Welcome to our dedicated page for Bank of America news (Ticker: BAC), a resource for investors and traders seeking the latest updates and insights on Bank of America stock.
Bank of America Corporation (BAC) is a global leader in financial services, serving millions through consumer banking, wealth management, and institutional solutions. This page aggregates official announcements, strategic initiatives, and market-moving developments from one of the world's most influential financial institutions.
Investors and industry observers will find a curated collection of earnings reports, regulatory filings, and leadership updates, alongside analysis of BAC's digital banking innovations and sustainability efforts. The repository serves as a definitive source for tracking the company's position in global markets, technology adoption trends, and responses to economic shifts.
Content highlights include updates on Merrill Lynch wealth management services, CashPro platform enhancements, and corporate responsibility initiatives. Users can monitor BAC's activities across four core segments: Consumer Banking, Global Wealth Management, Global Banking, and Global Markets.
Bookmark this page for streamlined access to verified information about Bank of America's operational milestones, partnership announcements, and regulatory compliance updates. Check regularly for new insights into how BAC navigates evolving financial landscapes while maintaining its industry leadership.
Bank of America Institute reports a 2.9% year-over-year (YoY) increase in discretionary consumer spending per household for October, down from 3.2% in September. Middle- and higher-income households are now the primary contributors to this growth. Key highlights include a 9% increase in total payments and an 8% rise in credit and debit card spending. However, spending on goods, particularly furniture, has declined significantly. Services spending remains robust, but the overall trend indicates a slowing in discretionary spending as holiday outlook appears muted.
Bank of America and CrossBoundary Energy are collaborating to establish a blended finance loan facility aimed at enhancing renewable energy projects in Africa. This partnership will facilitate approximately 255MW of solar and wind generation alongside 50MWh of battery storage, supporting CrossBoundary's development pipeline. The initiative was announced during COP27 in Egypt, reflecting a commitment to sustainable development through capital flow into emerging markets. CrossBoundary currently manages a portfolio worth $230 million in renewable energy solutions for over 30 corporate clients across 14 African countries.
InterEnergy Group and Bank of America have announced a partnership aimed at scaling renewable energy solutions in the Caribbean. At the COP27 conference in Egypt, it was revealed that InterEnergy's Dominican Republic utility, Consorcio Energetico Punta Cana Macao (CEPM), will secure a green loan from Bank of America and a multilateral development bank to support its goal of 100% renewable energy generation by 2030. This initiative signifies a multi-asset financing facility targeting clean energy assets in Small Island Developing States.
Pacific Life has enhanced its Pacific Index Dimensions fixed indexed annuity with five new crediting options linked to the BofA Iris U.S. Sectors Index. This allows clients to lock in market gains at any time during the two-year crediting term. The new options are designed to protect principal from loss while offering growth potential, utilizing AI for volatility-targeted strategies. The index aims for a 5% annualized volatility and features rebalancing among various asset classes, providing an innovative approach to income growth.
Bank of America has awarded a $250,000 grant to the University of Central Florida (UCF) to enhance opportunities for Hispanic/Latina/o/x students pursuing health care careers through its Progresando Initiative. This funding aims to address the underrepresentation of Hispanic nurses, currently at less than 6%. UCF will provide resources such as examination prep and a research lab, benefiting over 1,500 individuals. The initiative highlights the need for more culturally proficient health care providers, especially in communities that are critically underserved.
Bank of America has enhanced its Intelligent Receivables™ solution with advanced reporting and forecasting capabilities, providing clients with insights based on historical trends. The tool, which processes payment data from various channels to match invoices and speed up revenue posting, is now available in Brazil, completing its global roll-out. The updated features aim to reduce manual processing costs and improve client understanding of receivables. In the past year, the tool processed approximately 43 million invoices, reflecting a 50% increase from the previous year, indicating strong client adoption.
Bank of America announced a quarterly cash dividend of $0.22 per share on common stock, payable on December 30, 2022 to shareholders on record as of December 2, 2022.
Additionally, a dividend of $1.75 per share on 7% Cumulative Redeemable Preferred Stock, Series B, will be paid on January 25, 2023 to shareholders on record as of January 11, 2023.
Bank of America reported its third-quarter 2022 financial results on October 17, 2022. The press release highlights the bank's commitment to providing a comprehensive range of financial services to its 68 million clients in the U.S. and participating in global markets. Investors can access detailed financial results via the Investor Relations website. A conference call with key executives will take place at 8:30 a.m. ET to discuss these results.
Bank of America announced cash dividends on several series of preferred stock for Q4 2022. Notable dividends include $0.25556 for Floating Rate Non-Cumulative Preferred Stock, Series E, payable on November 15, 2022, and $1,011.11111 for Series F and G, with payment on December 15, 2022. The record dates for these dividends are October 31, 2022, and November 30, 2022, respectively. The company highlights its strong market position, serving around 67 million clients in the U.S. and a presence in 35 countries.
