Bank of America Stock Price, News & Analysis

Bank of America has increased its U.S. minimum hourly wage to $21, progressing towards a target of $25 by 2025. This new wage builds on prior increases over the last four years, which raised the minimum from $15 in 2017 to $20 in 2020, ahead of schedule. The bank requires all U.S. vendors to pay at least $15 per hour to their employees supporting the bank. This initiative reflects the bank's commitment to Responsible Growth and has garnered recognition as one of the best big companies to work for.

On October 5, 2021, Bank of America announced the launch of the Access to Capital Directory, in partnership with Seneca Women, aimed at supporting women entrepreneurs in the U.S. The platform, created during National Women's Small Business Month, helps women navigate funding sources, with over 350 options available. According to Bank of America's 2021 Women Business Owner Spotlight, 42% of women have never applied for loans. The directory reflects Bank of America's commitment to enhance funding access for women-owned businesses.

Bank of America announced that over 5 million clients have adopted its Life Plan feature in its first year, becoming the most rapidly adopted digital offering. Since the launch, client account balances increased by $34 billion. Life Plan allows users to set financial goals and integrates with the AI-driven assistant, Erica, in 2022. The top goals set by users include budgeting (35%) and improving credit (27%). The initiative has spurred over 1 million appointments with financial specialists, showcasing increased client engagement.

Bank of America Corporation announced it will redeem on October 21, 2021 a total of $2.5 billion in Senior Notes, comprising $500 million of Floating Rate Senior Notes and $2 billion of 2.503% Senior Notes, both due October 2022. The redemption price will equal 100% of the principal amount plus accrued interest. Payment for the redemption will occur via The Depository Trust Company, with Bank of New York Mellon Trust Company acting as trustee. The company serves around 66 million clients through extensive banking services.

Bank of America has launched its digital asset research, presenting a report titled "Digital Assets Primer: Only the first inning." This report, led by Alkesh Shah, evaluates the $2 trillion+ digital asset market, which comprises over 200 million users. It aims to explore the digital asset ecosystem, including tokens, stablecoins, and non-fungible tokens. Candace Browning emphasized the significance of digital assets in transforming various industries. The launch aims to enhance Bank of America's offerings to investors in the burgeoning digital asset space.

Bank of America has reached its goal of hiring 10,000 individuals from low- and moderate-income (LMI) neighborhoods through its Pathways program, achieving this two years ahead of schedule. The bank plans to double this commitment by adding another 10,000 hires by 2025, collaborating with community colleges and organizations like Year Up and UnidosUS. This initiative is part of Bank of America's broader strategy to foster career opportunities for underserved communities, enhancing its diverse talent pipeline and reinforcing its commitment to equal employment.

The 2021 Bank of America Study of Philanthropy reveals that affluent Americans increased their average charitable giving to $43,195 in 2020, up 48% from $29,269 in 2017. Nearly 90% of affluent households donated, with notable shifts towards issues-based philanthropy. Younger donors are embracing structured giving vehicles, and sustainable investing participation nearly doubled to 13%. Confidence in nonprofits remains high, while 72% of respondents indicated their giving levels would not change without tax deductions. The study was based on a survey of 1,626 affluent households.

Bank of America announced enhancements to its Intelligent Receivables solution, which now supports payment processing in local languages including Simplified Chinese, Traditional Chinese, Korean, and Thai. This upgrade aims to improve payment matching accuracy and efficiency for corporate clients in 12 Asia Pacific markets, including New Zealand. With nearly 100% data capture capability, the solution offers comprehensive automation for reconciling payments and invoices. Additionally, it integrates with the Bank of America CashPro platform, providing clients with valuable insights into customer payment trends.