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, a leading financial institution, is set to report its first-quarter 2023 financial results on April 18, releasing the results at 6:45 a.m. ET. An investor presentation will follow at 8:30 a.m. ET. The reports will be accessible via the company's Investor Relations website. Investors can connect to the presentation by calling 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), using conference ID 79795. Replays will be available from noon on April 18 until 11:59 p.m. ET on April 28. Bank of America serves approximately 67 million clients with a broad range of financial services, operating in over 35 countries worldwide.
Bank of America has announced its Board of Directors' approval for cash dividends on preferred stock for the second quarter of 2023. The dividends vary across several series:
- Series E: $0.32223, payable on May 15, with a record date of April 28.
- Series F: $1,345.82967, payable on June 15, with a record date of May 31.
- Series G: $1,345.82967, payable on June 15, with a record date of May 31.
- Series U: $26.00, payable on June 1, with a record date of May 15.
- Series 1: $0.3565, payable on May 30, with a record date of May 15.
- Series 2: $0.34632, payable on May 30, with a record date of May 15.
The dividend payments reflect the company's ongoing commitment to return value to shareholders.
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On March 31, 2023, Bank of America Corporation (BAC) announced plans for the transition from USD LIBOR to CME Term SOFR as the benchmark rate for certain debt securities, effective after June 30, 2023. This decision follows the U.K. Financial Conduct Authority's discontinuation of USD LIBOR, prompting the LIBOR Act and associated rules. The transition involves specific tenor spread adjustments: 0.11448% for one month and 0.26161% for three months. BAC will appoint BofA Securities as the determining person for selecting the benchmark replacement. This announcement focuses solely on the specified USD LIBOR Securities listed in the Annexes.
Bank of America announced the appointments of Lindsay Hans and Eric Schimpf as presidents and co-heads of Merrill Wealth Management, effective March 30, 2023. They will oversee over 25,000 employees and report to CEO Brian Moynihan. Merrill's client balances were $2.8 trillion as of December 31, 2022. Hans previously led Private Wealth Management, while Schimpf has extensive experience since joining Merrill in 1994. They replace Andy Sieg, who oversaw significant growth in the department since 2017. This leadership change aims to continue Merrill's legacy and strengthen client services.
Bank of America announced the retirement of Benito Almanza, who will step down as Phoenix and Arizona President on April 6 after 45 years with the company. He is succeeded by Scott Vanderpool, currently the Phoenix market executive who has been with Bank of America since 2007. Vanderpool will oversee the bank's resources in the region and focus on economic mobility and community development. During his tenure, Almanza directed nearly $125 million in philanthropic investments in Arizona. Both leaders expressed their commitment to continued growth and community improvement in Phoenix.
Bank of America announced that over 10 million clients have engaged with its innovative Life Plan since its launch in late 2020. Users have collectively added more than $55 billion to their accounts by utilizing this personalized digital experience. Popular financial goals among users include budgeting, improving credit, and saving for large purchases, with 63% of users being Millennials and Gen Z. Digital interactions surged, with over 11.6 billion logins in 2022, reflecting a growing reliance on digital banking tools.
Beginning in 2024, Bank of America will be the presenting partner of the Boston Marathon, marking a significant decade-long agreement. This partnership aims to enhance community engagement and promote a healthy lifestyle through running. The collaboration underscores shared values in community support and leadership. Bank of America has previously shown substantial economic impact through its sponsorship of events like the Chicago Marathon, generating over $386 million for local economies. This strategic move is expected to broaden the Marathon's reach and impact on a global scale.
Bank of America Institute's recent analysis reveals a significant increase in housing costs in the U.S., with median rent payments rising by 8% and mortgage payments by 7% year-over-year as of February 2023. Particularly in the Sun Belt cities like Phoenix and Tampa, rent increased by 26% and 23%, respectively, well above the national average. This surge contrasts with slower growth in cities outside this region, such as San Francisco, which saw only 2.5% rent growth. Factors driving these trends include domestic migration, affordability, job creation, and higher-paid positions in technology and finance, which have intensified housing demand in the Sun Belt.
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