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Rank: 21 (Previous rank: 15)
CEO: Brian T. Moynihan Employees: 288,122 Address: 100 N. Tryon St. Charlotte, North Carolina 28255 Country: U.S. Website: www.bankofamerica.com For Bank of America, the first step toward turning a corner may be admitting defeat. In 2009, the bank received $45 billion in loans from the government's asset relief program and scrambled to take both Merrill Lynch and Countrywide under its wing (Bank of America purchased both companies that same year). 2010 hasn't been much easier for the banking behemoth. The company posted a net loss of more than $2 billion for the year, which it attributes to "goodwill impairment charges." It's trying to get some of that goodwill back: the bank agreed in June to pay $8.5 billion to investors who claimed they were duped by fraudulent mortgage securities. The bank forecasts another net loss for the second quarter of 2011, but it just might have a shot at clearing its name after putting the bulk of its legal issues in the past. --S.D. Subscribe to Fortune Magazine Is Bank of America Corp. a great company, or what?
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