with Justice Department[edit]

    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.[98] 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."[99]

    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.[100]

    [edit]

    Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, 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,[103] 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 bmo capital markets locations that none of Community's operating branches are located within the jurisdictional borders of the United States.

    Decision not to finance makers of military-style guns[edit]

    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.[104] 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.

    Return to expansion (2015–present)[edit]

    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.[105] 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;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] 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.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

    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.[110][111] 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.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

    Operations[edit]

    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.[114]

    Consumer Banking[edit]

    Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also 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 traveling 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.

    Global Banking[edit]

    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.[1]

    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 Federal reserve bank of atlanta careers is headquartered in New York City.

    Global Wealth and Investment Management[edit]

    The Global Wealth and Investment Management (GWIM) division manages 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.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] 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.

    Global Markets[edit]

    The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

    Labor[edit]

    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.[115]

    Offices[edit]

    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).[116]

    International offices[edit]

    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.[117]

    Corporate Governance[edit]

    Charitable efforts[edit]

    Bank of Federal reserve bank of atlanta careers volunteers at the Los Angeles LGBT pride parade in 2011

    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.[119] 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.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

    Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

    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 neighborhoods.[124]

    In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

    Chief Executive Officer[edit]

    List of CEOs[edit]

    1. Hugh McColl (1998–2001)[126]
    2. Ken Lewis (2001–2009)[127]
    3. Brian Moynihan (2010– )[128]

    CEO Pay Ratio[edit]

    Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

    Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

    Lawsuits[edit]

    In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] 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.[132] 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.[133]

    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.[134] The settlement, known as the National Mortgage Settlement (NMS), required the call bank mobile vibe customer service to provide about $26 billion in relief to distressed homeowners and in direct 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.[135] 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 Costco capital one credit card sign in Relief Program.[136] 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.[137]

    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 federal reserve bank of atlanta careers 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.[138]

    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.[139] 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.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] 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.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

    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.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

    Controversies[edit]

    Parmalat controversy[edit]

    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 Federal reserve bank of atlanta careers of America paying Parmalat $98.5 million in October 2009.[149][150] 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.[151]

    Consumer credit controversies[edit]

    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.[152][153] 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.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

    Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

    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.[158]

    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".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

    In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] 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."[162]

    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.[163][164][165][166]

    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.

    Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

    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,[170] 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.[171]

    On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

    "Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

    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.[173]

    Investment in coal mining[edit]

    On Federal reserve bank of atlanta careers 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.

    Competition[edit]

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

    Notable buildings[edit]

    Notable buildings which Bank of America currently occupies include:

    • Bank of America Tower in Phoenix, Arizona
    • Bank of America Center in Los Angeles, California
    • Transamerica Pyramid, in San Francisco
    • 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
    • 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, Florida
    • 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, Illinois
    • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
    • Bank of America Building in Baltimore, Maryland
    • Bank of America Plaza in St Louis, Missouri
    • 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, Washington
    • Columbia Center in Seattle, Washington
    • Bank of America Tower in Hong Kong
    • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
    • 9454 Wilshire Boulevard in Beverly Hills, California

    Former buildings[edit]

    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 call bank mobile vibe customer service 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 Federal reserve bank of atlanta careers 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.

    The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

    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 iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

    See also[edit]

    References[edit]

    1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
    2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
    3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
    4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
    5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
    6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
    7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
    8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
    9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
    10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
    11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
    12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
    13. ^ ab"Bank of America

      New data show the US economic recovery is a lot stronger than economists thought

      Forecasters now expect the US economy to grow much faster in the last three months of the year after an economic data dump on Nov. 24 showed a much rosier picture than they had expected.

      The new data point to stronger growth in the third quarter than was originally reported, and a pickup in the pace of the recovery in October and November. Economists at various institutions, from Morgan Stanley to the Federal Reserve Bank of Atlanta, upped their GDP estimates for the fourth quarter in response.

      A strong end of the year is not inevitable, however. Another delta-style surge in covid-19 cases could slow down the recovery again. Barring that, here are the indicators that have economists feeling optimistic:

      Stronger third-quarter GDP

      Economists have different ways of measuring economic growth. GDP, the most traditional, is based on spending on goods and services. It grew by 2.1% in the third quarter, according to the US Bureau of Economic Analysis (BEA). But on Wednesday, the agency released another measure of growth, gross domestic income (GDI), which is based on people’s and companies’ income. It grew much faster than GDP, by 7.6% compared with the same period last year.

