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86-1003: The China Construction Bank Corporation ( CCB ) is a Chinese state-owned multinational banking and financial services corporation headquartered in Beijing, China . It is one of the " big four " banks in China, and is the third largest bank in the world by total assets behind the Agricultural Bank of China and the Industrial and Commercial Bank of China . The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in London , Barcelona , Frankfurt , Luxembourg , Hong Kong , Johannesburg , New York City , Seoul , Singapore , Tokyo , Melbourne , Kuala Lumpur , Santiago de Chile , Brisbane , Sydney and Auckland . Its total assets reached CN¥ 8.7 trillion in 2009, and it

172-752: A commitment not to sell the 6 billion shares that it purchased from Huijin using the call option before 29 August 2011 without prior consent of CCB. In May 2009, speculation was raised that Bank of America had sold US$ 7.3 billion worth of CCB shares after being ordered to obtain more capital following the results of the Dodd-Frank Act Annual Stress Test. On 29 August 2011, Bank of America announced it would sell approximately half its stake in CCB (13.1 billion shares worth about US$ 8.3 billion) to an undisclosed group of investors. In September 2013, Bank of America sold its remaining stake in

258-453: A family is allocated an apartment that is state owned, it will have been granted a tenancy of the apartment, which may be lifelong or inheritable, but the management and control rights are held by various government departments . There is a distinction to be made between state ownership and public property. The former may refer to assets operated by a specific state institution or branch of government, used exclusively by that branch, such as

344-422: A financial beachhead in the region. 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. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build

430-520: A government entity in a capitalist market or mixed economy . Reasons for state ownership of commercial enterprises are that the enterprise in question is a natural monopoly or because the government is promoting economic development and industrialization . State-owned enterprises may or may not be expected to operate in a broadly commercial manner and may or may not have monopolies in their areas of activity. The transformation of public entities and government agencies into government-owned corporations

516-613: A lawsuit with accepting a US$ 1 million bribe. He was later sentenced to 15 years in jail in connection with the case. China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by its predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on 14 September 2004,

602-428: 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. In addition, in 1997, BankAmerica acquired Robertson Stephens , a San Francisco–based investment bank specializing in high technology for $ 540 million. Robertson Stephens was integrated into BancAmerica Securities, and

688-549: A number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/ Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of

774-463: A profit; as a commercial enterprise in competitive sectors; or as a natural monopoly . Governments may also use the profitable entities they own to support the general budget. The creation of a state-owned enterprise from other forms of public property is called corporatization . In Soviet-type economies , state property was the dominant form of industry as property. The state held a monopoly on land and natural resources, and enterprises operated under

860-608: A research laboratory. The latter refers to assets and resources owned by the population of a state which are mostly available to the entire public for use, such as a public park (see public space ). In neoclassical economic theory , the desirability of state ownership has been studied using contract theory . According to the property rights approach based on incomplete contracting (developed by Oliver Hart and his co-authors), ownership matters because it determines what happens in contingencies that were not considered in prevailing contracts. The work by Hart, Shleifer and Vishny (1997)

946-405: 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,

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1032-612: A series of acquisitions in the late 1980s. This represented, 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 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 . Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. In 1994, BankAmerica acquired

1118-630: A significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions. During 2007–2008, BAS significantly downsized its international operations, eliminating

1204-421: A wide variety of different political and economic systems for a variety of different reasons. State ownership by itself does not imply social ownership where income rights belong to society as a whole. As such, state ownership is only one possible expression of public ownership, which itself is one variation of the broader concept of social ownership. In the context of socialism, public ownership implies that

1290-568: 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

1376-414: Is a tool to consolidate the means of production as a precursor to the establishment of economic planning for the allocation of resources between organizations, as required by government or by the state. State ownership is advocated as a form of social ownership for practical concerns, with the state being seen as the obvious candidate for owning and operating the means of production. Proponents assume that

