Bank of America had its obscure beginnings in San Francisco in 1905, when Italian émigré Giannini opened what was called the Bank of Italy. Primarily lending to other Italian immigrants, the bank managed to survive the Great Fire after the earthquake of 1906, when Mr. Giannini rescued the funds from the vault before the flames could consume the building. He was able to begin lending to the survivors of the fire only a few days after the fire, and his efforts were key in the rebuilding of San Francisco. Since then, the bank has grown exponentially, eventually taking on the name Bank of America. By 1929 Bank of America was the largest bank in the nation. It has continued its growth, currently holding the number 2 position in market capitalization and the number 1 position in banking assets. Bank of America is now ranked number 5 in the US as far as total revenue, and is the second-largest company in the US that is not oil-related. It acquired Merrill Lynch in 2008, which gave it the distinction of becoming the world’s largest manager of wealth, and is one of the “Big Four” banks in the US, holding more than 12% of all cash deposits. Its headquarters are located in Charlotte, North Carolina.

The bank was hit hard by the recession in 2007, receiving a $20 billion bailout package from the federal government in 2009. As the bank is one of the biggest mortgage lenders in the nation, Bank of America foreclosures during the Sub-Prime Mortgage crisis have been very high, and like other lending institutions their practices have been under scrutiny by federal regulators. Currently, the bank is addressing numerous lawsuits and is attempting to clean up their reputation after the Bank of America foreclosures scandal. The company was caught employing the illegal practice of “robo-signing” to fast-track Bank of America foreclosures, hiring minimum-wage workers to bundle and approve foreclosures without the benefit of notary certification, often without original documentation to verify the loans in question. There is a hearing in New Jersey federal court scheduled for January 19, where a judge will hear complaints filed against Bank of America and several other lenders which ask the state to indefinitely suspend the foreclosure processes; this process has been repeated in several other states as well, with the banks protesting that they have already taken steps to remedy the procedures in question.