Welcome to our dedicated page for Bank of America Corporation news (Ticker: BAC), a resource for investors and traders seeking the latest updates and insights on Bank of America Corporation stock.
Bank of America Corporation (NYSE: BAC) is a prominent American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank's origins trace back to San Francisco, California. With more than $3.0 trillion in assets, Bank of America stands as one of the largest financial institutions in the United States, offering a comprehensive range of financial products and services.
The company is organized into four main segments: consumer banking, global wealth and investment management, global banking, and global markets. In consumer banking, Bank of America provides services through its extensive network of branches, ATMs, and digital platforms, catering to individual customers with products such as deposit accounts, credit and debit cards, and retail lending.
In the realm of wealth management, the company's Merrill Lynch operations, along with its private bank, offer brokerage and wealth management services. The global banking segment focuses on serving corporate, commercial, and real estate clients, providing lending solutions and investment banking services. The global markets segment offers trading and market-making activities.
Bank of America has a significant digital footprint, with approximately 57 million verified digital users. The company recently received the 2024 Celent Model Bank award for customer-centered innovation, recognizing its new unified mobile app that integrates various banking and investment services, enhancing user experience and engagement.
The bank's commitment to innovation is evident through initiatives such as Erica, its advanced virtual financial assistant, which has facilitated over 2 billion client interactions since its launch. Furthermore, Bank of America continuously expands its digital offerings to meet the evolving needs of its clients.
Bank of America also plays a vital role in supporting small businesses, providing resources, mentorship, and capital through programs such as the Tory Burch Foundation Business Webinars. The bank's Community Homeownership Commitment aims to assist low- and moderate-income homebuyers, emphasizing the importance of accessible homeownership.
In terms of financial performance, Bank of America consistently reports strong results, driven by its diversified portfolio of services and strategic focus on digital transformation and customer-centric initiatives. The company's ongoing projects and partnerships reflect its dedication to innovation and customer satisfaction, solidifying its position as a leader in the financial industry.
For more information on the latest news and updates about Bank of America Corporation, including financial results, dividend announcements, and other significant developments, visit their newsroom and register for news email alerts.
Bank of America has announced its Board of Directors' approval for cash dividends on preferred stock for the second quarter of 2023. The dividends vary across several series:
- Series E: $0.32223, payable on May 15, with a record date of April 28.
- Series F: $1,345.82967, payable on June 15, with a record date of May 31.
- Series G: $1,345.82967, payable on June 15, with a record date of May 31.
- Series U: $26.00, payable on June 1, with a record date of May 15.
- Series 1: $0.3565, payable on May 30, with a record date of May 15.
- Series 2: $0.34632, payable on May 30, with a record date of May 15.
The dividend payments reflect the company's ongoing commitment to return value to shareholders.
On March 31, 2023, Bank of America Corporation (BAC) announced plans for the transition from USD LIBOR to CME Term SOFR as the benchmark rate for certain debt securities, effective after June 30, 2023. This decision follows the U.K. Financial Conduct Authority's discontinuation of USD LIBOR, prompting the LIBOR Act and associated rules. The transition involves specific tenor spread adjustments: 0.11448% for one month and 0.26161% for three months. BAC will appoint BofA Securities as the determining person for selecting the benchmark replacement. This announcement focuses solely on the specified USD LIBOR Securities listed in the Annexes.
Bank of America announced the appointments of Lindsay Hans and Eric Schimpf as presidents and co-heads of Merrill Wealth Management, effective March 30, 2023. They will oversee over 25,000 employees and report to CEO Brian Moynihan. Merrill's client balances were $2.8 trillion as of December 31, 2022. Hans previously led Private Wealth Management, while Schimpf has extensive experience since joining Merrill in 1994. They replace Andy Sieg, who oversaw significant growth in the department since 2017. This leadership change aims to continue Merrill's legacy and strengthen client services.
Bank of America announced the retirement of Benito Almanza, who will step down as Phoenix and Arizona President on April 6 after 45 years with the company. He is succeeded by Scott Vanderpool, currently the Phoenix market executive who has been with Bank of America since 2007. Vanderpool will oversee the bank's resources in the region and focus on economic mobility and community development. During his tenure, Almanza directed nearly $125 million in philanthropic investments in Arizona. Both leaders expressed their commitment to continued growth and community improvement in Phoenix.
Bank of America announced that over 10 million clients have engaged with its innovative Life Plan since its launch in late 2020. Users have collectively added more than
Beginning in 2024, Bank of America will be the presenting partner of the Boston Marathon, marking a significant decade-long agreement. This partnership aims to enhance community engagement and promote a healthy lifestyle through running. The collaboration underscores shared values in community support and leadership. Bank of America has previously shown substantial economic impact through its sponsorship of events like the Chicago Marathon, generating over $386 million for local economies. This strategic move is expected to broaden the Marathon's reach and impact on a global scale.
Bank of America Institute's recent analysis reveals a significant increase in housing costs in the U.S., with median rent payments rising by 8% and mortgage payments by 7% year-over-year as of February 2023. Particularly in the Sun Belt cities like Phoenix and Tampa, rent increased by 26% and 23%, respectively, well above the national average. This surge contrasts with slower growth in cities outside this region, such as San Francisco, which saw only 2.5% rent growth. Factors driving these trends include domestic migration, affordability, job creation, and higher-paid positions in technology and finance, which have intensified housing demand in the Sun Belt.
Bank of America Corporation (NYSE:BAC) announced the authorization of cash dividends for its preferred stock series on March 13, 2023. The dividends are as follows: 7.25% Non-Cumulative Convertible Preferred Stock Series L ($18.125), payable on May 1, 2023; Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Z ($32.500), payable on April 24, 2023; and several others with varying dividend rates and payment dates in April and May. Notably, all dividends are scheduled for payment either quarterly or semi-annually, reflecting Bank of America's ongoing commitment to returning value to shareholders. Bank of America remains a leader in financial services.
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