Bank of America Corporation - BAC STOCK NEWS

Bank of America's latest Better Money Habits research reveals that 73% of Gen Z (ages 18-25) find the current economic environment challenging for saving, with 59% citing inflation as a significant barrier. Despite these challenges, 75% are actively seeking additional income through various means. Key priorities include education (40%) and career advancement (32%). The report also highlights disparities based on race and gender, with notable differences in financial independence among Black/African American and Hispanic Gen Z. Overall, 66% of Gen Z are currently saving, reflecting a cautious optimism (58%) about their financial futures.

Bank of America has awarded a $220,000 grant to Union College to support the Progresando Initiative, aimed at enhancing healthcare career pathways for Hispanic-Latino students. This initiative targets retention and completion rates in healthcare programs, addressing the shortage of culturally sensitive providers. The program anticipates benefiting over 6,200 students nationwide within two years. Key support includes cohort-based tutoring, financial assistance, and access to bilingual mentorship.

Bank of America reported that consumer spending remains strong, with childcare payments up 9.7% year-over-year in August and nearly reaching pre-pandemic levels at 94% of January 2020 figures.

Utility payments rose by 16% year-over-year, impacting consumer budgets despite falling gas prices. Overall, total payments increased by 13%, with card spending per household rising 5%. However, back-to-school spending saw a decline of 4%. Bank of America's insights suggest that while consumers have solid spending and savings buffers, they are facing pressures from rising costs.

Bank of America has achieved a record-breaking milestone by securing 341 patents in the first half of 2022, representing a 50% increase year-over-year. This accomplishment positions the bank as the leading financial services firm in the U.S. for patents granted, with a total of 5,556 patents pending or granted. The innovative patents focus on key areas such as security, payment technologies, and artificial intelligence. Notably, 26% of the bank's inventors are women, surpassing the national average. This commitment to innovation underscores the bank's drive to enhance client experience and safeguard information.

Bank of America has launched a Small Business Down Payment Grant Program aimed at aiding women and minority business owners in select U.S. cities including Atlanta, Chicago, Charlotte, Dallas, and Los Angeles. The initiative addresses barriers to commercial loan access, providing down payment grants up to $25,000 for eligible applicants. With plans to expand in 2023, the program also includes partnerships with local non-profits for financial education. This effort is part of Bank of America's broader commitment to support small business growth and address inequalities in ownership.

Bank of America announced a new zero down payment, zero closing cost mortgage aimed at first-time homebuyers in select Black/African American and Hispanic-Latino neighborhoods across major cities like Charlotte and Los Angeles. The Community Affordable Loan Solution is part of a broader $15 billion commitment to enhance homeownership access for multicultural families. The program eliminates mortgage insurance and minimum credit score requirements, focusing on timely payments for eligibility. Bank of America’s existing initiatives have already aided over 36,000 families, distributing more than $9.5 billion in low down payment loans.

Bank of America has awarded a $200,000 grant to Saint Elizabeth University to support the Progresando Initiative, aimed at enhancing economic mobility for Hispanic-Latino students in healthcare. Over two years, the initiative is expected to double the number of students pursuing healthcare degrees, addressing the shortage of Spanish-speaking providers. The grant will fund a bilingual academic coach, a career advisor, and emergency support for students. SEU, one of 12 Hispanic Serving Institutions involved, is committed to improving equity and inclusion in healthcare.

Bank of America reported a record-high usage of its digital platforms, with nearly 1 billion logins in July 2022 and 2.8 billion logins in Q2, a 11% year-over-year increase. The bank now has 55 million verified digital clients, up 5% from the previous year. Over 72% of households utilize digital channels for daily banking, while clients engaged with tools like Life Plan® and Merrill Guided Investing see significant increases in goal tracking and account usage. Furthermore, Bank of America's Preferred Rewards program boasts $1.5 trillion in assets across 10 million clients.

Bank of America will host its second annual virtual electric vehicle show titled "EVolution" on September 9, 2022, coinciding with World Electric Vehicle Day. Renowned manufacturers like Daimler, Lucid, Mercedes Benz, and Volvo Cars will participate to showcase their latest electric vehicles. The event aims to educate the public on EV trends, financing, sustainability, and features.
The bank emphasizes its commitment to environmental sustainability, having set goals to achieve net-zero greenhouse gas emissions by 2050 and plans to deploy $1.5 trillion in sustainable finance by 2030.