      The accounting for both figures is prone to errors and is often revised months or even years after, so economists have begun to average the two. The resulting indicator has proven to be a pretty good predictor of final GDP figures.

      According to the calculations of Jason Furman, a Harvard economist, the new GDI figure translates into 4.4% growth in the third quarter, double what was reported.

      Jobless claims hit historic low

      Meanwhile, jobless claims for the week ending Nov. 20 fell to a 50-year low (pdf) at 199,000, which probably spells a strong jobs report for November. This is the first time that claims have fallen below pre-pandemic levels, and is an indication that employers are very hesitant to lay off workers given the labor shortage, senior Glassdoor economist Daniel Zhao said on Twitter.

      However, claims filed before this week are at 2.05 million, and the number of unemployed is still higher than it was pre-pandemic, signaling that the labor market won’t fully recovery anytime soon.

      Consumers and companies are spending more

      Americans are keeping up with their spending habits in the face of higher prices. Consumer spending  increased by 1.3% (or 0.7% adjusted for inflation) in October, BEA data show. Incomes, meanwhile, rose 0.5% after falling by 1% in September.

      Companies are shopping, too, with business spending on equipment up by 0.6% in October. Overall, shipments of durable goods increased by 1.5% from the prior month. To be sure, some sectors are still struggling due to supply chain snags. Orders turbotax turbo prepaid card transportation like airplanes dropped by 2.6% 

      Reassessing the US recovery

      This is how forecasters increased their projections for economic growth in the fourth quarter in response to the flurry of positive economic data:

      Источник: https://qz.com/2094598/the-us-economic-recovery-is-on-track-to-pick-up-in-fourth-quarter/

      What’s the impact of persistent barriers to basic financial services? What’s the impact of persistent barriers to federal reserve bank of atlanta careers financial services?

      On the surface, fair access to financial services may seem less urgent than addressing housing discrimination and wealth inequality in the efforts to tackle historical economic racial disparities. Yet making it easier to open a checking account, obtain a reasonable home mortgage or business loan, or quickly access your own money are essential to that work, said Esther George, president of the Federal Reserve Bank of Kansas City.

      “Being able to save and borrow money on fair and equitable terms is very much at the heart of financial security,” George said while opening the 10th event in the Federal Reserve’s Racism and the Economy series.

      The virtual event explored barriers that prevent disproportionate numbers of BIPOC (Black, Indigenous, people of color) from accessing affordable financial services. Panelists said these barriers perpetuate gaps in wealth, home ownership, business growth, and other economic measures between white Americans and communities of color.

      Panelists said traditional financial sector business approaches continue to thwart low-income and BIPOC communities’ access to financial services. These practices include unwitting cultural bias, predatory lending, and a reliance on credit scoring methods that some see as outdated or discriminatory.

      For example, Terri Friedline, an associate professor of social work at the University of Michigan, researched the struggles Black business owners had securing the federal Paycheck Protection Program loans. The PPP loans aimed to assist businesses struggling during the pandemic.

      Friedline discovered that in the rush to disburse PPP loans, banks relied on existing customer relationships, which more often involved White-owned businesses. Further, even among firms with good credit scores, Black-owned firms were about half as likely as white-owned companies to receive all the PPP financing they sought, according to the Federal Reserve’s 2021 Report on Firms Owned by People of Color.

      Bill Bynum, CEO of Hope Enterprise Corporation, an advocacy organization which provides financial services, said the fallout from that approach continues.

      “Over the past 20 months, we’ve seen disastrous effects of relying on traditional banks to finance Black businesses,” he said.

      Several speakers suggested that methods of determining credit scores are inherently detrimental to lower-income populations.

      Camille Busette, senior fellow in economic studies and director of the Race, Prosperity, and Inclusion Initiative at the Brookings Institution, said a core assumption of credit scoring is that everyone starts adult life at the same point financially, then some take actions that enhance their financial standing, like making mortgage payments on time, while others don’t. That core assumption is a fundamental flaw of algorithms that generate credit scores, she said.

      “We need to reexamine some of the basic assumptions behind credit scoring,” Busette said. “That undergirds everything.”

      Abbey Wemimo, cofounder and co-CEO of Esusu Financial, a firm focused on reworking the mechanisms behind credit scores, described a proposal to credit renters for on-time monthly rent payments, just like timely mortgage payments figure into the credit scores of homeowners.

      Wemimo said that would unlock some $4 trillion in credit and other financing for mostly low- to moderate-income renters, because they would enjoy better credit scores and thus broader access to financial instruments that are mostly off-limits to them today.

