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.
New research by Bank of America reveals that 72% of Hispanic millennials are financially supporting their families, significantly more than their non-Hispanic peers (53%). The pandemic has negatively affected their savings habits, with 45% contributing less than $1,000 to savings. Despite these challenges, 51% remain optimistic about their financial future. The survey shows that family support is a priority, with Hispanic millennials more likely to feel a financial responsibility for loved ones. Additionally, caregiving burdens disproportionately impact Hispanic millennial women.
Bank of America reports growth in digital engagement, with 85% of deposit transactions conducted through automated channels. In Q2, nearly 48 million checks were digitally deposited. Over 70% of clients use digital services, including more than 4.4 million engaging with the Life Plan feature. Digital banking transactions surged with a record 871,000 appointments made online. Notable growth in Zelle usage with 189 million transfers worth $56.5 billion in Q2. The bank received various awards for its digital services, highlighting its strong market position and customer satisfaction.
Bank of America has introduced the Executive Explorer commercial credit card, designed for business travelers and executives, featuring extensive travel perks and insurance coverage. The card offers statement credits for expedited airport clearance and access to over 1,500 airline lounges. Additionally, the Global Card Access app has been launched, allowing cardholders to manage their accounts via mobile, enhancing convenience with features like biometric login and card locking. This service is available to corporate clients in North America, Europe, and Asia, emphasizing Bank of America’s commitment to supporting business travel.
Bank of America Charitable Foundation has granted $1 million to support the construction of the RedBird Health Center in southern Dallas County. This facility will offer essential preventive health services to the local community upon its opening in September 2021. The center aims to address significant healthcare access disparities, providing critical services such as primary care, specialty care for women, and telehealth options. With a projected capacity of 18,000 preventive visits and 23,000 women's health visits annually, this initiative seeks to enhance health outcomes for the area's underserved populations.
Bank of America has announced a $250,000 funding for RestoreOKC to support the renovation and expansion of its Community Resource Campus at the former Polk Elementary School. This initiative aims to assist approximately 6,000 households in Northeast Oklahoma City, focusing on economic development and providing resources for vulnerable residents. The campus will offer services like legal aid, workforce development, and mental health resources. This funding is part of Bank of America's broader commitment to enhancing economic mobility and addressing racial equality.
Bank of America is donating 10,000 Chromebooks to support Charlotte-Mecklenburg Schools students, addressing the digital divide exacerbated by the pandemic. Distribution begins today with partners including Novant Health and E2D. The laptops aim to enhance educational access for over 90% racially and ethnically diverse households. In addition to the devices, the bank commits 10,000 volunteer hours for mentoring and tutoring. Bank of America has invested $6 million in Charlotte over five years, focusing on education and local community support.
Merrill Lynch Wealth Management released studies focusing on the affluent Black/African American, LGBTQ+, and Hispanic/Latino communities, revealing significant growth since 2015, with increases of 65%, 76%, and 81% respectively. The studies emphasize unique financial goals, motivations, and challenges faced by these groups, highlighting a commitment to understanding diverse client experiences. Financial priorities vary among communities, with family support and entrepreneurship being critical for Black individuals, while LGBTQ+ individuals prioritize authenticity and healthcare. Hispanic/Latino respondents emphasize familial support and legacy planning.
Bank of America Corporation announced a quarterly cash dividend of $0.21 per share on its common stock, reflecting a 17% increase from the previous quarter. This dividend will be payable on September 24, 2021, to shareholders on record as of September 3, 2021.
Additionally, a cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, was declared, payable on October 25, 2021, to shareholders on record as of October 15, 2021.
Bank of America has announced the launch of its new Unlimited Cash Rewards credit card, allowing clients to earn unlimited 1.5% cash back on all purchases without an expiration on rewards. The card includes no annual fee and enables easy redemption for statement credits or deposits. Clients enrolled in the Preferred Rewards program can earn up to 2.62% cash back. Additionally, a Business Advantage Unlimited Cash Rewards card is set to launch in October, offering similar benefits for business owners.
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