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Global 500

Chuck Burton — AP

62

Bank of America Corp.

BAC

U.S.

Bank of America, with its enormous retail banking franchise, is one of the biggest winners from rising interest rates: The company recorded its most profitable year since the financial crisis in 2016, and its second biggest profit in the history of the company. (Bank of America has yet to surpass its 2006 record, in which it earned $21 billion.) And even the Federal Reserve’s modest rate hikes have had an outsized impact on the bottom line of Bank of America, which pockets the extra interest it collects on loans while paying out much less on consumers’ deposits (making money on the so-called spread). That’s a big reason why Bank of America grew profits nearly 13% last year even while sales were flat. Its stock also returned more than 33% for the year.

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CEO

Brian T. Moynihan

Sector

Financials

Industry

Banks: Commercial and Savings

HQ Location

Charlotte, NC

Years on Global 500 List

23

Employees

208,024

Bank of America Corp. is also featured in these fortune lists
Key Financials (Last Fiscal Year)
($ Millions)% change
Revenues ($M)$93,6620.7%
Profits ($M)$17,906.012.7%
Assets ($M)$2,187,702
Total Stockholder Equity ($M)$266,840
Profit Ratios
Profit as % of Revenues19.1%
Profits as % of Assets0.8%
Profits as % of Stockholder Equity6.7%
STOCK QUOTE
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