      “Let’s give credit where credit is due,” Wemimo said. “This would be not only advantageous to bridging the racial wealth gap but (would) contribute toward taxpayers’ dollars and really fulfill the true founding creed of these United States, which is to make it (a) more perfect (union).”

      Two panelists, José Quiñonez, CEO of the Mission Asset Fund, and Lakota Vogel, executive director of the Four Bands Community Fund, discussed designing financial products based on what is working among “unbanked” or “underbanked” populations. That includes informal financing arrangements rooted in immigrant or Indigenous cultures, such as “lending circles” through which ordinary people pool their money and make loans to one another, Quiñonez said.

      Lisa Rice, president and CEO of the National Fair Housing Alliance, proposed a special-purpose credit program for first-generation home buyers. Rice said white households are 71% more likely than Black households to own their home. The gap hasn’t improved much in decades, and it feeds the Black-white wealth divide, but special-purpose credit programs can help, she said.

      If designed correctly, Rice said, the programs allow underserved consumers to circumvent structural inequities – such as living in a neighborhood hurt by appraisal bias or having a low credit score – to obtain good, affordable credit.

      Her proposal would also blend special-purpose credit programs with down payment assistance for first-generation home buyers. Robert James II, president of the National Bankers Association, said buying a home has become so expensive, particularly for first-generation buyers, that it is time to overhaul the basic 30-year mortgage financing mechanism. We need, he said, to “start thinking about how we reengineer that to make it more relevant for the current economic environment.”

      In a separate panel, three Federal Reserve Bank presidents addressed whether people are “unbanked” or “underbanked” in part because banks don’t offer immediate access to the funds in their paychecks. Tom Barkin, president of the Federal Reserve Bank of Richmond, said that can force people to use high-cost options like check-cashing outfits to get the money they need.

      The Fed is working on a real-time payments service, FedNow, that could address the problem because it’s being designed to allow money to move from account to account instantly, so it’s available to people immediately.

      Atlanta Fed President Raphael Bostic said speeding access to funds could help dismantle structural racism in financial services, because it would respond to the daily realities of lower-income people, including how they access and use their resources.

      Measures like FedNow are part of an underlying effort, Bostic said, “to make being poor less expensive.”

      Minneapolis Fed president Neel Kashkari closed the session by saying the Racism and the Economy series has confronted racism embedded in the nation’s economic systems in ways that have exceeded organizers’ hopes. The series concludes in February with an event exploring how the Fed can incorporate knowledge from the 10 sessions to advance its work for economic inclusion.

      “We have to look at what role we can play to try to improve outcomes for all Americans, Kashkari said, “because we work for all Americans.”

      This article was written by Charles Davidson from the Federal Reserve Bank of Atlanta.

      Источник: https://www.bostonfed.org/news-and-events/news/2021/11/racism-and-the-economy-barriers-to-financial-services-perpetuate-economic-gaps.aspx

      Federal reserve bank of atlanta careers -

      New data show the US economic recovery is a lot stronger than economists thought

      Forecasters now expect the US economy to grow much faster in the last three months of the year after an economic data dump on Nov. 24 showed a much rosier picture than they had expected.

      The new data point to stronger growth in the third quarter than was originally reported, and a pickup in the pace of the recovery in October and November. Economists at various institutions, from Morgan Stanley to the Federal Reserve Bank of Atlanta, upped their GDP estimates for the fourth quarter in response.

      A strong end of the year is not inevitable, however. Another delta-style surge in covid-19 cases could slow down the recovery again. Barring that, here are the indicators that have economists feeling optimistic:

      Stronger third-quarter GDP

      Economists have different ways of measuring economic growth. GDP, the most traditional, is based on spending on goods and services. It grew by 2.1% in the third quarter, according to the US Bureau of Economic Analysis (BEA). But on Wednesday, the agency released another measure of growth, gross domestic income (GDI), which is based on people’s and companies’ income. It grew much faster than GDP, by 7.6% compared with the same period last year.

      The accounting for both figures is prone to errors and is often revised months or even years after, so economists have begun to average the two. The resulting indicator has proven to be a pretty good predictor of final GDP figures.

      According to the calculations of Jason Furman, a Harvard economist, the new GDI figure translates into 4.4% growth in the third quarter, double what was reported.

