Bank of America Stock Price, News & Analysis

Thousands of runners are set to begin their 18-week training for the Bank of America Chicago Marathon, scheduled for October 10, 2021, with 35,000 participants expected. Chicago officials are collaborating closely to ensure a safe event amidst evolving COVID-19 guidelines. Preparations are underway to implement health measures, including potential mask requirements and proof of vaccination or negative test results. The marathon aims to restore a beloved city tradition after last year’s cancellation.

Bank of America is donating $350,000 to the Texas Tech University School of Veterinary Medicine to establish a new veterinary school addressing regional veterinary shortages. The 185,000 square-foot facility aims to enroll over 450 students annually and is expected to generate more than $75 million for the local economy, creating nearly 375 jobs. The school will focus on serving rural communities, prioritizing students from underserved populations and enhancing cultural competency in veterinary practices.

Bank of America has achieved the J.D. Power Certified Customer Service Program recognition for the 12^th consecutive year, highlighting its outstanding customer service in Corporate, Global Commercial, and Business Banking Services. This achievement reflects the bank's commitment to a client-first culture and adaptability in service delivery. The evaluation included comprehensive assessments and feedback from various stakeholders.

Paul Simpson and other executives commend the team’s dedication to providing excellent service despite challenges. Bank of America serves approximately 66 million clients and is listed on the NYSE under the ticker symbol BAC.

Bank of America has raised its target for equity investments in minority-focused funds from $200 million to $350 million. Over the last year, it has committed more than $250 million to 90 funds supporting under-represented entrepreneurs. The bank has completed 17 direct equity investments in minority depository institutions (MDIs) and community development financial institutions (CDFIs), totaling $50 million. These efforts are part of a larger $1.25 billion commitment focused on advancing racial equality and economic opportunity.

Bank of America released insights from its 2021 Financial Life Benefits Impact Report, highlighting that nearly 60% of employees participated in workplace retirement plans during a challenging financial year. The report reveals that only 10% of 401(k) participants took hardship distributions and that Health Savings Account balances increased 17%, averaging around $3,400. Gender gaps persist, with women's financial wellness scores 13% lower than men's. Digital engagement surged, with logins up 31%, while 401(k) plans offering ESG investments grew 10%.

Bank of America has announced a plan to increase its U.S. minimum hourly wage to $25 by 2025, building on a previous increase to $20 in March 2022. Additionally, all U.S. vendors must now pay employees at least $15 per hour, with over 99% of vendors already compliant. Since 2010, the company's minimum hourly wage has risen by 121%. The firm's commitment to competitive wages aims to attract and retain top talent, demonstrating its focus on responsible growth and a positive workplace culture.

Bank of America and the Neighborhood Assistance Corporation of America (NACA) have expanded their affordable homeownership program, aiming to provide $15 billion in mortgages to low-to-moderate income (LMI) buyers by May 2027. This initiative has already aided over 9,100 households in the last two years while contributing to a total of 42,000 mortgages since its inception in 1996. The program includes no down payment, no closing costs, and offers below-market fixed rates to borrowers, with over 85% of participants being people of color.

Gibraltar Business Capital announced a new $150MM line of credit with Bank of America, enhancing its ability to serve lower mid-market businesses. This credit line, which can expand to $200MM through an accordion feature, supports Gibraltar's growth and offers flexible financing options. Since joining Hercules Capital in 2018, Gibraltar has underwritten credit for over 300 borrowers with $650MM in commitments. The partnership aims to provide stability and responsive support to businesses needing capital for growth or overcoming challenges.