Bank of America
• Bank of America is the second largest US bank and operates more than 5,700 branch locations.
• Bank of America has been sued by the New York State Attorney General for multiple instances of improper mutual fund trading, including the most costly trading scandal to date, which the company settled for $675 million.
• Bank of America claims to enrich communities with its nationwide reach, but its acquisition of MBNA, the country's third-largest credit card company, has raised concerns about continued predatory lending and soaring interest rates due to stifled competition.
• Bank of America is one of the largest investors in coal and coal fired power, which is responsible for nearly a third of the nation's CO2 emissions, and also funds surface coal mining.
• Learn about ethical banking options with Go Green.
-- Profile Updated 03/28/2011
About Bank of America
Bank of America operates more than 5,700 branch locations from which the company offers investment, banking, and loan services to consumers and businesses. The Charlotte, North Carolina based company reported revenue of $117 billion for 2006 and employed 203,425 people. In April 2004 Bank of America purchased FleetBoston Financial Corp, and acquired credit card company MBNA in early 2006, making it the largest credit issuer in the country.
Global Finance Campaign
The Global Finance Campaign sponsored by the Rainforest Action Network (RAN) works to end the financing of ecologically and socially destructive projects, and emphasizes socially responsible alternatives. RAN’s focus on major financial institutions such as Citigroup, Bank of America, and JPMorgan Chase has met with success: All three have introduced socially responsible operational guidelines. The campaign is now focused on holding these corporations accountable to their own newly set standards.
AFSA Data Corporation (Other) - Long Beach, CA
- BA Asia Ltd. - Hong Kong, China (Hong Kong)
- BA Merchant Services Incorporated (Subsidiary) - San Francisco, CA
BA Merchant Services Incorporated (Subsidiary) - San Francisco, CA
- Banc of America Securities LLC - New York, NY
- Bank of America (Canada) - Toronto, Canada
- Bank of America (France) - Paris, France
- Bank of America (Singapore) - Singapore, Singapore
- Bank of America (Subsidiary) - Nashville, TN
- Bank of America (United Kingdom) - London, United Kingdom
- Bank of America - Dallas, TX
- Bank of America - Jacksonville, FL
- Bank of America - Nashville, TN
- Bank of America - Seattle, WA
- Bank of America Business Credit - Pasadena, CA
- Bank of America Capital Management - Charlotte, NC
- Bank of America Capital Management Company - Los Angeles, CA
- Bank of America Corporation - Amarillo, TX
- Bank of America Investment Services Inc. - Charlotte, NC
- Bank of America Leasing Corp. (Division) - San Francisco, CA
- Bank of America Mortgage (Subsidiary) - Plano, TX
- Bank of America Mortgage - Charlotte, NC
- Bank of America Mortgage - Little Rock, AR
- Bank of America Trust Company of New York - New York, NY
- Bank of America, N.A. (Subsidiary) - Little Rock, AR
- Bank of America, N.A. - Central, China (Hong Kong)
- Bank of America-Homebuilders - Norfolk, VA
- BankAmerica Trust & Banking Corp. (Bahamas) Ltd. - Nassau, Bahamas
- BankAmerica Trust & Banking Corp. (Cayman) Ltd. - Georgetown, Cayman Islands
- Columbia Financial Center Inc. (Other) - Portland, OR
- Columbia Management Advisors - Rochester, NY
- Columbia Management Advisors, Inc. - Portland, OR
- Columbia Management Advisors, Inc. - San Francisco, CA
- Columbia Management Group - Boston, MA
- Columbia Trust Co. - Portland, OR
- Fleet Bank (Parent) - Blue Bell, PA
- Fleet Bank (Subsidiary) - Paramus, NJ
- Fleet Bank - Albany, NY
- Fleet Business Credit Corp. - Chicago, IL
- Fleet Capital Canada Corporation - Toronto, Canada
- Fleet Capital Corp. - Atlanta, GA
- Fleet Capital Corporation (Other) - Glastonbury, CT
- Fleet Capital Leasing - Providence, RI
- Fleet Capital Leasing - Troy, MI
- Fleet Capital Leasing Healthcare Finance Corp. (Subsidiary) - Parsippany, NJ
- Fleet Credit Card Services, L.P. (Other) - Horsham, PA
- Fleet Growth Resources Inc. - Providence, RI
- Fleet Insurance Advisors (Other) - Mount Laurel, NJ
- Fleet Insurance Services (Other) - Cranford, NJ
- Fleet Investment Services Inc. - Providence, RI
- Fleet Pennsylvania Service - Wilmington, DE
- Fleet Retail Finance Inc. - Boston, MA
- Fleet Trust & Investment Services Company, N.A. - Stuart, FL
- FleetBoston Financial Corporation (Subsidiary) - Boston, MA
- FleetBoston Financial Corporation - Boston, MA
- FleetBoston New Jersey - Princeton, NJ
- Progress Financial Resources, Inc. - Philadelphia, PA
- Progress Realty Advisors, Inc. - Blue Bell, PA
- Savannah Bank of Nigeria Ltd. - Lagos, Nigeria
- Security Pacific Asian Bank, Ltd. - Central, China (Hong Kong)
- Wanger Asset Management Inc. (Other) - Chicago, IL
Contact Bank of America
Bank of America
100 N Tryon St., 18th Floor
Charlotte, NC 28255 USA
Ethics and Governance
In 2008, Bank of America donated $2,967,713 to both poltical parties.
