Bank Of America Name Change

1. Bank Of America Name Change On Credit Card

Giannini changed the name to Bank of America in 1928 and remained chairman until 1963. The Bank of America would become one of the largest banking institutions in the world but by 2008, due to poor management, had to receive government bailout. The Bank of Italy in Italy was created in 1893 through the merger of 3 of the 6 banks at the time. Community Bank online banking accounts overview. You must change your password in order to continue. Current Password:. Password Strength.

Number of employees204,489 (2018)11.8% (2017)Rating: Baa1: BBB: AWebsiteThe Bank of America Corporation (abbreviated as BofA) is an American multinational and company based in, with central hubs in,. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998.

It is the in the United States, after. As a part of the, it services approximately 10.73% of all American bank deposits, in direct competition with, and JPMorgan Chase. Its primary financial services revolve around, wealth management, and investment banking.One branch of its history stretches back to, founded by in 1904, which provided who various banking options.

Originally headquartered in, Giannini renamed his bank (Bank of America and Italy) in 1922, and expanded further into California. The passage of landmark federal banking legislation facilitated rapid growth in the 1950s, quickly establishing a prominent market share.

After suffering a significant loss after the, BankAmerica, as it was then known, was acquired by the Charlotte-based for 62 billion. Following what was then the, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing for wealth management and for investment banking in 2008 and 2009, respectively. Since both divisions carry the 'Merrill Lynch' signage, the former is often referred to as 'Merrill Lynch Wealth Management' to differentiate itself from the latter.Both Bank of America Merrill Lynch and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The is considered within the ' as the, as of 2018.

Its wealth management side manages 1.081 trillion in (AUM) as the, after. In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the and more than 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 (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. Its corporate practices of servicing the and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018, Bank of America has a $313.5 billion, making it the. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018.

Bank of America was ranked #24 on the 2018 rankings of the largest United States corporations by total revenue. Bank of America was named the 'World's Best Bank' by the in their 2018 Awards for Excellence.

Contents.History The Bank of America name first appeared in 1923, with the formation of. In 1928, it was acquired by of San Francisco, which took the Bank of America name two years later.The eastern portion of the Bank of America franchise traces its roots to 1784, when was chartered—the earliest forerunner of, which it acquired in 2004.

In 1874, was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later it became when it merged with Security National Bank of Greensboro. In 1991, it merged with / Corporation of Atlanta and to form.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.Bank of Italy. Main article:From a naming perspective, the history of Bank of America dates back to October 17, 1904, when founded the in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing U.S.

Banks which typically discriminated against them and often denied service to all but the wealthiest. Giannini was raised by his mother and stepfather Lorenzo Scatena after his father was fatally shot over a pay dispute with an employee. When the struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster.

From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild.In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. This bank was headed. Between 1923 and 1930, when the two organizations operated separately. Giannini established.

In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries.

In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely; together with the London Delegation, this was the first permanent overseas office opened by the Bank, at a time when the foundations were being laid for the restructuring of the international money market.In 1928, Giannini merged his bank with, headed by and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Bank of Italy was renamed on November 3, 1930, to, 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. Expansion in California 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. There is a replica of the 1909 Bank of Italy branch bank in in San Jose, and the 1925 is an important landmark.

Giannini sought to build a national bank, expanding into most of the western states as well as into the, under the aegis of his holding company,. In 1953 regulators succeeded in forcing the separation of and Bank of America under the. The passage of the prohibited banks from owning 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, later acquired by 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 with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to in 1977.A consortium of other California banks introduced Master Charge (now ) in 1966 to compete with BankAmericard.Expansion outside California Following the passage of the, BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.Bank of America expanded outside in 1983, with its acquisition, orchestrated in part by, of of, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the, particularly in Latin America.

The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile. 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. It sold its FinanceAmerica subsidiary to and the brokerage firm back to. It also sold to. By the time of the, 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.BankAmerica's next big acquisition came in 1992.

The company acquired its California rival, Security Pacific Corporation and its subsidiary in California and other banks in, and (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history.

Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former, 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 ).

Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.In 1994, BankAmerica acquired the of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.

At that time 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. Bank of America logo used since 2018, an updated version of the logo 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 (Continental Illinois had extensive leveraged lending relationships) which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.

In addition, in 1997, BankAmerica acquired, a San Francisco–based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens. Merger of NationsBank and BankAmerica.

Logo of the former Bank of America (BA), 1969–1998In 1997, Bank of America lent, a large, $1.4 billion in order to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the. Of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.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.

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. Additionally, all (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman and CEO, took on the same roles with the merged company.Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in, in towns that would be left with only a single bank following the combination. (Branch divestitures are only required if the combined company will have a larger than 25% (FDIC) in a particular state or 10% deposit market share overall.) In addition, the broker-dealer, NationsBanc Montgomery Securities, was named in 1998. 2001 to present.