      Jobless claims hit historic low

      Meanwhile, jobless claims for the week ending Nov. 20 fell to a 50-year low (pdf) at 199,000, which probably spells a strong jobs report for November. This is the first time that claims have fallen below pre-pandemic levels, and is an indication that employers are very hesitant to lay off workers given the labor shortage, senior Glassdoor economist Daniel Zhao said on Twitter.

      However, claims filed before this week are at 2.05 million, and the number of unemployed is still higher than it was pre-pandemic, signaling that the labor market won’t fully recovery anytime soon.

      Consumers and companies are spending more

      Americans are keeping up with their spending habits in the face of higher prices. Consumer spending  increased by 1.3% (or 0.7% adjusted for inflation) in October, BEA data show. Incomes, meanwhile, rose 0.5% after falling by 1% in September.

      Companies are shopping, too, with business spending on equipment up by 0.6% in October. Overall, shipments of durable goods increased by 1.5% from the prior month. To be sure, some sectors are still struggling due to supply chain snags. Orders for transportation like airplanes dropped by 2.6% 

      Reassessing the US recovery

      This is how forecasters increased their projections for economic growth in the fourth quarter in response to the flurry of positive economic data:

      Источник: https://qz.com/2094598/the-us-economic-recovery-is-on-track-to-pick-up-in-fourth-quarter/

      Bank of America

      American multinational banking and financial services corporation

      This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

      "BofA" redirects here. For the French illustrator, see Gus Bofa.

      Bank of America logo.svg
      Bank of America Corporate Center.jpg

      The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

      TypePublic company

      Traded as

      ISINUS0605051046
      IndustryFinancial services
      PredecessorBank America
      NationsBank
      Founded1998 (via the merger of BankAmerica & NationsBank)
      1956 (as BankAmerica)
      1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
      FounderAmadeo Giannini (BankAmerica)
      Hugh McColl
      (NationsBank)
      HeadquartersCharlotte, North Carolina, U.S. (Corporate)
      New York, NY (Investment banking)

      Number of locations

      4,600 retail financial centers & approximately 16,200 ATMs[1]

      Area served

      Worldwide

      Key people

      ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
      RevenueDecreaseUS$85.52 billion (2020)[1]

      Operating income

      DecreaseUS$18.99 billion (2020)[1]

      Net income

      DecreaseUS$17.89 billion (2020)[1]
      Total assetsIncreaseUS$2.819 trillion (2020)[1]
      Total equityDecreaseUS$272.92 billion (2020)[1]
      OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

      Number of employees

      200,000 (2020)[1]
      DivisionsBofA Securities
      Merrill
      Bank of America Private Bank
      Websitebankofamerica.com

      The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

      One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

      Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

      The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

      History[edit]

      The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

      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.[14] 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.

      Bank of Italy[edit]

      Main article: Bank of Italy (United States)

      From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] 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.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] 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,[17] 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.[18]

      Expansion in California[edit]

      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.[19] 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.[20] 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.[21] 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.[22]

      [edit]

      Following the passage of the Bank Holding Company Act of 1956,[23] BankAmerica Corporation was established[by whom?] for the purpose of owning and operating Bank of America and its subsidiaries.

      Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] 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.[24]

      BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] 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] 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.[25] 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]

      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.[26] 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.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

      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.[29]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.[30]

      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]

      Bank of America logo used from 1998 to 2018

      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.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

      Merger of NationsBank and BankAmerica[edit]

      Logo of the former Bank of America (BA), 1969–1998

      In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

      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.[38] 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]

      In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] 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.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

      2001 to present[edit]

      Typical Bank of America branch in Los Angeles

      In 2001, McColl stepped down 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.[40] 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.[40] 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.[41]

      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.[42]

      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.[43][44]

      Acquisition of Countrywide Financial[edit]

      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.[45]

      On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] 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.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] 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.[50]

      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.[51] 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.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

      Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

      In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric 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.[53]

      Acquisition of Merrill Lynch[edit]

      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.[54] 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.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]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.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

      Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] 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.[62]

      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[63] 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[6] 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.[64]

      Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] 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.[66] 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.[67][68]

      On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 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.

      Federal Troubled Asset Relief Program[edit]

      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).[70] 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.[71] 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.[72] 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.[73]

      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.[74]

      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."[75][76]

      Bonus settlement[edit]

      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 GeneralAndrew 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."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] 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 amongst 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.[79]

      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."[80]

      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.[81]

      Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

      Fraud[edit]

      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.[84]

      Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

      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.[86][87] 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 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.[88]

      Downsizing (2011 to 2014)[edit]

      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.[89]

      In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

      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.[91] 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.[92]

      As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], 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.[93]

      Sale of stake in China Construction Bank[edit]

      In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] 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.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

      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.[97]

      $17 billion settlement with Justice Department[edit]

      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.[98] 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."[99]

      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.[100]

      [edit]

      Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, 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,[103] 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.

