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 (BAC) generates a steady flow of news as one of the world’s leading financial institutions. Company releases regularly highlight its role in consumer and commercial banking, wealth management, and corporate and investment banking, as well as updates on its capital structure and shareholder distributions. This news page aggregates those announcements so readers can follow developments that may be relevant to Bank of America stock and to the broader financial sector.
Investors will find earnings-related news, such as Form 8-K filings and press releases announcing quarterly and annual financial results, along with details on investor conference calls and accompanying presentation materials. These items provide insight into Bank of America’s performance, capital levels, and management’s commentary on its businesses. The company also issues news about preferred stock dividends, common stock repurchase authorizations, and other actions that affect its various securities listed on the New York Stock Exchange.
Beyond financial reporting, Bank of America’s news includes information on new products and technology initiatives, such as AI-driven treasury tools accessed through its CashPro platform, and consumer offerings tied to major events. Releases also describe community and philanthropic commitments, including grants and zero-interest capital to support disaster recovery, youth programming, arts institutions, and local economic development.
By reviewing the BAC news feed on this page, readers can track how the company communicates about its banking, investing, asset management, and risk management activities, as well as its engagement with communities in the United States and in other markets where it operates. Frequent updates make this a useful resource for monitoring Bank of America’s disclosures over time.
Bank of America (NYSE: BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X, and related Depositary Shares. The redemption will occur on September 5, 2024, at a price of $1,000 per depositary share. Separately, a dividend of $31.25 per depositary share will be paid to holders of record as of August 15, 2024. The redemption affects shares with CUSIP numbers 060505EJ9 (Preferred Stock) and 060505EH3 (Depositary Shares). This move by one of the world's leading financial institutions, which serves about 69 million consumer and small business clients with approximately 3,800 retail financial centers and 15,000 ATMs, may impact its capital structure and investor holdings.
Bank of America (NYSE: BAC) has appointed Drew Slocum as president of Bank of America Wisconsin. Slocum, who joined the bank in 2006, will lead the Wisconsin market and connect clients, teammates, and communities to the bank's eight lines of businesses. His responsibilities include growing market share in one of the company's newest expansion markets and deploying resources to advance economic mobility.
Slocum has over two decades of experience in financial services and currently serves as Global Commercial Banking market executive. He is active in the community, serving on various committees and boards, including the Federal Reserve Bank of Chicago's Wisconsin Economic Roundtable and the WMC Foundation.
Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers and 15,000 ATMs in the United States. The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes.
Bank of America (NYSE: BAC) has received over 120 accolades for its digital leadership and innovation in 2024. The bank's digital capabilities are used by 58 million clients, who digitally connected with their finances a record 23.4 billion times last year, an 11% increase year-over-year. Notable awards include:
- Euromoney: North America's Best Digital Bank, Western Europe's Best Digital Bank
- Global Finance: Most Innovative Bank in North America, World's Best Bank for Transaction Banking
- Celent: Customer-Centered Innovation Award for unified mobile app experience
- The Asian Banker: Best International Cash Management and Transaction Bank in Asia Pacific
These recognitions highlight BofA's commitment to delivering world-class digital experiences and innovative solutions for its clients across various banking services, including cash management, payments, trade finance, and wealth management.
Merrill Wealth Management and IMG Academy have announced a three-year partnership to provide financial education to student-athletes and their families. The program, set to begin in the 2024/2025 academic year, aims to help students navigate the complex financial landscape of sports. It will offer educational sessions, campus assemblies, self-study materials, and one-on-one meetings with Merrill advisors.
The curriculum will incorporate Bank of America's Better Money Habits resource, covering topics such as savings, spending, credit, and investing. This initiative aligns with Merrill's dedicated Sports & Entertainment group, introduced three years ago to address the unique financial challenges in the sports industry.
IMG Academy, known for its holistic approach to student-athlete development, sees this partnership as a valuable addition to its educational offerings, both at its Bradenton, Florida campus and through its online program, IMG Academy+.
Bank of America's CashPro App has achieved a significant milestone, surpassing $500 billion in corporate payment approvals by mid-2024, a nearly 40% increase from the previous year. The app is on track to reach $1 trillion in approvals by year-end. CashPro, BofA's digital banking platform, serves 550,000 users at 40,000 companies globally. The app's adoption has accelerated, with over 100 business days exceeding $3 billion in daily payment approvals. The largest single-day approval reached $11 billion in December 2023. The CashPro App has been ranked No. 1 in Coalition Greenwich's Digital Transformation Benchmarking Study for 2023 and 2024, highlighting its innovative design and client-focused approach.
Bank of America announced an 8% increase in its quarterly cash dividend to $0.26 per share, payable on September 27, 2024, to shareholders of record on September 6, 2024. The company's Board also authorized a $25 billion stock repurchase program, effective August 1, 2024, replacing the existing program with a remaining $6.7 billion repurchase capacity as of June 30, 2024. The new repurchase program aims to return excess capital to shareholders while maintaining regulatory capital levels and supporting business growth. Additionally, a regular quarterly cash dividend of $1.75 per share was declared for the 7% Cumulative Redeemable Preferred Stock, Series B, payable on October 25, 2024, to shareholders of record as of October 11, 2024.
Bank of America is celebrating 20 years of its Student Leaders® program, a signature philanthropic initiative that provides paid summer internships to high school juniors and seniors. Since 2004, the program has:
- Placed 4,500 students in internships across nearly 100 communities
- Partnered with over 500 local nonprofits
- Invested $42 million in youth workforce development
The program aims to prepare a diverse pipeline of young adults for success in the modern workforce by offering early work experience, leadership skills, and financial education. Many former participants have gone on to become leaders in various fields, including business, nonprofit sector, and even politics. The program culminates in a leadership summit in Washington, D.C., fostering networking and learning opportunities for participants.
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 third quarter of 2024. The announcement details dividend rates, record dates, and payment dates for 16 different series of preferred stock. These include floating rate, fixed-to-floating rate, and fixed-rate non-cumulative preferred stocks.
Dividend payments are generally made on a quarterly basis, except for Series X, AA, DD, and FF, which are paid semi-annually. The dividend amounts range from $0.2656250 to $1,533.54544 per share or depositary share, depending on the series. Record dates span from July 31 to September 1, with payment dates ranging from August 15 to September 25, 2024.
The 46th Bank of America Chicago Marathon, set for October 13, 2024, has announced its professional athlete field. The event features top marathon stars including Sutume Kebede, the eighth fastest woman of all time, and Amos Kipruto, a major marathon winner. The women's field includes Ruth Chepngetich, the fourth fastest woman in history, while the men's field sees Vincent Ngetich making his U.S. debut. American contenders include Keira D'Amato and Zach Panning.
In the wheelchair division, defending champions Marcel Hug and Catherine Debrunner return to attempt repeating their victories and bettering their 2023 course records. The event expects over 50,000 participants, with media credential applications open until September 13.
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.