Bank of America Stock Price, News & Analysis

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.

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.

Bank of America has extended its Guaranteed FX Rates offering to up to 1-year, the longest tenor in the industry. This extension aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. The solution now supports over 200 currency pairings across multiple tenors, with the 1-year tenor available in 37 currency pairs.

Key highlights include:

• Clients who adopted Guaranteed FX rates in 2024 account for over 20% of year-to-date volume growth
• Currency pairs with notable volumes include USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD
• Clients can access the service through CashPro® platform and Swift

Bank of America was recently named the World's Best Bank for FX Payments by Euromoney magazine, recognizing its leadership in foreign exchange and its position as one of the top three global players in transactional FX business.

Bank of America (NYSE: BAC) has announced its Board of Directors' authorization of regular cash dividends on outstanding shares or depositary shares of various series of preferred stock for the fourth quarter of 2024. The dividends cover multiple series, including Floating Rate Non-Cumulative Preferred Stock and Fixed Rate Non-Cumulative Preferred Stock, with payment dates ranging from November 15 to December 26, 2024.

The dividend amounts vary by series, with rates between 4.250% and 6.000% for fixed-rate preferred stocks. Record dates for dividend eligibility span from October 31 to December 1, 2024. This announcement demonstrates Bank of America's commitment to providing returns to its preferred stockholders across its diverse range of preferred stock offerings.

Bank of America (NYSE: BAC) has announced its fourth quarter 2024 stock dividends. The Board of Directors declared a regular quarterly cash dividend of $0.26 per share on common stock, payable on December 27, 2024, to shareholders of record as of December 6, 2024. Additionally, a quarterly cash dividend of $1.75 per share was declared on the 7% Cumulative Redeemable Preferred Stock, Series B, payable on January 24, 2025, to shareholders of record as of January 10, 2025.

Bank of America serves approximately 69 million consumer and small business clients with about 3,700 retail financial centers and 15,000 ATMs. The bank has 58 million verified digital users and supports around 4 million small business households. It operates across the United States and in more than 35 countries worldwide.

The 46th Bank of America Chicago Marathon saw Ruth Chepngetich break the women's world record with an unofficial time of 2:09:56. John Korir won the men's race in 2:02:44, the second-fastest time in event history. In the wheelchair races, Marcel Hug claimed his fifth victory in 1:25:54, while Catherine Debrunner set a new course record of 1:36:12.

Chepngetich's performance included the fastest half marathon on U.S. soil at 1:04:16. The Chicago Marathon now holds both the men's and women's current world records. More than 50,000 runners finished the race, marking the highest participation in its history. The next Chicago Marathon is scheduled for October 12, 2025.