      Decision not to finance makers of military-style guns[edit]

      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.[104] 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.

      Return to expansion (2015–present)[edit]

      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.[105] 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;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] 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.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

      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.[110][111] 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.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

      Operations[edit]

      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.[114]

      Consumer Banking[edit]

      Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also 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 traveling 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.

      Global Banking[edit]

      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.[1]

      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.

      Global Wealth and Investment Management[edit]

      The Global Wealth and Investment Management (GWIM) division manages 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.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] 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.

      Global Markets[edit]

      The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

      Labor[edit]

      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.[115]

      Offices[edit]

      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).[116]

      International offices[edit]

      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.[117]

      Corporate Governance[edit]

      Charitable efforts[edit]

      Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

      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.[119] 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.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

      Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

      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 neighborhoods.[124]

      In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

      Chief Executive Officer[edit]

      List of CEOs[edit]

      1. Hugh McColl (1998–2001)[126]
      2. Ken Lewis (2001–2009)[127]
      3. Brian Moynihan (2010– )[128]

      CEO Pay Ratio[edit]

      Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

      Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

      Lawsuits[edit]

      In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] 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.[132] 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.[133]

      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.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct 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.[135] 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.[136] 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.[137]

      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.[138]

      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.[139] 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.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] 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.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

      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.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

      Controversies[edit]

      Parmalat controversy[edit]

      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.[149][150] 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.[151]

      Consumer credit controversies[edit]

      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.[152][153] 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.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

      Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

      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.[158]

      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".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

      In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] 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."[162]

      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.[163][164][165][166]

      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.

      Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

      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,[170] 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.[171]

      On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

      "Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

      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.[173]

      Investment in coal mining[edit]

      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.

      Competition[edit]

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

      Notable buildings[edit]

      Notable buildings which Bank of America currently occupies include:

      • Bank of America Tower in Phoenix, Arizona
      • Bank of America Center in Los Angeles, California
      • Transamerica Pyramid, in San Francisco
      • 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
      • 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, Florida
      • 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, Illinois
      • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
      • Bank of America Building in Baltimore, Maryland
      • Bank of America Plaza in St Louis, Missouri
      • 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, Washington
      • Columbia Center in Seattle, Washington
      • Bank of America Tower in Hong Kong
      • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
      • 9454 Wilshire Boulevard in Beverly Hills, California

      Former buildings[edit]

      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.

      The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

      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 iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

      See also[edit]

      References[edit]

      1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
      2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
      3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
      4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
      5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
      6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
      7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
      8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
      9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
      10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
      11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
      12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
      13. ^ ab"Bank of America

        One of the world’s largest economic databases turns 30

        It’s been 30 years since the start of the Federal Reserve Economic Data, or FRED, an online database within the Federal Reserve Bank of St. Louis. The site contains more than 800,000 data series from over 100 different sources, making it something of a one-stop shop for people trying to understand the economy.

        “We can take the data from multiple sources and put them all on our website, so users can go and see what the latest unemployment rate looks like or what inflation is doing nowadays,” said Yvetta Fortova, the FRED manager and its “data champion.”

        Originally existing as a dial-in electronic bulletin board, FRED went online in 1995 — paving the way for the platform as it stands today.

        Fortova spoke with “Marketplace” host Amy Scott about the database. The following is a transcript of the interview. To listen to their conversation, use the media play above.

        Amy Scott: What’s some of the more “out-of-the-way” data that you might find on the site?

        Yvetta Fortova smiles and poses for a photo

        Yvetta Fortova: On the historical side, for example, we have a really neat data set from the National Bureau of Economic Research, and it’s a data set with historical macroeconomics data. But really, you know, the term “macroeconomics” can be intimidating to people. But there are some really exciting series, such as shipments of kitchen sinks and lavatories to the United States in the times of the industrialization period. There was a peak around the 1920s when a lot of people in the U.S. were in need of toilets, and [for the] greater good, they also thought about a sink. So those two data series are highly correlated.

        Scott: Okay, I’m totally looking that up. What do you wish you had more data on?

        Fortova: Oh, wow, how many wishes can I have?

        Scott: Let’s give you three wishes. We’ll go with the classic.

