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.
Bank of America announced a 17% increase in its quarterly common stock dividend to $0.21 per share, effective Q3 2021, pending Board approval. The 2021 Comprehensive Capital Analysis and Review results reveal a preliminary stress capital buffer (SCB) of 2.5%, unchanged from its current level, leading to a minimum common equity tier 1 (CET1) ratio of 9.5%. As of March 31, 2021, Bank of America reported a CET1 ratio of 11.8%, equating to approximately $35 billion in excess capital.
Bank of America announced grant funding for 23 art restoration projects across 13 countries and nine U.S. cities through its 2021 Art Conservation Project. Celebrating a decade of support, the initiative has funded over 5,000 artworks in 195 projects since 2010. This year, notable recipients include the Art Institute of Chicago and the Vatican Museums. The program aims to enhance cultural understanding and support local economies. Bank of America emphasizes its commitment to art conservation as part of its broader environmental, social, and governance (ESG) efforts.
Bank of America has introduced the Personal Retirement Strategy, a new digital investment advisory program aimed at institutional and corporate retirement plan clients. This program offers tailored insights and tools to help plan participants achieve their retirement income goals through a seamless integration into the 401(k) experience. Key features include an interactive digital experience, goals-based planning, actionable insights, and personalized investment management services. As of December 31, 2020, Bank of America serves over 26,000 companies and 5.7 million employees.
Carver Bancorp (Nasdaq: CARV) and Bank of America (NYSE: BAC) have closed a Senior Secured Social Impact Revolving Credit Facility with BlackRock's Alternative Solutions Group. This facility marks Carver's inaugural participation in a subscription line facility and represents a pioneering collaboration as an MDI co-lender. The partnership aims to enhance access to financing for underserved communities affected by COVID-19. Carver, a certified Minority Depository Institution, emphasizes its commitment to economic empowerment and financial inclusion for communities of color.
Bank of America has launched a $4.2 million partnership with NPower and Urban Alliance to connect students, particularly from communities of color, with technical skills and job opportunities. This initiative aims to provide over 1,500 students with digital literacy training and career pathways in tech. Bank of America has invested $160 million since 2018 to connect youth with jobs, demonstrating its commitment to advancing racial equality and economic opportunity. The collaboration will offer internships and skills training, empowering high school students for upward mobility in the workforce.
The Black Future Co-op Fund, University of Washington's Consulting and Business Development Center, and Bank of America have partnered to enhance sustainability for Black-led businesses and nonprofits in Washington state. The initiative includes a $500,000 grant from Bank of America to provide technical assistance, leadership training, and funding access. Recent findings revealed over 500 Black-owned businesses in the state, with 65 closing recently, largely due to pandemic impacts. This collaboration aims to address systemic barriers and foster wealth creation for Black communities.
Bank of America has launched its first financial centers in Kentucky, with three centers now operational in Lexington. These centers will offer retail banking, lending, small business services, and personalized financial guidance from Merrill. The bank has also enhanced its presence with 20 new ATMs, totaling 27 across the state. Plans for a fourth center in Lexington are underway. Bank of America has a long-standing history in Kentucky, having served clients for over 40 years. The bank's commitment includes a $25 minimum wage by 2025 and substantial employee benefits.
Bank of America Corporation announced the authorization of regular cash dividends for preferred stockholders. The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, will pay $18.125 per share on July 30, with a record date of July 1. Additionally, the 5.875% Non-Cumulative Preferred Stock, Series HH, will pay $0.3671875 per share on July 26, with a record date of July 1. Other series include Fixed-to-Floating Rate Preferred Stock, Series MM ($21.50), Non-Cumulative Preferred Stock, Series NN ($0.2734375), and Series PP ($0.2578125), with respective payment dates in late July and early August.
Bank of America announced its quarterly financial results reporting dates: Fourth quarter 2021 on January 18, 2022; First quarter 2022 on April 18, 2022; Second quarter 2022 on July 18, 2022; and Third quarter 2022 on October 17, 2022. Results will be publicized at approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET. The company supports around 66 million consumer and small business clients across approximately 4,300 retail centers and has a significant digital banking presence with around 39 million active users.
Bank of America has launched a new payment solution named Pay to Card, enhancing its B2C payment capabilities. This service allows for rapid funds transfer directly to individuals' or small businesses' bank accounts, with domestic payments typically completed in under 5 minutes and cross-border payments within 30 minutes. Pay to Card aims to streamline payment interactions for businesses, supporting transactions in around 170 countries and 120 currencies. Key benefits include improved digitization, enhanced security through tokenization, and greater certainty in cross-border payments.
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