Bank of America - BAC STOCK NEWS

Bank of America marks 20 years of its Neighborhood Builders® program, a major philanthropic initiative supporting nonprofit leadership and economic mobility across the US. Since 2004, the program has invested over $346 million in grants to nearly 2,000 nonprofits and trained more than 4,000 nonprofit leaders.

The program provides multi-year flexible funding and comprehensive leadership training to local nonprofits annually. In 2024, it honors 250 nonprofit leaders from over 150 organizations across nearly 100 US communities. The initiative creates a nationwide network for nonprofit executives to share best practices, discuss challenges, and explore new opportunities while improving their operations and community impact.

Bank of America has announced the redemption of $2 billion in 1.530% Fixed/Floating Rate Senior Notes due December 2025. The redemption will occur on December 6, 2024, at 100% of the principal amount plus accrued and unpaid interest. The redemption will be processed through The Depository Trust Company, with The Bank of New York Mellon Trust Company serving as trustee.

As a leading financial institution, Bank of America serves approximately 69 million consumer and small business clients through 3,700 retail centers and 15,000 ATMs. The bank maintains 58 million verified digital users and operates in over 35 countries, providing comprehensive banking, investing, and asset management services to individuals and businesses.

Bank of America (BAC) has appointed Ed Siaje as president of Bank of America Detroit, succeeding Matt Elliott who recently retired. Siaje, who will continue his role as Private Bank market executive for Michigan and Minnesota, brings 26 years of financial services experience. He will be responsible for connecting clients, teammates and communities across the bank's eight lines of business, while focusing on market share growth and economic mobility initiatives. Previously, he managed strategy and operations for over 280 financial centers and currently leads a team serving high-net-worth clients and institutional nonprofits.

The Boston Athletic Association and Meet Boston released an economic impact report showing the Boston Marathon generated a $509.1 million impact for Massachusetts. This includes B.A.A.'s operational costs, participant and spectator spending, and secondary economic impacts. The 2024 marathon weekend hosted 30,000 participants across multiple events, with 51% from outside New England spending a median of $500. The event's charitable impact reached a record $45.7 million across 160 organizations, with total philanthropic impact of $71.9 million. The marathon weekend included various events like the Boston 5K, invitational mile races, and the Bank of America Boston Marathon Expo.

Bank of America's latest art market update reveals favorable buying conditions in the art market, with auction estimates lowering and galleries offering discounts following recent interest rate cuts. The first half of 2024 saw auction prices only 1% above mid-estimates, the smallest increase in over seven years. The Latin American art market shows particular strength, growing 18% year-over-year. By 2026, art and collectibles are expected to reach $2.8 trillion, comprising approximately 11% of ultra-high-net-worth individuals' portfolios.

A federal court ruling by U.S. District Judge Paul G. Gardephe on November 7, 2024, has upheld that Morgan Stanley's deferred compensation plans are governed by ERISA (Employee Retirement Income Security Act). This decision reinforces protections against deferred compensation forfeiture for financial advisors. Law firm KlaymanToskes announces it's representing multiple financial advisors seeking to recover unpaid deferred compensation through FINRA arbitration claims. The firm, which has recovered over $250 million in FINRA arbitrations, urges advisors with deferred compensation losses exceeding $100,000 to contact them for potential claims.

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.

KlaymanToskes, a national investment loss and securities law firm, is investigating barred financial advisor Rajesh Markan from Merrill Lynch (NYSE:BAC) and Hilltop Securities over alleged misappropriation of client funds. Multiple FINRA complaints totaling over $3,000,000 in damages have been filed. The firm has filed several arbitration claims, including one for $1,000,000 on behalf of two investors. Markan allegedly provided falsified investment reports and made false promises about Bain Capital investments. He was permanently barred by FINRA in October 2024 after resigning from Merrill Lynch in 2022 and working at Hilltop Securities until August 2024.

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.