Bank of America Corporation - BAC STOCK NEWS

Bank of America (NYSE: BAC) has released its third quarter 2024 financial results. The company will host an investor conference call at 8:30 a.m. ET today, with CEO Brian Moynihan and CFO Alastair Borthwick discussing the results. Investors can access the call by dialing 1.877.200.4456 (U.S.) or 1.785.424.1732 (international) with conference ID 79795.

Bank of America serves approximately 69 million consumer and small business clients in the U.S., with about 3,700 retail financial centers, 15,000 ATMs, and 58 million verified digital users. The company offers a wide range of financial services globally, including wealth management, corporate and investment banking, and trading across various asset classes.

Bank of America's 2024 Women & Minority Business Owner Spotlight reveals 78% of small and mid-sized business owners expect revenue growth in the next 12 months. This optimism is shared across diverse groups, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American, and 83% of AAPI entrepreneurs anticipating growth. The survey, covering over 2,000 business owners, shows 66% believe local economies will improve, while 60% expect national economic improvement.

Key findings include:

• 57% of women business owners plan to expand
• 78% of Hispanic-Latino owners plan expansion
• 77% of Black/African American owners plan to expand
• 73% of AAPI owners plan expansion

Business size impacts outlook, with 78% of mid-sized businesses planning expansion compared to 50% of small businesses. Challenges include inflation, political environment, and labor issues, with many owners implementing strategies to attract talent and improve customer interactions.

Bank of America Private Bank's 2024 study reveals that 91% of affluent Americans engage in philanthropy, with notable differences in giving motivations and strategies across generations and genders. Key findings include:

- Younger donors (21-43) prioritize direct action like volunteering and fundraising, while older donors prefer direct financial contributions.

- Generational differences in cause selection: Younger donors focus on homelessness, human rights, and climate change, while older donors prioritize religious organizations and animal welfare.

- Gender divide: Women are more likely to support causes advancing women and girls, and take the lead in teaching children about philanthropy.

- Intergenerational skepticism: 88% of younger donors feel prepared for philanthropic leadership, but only 50% of older donors agree.

The study surveyed 1,007 high-net-worth individuals with at least $3 million in investable assets.

Bank of America (NYSE: BAC) has announced it will release its third quarter 2024 financial results on Tuesday, October 15 at approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET. The results, supplemental filing, and investor presentation will be accessible on the company's Investor Relations website.

Investors can join the conference call by dialing 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), with the conference ID 79795. Live audio and presentation slides will also be available on the website. Replays of the call can be accessed through the website or by phone until October 25.

Bank of America serves approximately 69 million consumer and small business clients with 3,800 retail financial centers, 15,000 ATMs, and 58 million verified digital users in the United States. The company offers a wide range of financial services globally, including wealth management, corporate and investment banking, and small business support.

Bank of America (NYSE: BAC) has announced the redemption of $2 billion in 2.456% Fixed/Floating Rate Senior Notes, due October 2025. The redemption will occur on October 22, 2024, with the redemption price set at 100% of the principal amount plus accrued and unpaid interest. Interest on the Notes will cease to accrue on the redemption date.

The redemption will be processed through The Depository Trust Company, with The Bank of New York Mellon Trust Company, N.A. serving as the trustee and paying agent. This move demonstrates Bank of America's active management of its debt obligations and could potentially impact its financial structure.

The Bank of America Chicago Distance Series, connecting the Chicago Marathon, Chicago 13.1, and Shamrock Shuffle 8K Run, has announced registration details for its 2025 events. The series rewards participants who complete all three races with an exclusive medal and guaranteed entry to the 2026 Chicago Marathon.

Registration for the Chicago 13.1 and Shamrock Shuffle opens today with special discounted pricing. The Chicago Marathon application period will run from October 22 to November 21, 2024, with a non-guaranteed entry drawing and guaranteed entry options available. The entry fee is $245 for U.S. residents and $255 for international participants.

The Chicago 13.1 is scheduled for June 1, 2025, with early registration at $102 until October 22, 2024. The Shamrock Shuffle will take place on March 23, 2025, with early 8K Run registration at $46 until October 22, 2024.

Bank of America (NYSE: BAC) has launched SafeBalance Banking® for Family Banking, a new solution designed to help parents support their children's financial education. This account offers tools and resources for parents to teach healthy financial habits and money management through a secure digital experience.

Key features include an intuitive digital interface, financial literacy resources, a child's first debit card, flexible parental controls, and no monthly maintenance fees for children under 25. The account is initially available in select states, with nationwide availability expected by December.

A Bank of America survey found that 90% of parents believe they are responsible for teaching financial literacy to their children, with 61% starting these conversations by age 10. The new Family Banking solution aims to address this need, offering a foundation for young people to manage money with parental support.

The Bank of America Chicago Marathon generated a record-breaking $547 million economic impact for Chicago in 2023, a 42% increase from 2022's $386 million, according to an independent study. Since 2017, the marathon has contributed over $2.3 billion to the local economy. The 2023 event saw 48,472 participants, up 13% from 2022, with 35% being international visitors.

The marathon directly created 3,694 full-time jobs and generated $182.98 million in wages and salary income. The tourism industry, including hospitality, food service, retail, and transportation across all 50 Chicago wards, benefited most with $177 million in economic activity. The 46th Bank of America Chicago Marathon is scheduled for October 13, 2024, at Grant Park.

Bank of America (BAC) has announced plans to open more than 165 new financial centers across 63 markets by the end of 2026, continuing its decade-long expansion strategy. This includes nearly 40 centers in 2024 alone. The bank is also expanding into Louisville, Kentucky, with plans for five centers there by the end of 2025.

Since 2014, BofA has invested over $5 billion in its financial center expansion. The company has also completed renovations of more than 3,000 existing centers, focusing on creating meeting spaces for in-depth financial discussions and improving technology access.

Despite 95% of client interactions occurring on digital platforms, BofA reports nearly 10 million appointments with financial specialists in centers over the past year. The bank now provides banking access to 246 million people across more than 200 markets, covering over 75% of the U.S. population.