        Fortova: I would probably like to see data looking into the future, so projection data. And another type of data that I would be interested in is more regional data. At FRED, our smallest unit of region is county, but really going down all the way to zip code or census track, I think, that would be really neat. Probably last but not least, it will be interesting to also look into institutional level data. So it’s just not an aggregate of some sort, but it can be particular data on like, sales in specific stores or information about that. So, I’m more on a socioeconomic side of things.

        Scott: So what do you know about your users — besides the usual suspects, economists and researchers and journalists like me? Are regular folks turning to FRED, or should they be for some of the economic decisions in their lives?

        Fortova: Yes, definitely. We welcome everybody. And I think that is also our everyday struggle, is that our product is visited by so many users with so many sophistication levels, that sometimes, you know, developing our products to the next level makes it somewhat of a challenge. We really welcome our users from the educational sector, academia, particularly students. Sometimes they even email us to see if we will be able to answer homework questions for them. But we see our student users as kind of an investment into the future because once these users are out of college, and, you know, they’re looking into buying a house and getting a quote for a mortgage, for example, they can go on FRED and see what the average mortgage rate is. And then they can kind of assess how well are they doing compared to the typical mortgage rates. So we have a wealth of data that I believe can make our users better in making better decisions in their lives.

        Источник: https://www.marketplace.org/2021/11/25/one-of-the-worlds-largest-economic-databases-turns-30/
        History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29, 2020.
      14. ^Roberts, Deon (August 31, 2016). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29, 2020.
      15. ^ abcd"Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. Retrieved January 29, 2020.
      16. ^"Bank of Italy". Archived from the original on July 18, 2011. Retrieved July 22, 2019.
      17. ^"World's biggest bank (Fortune Classics, 1947)". Fortune. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
      18. ^Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. ISBN .
      19. ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, 2016, at the Wayback Machine
      20. ^Transamerica Corporation, a corporation of DelawareArchived August 30, 2009, at the Wayback Machine, 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.
      21. ^"The History of Visa". Visa Inc. Archived from the original on November 3, 2007. Retrieved October 29, 2007.
      22. ^Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp. 25–28. ISBN . Available through SpringerLink.
      23. ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. Retrieved January 29, 2020.
      24. ^ abColumnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29, 2020.
      25. ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. Retrieved January 29, 2020.
      26. ^"BankAmerica Takes Over at Security Pacific : Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, 1992. Retrieved January 29, 2020.
      27. ^Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, 2011. Retrieved September 27, 2008.
      28. ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. Retrieved January 29, 2020.
      29. ^FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29, 2020.
      30. ^"About Banks - Bank of America". www.bank-locations.com. Retrieved January 29, 2020.
      31. ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, 2012, at the Wayback Machine. American Banker, June 17, 1996
      32. ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2020.
      33. ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
      34. ^O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. Retrieved January 29, 2020.
      35. ^Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
      36. ^Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
      37. ^
      Источник: https://en.wikipedia.org/wiki/Bank_of_America

      What’s the impact of persistent barriers to basic financial services? What’s the impact of persistent barriers to basic financial services?

      On the surface, fair access to financial services may seem less urgent than addressing housing discrimination and wealth inequality in the efforts to tackle historical economic racial disparities. Yet making it easier to open a checking account, obtain a reasonable home mortgage or business loan, or quickly access your own money are essential to that work, said Esther George, president of the Federal Reserve Bank of Kansas City.

      “Being able to save and borrow money on fair and equitable terms is very much at the heart of financial security,” George said while opening the 10th event in the Federal Reserve’s Racism and the Economy series.

      The virtual event explored barriers that prevent disproportionate numbers of BIPOC (Black, Indigenous, people of color) from accessing affordable financial services. Panelists said these barriers perpetuate gaps in wealth, home ownership, business growth, and other economic measures between white Americans and communities of color.

      Panelists said traditional financial sector business approaches continue to thwart low-income and BIPOC communities’ access to financial services. These practices include unwitting cultural bias, predatory lending, and a reliance on credit scoring methods that some see as outdated or discriminatory.

      For example, Terri Friedline, an associate professor of social work at the University of Michigan, researched the struggles Black business owners had securing the federal Paycheck Protection Program loans. The PPP loans aimed to assist businesses struggling during the pandemic.

      Friedline discovered that in the rush to disburse PPP loans, banks relied on existing customer relationships, which more often involved White-owned businesses. Further, even among firms with good credit scores, Black-owned firms were about half as likely as white-owned companies to receive all the PPP financing they sought, according to the Federal Reserve’s 2021 Report on Firms Owned by People of Color.

