What is the Bank of Americas EIN number

Bank of America rises to number one in USA

Bank of America is the new number one bank in the US. With the takeover of the investment bank Merrill Lynch, which took place on New Year's Day and worth $ 24 billion (17.2 billion euros), the institute has total assets of around $ 2.7 trillion. This will overtake JP Morgan and Citigroup. The once glorious Merrill Lynch was caught in the maelstrom of the financial crisis.

She had to give up her independence in September after 94 years - one hour before the bankruptcy of the rival Lehman Brothers, whose fate she probably escaped. The future largest bank in the United States has announced the cut of up to 35,000 jobs, that is eleven percent of the workforce.

At the turn of the year, Wells Fargo also advanced to number four in the US banking market with $ 1.4 trillion in deposits after the takeover of competitor Wachovia was wrapped up. Wells Fargo had snatched him from Citigroup. Wells Fargo more than doubles its size with Wachovia. With 6,600 branches in 39 US states, the bank also has the largest banking network. The Wachovia branches are to keep their name "in the near future".

The bank had gotten into trouble with adjustable-rate mortgage loans it had gotten into the house with California's Golden West Financial in 2006. Wachovia was ultimately sold for $ 12.7 billion. Two years earlier it was worth more than ten times as much on the stock exchange. Wells Fargo plans to write off approximately $ 71.4 billion on Wachovia's $ 482.4 billion loan book.

Wells Fargo is the second largest mortgage lender in the US but had remained profitable thanks to more cautious lending while Washington Mutual and IndyMac collapsed and Countrywide Financial had to move under the umbrella of Bank of America.

(APA)