Bank of America has reported a significant increase in its artificial intelligence (AI) and machine learning (ML) patent portfolio, with a 94% rise in granted patents and pending applications since 2022. The company now holds nearly 1,100 AI and ML patents and pending applications, more than half of which have been granted.
Bank of America has announced the return of its More Rewards Day, scheduled for Thursday, November 7, 2024. This annual event, now in its third year, provides Consumer and Small Business credit cardholders an opportunity to earn additional rewards on their purchases as the holiday season approaches. Last year, participants earned over $26 million in extra rewards during this event.
The demand for real-time data and transaction processing has led to a significant increase in the adoption of Application Programming Interfaces (APIs) by Bank of America's business clients. Over the past year, there has been a 51% rise in clients using APIs, spurred by innovations that have streamlined onboarding and expedited transaction speeds.
Bank of America has introduced Guaranteed FX Rates with tenors extending up to one year, the longest currently available in the industry. This new offering aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. By using this solution, businesses can mitigate exposure to currency fluctuations and simplify treasury management processes like forecasting and reconciliation.
Bank of America Corporation has announced that its Board of Directors has approved regular cash dividends for the fourth quarter of 2024 on various series of preferred stock. The dividends will be distributed to shareholders according to the following schedule:
Bank of America Corporation has announced that its Board of Directors declared a regular quarterly cash dividend on common stock. The dividend is set at $0.26 per share and will be payable on December 27, 2024, to shareholders recorded by December 6, 2024.
Ruth Chepngetich set a new world record at the Bank of America Chicago Marathon, finishing in 2:09:56. Her performance follows Kelvin Kiptum's record-setting run last year. John Korir also made headlines by achieving a personal best and the second fastest time in Chicago’s history with 2:02:44. In the wheelchair races, Marcel Hug won his fifth title in the men’s category with a time of 1:25:54, while Catherine Debrunner defended her women’s title with a course record-breaking 1:36:12.
Bank of America has announced its financial results for the third quarter of 2024. The detailed news release, supplemental filing, and investor presentation are available on the company's Investor Relations website.
Nearly 80% of small and mid-sized business owners in the U.S. expect revenue growth over the next year, according to the 2024 Bank of America Women & Minority Business Owner Spotlight report. The survey, conducted by Ipsos, involved more than 2,000 business owners nationwide and revealed optimism across various demographics.
The latest study by Bank of America Private Bank highlights differences in charitable giving among affluent Americans, focusing on generational and gender divides. The research reveals that while 91% of wealthy individuals donate to charity, their motivations and strategies differ significantly.
Bank of America has announced the four small businesses from New York City that will participate in this year's Small Business Spotlight program at the Bank of America Winter Village at Bryant Park. These businesses will have rent-free booths to display and sell their products for over two weeks each. This initiative offers entrepreneurs the chance to reach new customers at one of New York City's prime winter shopping destinations, with shop rental fees covered by Bank of America.
Bank of America will release its third quarter 2024 financial results on Tuesday, October 15. The announcement is scheduled for approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET.
Bank of America Corporation has announced its decision to redeem the entire $2,000,000,000 principal amount outstanding of its 2.456% Fixed/Floating Rate Senior Notes on October 22, 2024. These notes were originally due in October 2025 and are identified by CUSIP No. 06051GHW2. The redemption will be executed at a price equal to 100% of the principal amount plus any accrued and unpaid interest up to, but not including, the redemption date. After this date, interest on these notes will no longer accrue.
Registration for the 2025 Bank of America Chicago Distance Series events has been announced. The series includes the Bank of America Chicago Marathon, Chicago 13.1, and Shamrock Shuffle 8K Run. Participants who complete all three events in 2025 will receive an exclusive medal and guaranteed entry to the 2026 Chicago Marathon.
Bank of America has introduced Virtual Payables Direct, expanding its Virtual Payables capabilities in the EMEA region. This new business-to-business payment solution offers buyers the usual working capital benefits of card transactions, such as extended payment terms, and adds the ability for suppliers to be paid via direct bank transfer. The global B2B payments market is growing rapidly and is projected to reach over $2.4 trillion by 2031.
Bank of America has introduced a new banking solution aimed at helping parents guide their children in developing sound financial habits. The product, SafeBalance Banking® for Family Banking, is designed to provide parents with the necessary tools and resources to teach their children money management through a secure digital platform.
The Bank of America Chicago Marathon has made a substantial impact on the local economy, contributing a record $547 million in 2023. This represents a 42% increase from the previous year's $386 million, according to an independent study by Jones & Associates Economics.
Bank of America plans to open more than 165 new financial centers across 63 markets by the end of 2026. This includes nearly 40 centers set to open this year, in addition to over 100 centers opened in the last two years.
Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z (CUSIP No. 060505EM2), liquidation preference $25,000 per share (the “Preferred Stock”), and the corresponding depositary shares each representing a 1/25th interest in a share of the Preferred Stock (CUSIP No. 060505EL4) (the “Depositary Shares”).