Bank of America Stock Price, News & Analysis

Bank of America (BAC) has announced the redemption of $1.75 billion in 3.093% Fixed/Floating Rate Senior Notes due October 2025. The redemption will occur on October 1, 2024, at 100% of the principal amount plus accrued and unpaid interest. This move demonstrates BAC's proactive management of its debt obligations.

As one of the world's leading financial institutions, Bank of America serves approximately 69 million consumer and small business clients in the US, with 3,800 retail centers and 15,000 ATMs. The bank also boasts 58 million verified digital users, highlighting its strong digital banking presence. Globally, BAC is a leader in wealth management, corporate and investment banking, serving clients in over 35 countries.

Bank of America (NYSE: BAC) has raised its U.S. minimum hourly wage to $24, increasing the minimum annualized salary for full-time employees to nearly $50,000. This is part of the bank's commitment to reach $25 per hour by 2025. The increase applies to all full-time and part-time hourly positions in the U.S. In the last seven years, BAC has raised its minimum hourly wage from $15 to $24.

As part of its employee benefits, 97% of BAC employees have received awards beyond regular compensation, mostly in Bank of America restricted common stock. The bank also offers 16 weeks of paid parental leave, an industry-leading sabbatical program, and personalized support for critical life events. BAC provides free education through The Academy to help employees and local community members advance their careers.

Star Mountain Capital, an investment firm with over $4.0 billion AUM focused on the lower middle-market, has announced that Peter K. Scaturro has joined as Senior Advisor. Scaturro brings 40+ years of experience in banking, wealth management, and financial services leadership. He was previously a Partner at Goldman Sachs (NYSE: GS) Global Private Client Business and CEO of Citigroup Global Private Bank. Star Mountain's Founder & CEO, Brett Hickey, expressed excitement about Scaturro's addition, citing his extensive leadership experience across multiple cycles as beneficial to all stakeholders. Scaturro highlighted the lower middle-market as a compelling opportunity for investors seeking to complement traditional portfolios.

The inaugural U.S. Latina GDP Report, funded by Bank of America (NYSE: BAC), reveals that Hispanic women in the U.S. contributed $1.3 trillion to the GDP in 2021, representing over 50% growth in a decade. Key findings include:

1. U.S. Latina GDP grew 2.7 times faster than non-Hispanic GDP from 2010 to 2021.
2. Latinas are responsible for 30.2% of U.S. labor force growth since 2010.
3. Latina educational attainment is growing 2.7 times faster than non-Hispanic females.
4. Latina real income growth is 2.5 times that of non-Hispanic female counterparts.

The report highlights Latinas as a driving force in the U.S. economy, outpacing their gender and ethnic peers in key economic measures.

Bank of America (NYSE: BAC) has announced the redemption of €1.5 billion of Floating Rate Senior Notes due August 24, 2025. The redemption will occur on August 24, 2024, with payment on August 27, 2024, due to the original date falling on a non-business day. The redemption price will be €1,000 per €1,000 Calculation Amount, plus accrued and unpaid interest.

The Notes were issued under Bank of America's €65 billion Euro Medium-Term Note Program. Following the redemption, Bank of America will request the cancellation of the Notes' listing on the Official List of the Financial Conduct Authority and their trading on the London Stock Exchange's regulated market.

Bank of America serves approximately 69 million consumer and small business clients in the United States, with about 3,800 retail financial centers and 15,000 ATMs. The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes.

Bank of America (NYSE: BAC) has been announced as the Official Bank Sponsor of FIFA World Cup 26™, marking FIFA's first-ever global sponsor in the banking category. This historic partnership, running through 2026, aims to support the growth of football globally and create lasting impact in communities worldwide. The FIFA World Cup 26 will be the largest in tournament history, featuring 104 matches with 48 teams across 16 host cities in the USA, Canada, and Mexico.

Bank of America will leverage this opportunity to connect with communities through youth programming and financial education initiatives. The partnership aligns with the bank's strategy of engaging a worldwide audience and complements its global and local market strategies. This sponsorship reinforces Bank of America's position as a leading financial institution serving approximately 69 million consumer and small business clients with a wide range of banking and financial services.

Bank of America (NYSE: BAC) has announced the redemption of CAD500,000,000 principal amount of its 3.407% Fixed/Floating Rate Senior Notes, due September 2025. The redemption is scheduled for September 20, 2024, at a price equal to 100% of the principal amount plus accrued and unpaid interest. Interest on the Notes will cease to accrue on the redemption date.

Bank of America, a leading global financial institution, serves approximately 69 million consumer and small business clients in the United States. The bank operates approximately 3,800 retail financial centers and 15,000 ATMs, with about 58 million verified digital users. It offers a wide range of financial services, including banking, investing, asset management, and risk management products.

Bank of America (NYSE: BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X, and related Depositary Shares. The redemption will occur on September 5, 2024, at a price of $1,000 per depositary share. Separately, a dividend of $31.25 per depositary share will be paid to holders of record as of August 15, 2024. The redemption affects shares with CUSIP numbers 060505EJ9 (Preferred Stock) and 060505EH3 (Depositary Shares). This move by one of the world's leading financial institutions, which serves about 69 million consumer and small business clients with approximately 3,800 retail financial centers and 15,000 ATMs, may impact its capital structure and investor holdings.

Bank of America (NYSE: BAC) has appointed Drew Slocum as president of Bank of America Wisconsin. Slocum, who joined the bank in 2006, will lead the Wisconsin market and connect clients, teammates, and communities to the bank's eight lines of businesses. His responsibilities include growing market share in one of the company's newest expansion markets and deploying resources to advance economic mobility.

Slocum has over two decades of experience in financial services and currently serves as Global Commercial Banking market executive. He is active in the community, serving on various committees and boards, including the Federal Reserve Bank of Chicago's Wisconsin Economic Roundtable and the WMC Foundation.

Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers and 15,000 ATMs in the United States. The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes.