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This statistic highlights Bank of America’s Revenue by Region, from FY 2013 onwards, split between Asia, Europe, Middle East & Africa, Latin America & The Caribbean, and the U.S.
Bank of America is an American multinational investment bank and financial services holding company. It is one of the world’s largest financial institutions, serving individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments with a full range of banking, investing, asset management, and other financial and risk management products and services.
Bank of America’s Revenue by Region
|Regions||2019||2020||Revenue share in 2020|
|Europe, Middle East & Africa||$5.31||$4.49||6%|
|Latin America & The Caribbean||$1.20||$1.22||1%|
(All figures in billions, except percentages)
Region-wise analysis of the revenue share of Bank of America is enumerated in the succeeding paragraphs.
During FY 2020, Asia contributed about 5% of the company’s total revenue. The company’s revenue from this region increased from $3.49 billion in FY 2019 to $4.23 billion in FY 2020.
In Asia, Bank of America operates in Taiwan, China, HongKong, Japan, Philippines, Malaysia, Singapore, Sri Lanka, South Korea, India, Indonesia, and Thailand.
Europe, Middle East & Africa
Europe, Middle East & Africa was the second biggest market for Bank of America Corporation during FY 2020 as it contributed about 6% of the company’s total revenue. The company’s revenue from this region fell to $4.49 billion in FY 2020, from $5.31 billion in FY 2019.
In this region the company has branches in the United Kingdom, Belgium, France, Germany, Greece, Ireland, Italy, Spain, Sweden, Switzerland, Poland, Qatar, Saudi Arabia, Turkey, United Arab Emirates, Israel, South Africa, and the Netherlands.
Latin America & The Caribbean
Latin America & The Caribbean region’s revenue was lesser than that from Asia. It contributed only about 1% of the total revenue of Bank of America during FY 2020. This region had registered a revenue of $1.07 billion during FY 2019 which grew to $1.22 billion in FY 2020.
In Latin America & The Caribbean region, the company operates in Brazil, Mexico, Argentina, Colombia, Peru, Antigua & Barbuda, Barbados, Cayman Islands, Dominican Republic, Jamaica, Trinidad & Tobago, and Chile.
A majority of Bank of America’s revenue comes from the U.S, which contributed about 88% of total revenue in FY 2020 amounting to $75.57 billion. There was a 6% decrease in revenue compared to the previous year where the revenue generated from this region was $81.23 billion.
The company has its retail financial centers in Minnesota, California, Ohio, Illinois, New York, Alaska, and Delaware in the U.S.
Due to the COVID-19 pandemic, the total revenue of Bank of America has seen a decrease from 91.24 billion in FY 2019 to 85.52 billion in FY 2020, which is a 6% decrease. This decrease in revenue can be attributable to the fact that banks were pressured by federal banks to lower interest rates on loans while keeping the interest rates on deposits unchanged from FY 2019 to FY 2020. This difference between the interest rates on loans and those on deposits led to a reduction in revenue.
Bank of America is a public limited company, headquartered in Charlotte, North Carolina. The company’s product portfolio consists of asset management, wealth management, risk management, investment management, banking, commodities, private equity, insurance, mortgage loans, and credit cards. Bank of America Corporation’s key managerial personnel are Brian Moynihan(Chairman and CEO), Anne Finucane(Co-Vice Chairperson), and Bruce Thompson(Co-Vice Chairperson). As of 2020, the company employed 2,13,000 personnel worldwide. The company had 16,200 company-operated ATMs and 4,600 retail financial centers spread across 35 countries, as of February 2020. The competitors of Bank of America are JPMorgan Chase, Trust Financial, Frost Bank, United Bank, City Holding Company, WesBanco, U.S. Bancorp, Citigroup, Wells Fargo, Capital One, Ally Financial, and NewAlliance Bank.
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* Billed annually, local taxes extra.
* Local taxes extra.