Bank of America Corporation - BAC STOCK NEWS

Star Mountain Capital, a specialized investment firm with over $4.0 billion in assets under management, has announced the appointment of James Camarda as Managing Director. Camarda, a former Merrill Lynch alternative investments specialist, brings two decades of expertise to Star Mountain's Tampa, Florida office. He will focus on portfolio optimization investments and potential liquidity needs through Star Mountain's secondaries business.

Camarda's role will include forming and managing strategic partnerships with wealth management platforms and other investors. His experience at Merrill Lynch, where he led a team of specialists and managed a seven-state territory, positions him well to capitalize on opportunities in the lower middle-market, which makes up nearly 50% of the U.S. economy. Star Mountain's focus on this market segment aims to provide exposure to an area many portfolios lack.

Bank of America (NYSE: BAC) has released its second quarter 2024 financial results. The company will host an investor conference call at 8:30 a.m. ET today, featuring CEO Brian Moynihan and CFO Alastair Borthwick. Investors can access the call by dialing 1.877.200.4456 (U.S.) or 1.785.424.1732 (international) with conference ID 79795. Live audio and presentation slides will be available on the company's Investor Relations website.

Bank of America serves approximately 69 million consumer and small business clients with 3,800 retail centers, 15,000 ATMs, and 58 million verified digital users. The bank offers a wide range of financial services globally, including wealth management, corporate and investment banking, and small business support across more than 35 countries.

Bank of America (NYSE: BAC) has launched a new intelligent transaction search tool with investigation capabilities on its CashPro platform. This tool, designed for corporate finance departments, treasurers, and CFOs, promises to simplify the management and analysis of financial transactions. CashPro, used by 40,000 companies globally, now offers a search engine that provides full visibility into transactions, including payment statuses and Swift GPI tracking details. Clients can also initiate and track transaction inquiries directly within the platform, improving efficiency and reducing the need for phone calls or emails. Since its initial deployment, CashPro Search has been used 7 million times. Bank of America highlights this innovation as part of its broader CashPro Data Intelligence suite, which includes other features like CashPro Insights and CashPro Supply Chain Solutions.

According to a recent Bank of America study, 46% of Gen Z adults (ages 18-27) receive financial support from their parents. The study, part of the Better Money Habits® financial education initiative, highlights that 52% of Gen Zers feel their income is insufficient to achieve their desired lifestyle, with the high cost of living being a significant barrier. Consequently, many are delaying major milestones such as homeownership (50%), retirement savings (46%), and investing (40%).

To manage their finances, 67% are making lifestyle adjustments like dining out less (43%) and opting for cheaper groceries (24%). Despite a strong labor market, a significant portion still struggles with savings, with 57% lacking emergency savings and only 15% regularly contributing to savings accounts. Notably, 82% of Gen Zers have financial goals, focusing on daily expense management and budgeting.

Furthermore, 54% of Gen Zers do not cover their housing costs, and among those who do, 64% spend over 30% of their monthly income on housing. The study emphasizes the importance of financial education and empowerment for Gen Z to achieve long-term financial health.

Bank of America will report its second-quarter 2024 financial results on July 16 at approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET. The results will be available on their Investor Relations website. The company, serving 69 million clients, operates 3,800 retail financial centers and 15,000 ATMs. The earnings release will be accompanied by a supplemental filing and investor presentation. The conference call can be accessed via phone or live audio stream, with replays available until July 26. Bank of America (NYSE: BAC) offers a comprehensive array of banking, investment, and financial services globally.

Bank of America (BAC) has commented on the results of the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR) and plans to increase its quarterly dividend by 8% to $0.26 per share starting from Q3 2024. The bank's stress capital buffer (SCB) will be 3.2%, and the CET1 minimum requirement will be 10.7% when finalized. This new SCB will be effective from October 1, 2024, to September 30, 2025. As of March 31, 2024, Bank of America had $197 billion in regulatory CET1 capital and a CET1 ratio of 11.9%, surpassing the current regulatory minimum requirement of 10.0%. The dividend increase is pending approval from the Board of Directors.

Bank of America (BAC) has announced a change in the base rate for certain debt securities linked to the Canadian Dollar Bankers' Acceptance Rate (CDOR). Following the cessation of CDOR on June 28, 2024, the Fallback Rate (CORRA) will replace CDOR for these securities. The change affects floating rate interest payments starting after the CDOR Replacement Date. Additionally, BAC plans to redeem some securities before the floating rate period begins, as outlined in Annex 3 of the press release. CORRA, recommended by the Canadian Alternative Reference Rate Working Group, will be calculated by Bloomberg Index Services and includes a fixed spread adjustment of 0.32138%.

This transition aims to ensure smooth and continuous interest determination for impacted debt securities, aligning with market practices. The press release details three categories of affected securities, each with specific fallback provisions or redemption plans.

The 2024 Bank of America Private Bank Study reveals significant generational differences in investment strategies among high-net-worth individuals. Millennials and Gen Z allocate three times more of their portfolios to alternative investments compared to older generations.

While 72% of younger investors (ages 21-43) believe traditional stocks and bonds can't yield above-average returns, only 28% of older investors share this view. Younger investors hold 47% of their portfolios in stocks and bonds, compared to 74% for older investors, and allocate 17% to alternatives versus 5% for older generations.

Cryptocurrencies and gold are highly favored by younger investors, with 49% owning cryptocurrencies and 45% owning physical gold. Millennials and Gen Z show keen interest in supporting causes like homelessness and social justice. However, gaps in generational wealth planning persist, with 52% lacking basic estate planning elements.

In the next decade, women are expected to control $30 trillion in U.S. wealth, significantly influencing financial decision-making.

Bank of America (NYSE: BAC) has announced its Board of Directors has approved regular cash dividends for various series of preferred stock for Q3 2024. Key dividends include $18.125 for Series L, $0.3671875 for Series HH, $21.50 for Series MM, $0.2734375 for Series NN, $0.2578125 for Series PP, $10.9375 for Series RR, and $15.3125 for Series TT. Record dates are either July 1 or July 15, 2024, with payments distributed between July 24 and August 5, 2024. Bank of America serves approximately 69 million clients with 3,800 retail financial centers and 57 million digital users, positioning itself as a global leader in various financial services.