Typical Bank of America local office in Los AngelesIn 2001, McColl stepped down and named as his successor.In 2004, Bank of America announced it would purchase Boston-based bank for $47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to.On June 30, 2005, Bank of America announced it would purchase credit card giant for $35 billion in cash and stock. The 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. Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 Financial CrisisIn December 2011, the announced a $335 million with Bank of America over discriminatory lending practice at Countrywide Financial. Said a federal probe found against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for were steered into higher-interest-rate. Acquisition of Merrill Lynch On September 14, 2008, Bank of America announced its intention to purchase 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. Around the same time Bank of America was reportedly also in talks to purchase, however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America the largest company in the world., the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. However, taking a loss estimated at $3 billion, the sold its whole stake in Bank of America in the first quarter of 2009.Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.

Bank of America had planned to retain various members of the then Merrill Lynch's CEO, 's management team after the merger. However, after Thain was removed from his position, most of his allies left. The departure of, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.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 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. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. DOD Community Bank logoBank of America has formed a partnership with the creating a newly chartered bank DOD Community Bank ('Community Bank') providing full banking services to military personnel at 68 branches and ATM locations on U.S. Military installations in, the and the. Even though Bank of America operates Community Bank customer services are not interchangeable between the two financial institutions, meaning 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 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 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.

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) 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, followed by and, in all cases having at least one of its competitors, with being available in Denver and Indianapolis, while is available in Denver and the Twin Cities. The Twin Cities market is also the home market of, the largest non-Big Four rival.In January 2018, Bank of America announced an organic expansion of its retail footprint into 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 (no. 6 nationally) having a commanding market share in the area. The following month, Bank of America announced it would expand into Ohio across the state's three biggest cities (, and ), which are also strongholds of Chase.

Introduction of Erica At the Money 20/20 conference in October 2016, retail banking president Thong Nguyen introduced a called Erica, whose name comes from the bank name. Starting in 2017, customers will be able to use voice or text to communicate with Erica and get advice, check balances and pay bills. Unlike the people who work for the bank, Erica will be available 24/7.

Digital banking head Michelle Moore said the technology was designed to help customers do a better job of managing money.Forrester analyst Peter Wannemacher says bank customer experiences with the technology have been 'uneven or poor,' but Bank of America intends to adapt Erica as needed.Operations. Bank of America branch inBank 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.

Consumer Banking 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 services via, an. The consumer banking division represented 38% of the company's total revenue in 2016. The company earns revenue from interest income, service charges, and fees.

The company is also a. It competes primarily with the arms of America's three other megabanks:,. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900.Bank of America is a member of the, a joint venture of several major international banks that provides for reduced fees for consumers using their card or 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.

Located on inThe Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.Before Bank of America's acquisition of, the Global Corporate and Investment Banking (GCIB) business operated as LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided advisory, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include,.

It also has one of the largest research teams on. Is headquartered in New York City.Global Wealth and Investment Management 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. It is among the 10 largest U.S.

Wealth managers. It has over $2.5 trillion in client balances. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.Global Markets The Global Markets division offers services to institutional clients, including trading in. The division provides research and other services such as and using. The division represented 19% of the company's total revenues in 2016. Labor 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. Offices 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 (ALEC). International offices Bank of America's Global Corporate and Investment Banking has its U.S. Headquarters in New York, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore. Charitable efforts. Bank of America volunteers at the Los Angeles LGBT pride parade in 2011In 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. 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. In 2010, the bank completed construction of the 1 Bank of America Center in. The tower, and accompanying hotel, is a building.Bank of America has also donated money to help health centers in Massachusetts and made a $1 million donation in 2007 to help homeless shelters in Miami.In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs. CEO pay ratio Pursuant to Section 953(b) of the, 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.Total 2018 compensation for, 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. Lawsuits In August 2011, Bank of America was sued for $10 billion. Another lawsuit filed in September 2011 pertained to $57.5 billion in Bank of America sold to. That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had against Hispanic and homebuyers from 2004 to 2008, prior to being acquired by BofA. 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.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. 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 federal government.

This settlement amount makes the NMS the second largest civil settlement in U.S. History, only trailing the. 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 filed a $1 billion against Bank of America for under the, which provides for possible penalties of triple the damages suffered. The government asserted that, which was acquired by Bank of America, mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through. The suit was filed by, the United States attorney in, the inspector general of and the special inspector for the.

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.In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide and 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.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.

In August 2014, the and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008. As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004–2008. 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;, for instance, received $300 million to recompense public pension funds. The settlement was the largest in United States history between a single company and the federal government.A has been filed against Bank of America by a former senior executive, Omeed Malik, who was accused of. Malik filed a claim against the bank and is seeking damages of more than $100 million. Malik's claims were reportedly settled confidentially for at least $10 million in July, 2018. Controversies Parmalat controversy SpA is a multinational Italian dairy and food corporation.

Following, 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. 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, the banks were still charged with covering up the fraud.

Consumer credit controversies 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. 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, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.

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. WikiLeaks In October 2009, of claimed that his organization possessed a 5 gigabyte formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.In November 2010, published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. Bank 'inside out'. In response to this announcement, Bank of America stock dropped 3.2%.In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks, stating that 'Bank of America joins in the actions previously announced by, 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.' Later in December, it was announced that Bank of America purchased more than 300 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.Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by, a now ex-WikiLeaks volunteer. Anonymous On March 14, 2011, members of hacker group 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, 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. Mortgage business In 2010 the state of launched an investigation into Bank of America for misleading homeowners who sought to modify their.

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. Investment in mountaintop removal 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.

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