Banking on Italian Values and the American Dream

#banking #Finance #Bankofamerica #Italy #Italians #funfactsAmadeo P. Giannini was proud of the Italian heritage he inherited from his immigrant parents. Although born in California as an American citizen, Giannini was raised to value the culture of his family’s homeland. That’s why he chose the name Bank of Italy for the financial institution he founded on October 17, 1904.

This San Francisco, California bank was notable for marketing itself to the middle class, rather than continuing the practice of banks being only for the wealthy.

When the great earthquake of 1906 wiped out much of San Francisco, it was Giannini’s Bank of Italy that helped the city recover with loans to businesses. Giannini’s approach to business worked, and his bank rapidly expanded, acquiring several smaller banks along the way.

In 1930, while in the midst of a global Great Depression, and with war clouds gathering in Europe and Giannini’s beloved Italy sinking into fascism, he decided it was time for a name change for his bank. That’s when Bank of Italy became Bank of America.

Giannini continued to serve as chairman of his bank until his death in 1949. His bank is now the 11th largest company in the world, with 208,000 employees, 2016 revenue of $89.701 billion, and assets in the amount of $2.187 trillion.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.