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Upon Giannini's death in 1949, his son Mario Giannini (1894–1952) assumed leadership of the bank. Giannini's daughter, Claire Giannini Hoffman (1905–1997), took her father's seat on the bank's board of directors, where she remained until the 1980s. Giannini is buried at Holy Cross Cemetery in Colma, California.
May 30, 2021 · A.P. Giannini, in full Amadeo Peter Giannini, (born May 6, 1870, San Jose, California, U.S.—died June 3, 1949, San Mateo, California), American banker, founder of the California-based Bank of Italy—later the Bank of America —which, by the 1930s, was the world’s largest commercial bank. He was a major pioneer of branch banking.
1949 - 3 June - The Modesto Bee - Death Calls A.P. Giannini, Bank of America Head - San Mateo, June 3 - Amadeo Peter Giannini, boy produce peddler who fought his way up to become the world's biggest banker, died today of a heart ailment. He was 78, and had been ill with a cold for a month.
- Early Banking Career
- Growth During Disasters
- Pioneer in Branch Banking
- The Bank of America
- Further Reading
- Additional Sources
After a brief flirtation with reform politics in Long Beach, Giannini began his banking career upon the death of his father-in-law in 1902. Joseph Cuneo died intestate and the family asked A.P. to manage the estate. Among the Cuneo holdings was an interest in a North Beach bank, Columbus Savings and Loan, which had been founded and was controlled by Italian-American John Fugazi. This first bank in the North Beach community preferred to make large loans, a practice which not only encouraged competition and the establishment of another Italian-American bank, but also gave rise to criticism by Giannini, who was a director of the bank. A.P. argued that the bank was not making enough small loans to the area's newcomers. He advised the bank to actively solicit their business. Failing to convince the board of directors, A.P. resigned from the Columbus Savings and Loan in 1904 and set out to organize a bank which would follow his business strategies. By the summer of 1904 Giannini, along wi...
A.P.'s imaginative behavior during the great San Franciscoearthquake and fire of 1906 furthered his reputation and that of his bank. Although the quake occurred at 5 a.m., the Bank of Italy opened its doors at 9 o'clock and conducted business as usual. Giannini closed the bank at noon, however, fearing the worst as the fires spawned by the ruptured gas lines spread closer to the financial district. Securing horses and wagons from Scatena & Co., Giannini loaded the bank's cash and gold onto a wagon, hid them beneath a crate of oranges, and transported them to his home outside the city. There he hid the bank's assets in the ash trap of the living room fireplace. A.P. saw in the city's destruction not only a chance to service his customers but another opportunity for the Bank of Italy. Nine days after the quake a newspaper advertisement announced the temporary location of the bank's operations. The city's larger banks were unable to respond as quickly. Giannini's foresight in removing...
It was this same readiness to listen and to anticipate the future needs of his bank and customers that led Giannini to his greatest achievement—the pioneering of branch banking. In 1908 Giannini heard several officials extol the virtues of branch banking as a solution to the various defects of American banking and as a means of bringing banks closer to the people. A.P. familiarized himself with Canadian branch banking practices and thus was prepared to act in 1909 when California enacted a law authorizing the establishment of branches. On Columbus Day, 1909, the directors of the Bank of Italy authorized the opening of such a branch in San Jose. When the Bank of Italy acquired control of a local San Jose bank A.P. sought local investors and retained many of the local personnel so that the branch would be seen as part of the community. By 1918 the Bank of Italy had become the first statewide branch banking system in the United States, with 24 branches throughout California and possess...
Giannini's efforts were not without opposition and hostility. In 1919, for instance, California's superintendent of banks raised objections to A.P.'s opening of additional branches. He relented only after Giannini was able to convince him of the reasonableness of his motives and the falsity of the "whispering campaign" which had raised the doubts. The last great challenge to A. P. Giannini's banking empire came in 1948 when the Federal Reserve began an investigation into charges that his holding company had violated the anti-monopoly provisions of the Clayton Anti-Trust Act. A.P. died on June 3, 1949, however, before the board returned its findings and ordered that his corporate structure be dismantled. Later the U.S. Court of Appeals set aside the order, declaring that the Federal Reserve had failed to prove its charges of monopolistic practices. A. P. Giannini's contributions were as a businessman and as an Italian-American. As a banker he established and refined branch-banking, a...
A. P. Giannini is listed in the Biographical Dictionary of American Leaders (1983) and in the Dictionary of American Biography Supplement. The most complete and authoritative account is Marquis and Bessie James, Biography of a Bank (1954). Andrew F. Rolle, The Immigrant Upraised (1968) sets Giannini's accomplishments in the context of the western American experience, as does Erik Amfitheatrof, The Children of Columbus(1973).
Bonadio, Felice A., A.P. Giannini: banker of America, Berkeley: University of CaliforniaPress, 1994. James, Marquis, Biography of a bank; the story of Bank of America N.T. & S.A,Westport, Conn., Greenwood Press 1971, 1954. Nash, Gerald D., A.P. Giannini and the Bank of America,Norman: University of Oklahoma Press, 1992. □
Jun 10, 2021 · Amadeo Pietro Giannini, also known as Amadeo Peter Giannini or A.P. Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of America. Giannini is credited as the inventor of many modern banking practices.
- Luigi Giovanni Giannini, Lorenzo Scatena, Virginia Maria Giannini
Apr 10, 2012 · Nino Giannini died on January 17, 1978, in Ostia, Rome, Lazio, Italy. When and where did baseball player Joe Giannini die? Joe Giannini died September 26, 1942, in San Francisco, CA, USA.
Oct 10, 2008 · Surprisingly, when Giannini died in 1949, he left behind a relatively meager estate of just $500,000. But it was purely by choice. He could have been a billionaire, but he disdained great wealth,...
Banker. He founded the Bank of Italy, later Bank of America, now one of the nation's largest banks. Banker. He founded the Bank of Italy, later Bank of America, now one of the nation's largest banks.