Bank of America Stock Price, News & Analysis

Bank of America announced a record-breaking achievement with 227 patents granted in the first half of 2021, marking a 23% increase from the previous year. This achievement highlights the bank's commitment to innovation in areas like artificial intelligence, machine learning, and mobile banking. Despite 85% of its workforce working from home during the pandemic, the bank filed 403 patents, ranking 108th among U.S. companies for patents. Its portfolio now includes nearly 5,000 patents, showcasing a robust culture of innovation led by about 6,000 inventors globally.

New research by Bank of America reveals that 72% of Hispanic millennials are financially supporting their families, significantly more than their non-Hispanic peers (53%). The pandemic has negatively affected their savings habits, with 45% contributing less than $1,000 to savings. Despite these challenges, 51% remain optimistic about their financial future. The survey shows that family support is a priority, with Hispanic millennials more likely to feel a financial responsibility for loved ones. Additionally, caregiving burdens disproportionately impact Hispanic millennial women.

Bank of America reports growth in digital engagement, with 85% of deposit transactions conducted through automated channels. In Q2, nearly 48 million checks were digitally deposited. Over 70% of clients use digital services, including more than 4.4 million engaging with the Life Plan feature. Digital banking transactions surged with a record 871,000 appointments made online. Notable growth in Zelle usage with 189 million transfers worth $56.5 billion in Q2. The bank received various awards for its digital services, highlighting its strong market position and customer satisfaction.

Bank of America has introduced the Executive Explorer commercial credit card, designed for business travelers and executives, featuring extensive travel perks and insurance coverage. The card offers statement credits for expedited airport clearance and access to over 1,500 airline lounges. Additionally, the Global Card Access app has been launched, allowing cardholders to manage their accounts via mobile, enhancing convenience with features like biometric login and card locking. This service is available to corporate clients in North America, Europe, and Asia, emphasizing Bank of America’s commitment to supporting business travel.

Bank of America Charitable Foundation has granted $1 million to support the construction of the RedBird Health Center in southern Dallas County. This facility will offer essential preventive health services to the local community upon its opening in September 2021. The center aims to address significant healthcare access disparities, providing critical services such as primary care, specialty care for women, and telehealth options. With a projected capacity of 18,000 preventive visits and 23,000 women's health visits annually, this initiative seeks to enhance health outcomes for the area's underserved populations.

Bank of America has announced a $250,000 funding for RestoreOKC to support the renovation and expansion of its Community Resource Campus at the former Polk Elementary School. This initiative aims to assist approximately 6,000 households in Northeast Oklahoma City, focusing on economic development and providing resources for vulnerable residents. The campus will offer services like legal aid, workforce development, and mental health resources. This funding is part of Bank of America's broader commitment to enhancing economic mobility and addressing racial equality.

Bank of America is donating 10,000 Chromebooks to support Charlotte-Mecklenburg Schools students, addressing the digital divide exacerbated by the pandemic. Distribution begins today with partners including Novant Health and E2D. The laptops aim to enhance educational access for over 90% racially and ethnically diverse households. In addition to the devices, the bank commits 10,000 volunteer hours for mentoring and tutoring. Bank of America has invested $6 million in Charlotte over five years, focusing on education and local community support.

Merrill Lynch Wealth Management released studies focusing on the affluent Black/African American, LGBTQ+, and Hispanic/Latino communities, revealing significant growth since 2015, with increases of 65%, 76%, and 81% respectively. The studies emphasize unique financial goals, motivations, and challenges faced by these groups, highlighting a commitment to understanding diverse client experiences. Financial priorities vary among communities, with family support and entrepreneurship being critical for Black individuals, while LGBTQ+ individuals prioritize authenticity and healthcare. Hispanic/Latino respondents emphasize familial support and legacy planning.