The history of Bank of America can be traced back to 1904, when it was known as Bank of Italy. At that time, the feature which distinguished the Bank of Italy from other American banks was that it offered financial services to immigrants arriving in the United States and not only wealthiest American citizens. The bank was renamed to the Bank of America in 1998, after its acquisition by Nations bank, the largest bank acquisition in history at that time. The subsequent aggressive campaign of acquisitions that followed, transformed Bank of America from a regional player to a national giant.
The total assets of the Bank of America amounted to approximately 2.19 trillion U.S. dollars in 2016. In the same year, the bank reported net income of 17.91 billion U.S. dollars. Approximately 72 percent of the bank revenue was generated in the United States.
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