Bank of America - BAC STOCK NEWS

Bank of America reports a 51% increase in business clients adopting Application Programming Interfaces (APIs) for real-time treasury needs over the past 12 months. This growth is driven by innovations simplifying onboarding and accelerating transaction speed. The APIs are available via CashPro, Bank of America's digital banking platform used by 40,000 companies. A network of 55 treasury management systems (TMS) and enterprise resource planning (ERP) providers hosting CashPro APIs has fueled adoption, with 78% of clients using APIs through network participants.

The CashPro Developer Studio has transformed the API onboarding experience, allowing clients to go live with current and previous day reporting across all accounts within one week. APIs are being used globally for various payment transactions, including emergency relief payments, healthcare reimbursements, and automated payments to drivers.

Bank of America has announced the return of its More Rewards Day on Thursday, November 7, 2024. This annual event allows Consumer and Small Business credit cardholders to earn extra rewards on their purchases, just before the holiday season. Eligible cardholders will automatically earn bonus rewards on top of their standard rewards:

• 2% cash back
• 2 points per $1
• 2 miles per $1

The bonus rewards apply to the first $2,500 in purchases made on November 7, 2024, with a maximum of $50 cash back, 5,000 points, or 5,000 bonus miles per unique account. New Bank of America data shows that Americans plan to spend nearly $2,100 this holiday season, up 7% from 2023. The More Rewards Day offers an opportunity for cardholders to maximize their rewards and offset costs ahead of the busy spending season.

Bank of America has extended its Guaranteed FX Rates offering to up to 1-year, the longest tenor in the industry. This extension aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. The solution now supports over 200 currency pairings across multiple tenors, with the 1-year tenor available in 37 currency pairs.

Key highlights include:

• Clients who adopted Guaranteed FX rates in 2024 account for over 20% of year-to-date volume growth
• Currency pairs with notable volumes include USDMXN, EURUSD, USDCAD, GBPUSD, EURCZK, AUDUSD
• Clients can access the service through CashPro® platform and Swift

Bank of America was recently named the World's Best Bank for FX Payments by Euromoney magazine, recognizing its leadership in foreign exchange and its position as one of the top three global players in transactional FX business.

Bank of America (NYSE: BAC) has announced its Board of Directors' authorization of regular cash dividends on outstanding shares or depositary shares of various series of preferred stock for the fourth quarter of 2024. The dividends cover multiple series, including Floating Rate Non-Cumulative Preferred Stock and Fixed Rate Non-Cumulative Preferred Stock, with payment dates ranging from November 15 to December 26, 2024.

The dividend amounts vary by series, with rates between 4.250% and 6.000% for fixed-rate preferred stocks. Record dates for dividend eligibility span from October 31 to December 1, 2024. This announcement demonstrates Bank of America's commitment to providing returns to its preferred stockholders across its diverse range of preferred stock offerings.

Bank of America (NYSE: BAC) has announced its fourth quarter 2024 stock dividends. The Board of Directors declared a regular quarterly cash dividend of $0.26 per share on common stock, payable on December 27, 2024, to shareholders of record as of December 6, 2024. Additionally, a quarterly cash dividend of $1.75 per share was declared on the 7% Cumulative Redeemable Preferred Stock, Series B, payable on January 24, 2025, to shareholders of record as of January 10, 2025.

Bank of America serves approximately 69 million consumer and small business clients with about 3,700 retail financial centers and 15,000 ATMs. The bank has 58 million verified digital users and supports around 4 million small business households. It operates across the United States and in more than 35 countries worldwide.

The 46th Bank of America Chicago Marathon saw Ruth Chepngetich break the women's world record with an unofficial time of 2:09:56. John Korir won the men's race in 2:02:44, the second-fastest time in event history. In the wheelchair races, Marcel Hug claimed his fifth victory in 1:25:54, while Catherine Debrunner set a new course record of 1:36:12.

Chepngetich's performance included the fastest half marathon on U.S. soil at 1:04:16. The Chicago Marathon now holds both the men's and women's current world records. More than 50,000 runners finished the race, marking the highest participation in its history. The next Chicago Marathon is scheduled for October 12, 2025.

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.