Bank of America Corporation reports developments across consumer banking, wealth management, corporate and investment banking, global markets and capital actions. The company serves individual consumers, small and middle-market businesses, large corporations, governments and institutions with banking, investing, asset management, lending, trading and risk-management products and services.
Recurring BAC news includes operating and financial results, regular dividends on common and preferred stock, Merrill Wealth Management platform and advisor updates, co-branded credit card partnerships, and community or cultural initiatives such as the Bank of America Art Conservation Project. Coverage also reflects the company's digital banking, small-business services and international banking presence.
Bank of America (BAC) has announced plans to open more than 165 new financial centers across 63 markets by the end of 2026, continuing its decade-long expansion strategy. This includes nearly 40 centers in 2024 alone. The bank is also expanding into Louisville, Kentucky, with plans for five centers there by the end of 2025.
Since 2014, BofA has invested over $5 billion in its financial center expansion. The company has also completed renovations of more than 3,000 existing centers, focusing on creating meeting spaces for in-depth financial discussions and improving technology access.
Despite 95% of client interactions occurring on digital platforms, BofA reports nearly 10 million appointments with financial specialists in centers over the past year. The bank now provides banking access to 246 million people across more than 200 markets, covering over 75% of the U.S. population.
Bank of America (NYSE: BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z, and the corresponding depositary shares. The redemption will occur on October 23, 2024, at a price of $1,000 per depositary share. Additionally, a dividend of $32.50 per depositary share will be paid separately on the same date to holders of record as of October 1, 2024.
The redemption process will be handled through The Depository Trust Company (DTC), with Computershare Inc. and Computershare Trust Company, N.A. acting as the redemption agents. This announcement does not constitute an official notice of redemption under the governing documents of the Preferred Stock or Depositary Shares.
Bank of America has appointed David Dowd as the new president of Bank of America Asheville. In this role, Dowd will lead market efforts, connect clients and communities to the bank's services, and oversee initiatives to grow market share and advance economic mobility. Dowd, who is also senior vice president of Business Banking for Western North Carolina, has a strong background with the bank and deep community ties.
Dowd is actively involved in several local nonprofit organizations, including Asheville Community Theatre and United Way of Asheville-Buncombe County. He holds an undergraduate degree in Anthropology and Linguistics from the University of Montana.
Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers and 15,000 ATMs across the United States. The company is listed on the New York Stock Exchange under the ticker symbol BAC.
Bank of America (NYSE: BAC) has announced regular cash dividends on several series of preferred stock for the fourth quarter of 2024. The dividends cover various series including Series L, Z, HH, NN, PP, RR, and TT, with dividend amounts ranging from $0.2578125 to $32.500 per share or depositary share. Record dates are set for October 1 and October 15, with payment dates spanning from October 23 to November 4.
Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers and 15,000 ATMs. The bank also boasts around 58 million verified digital users. As a global leader in wealth management, corporate and investment banking, Bank of America operates in the United States and over 35 countries worldwide.
Bank of America (NYSE: BAC) has announced the redemption of $2 billion in 0.981% Fixed/Floating Rate Senior Notes, due September 2025. The redemption is scheduled for September 25, 2024, with noteholders receiving 100% of the principal amount plus accrued interest. This move demonstrates BAC's proactive management of its debt obligations.
As one of the world's leading financial institutions, Bank of America serves approximately 69 million consumer and small business clients in the US through its extensive network of 3,800 retail financial centers and 15,000 ATMs. The bank also boasts a strong digital presence with 58 million verified digital users. Globally, BAC is a leader in wealth management, corporate and investment banking, and trading across various asset classes.
Bank of America (NYSE: BAC) has been announced as a new Champion Partner of the Masters Tournament, starting from 2025. This partnership expands on Bank of America's existing support for community initiatives and amateur events in Augusta and globally. Alongside this news, CBS Sports will increase coverage of the tournament, adding five hours to the weekend broadcasts. The expanded coverage will total 14 hours on CBS and Paramount+ for Saturday and Sunday, with additional digital feeds Thursday through Sunday.
The Masters Tournament chairman, Fred Ridley, expressed enthusiasm for strengthening the event through these partnerships. Bank of America joins AT&T, IBM, and Mercedes-Benz as Champion Partners, while Delta Air Lines, Rolex, and UPS continue as Tournament Partners. This move further cements Bank of America's commitment to the Augusta community and golf initiatives worldwide.
Bank of America (BAC) has announced the redemption of $1.75 billion in 3.093% Fixed/Floating Rate Senior Notes due October 2025. The redemption will occur on October 1, 2024, at 100% of the principal amount plus accrued and unpaid interest. This move demonstrates BAC's proactive management of its debt obligations.
As one of the world's leading financial institutions, Bank of America serves approximately 69 million consumer and small business clients in the US, with 3,800 retail centers and 15,000 ATMs. The bank also boasts 58 million verified digital users, highlighting its strong digital banking presence. Globally, BAC is a leader in wealth management, corporate and investment banking, serving clients in over 35 countries.
Bank of America (NYSE: BAC) has raised its U.S. minimum hourly wage to $24, increasing the minimum annualized salary for full-time employees to nearly $50,000. This is part of the bank's commitment to reach $25 per hour by 2025. The increase applies to all full-time and part-time hourly positions in the U.S. In the last seven years, BAC has raised its minimum hourly wage from $15 to $24.
As part of its employee benefits, 97% of BAC employees have received awards beyond regular compensation, mostly in Bank of America restricted common stock. The bank also offers 16 weeks of paid parental leave, an industry-leading sabbatical program, and personalized support for critical life events. BAC provides free education through The Academy to help employees and local community members advance their careers.
Star Mountain Capital, an investment firm with over $4.0 billion AUM focused on the lower middle-market, has announced that Peter K. Scaturro has joined as Senior Advisor. Scaturro brings 40+ years of experience in banking, wealth management, and financial services leadership. He was previously a Partner at Goldman Sachs (NYSE: GS) Global Private Client Business and CEO of Citigroup Global Private Bank. Star Mountain's Founder & CEO, Brett Hickey, expressed excitement about Scaturro's addition, citing his extensive leadership experience across multiple cycles as beneficial to all stakeholders. Scaturro highlighted the lower middle-market as a compelling opportunity for investors seeking to complement traditional portfolios.
The inaugural U.S. Latina GDP Report, funded by Bank of America (NYSE: BAC), reveals that Hispanic women in the U.S. contributed $1.3 trillion to the GDP in 2021, representing over 50% growth in a decade. Key findings include:
1. U.S. Latina GDP grew 2.7 times faster than non-Hispanic GDP from 2010 to 2021.
2. Latinas are responsible for 30.2% of U.S. labor force growth since 2010.
3. Latina educational attainment is growing 2.7 times faster than non-Hispanic females.
4. Latina real income growth is 2.5 times that of non-Hispanic female counterparts.
The report highlights Latinas as a driving force in the U.S. economy, outpacing their gender and ethnic peers in key economic measures.