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 (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.
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.
Bank of America has announced its financial reporting dates for 2025. Quarterly results will be released by press release at 6:45 a.m. Eastern Time, followed by investor calls: Q4 2024 on January 16, 2025 at 11 a.m., Q1 2025 on April 15, 2025 at 8:30 a.m., Q2 2025 on July 16, 2025 at 8 a.m., and Q3 2025 on October 15, 2025 at 8:30 a.m.
The press releases, live webcasts, and related materials will be available on the Bank of America investor website. Replays and transcripts will also be provided post-event. Bank of America, a leading financial institution, serves approximately 69 million clients across various channels, including 3,800 retail centers and 15,000 ATMs. The company's stock is listed on the NYSE under the ticker symbol BAC.
The 128th Boston Marathon, sponsored by Bank of America, set a new fundraising record by raising $71.9 million for charity, surpassing last year's $40.2 million. The event involved 168 non-profit organizations and countless runners and donors, bringing the total fundraising since 1989 to over $550 million. Major contributors included Rob Hale and his wife Karen, who donated $26.2 million. Bank of America's My Marathoner campaign played a key role in amplifying the charity efforts. The Bank of America Boston Marathon Official Charity Program represents nearly 10% of the marathon's participants, with a substantial portion of funds going to local non-profits. A Boston Marathon Giving Day held on March 15, 2024, further boosted donations with incentives and support from Bank of America.
Bank of America's 2024 Workplace Benefits Report reveals an increase in the financial wellness of American workers, with 47% feeling financially well compared to 42% last year. The report, based on surveys of nearly 1,000 employees and over 800 employers, highlights concerns about economic uncertainty, inflation, and retirement savings.
Key findings include a significant gender gap in financial wellness, with 53% of men feeling financially well versus 36% of women. Additionally, 76% of workers feel that the cost of living is outpacing their salary growth. Despite these concerns, job loyalty remains high, with 70% intending to stay in their jobs for the next year.
Other insights show proactive steps by employees to improve financial wellness, a growing interest in debt assistance benefits, and a need for better communication about caregiver support. Pay equity and wellness reimbursements also emerge as important trends in employee benefits.
Bank of America (NYSE: BAC) announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ, and Series U, along with their corresponding depositary shares. The Series JJ Preferred Stock and corresponding depositary shares will be redeemed on June 20, 2024, at $1,000 per depositary share. Declared dividends of $25.625 per depositary share will be paid separately for the period ending June 20, 2024.
The Series U Preferred Stock and corresponding depositary shares will be redeemed on June 17, 2024, at $1,000 per depositary share, inclusive of accrued dividends up to the redemption date. Regular dividends for the Series U Depositary Shares will be paid separately on June 3, 2024. Payment for these redemptions will be handled by Computershare Inc. and Computershare Trust Company, N.A., following The Depository Trust Company procedures.
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