Amadeo Peter Giannini
The world’s largest bank, Bank of America (BoA), was founded not by an American but an Italian visionary – business leader Amadeo Peter Giannini. Giannini was the one who thought of extending his banking and financing services such as home mortgages, auto loans, and other consumer installment loans, to the working middle class.
Needless to say, the working middle-class flock in droves to BoA, and today, it holds more than $500 billion in assets.
Amadeo Peter Giannini – Migrating to Success
Born in 1870 in San Jose, California, Amadeo Peter Giannini was the son of two immigrants from Liguria near the city of Genoa in Italy. At the age of 14, Giannini left school and joined his stepfather in business. Giannini soon became a business partner before he reached 20. After 12 years in the business, Giannini decided to leave and distributed his shares among his employees.
Starting anew, Giannini joined Columbus Savings and Loan Society at North Beach. Giannini did well and became one of its board members. Coming from a family of working immigrants, Giannini suggested that it would be more profitable for the company to extend its services to the working middle class aside from wealthy businessmen. However, Giannini’s idea was not greatly favored by many directors.