Business Practice
Essays

Bank of America, as of 2010 was the 5th largest company in the united States by total revenue and the second largest non-oil company in the United States following Wal-Mart. Bank of America was listed by Forbes as the third largest company in the world. In 2008, Bank of American acquired Merrill Lynch making Bank of America the world's largest wealth manager as well as being a major player in the investment banking industry. Reports state that Bank of America "received US $20 billion in the federal bailout from the US government through the Troubled Asset Relief Program (TARP) on 16 January 2009 and also got guarantee of US $118 billion in potential losses at the company. This was in addition to the $25 billion given to them in the Fall of 2008 through TARP." (Business Insider, 2012) The banking principles and practices have been at issue and Bank of America after an initial push from regulators and lawmakers has embarked on a transformation in banking practices.