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) generates a steady flow of news as one of the world’s leading financial institutions. Company releases regularly highlight its role in consumer and commercial banking, wealth management, and corporate and investment banking, as well as updates on its capital structure and shareholder distributions. This news page aggregates those announcements so readers can follow developments that may be relevant to Bank of America stock and to the broader financial sector.
Investors will find earnings-related news, such as Form 8-K filings and press releases announcing quarterly and annual financial results, along with details on investor conference calls and accompanying presentation materials. These items provide insight into Bank of America’s performance, capital levels, and management’s commentary on its businesses. The company also issues news about preferred stock dividends, common stock repurchase authorizations, and other actions that affect its various securities listed on the New York Stock Exchange.
Beyond financial reporting, Bank of America’s news includes information on new products and technology initiatives, such as AI-driven treasury tools accessed through its CashPro platform, and consumer offerings tied to major events. Releases also describe community and philanthropic commitments, including grants and zero-interest capital to support disaster recovery, youth programming, arts institutions, and local economic development.
By reviewing the BAC news feed on this page, readers can track how the company communicates about its banking, investing, asset management, and risk management activities, as well as its engagement with communities in the United States and in other markets where it operates. Frequent updates make this a useful resource for monitoring Bank of America’s disclosures over time.
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.
Bank of America announced over $1.2 million in grants to 53 organizations in Atlanta, focusing on workforce development, education, and basic needs for vulnerable communities. The initiative aims to enhance economic opportunities as Atlanta's unemployment rate stands at 2.9%, below the national average of 3.6%. This philanthropic effort is part of the bank's strategy to support local nonprofits and drive social progress in the region. Notable recipients include the Georgia Justice Project, helping individuals impacted by the criminal justice system.
Grubhub and Bank of America have partnered to offer eligible Bank of America cardholders a one-year complimentary membership to Grubhub+, which includes $0 delivery fees on orders of $12 or more. This offer, valued at nearly $120, aims to enhance customer value and drive orders to local restaurants. Grubhub+ members will also support charity through Grubhub's Donate the Change program. The promotion is available until April 20, 2023, and automatically renews at $9.99 per month after the trial period.
Bank of America has reported a 90% decline in overdraft service fees for its consumer checking accounts in June and July, following significant changes to its overdraft policies. Key measures include eliminating non-sufficient funds fees and reducing overdraft fees from $35 to $10. Approximately 45% of new checking accounts are now SafeBalance accounts, which impose no overdraft fees. The bank aims to reduce consumer overdraft fees by 97% from 2009 levels by next year. Despite these changes, client overdraft fees accounted for less than 0.4% of total revenue in Q2 2022.
The partnership between Liberty Science Center (LSC) and Bank of America aims to enhance job readiness in STEM fields for underserved high school students in New Jersey. A two-year pilot program at James J. Ferris High School and Memorial High School focuses on cybersecurity skills, addressing the shortage of qualified professionals in this sector. The initiative targets 20-30 students from each school, providing them with valuable skills and potential job offers at Bank of America upon successful completion. This program is part of a broader effort to improve workforce readiness amid a growing demand for STEM jobs.
Apex Clean Energy has announced financing for the 224 MW Great Pathfinder Wind project, with a tax equity commitment from Bank of America. This project supports Meta through a power purchase agreement, marking Apex’s fifth collaboration with the tech giant. Upon completion, the wind facility in Iowa is expected to generate $73.9 million in local tax revenue and create nearly 300 jobs during construction. Apex aims to deliver over $50 billion in additional renewable energy projects, reinforcing its commitment to clean energy solutions.
Bank of America has announced the selection of five high school students from Northern New Jersey for its Student Leaders program, an eight-week paid internship aimed at developing workforce skills and civic engagement. Each student will earn $17 per hour and receive a Chromebook. The program has been running since 2004, recognizing 300 community-focused juniors and seniors annually across the U.S.
In July, Bank of America reported a 7% year-over-year increase in total payments, aligning with June's levels. However, median rent payments surged by 7.4%, impacting consumer spending, especially among younger households. Card spending per household rose by 5.3% but fell from June's 5.7%, while inflation pressures persisted. Notably, Gen Z households saw a 16% increase in rent payments, contrasting with only a 3% rise for Baby Boomers. Despite challenges, lower gas prices and retail promotions provided some consumer relief.