      Bill Bynum, CEO of Hope Enterprise Corporation, an advocacy organization which provides financial services, said the fallout from that approach continues.

      “Over the past 20 months, we’ve seen disastrous effects of relying on traditional banks to finance Black businesses,” he said.

      Several speakers suggested that methods of determining credit scores are inherently detrimental to lower-income populations.

      Camille Busette, senior fellow in economic studies and director of the Race, Prosperity, and Inclusion Initiative at the Brookings Institution, said a core assumption of credit scoring is that everyone starts adult life at the same point financially, then some take actions that enhance their financial standing, like making mortgage payments on time, while others don’t. That core assumption is a fundamental flaw of algorithms that generate credit scores, she said.

      “We need to reexamine some of the basic assumptions behind credit scoring,” Busette said. “That undergirds everything.”

      Abbey Wemimo, cofounder and co-CEO of Esusu Financial, a firm focused on reworking the mechanisms behind credit scores, described a proposal to credit renters for on-time monthly rent payments, just like timely mortgage payments figure into the credit scores of homeowners.

      Wemimo said that would unlock some $4 trillion in credit and other financing for mostly low- to moderate-income renters, because they would enjoy better credit scores and thus broader access to financial instruments that are mostly off-limits to them today.

      “Let’s give credit where credit is due,” Wemimo said. “This would be not only advantageous to bridging the racial wealth gap but (would) contribute toward taxpayers’ dollars and really fulfill the true founding creed of these United States, which is to make it (a) more perfect (union).”

      Two panelists, José Quiñonez, CEO of the Mission Asset Fund, and Lakota Vogel, executive director of the Four Bands Community Fund, discussed designing financial products based on what is working among “unbanked” or “underbanked” populations. That includes informal financing arrangements rooted in immigrant or Indigenous cultures, such as “lending circles” through which ordinary people pool their money and make loans to one another, Quiñonez said.

      Lisa Rice, president and CEO of the National Fair Housing Alliance, proposed a special-purpose credit program for first-generation home buyers. Rice said white households are 71% more likely than Black households to own their home. The gap hasn’t improved much in decades, and it feeds the Black-white wealth divide, but special-purpose credit programs can help, she said.

      If designed correctly, Rice said, the programs allow underserved consumers to circumvent structural inequities – such as living in a neighborhood hurt by appraisal bias or having a low credit score – to obtain good, affordable credit.

      Her proposal would also blend special-purpose credit programs with down payment assistance for first-generation home buyers. Robert James II, president of the National Bankers Association, said buying a home has become so expensive, particularly for first-generation buyers, that it is time to overhaul the basic 30-year mortgage financing mechanism. We need, he said, to “start thinking about how we reengineer that to make it more relevant for the current economic environment.”

      In a separate panel, three Federal Reserve Bank presidents addressed whether people are “unbanked” or “underbanked” in part because banks don’t offer immediate access to the funds in their paychecks. Tom Barkin, president of the Federal Reserve Bank of Richmond, said that can force people to use high-cost options like check-cashing outfits to get the money they need.

      The Fed is working on a real-time payments service, FedNow, that could address the problem because it’s being designed to allow money to move from account to account instantly, so it’s available to people immediately.

      Atlanta Fed President Raphael Bostic said speeding access to funds could help dismantle structural racism in financial services, because it would respond to the daily realities of lower-income people, including how they access and use their resources.

      Measures like FedNow are part of an underlying effort, Bostic said, “to make being poor less expensive.”

      Minneapolis Fed president Neel Kashkari closed the session by saying the Racism and the Economy series has confronted racism embedded in the nation’s economic systems in ways that have exceeded organizers’ hopes. The series concludes in February with an event exploring how the Fed can incorporate knowledge from the 10 sessions to advance its work for economic inclusion.

      “We have to look at what role we can play to try to improve outcomes for all Americans, Kashkari said, “because we work for all Americans.”

      This article was written by Charles Davidson from the Federal Reserve Bank of Atlanta.

