BlackRock, Inc. is not owned by Bank of America. Instead, BlackRock is an independent, publicly traded investment management firm headquartered in New York City, and it is the world’s largest institutional money manager. Bank of America is a separate, major financial institution that is one of BlackRock’s significant shareholders.
BlackRock owns a substantial stake in Bank of America. As of the most recent disclosure on January 29, 2024, BlackRock, Inc. held 494,523,426 shares of Bank of America Corporation, representing 6.20% of the company’s outstanding shares. This ownership position has fluctuated over time, with BlackRock reporting a higher stake of 496.9 million shares in 2022 before reducing it to 474.8 million shares by February 2023, before increasing again. The company’s ownership is primarily through its investment funds and ETFs, including the iShares Core S&P 500 ETF (IVV), which holds approximately 0.57% of Bank of America’s shares. Therefore, BlackRock is a major investor in Bank of America, not the other way around.
if Bank Of America Owns Blackrock, How Is That Possible?
Bank of America does not currently own BlackRock. The relationship between the two companies has evolved significantly over time.
Bank of America acquired its initial stake in BlackRock as part of the Merrill Lynch acquisition in 2008. At its peak, Bank of America owned a 34% stake in BlackRock, which was a significant ownership position. However, Bank of America has since sold its entire stake in BlackRock. In May 2011, Bank of America completed the sale of its remaining 13.6 million Series B convertible preferred shares back to BlackRock for $2.5 billion. This transaction marked the end of Bank of America’s direct ownership of BlackRock shares.
As of January 29, 2024, BlackRock, Inc. owned approximately 6.2% of Bank of America Corporation, representing 494,523,426 shares. This indicates that BlackRock is now a significant shareholder in Bank of America, not the other way around. Therefore, the premise that Bank of America owns BlackRock is incorrect; the ownership structure is reversed, with BlackRock holding a substantial stake in Bank of America.
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