1462-543: Is considered a systemically important bank by the Financial Stability Board . Its headquarters is in Xicheng District . CCB was founded on 1 October 1954 under the name of People's Construction Bank of China ( Chinese : 中国人民建设银行 ; pinyin : Zhōngguó Rénmín Jiànshè Yínháng ), and later changed to China Construction Bank on 26 March 1996. It was established to focus on financing for investments, in

1548-875: Is considered within the " Bulge Bracket " as the third largest investment bank in the world , as of 2018 . 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 . In commercial banking, Bank of America operates, but does not necessarily maintain, retail branches in all 50 states of the United States, Washington, D.C. , and over 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 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

1634-529: Is one of the Big Four banking institutions of the United States. It serves about 10 percent 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. Through mergers, the oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank

1720-497: Is part of China's initiative to support the real estate sector. Another initiative in the same year was an 80 billion yuan ($ 11.4 billion) fund to help real estate developers, of which China Construction Bank contributed 50 billion yuan ($ 7 billion). Global 2000 Rank #2 - World's Largest Public Companies in 2023. In 2005, Bank of America acquired a 9% stake in China Construction Bank for US$ 3 billion. It represented

1806-410: Is sometimes a precursor to privatization . State capitalist economies are capitalist market economies that have high degrees of government-owned businesses. Public ownership of the means of production is a subset of social ownership , which is the defining characteristic of a socialist economy. However, state ownership and nationalization by themselves are not socialist, as they can exist under

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1892-718: Is the first domestic investment fund specializing in investments in China's healthcare industry. In late 2005, China Construction Bank made an initial public offering on the Stock Exchange of Hong Kong. In late 2007, it made China's second-largest initial public offering of CN¥57.12 billion (US$ 7.6 billion) on the Shanghai Stock Exchange . The bank is a component of Hang Seng Index , SSE 180 Index and other indexes of Pan-Chinese and Pan-Asia stock exchanges, such as CSI 300 Index , Hang Seng China 50 Index , FTSE China A50 Index and S&P Asia 50 . The bank

1978-411: Is the leading application of the property rights approach to the question whether state ownership or private ownership is desirable. In their model, the government and a private firm can invest to improve the quality of a public good and to reduce its production costs. It turns out that private ownership results in strong incentives to reduce costs, but it may also lead to poor quality. Hence, depending on

2064-453: The 2008 financial crisis . Its corporate practices of servicing the middle class and wider banking community have yielded a substantial market share since the early 20th century. As of August 2018 , 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 . Bank of America

2150-550: The Bank of America Corporate Center in Charlotte, North Carolina , with investment banking and auxiliary headquarters in Manhattan . The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization , both after JPMorgan Chase . Bank of America

2236-804: The Bank of America Tower , a $ 1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center , 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street. In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $ 47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given

2322-456: The Bank of Italy , in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country. In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which

2408-573: The Clayton Antitrust Act . 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

2494-500: 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. 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

2580-667: The Justice Department announced a $ 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans . 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

2666-915: The National Association of Securities Dealers . The use of " Banc " in the BAS's name was indicative of the fact that the company was not a bank , and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation . The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did

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2752-404: The surplus product generated by publicly owned assets accrues to all of society in the form of a social dividend , as opposed to a distinct class of private capital owners. There is a wide variety of organizational forms for state-run industry, ranging from specialized technocratic management to direct workers' self-management . In traditional conceptions of non-market socialism, public ownership

2838-485: The 1950s, passage of landmark federal banking legislation facilitated rapid growth, 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

2924-502: 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

3010-481: The Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $ 197 billion in assets, over 20 million customers and revenue of $ 12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $ 35  billion in cash and stock. The Federal Reserve Board gave final approval to

3096-484: The Bank of America name on May 5, 2008. During the subprime mortgage crisis , the bank, under Ken Lewis , made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars. On August 23, 2007, the company announced a $ 2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock

3182-643: 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

3268-893: The China Construction Bank for as much as $ 1.5 billion. In 2006, CCB acquired Bank of America (Asia) , which started in 1912 in Hong Kong as Bank of Canton , and had a subsidiary in Macao . CCB opened a London office on 2 June 2009. In 2008, CCB submitted an application to the New York State Banking Department and the Federal Reserve Board to establish a branch in New York City . CCB officially opened its New York branch on 6 June 2009. In 2013, CCB opened its European Headquarters in Luxembourg . In 2016, CCB Indonesia

3354-490: The Hart-Shleifer-Vishny model assumes that the private party derives no utility from provision of the public good. Besley and Ghatak (2001) have shown that if the private party (a non-governmental organization) cares about the public good, then the party with the larger valuation of the public good should always be the owner, regardless of the parties' investment technologies. More recently, some authors have shown that

3440-478: The United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs. 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

3526-419: 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

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3612-469: 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. Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if

3698-543: 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, John Thain 's management team after the merger. 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. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in

3784-543: The acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. 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. This purchase made Bank of America Corporation

3870-474: The available investment technologies, there are situations in which state ownership is better. The Hart-Shleifer-Vishny theory has been extended in many directions. For instance, some authors have also considered mixed forms of private ownership and state ownership. In the Hart-Shleifer-Vishny model it is assumed that all parties have the same information, while Schmitz (2023) has studied an extension of their analysis allowing for asymmetric information . Moreover,

3956-514: The bank introduced the BankAmericard, which changed its name to Visa in 1977. 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. From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and

4042-448: The biggest, most powerful and most valuable companies in the world. In 2021, China Construction Bank ranks the 3rd largest bank around the world in Forbes' 2021 Global 2000 list. It ranks 5th in Forbes' 2022 Global 2000 list. In 2022, CCB announced the creation of a 30 billion yuan ($ 4.2 billion) fund, plans to invest in real estate projects and turn them into affordable rental houses. This

4128-635: 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. 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

4214-765: The colossal losses visited on B of A due to its acquisition of Merrill Lynch. With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011. BAS operated from a number of offices across the world, with major offices in New York, New York , Charlotte, North Carolina , Chicago, Illinois , San Francisco, California , Tokyo , Frankfurt , London , and Mumbai . The bulk of its investment banking operations eventually moved to

4300-435: The combined subsidiary was renamed "BancAmerica Robertson Stephens". In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $ 1.4 billion to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time. While NationsBank

4386-574: The company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong , Shanghai , and Guangzhou and sought to expand its Chinese business as a result of this deal. On or about 5 June 2008, Bank of America purchased 6 billion H-shares for approximately HK$ 2.42 per share using call options under a formula in the initial acquisition agreement. Bank of America subsequently held about 25.1 billion H-shares, representing about 10.75% of CCB's issued shares, with

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4472-472: The context of the People's Bank of China beginning to spin off its commercial banking functions. In January 2002, CCB chairman Wang Xuebing resigned from the bank after being charged with accepting bribes while he was employed with Bank of China ; he was sentenced to 12 years in prison. In March 2005, his successor, Zhang Enzhao, resigned for "personal reasons". Just prior to his resignation, he had been charged in

4558-408: The creation of Clause IV of the "Labour Party Manifesto" in 1918. "Clause IV" was written by Fabian Society member Sidney Webb . When ownership of a resource is vested in the state, or any branch of the state such as a local authority , individual use "rights" are based on the state's management policies, though these rights are not property rights as they are not transmissible. For example, if

4644-501: 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

4730-419: 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. As the credit crisis eased, losses at Merrill Lynch subsided, and

4816-456: The investment technology also matters in the Besley-Ghatak framework if an investing party is indispensable or if there are bargaining frictions between the government and the private party. Bank of America The Bank of America Corporation (often abbreviated BofA or BoA ) is an American multinational investment bank and financial services holding company headquartered at

4902-485: The largest financial services company in the world. 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. However, taking a loss Reuters estimated at $ 3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009. Shareholders of both companies approved

