BANKING

How Bank of America Makes Money: consumer banking

Bank of America Corp. (BAC), one of the world’s largest investment banks and financial institutions, serves a broad range of customers, including individual consumers, wealthy investors, large corporations and governments. It operates primarily in the U.S., where it gets the vast majority of its revenue, as well as in dozens of countries around the globe. The company faces a broad array of competitors, including JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Goldman Sachs Group, Inc. (GS), credit card issuers like Visa, Inc. (V), hedge funds, and private equity firms.  The Charlotte, North Carolina-headquartered company expanded from a regional player into a global giant through a series of major acquisitions in the past several decades. 

Key Takeaways

  • Bank of America provides financial services to customers including consumers, wealthy investors, institutional clients, and governments.
  • The company’s Consumer Banking segment provided the largest share of total revenue in
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BMO Harris – Personal Banking, Business Banking, Loans & Investing

Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A.
Member FDIC.

Notice to Customers

To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001)) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver’s license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your

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PERSONAL BANKING | PNC

PNC, PNC HomeHQ, PNC Home Insight, and Home Insight are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight Planner and Home Insight Tracker. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

The material presented herein is of a general nature and does not constitute the provision by PNC of investment, legal, tax, or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy.

The PNC Financial Services Group, Inc. (“PNC”) uses the marketing names PNC Wealth Management® and Hawthorn, PNC Family Wealth®

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