      Источник: https://www.bostonfed.org/news-and-events/news/2021/11/racism-and-the-economy-barriers-to-financial-services-perpetuate-economic-gaps.aspx
      Legal Notices
    Источник: https://www.chicagofed.org/careers/areasofwork

    Atlanta, GA, US

    Atlanta, GA

    30+ days ago

    As an employee of the Atlanta Fed, you will help support our mission of promoting the stability and efficiency of the U.S. economy and financial system. Your work will affect the economy of the Southeast, the United States, and the world. The work we do here is important, and how we do it is just as important as what we do. We live our values of integrity, excellence, and respect every day. We do the right thing, we do things right, and we treat people right. A career at the Federal Reserve Bank of Atlanta gives you the chance to do work that touches lives and helps communities prosper. As an employee of the Atlanta Fed, you will help support our mission of promoting the stability and efficiency of the U.S. economy and financial system. Your work will affect the economy of the Southeast, the United States, and the world. The work we do here is important, and how we do it is just as important as what we do. We live our values of integrity, excellence, and respect every day. We do the right thing, we do things right, and we treat people right. A career at the Federal Reserve Bank of Atlanta gives you the chance to do work that touches lives and helps communities prosper.

    General Summary:

    Under the direction of the VP/Community Affairs Officer, serves as a deputy. Helps lead the strategic direction of CED to advance economic mobility and resilience among low- and moderate-income communities and communities of color in the District. Responsible for the day-to-day managerial oversight for a team within CED, including managing staff and developing partnerships, outreach, research, and publication strategies, as well as operational and reputational risks. Serves as a deep subject matter expert in one or more CED topical areas and provides thought leadership for the Reserve Bank's public messages on that topic. Contributes to and often leads Bank and System initiatives within those areas of expertise. Establishes, deepens, and maintains relationships with leadership of related national and regional intermediaries, research centers, philanthropy, and public agencies for the purposes of informing and influencing their work and developing strategic partnerships. Contributes to the direction of the division and Bank by ensuring that work is aligned to the Bank's and System's mission and strategic priorities.

    • Helps develop and implement CED strategic plan.
    • Maintains knowledge of persistent and emerging trends relevant to low- and moderate-income populations and the economy.
    • Influences community development policies and practices in the district by leading the development of research, information, applied partnerships, convenings and events, and communications.
    • Provides strategic direction and oversight in completing quantitative and qualitative analysis and engagement and sets and tracks measurable goals.
    • Provides critical review of deliverables and manages review process to ensure a high level of rigor, integrity, and influence
    • Oversees the development and execution of communications products and external publications.
    • Serves as a deep subject matter expert, both internally and externally, on a CED topic (workforce development, housing and neighborhoods, small business and economic development, financial access, and/or community development finance, among others) and represents the Division, Bank, and System in that role through speeches, publications, special projects, and other activities.
    • Participates in academic, policy, philanthropy, and nonprofit boards that advance the Bank's commitment to corporate citizenship and thought leadership.
    • Develops and maintains critical external alliances including but not limited to government officials, community development industry professionals, community leaders, and philanthropy representatives.
    • Develops and maintains critical internal alliances with counterparts in CED, other parts of the Division, Bank, and the FRS.
    • Performs personnel management functions such as hiring, staff development, performance appraisals, and other personnel actions.
    • Working with the Community Affairs Officer and other CED staff, provides strategy for budget utilization.

    Highly Specialized or Technical Skills/Certifications

    Educational background including advanced degree in public policy, planning, economics, or related field preferred. Specific knowledge of complex policies and programs that support the economic mobility and resilience of low and moderate income populations and communities of color. Experience working across sectors. Knowledge of the region preferred.

    Key Competencies

    • Reflects a Strategic Mindset
    • Demonstrates Decision Quality
    • Communicates Effectively/Displays Interpersonal Savvy
    • Values Differences

    • Contacts: Contacts required for this role may include:

      External: High-level leaders in nonprofits, community organizations, public agencies, and other community economic development organizations; Financial institutions, philanthropy, and other funders; Government; Business leaders; Media; Academics

      Internal: Sixth District Executives, Other FRB Staff and District Executives; Board of Governors Staff and Executives; District Board of Directors

      Managerial Competencies: strategic agility, developing direct reports and others, priority setting, decision quality, managerial courage, directing others, motivating others, interpersonal savvy, communicating effectively

      Our total rewards program offers benefits that are the best fit for you at every stage of your career:

      • Comprehensive healthcare options (Medical, Dental, and Vision)
      • 401K match, and a fully funded pension plan
      • Paid vacation and holidays; flexible work environment
      • Generously subsidized public transportation
      • Annual tuition reimbursement
      • Professional development programs, training and conferences
      • And more...

    F

    Federal Reserve Bank (FRB)

    Источник: https://www.monster.com/job-openings/avp-community-economic-development-atlanta-ga--c97d9a82-34b4-4054-921b-7cb6026d3a42

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