4988-676: The leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. 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 . Countrywide Financial has changed its name to Bank of America Home Loans . In December 2011,

5074-424: The legal framework of a nominally planned economy , and thus according to different criteria than enterprises in market and mixed economies. Nationalization is a process of transferring private or municipal assets to a central government or state entity. Municipalization is the process of transferring private or state assets to a municipal government. A state-owned enterprise is a commercial enterprise owned by

5160-528: 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. In 1998, Bank of America possessed combined assets of $ 570 billion, as well as 4,800 branches in 22 U.S. states. Despite

5246-452: 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

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5332-498: 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

5418-613: The next day the bank ( Jianyin ) became a separate legal entity, owned by the Chinese government holding company, Central Huijin Investment Company or simply Huijin. During the 2013 Korean crisis , the China Construction Bank halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs. In 2015, China Construction Bank ranks the 2nd in Forbes ’ 13th annual Global 2000 ranking of

5504-470: The problems on his predecessor, A. W. (Tom) Clausen , Clausen was appointed to replace Armacost. 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. It sold its FinanceAmerica subsidiary to Chrysler and

5590-537: The process of capital accumulation and structure of wage labor. Engels argued that state ownership of commercial industry would represent the final stage of capitalism, consisting of ownership and management of large-scale production and manufacture by the state. Within the United Kingdom, public ownership is mostly associated with the Labour Party (a centre-left democratic socialist party), specifically due to

5676-675: The property damage cost about $ 500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot. Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. In 1983, Bank of America expanded outside California , through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst

5762-621: 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. 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

5848-469: 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

5934-512: 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. These branches were sold to BOK Financial Corporation , which operates them under the name "Bank of Albuquerque". The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Banc of America Securities LLC ( BAS ),

6020-577: The state, as the representative of the public interest , would manage resources and production for the benefit of the public. As a form of social ownership, state ownership may be contrasted with cooperatives and common ownership. Socialist theories and political ideologies that favor state ownership of the means of production may be labelled state socialism . State ownership was recognized by Friedrich Engels in Socialism: Utopian and Scientific as, by itself, not doing away with capitalism, including

6106-521: 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. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $ 2.43 billion. 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

6192-402: Was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. 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 , which was the only such designated bank in

6278-474: Was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later. 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

6364-539: Was also a component of the Hang Seng China Enterprises Index . State ownership In market-based economies, state-owned assets are often managed and operated as joint-stock corporations with a government owning all or a controlling stake of the company's shares . This form is often referred to as a state-owned enterprise . A state-owned enterprise might variously operate as a not-for-profit corporation , as it may not be required to generate

6450-514: 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. On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $ 4.1 billion. 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. This news did not hinder

6536-509: Was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry . BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World . The company fired its CEO, Sam Armacost , in 1986. Though Armacost blamed

6622-439: 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 Lehman Brothers , 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

6708-472: Was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history goes back to the U.S.-based Bank of Italy , founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination . Headquartered in San Francisco, California , Giannini acquired Banca d'America e d'Italia , in 1922. In

6794-560: Was compelled to complete the merger by the U.S. government. The bank's stock price sank to $ 7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $ 45 billion, less than the $ 50 billion it offered for Merrill just four months earlier, and down $ 108 billion from the merger announcement. Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about

6880-628: Was founded by the merger between two banks: Bank Windu Kentjana and Bank Anda. In June 2017, China Construction Bank (Malaysia) signs 13 Memorandum of Understandings on its opening day in Malaysia. China Construction Bank investment division launched a CN¥5 billion (US$ 731.3 million) fund called China Healthcare Investment Fund to focus on investments in China's rapidly growing healthcare sector . The fund focuses on investments in healthcare related sectors including pharmacy , medical equipment manufacturing, medical institutions and services. It

6966-709: Was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. 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 . The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded

7052-423: 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, and since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank

7138-493: Was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence. Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity

7224-672: 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

7310-534: Was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and

7396-414: 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,

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