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) is a global leader in financial services, serving millions through consumer banking, wealth management, and institutional solutions. This page aggregates official announcements, strategic initiatives, and market-moving developments from one of the world's most influential financial institutions.
Investors and industry observers will find a curated collection of earnings reports, regulatory filings, and leadership updates, alongside analysis of BAC's digital banking innovations and sustainability efforts. The repository serves as a definitive source for tracking the company's position in global markets, technology adoption trends, and responses to economic shifts.
Content highlights include updates on Merrill Lynch wealth management services, CashPro platform enhancements, and corporate responsibility initiatives. Users can monitor BAC's activities across four core segments: Consumer Banking, Global Wealth Management, Global Banking, and Global Markets.
Bookmark this page for streamlined access to verified information about Bank of America's operational milestones, partnership announcements, and regulatory compliance updates. Check regularly for new insights into how BAC navigates evolving financial landscapes while maintaining its industry leadership.
On March 2, 2023, Bank of America (NYSE: BAC) announced it has received the J.D. Power Financial Health Support Certification for the second consecutive year, recognizing its excellence in customer satisfaction regarding financial health support. This certification highlights the bank's commitment to enhancing client financial wellness through comprehensive support and educational resources. The certification measures customer experiences, guiding clients in managing budgets and achieving financial goals. The bank has strengthened its offerings, focusing on five key pillars: simplifying finances, managing money, leveraging expert advice, building financial knowledge, and providing timely assistance.
Bank of America Corporation (NYSE: BAC) announced the redemption of two series of Senior Notes totaling $4.5 billion, scheduled for March 5, 2023. The redemption includes $1.5 billion of Floating Rate Senior Notes and $3 billion of 3.550% Fixed/Floating Rate Senior Notes, both maturing in March 2024. Investors will receive 100% of the principal plus accrued interest, paid on the next business day, March 6, 2023, as the redemption date falls on a non-business day.
The Bank of New York Mellon Trust Company, N.A. will act as the trustee for these notes.
Bank of America Community Development Banking (CDB) achieved a record output in 2022, providing
Bank of America Institute reports a 5.1% year-over-year increase in consumer spending per household for January, a notable rise from December's 2.2%. This growth stems from several factors including increased minimum wages in over 20 states, an 8.7% increase in social security payments, and a resilient labor market. Despite challenges like food and rent inflation, households retain elevated savings, countering spending limits. Credit and debit card spending was up 8.6% YoY in December. The Consumer Checkpoint aims to analyze consumer spending trends, offering insights from the bank's comprehensive data.
Bank of America achieved a record-breaking milestone in 2022, with 608 patents granted, a 19% increase from the previous year. Notable innovations span areas like artificial intelligence, machine learning, and information security. The bank's total patent portfolio now stands at 5,837 patents, attributed to over 6,700 inventors globally. Additionally, it has climbed to 75th place in the Intellectual Property Owners Association's Top 300 list. Furthermore, 26% of the bank's inventors are women, contrasting with the global average of 17%.
Bank of America (BAC) announced a new financing option allowing consumers to finance electric vehicle (EV) chargers alongside auto loans. This initiative is in response to increasing demand for convenient EV ownership solutions. By 2030, the U.S. is projected to host nearly 27.5 million at-home chargers, up from 1.3 million in 2021. At-home charging stations cost between $200 and $2,000. The financing aligns with the Inflation Reduction Act's aim to boost clean energy technologies. BAC collaborates with over 10,000 dealers nationwide, promoting a substantial increase in EVs from 2.4 million in 2021 to an anticipated 26.4 million by 2030.
Bank of America has released its inaugural 401(k) Participant Pulse, analyzing behaviors of over three million 401(k) plan participants. Key findings include a slight drop in average contribution rates from 6.6% in 2021 to 6.4% in 2022, indicating a shift towards immediate financial needs. The report also highlights a 12% decrease in borrowing participants and a slight rise in loan defaults to 15.9%. Notably, Millennials are leading savings rates, with 47% contributing 7% or more, while Baby Boomers tend to contribute less. Bank of America aims to understand the impact of financial trends on long-term planning and overall financial wellness.
Bank of America Corporation (NYSE: BAC) declared a quarterly cash dividend of $0.22 per share on common stock, payable on March 31, 2023, to shareholders of record as of March 3, 2023. Additionally, a dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, is scheduled for April 25, 2023, for shareholders of record as of April 11, 2023. This strong commitment to dividend payments reflects confidence in the company's ongoing financial stability and ability to generate returns for shareholders.
Bank of America is investing up to
Alaska Airlines and Bank of America have enhanced the Alaska Airlines Visa Signature® credit card, offering new perks for cardholders. Key updates include earning double miles on everyday purchases, priority boarding, and a free checked bag. New cardholders can receive a 70,000 bonus miles after spending $3,000 in the first 90 days. Additional features include a 10% rewards bonus for Bank of America account holders, discounts on Lounge+ membership, and a companion fare that allows booking for $122. These enhancements aim to provide cardholders with increased value and benefits from their spending.