Bank of America Corporation - BAC STOCK NEWS

The Boston Athletic Association and Meet Boston released an economic impact report showing the Boston Marathon generated a $509.1 million impact for Massachusetts. This includes B.A.A.'s operational costs, participant and spectator spending, and secondary economic impacts. The 2024 marathon weekend hosted 30,000 participants across multiple events, with 51% from outside New England spending a median of $500. The event's charitable impact reached a record $45.7 million across 160 organizations, with total philanthropic impact of $71.9 million. The marathon weekend included various events like the Boston 5K, invitational mile races, and the Bank of America Boston Marathon Expo.

Bank of America's latest art market update reveals favorable buying conditions in the art market, with auction estimates lowering and galleries offering discounts following recent interest rate cuts. The first half of 2024 saw auction prices only 1% above mid-estimates, the smallest increase in over seven years. The Latin American art market shows particular strength, growing 18% year-over-year. By 2026, art and collectibles are expected to reach $2.8 trillion, comprising approximately 11% of ultra-high-net-worth individuals' portfolios.

A federal court ruling by U.S. District Judge Paul G. Gardephe on November 7, 2024, has upheld that Morgan Stanley's deferred compensation plans are governed by ERISA (Employee Retirement Income Security Act). This decision reinforces protections against deferred compensation forfeiture for financial advisors. Law firm KlaymanToskes announces it's representing multiple financial advisors seeking to recover unpaid deferred compensation through FINRA arbitration claims. The firm, which has recovered over $250 million in FINRA arbitrations, urges advisors with deferred compensation losses exceeding $100,000 to contact them for potential claims.

KlaymanToskes, a national securities law firm, has issued a notice regarding former Merrill Lynch financial advisor Rajesh Markan, who was permanently barred by FINRA in October 2024. The firm has filed multiple FINRA arbitration claims against Merrill Lynch, including a $400,000 claim for misappropriation of funds. Markan allegedly diverted customer funds, fabricated investment performance reports, and falsely claimed to invest in Bain Capital private equity funds. He worked at Merrill Lynch until October 2022 and later at Hilltop Securities until August 2024. KlaymanToskes is investigating losses and urges affected investors to contact them.

KlaymanToskes, a national investment loss and securities law firm, is investigating barred financial advisor Rajesh Markan from Merrill Lynch (NYSE:BAC) and Hilltop Securities over alleged misappropriation of client funds. Multiple FINRA complaints totaling over $3,000,000 in damages have been filed. The firm has filed several arbitration claims, including one for $1,000,000 on behalf of two investors. Markan allegedly provided falsified investment reports and made false promises about Bain Capital investments. He was permanently barred by FINRA in October 2024 after resigning from Merrill Lynch in 2022 and working at Hilltop Securities until August 2024.

Bank of America (BAC) has appointed Lauren Murray as president of Bank of America Spokane/Boise, succeeding Kurt Walsdorf who retired after 40 years. Murray, who has 14 years of financial services experience, will oversee market growth and lead the bank's community development initiatives. She currently serves as Market Executive for the Mountain West Market, leading a team of over 100 advisors across Washington, Idaho, and Montana. Murray joined Merrill Wealth Management in 2017 and has held various leadership roles in California and Washington. She will connect clients, teammates and communities across the bank's eight lines of business.

Bank of America reports a 94% increase in AI and machine learning patents since 2022, now holding nearly 1,100 AI/ML patents and applications. The bank's total portfolio includes nearly 7,000 patents, the highest among financial services companies. BofA invests over $12 billion annually in technology, with $4 billion allocated to new initiatives in 2024. Key AI implementations include Erica, their virtual financial assistant with 2.4 billion interactions since 2018, CashPro Chat for corporate clients, and AI-powered wealth management tools. The company emphasizes responsible AI use with human oversight and accountability.

Bank of America reports a 51% increase in business clients adopting Application Programming Interfaces (APIs) for real-time treasury needs over the past 12 months. This growth is driven by innovations simplifying onboarding and accelerating transaction speed. The APIs are available via CashPro, Bank of America's digital banking platform used by 40,000 companies. A network of 55 treasury management systems (TMS) and enterprise resource planning (ERP) providers hosting CashPro APIs has fueled adoption, with 78% of clients using APIs through network participants.

The CashPro Developer Studio has transformed the API onboarding experience, allowing clients to go live with current and previous day reporting across all accounts within one week. APIs are being used globally for various payment transactions, including emergency relief payments, healthcare reimbursements, and automated payments to drivers.

Bank of America has announced the return of its More Rewards Day on Thursday, November 7, 2024. This annual event allows Consumer and Small Business credit cardholders to earn extra rewards on their purchases, just before the holiday season. Eligible cardholders will automatically earn bonus rewards on top of their standard rewards:

• 2% cash back
• 2 points per $1
• 2 miles per $1

The bonus rewards apply to the first $2,500 in purchases made on November 7, 2024, with a maximum of $50 cash back, 5,000 points, or 5,000 bonus miles per unique account. New Bank of America data shows that Americans plan to spend nearly $2,100 this holiday season, up 7% from 2023. The More Rewards Day offers an opportunity for cardholders to maximize their rewards and offset costs ahead of the busy spending season.