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 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 will host its second annual virtual electric vehicle show titled "EVolution" on September 9, 2022, coinciding with World Electric Vehicle Day. Renowned manufacturers like Daimler, Lucid, Mercedes Benz, and Volvo Cars will participate to showcase their latest electric vehicles. The event aims to educate the public on EV trends, financing, sustainability, and features. The bank emphasizes its commitment to environmental sustainability, having set goals to achieve net-zero greenhouse gas emissions by 2050 and plans to deploy $1.5 trillion in sustainable finance by 2030.
Bank of America announced over $1.2 million in grants to 53 organizations in Atlanta, focusing on workforce development, education, and basic needs for vulnerable communities. The initiative aims to enhance economic opportunities as Atlanta's unemployment rate stands at 2.9%, below the national average of 3.6%. This philanthropic effort is part of the bank's strategy to support local nonprofits and drive social progress in the region. Notable recipients include the Georgia Justice Project, helping individuals impacted by the criminal justice system.
Grubhub and Bank of America have partnered to offer eligible Bank of America cardholders a one-year complimentary membership to Grubhub+, which includes $0 delivery fees on orders of $12 or more. This offer, valued at nearly $120, aims to enhance customer value and drive orders to local restaurants. Grubhub+ members will also support charity through Grubhub's Donate the Change program. The promotion is available until April 20, 2023, and automatically renews at $9.99 per month after the trial period.
Bank of America has reported a 90% decline in overdraft service fees for its consumer checking accounts in June and July, following significant changes to its overdraft policies. Key measures include eliminating non-sufficient funds fees and reducing overdraft fees from $35 to $10. Approximately 45% of new checking accounts are now SafeBalance accounts, which impose no overdraft fees. The bank aims to reduce consumer overdraft fees by 97% from 2009 levels by next year. Despite these changes, client overdraft fees accounted for less than 0.4% of total revenue in Q2 2022.
The partnership between Liberty Science Center (LSC) and Bank of America aims to enhance job readiness in STEM fields for underserved high school students in New Jersey. A two-year pilot program at James J. Ferris High School and Memorial High School focuses on cybersecurity skills, addressing the shortage of qualified professionals in this sector. The initiative targets 20-30 students from each school, providing them with valuable skills and potential job offers at Bank of America upon successful completion. This program is part of a broader effort to improve workforce readiness amid a growing demand for STEM jobs.
Apex Clean Energy has announced financing for the 224 MW Great Pathfinder Wind project, with a tax equity commitment from Bank of America. This project supports Meta through a power purchase agreement, marking Apex’s fifth collaboration with the tech giant. Upon completion, the wind facility in Iowa is expected to generate $73.9 million in local tax revenue and create nearly 300 jobs during construction. Apex aims to deliver over $50 billion in additional renewable energy projects, reinforcing its commitment to clean energy solutions.
Bank of America has announced the selection of five high school students from Northern New Jersey for its Student Leaders program, an eight-week paid internship aimed at developing workforce skills and civic engagement. Each student will earn $17 per hour and receive a Chromebook. The program has been running since 2004, recognizing 300 community-focused juniors and seniors annually across the U.S.
In July, Bank of America reported a 7% year-over-year increase in total payments, aligning with June's levels. However, median rent payments surged by 7.4%, impacting consumer spending, especially among younger households. Card spending per household rose by 5.3% but fell from June's 5.7%, while inflation pressures persisted. Notably, Gen Z households saw a 16% increase in rent payments, contrasting with only a 3% rise for Baby Boomers. Despite challenges, lower gas prices and retail promotions provided some consumer relief.
Bank of America has achieved the J.D. Power Certified Customer Service Program recognition for the 13th consecutive year, indicating its outstanding customer service experience in Corporate, Global Commercial, and Business Banking Services. The certification reflects a thorough evaluation of operations, including surveys and call assessments. Notably, Bank of America is one of only two companies to reach this milestone. The recognition underscores the bank's commitment to delivering exceptional client experiences across various economic settings.
Bank of America Corporation announced an increase in its quarterly cash dividend to $0.22 per share, up $0.01 from the previous quarter. This dividend is payable on September 30, 2022, to shareholders of record as of September 2, 2022. Additionally, the Board declared a dividend of $1.75 per share on its 7% Cumulative Redeemable Preferred Stock, Series B, payable on October 25, 2022. Bank of America continues to serve around 67 million clients and operates approximately 4,000 retail centers and 16,000 ATMs.