-- Center for Responsive Politics, 08/04/2010
-- Forest Ethics, 12/09/2009
Ethics and Governance
Bank of America received a “B” grade on the 2007 NAACP Economic Reciprocity Initiative report. The grade reflects a measurement of corporate America's commitment to African Americans and other people of color. Companies were surveyed for their activity in employment, vendor development and contracting, advertising and marketing, dealerships and philanthropy.
-- NAACP, 07/15/2007
Bank of America is facing a discrimination lawsuit brought by five African American current and former employees. The lawsuit claims that the bank limited the employees to minority and low net-worth clients because of the bank's belief that clients are more "comfortable" working with members of their own race.
-- Boston Globe, 05/18/2007
In 2006, current Bank of America CEO, Kenneth D. Lewis, earned $27,873,348 in total compensation according to the Securities and Exchange Commission's calculations and $25,837,801 according to the AFL-CIO.
-- AFL-CIO, 01/01/2007
According to the Social Investment Research Analyst Network, ten years after the Federal Glass Ceiling Commission recommended disclosure of diversity data as a way to remove barriers and promote women and minority advancement, most US companies still fail to fully disclose EEO data to the public. Bank of America is listed as one of the companies that does not provide full public disclosure. Rather, disclosure of EEO data is made available upon request.
-- Social Investment Research Analyst Network (SIRAN), 12/07/2005
Source URL: www.siran.org/projects_eeo_project.php
The Inner City Press-Fair Finance Watch accused Bank of America and Citigroup of charging higher mortgage loan rates for African American and Hispanic borrowers than white borrowers. The ICP reports that blacks were over two times more likely to receive rate spread home purchase loans than whites, and Hispanics were 2.5 times more likely than whites to pay higher rates with all types of Bank of America loans.
-- Associated Press, 04/04/2005
Source URL: www.innercitypress.org/bofa.html
According to the Associated Press, Bank of America is facing an employee class-action lawsuit claiming that the company's cash-balance pension plan was designed to benefit Bank of America without regard for the welfare of employees. Plaintiffs claim that Bank of America asked workers to move $2.7 billion worth of 401(k) assets into the company pension plan, which was then used for investments yeilding a higher return than what the company was willing to offer employees. As of 2007, the case was unresolved.
-- CFO Magazine, 11/05/2004
Source URL: www.cfo.com/article.cfm/3370222?f=search
In March 2004 Bank of America and FleetBoston Financial agreed to pay a total of $675 million to resolve allegations of improper mutual-fund trading and to reduce fees investors pay by $160 million. Under the settlement, Bank of America paid $125 million in civil fines and $250 million in restitution to investors. FleetBoston paid $70 million in civil fines and an additional $70 million in restitution. Additionally, eight members of the board of directors of Nations Funds, Bank of America's group of mutual funds, were required to resign their positions within a year for their alleged role in allowing the trading violations. The two financial companies, which merged immediately following the settlement, agreed to make certain changes in their mutual fund operations. The settlement also severely restricted Bank of America involvement in the securities clearing sector.
-- Office of the New York State Attorney General, 03/15/2004
In August 2003 The Wall Street Journal reported that Bank of America and at least nine other US banks moved more than $17 billion into investment funds to shelter hundreds of millions of dollars from state taxes, sparking probes by state tax authorities. The banks created funds that did not publicly sell shares but paid tax-exempt dividends to the banks, according to the report. Securities and Exchange Commission records show Bank of America transferred at least $8 billion into its fund, which sheltered more than $750 million in income.
-- Common Dreams Newswire, 08/07/2003
Source URL: www.commondreams.org/headlines03/0807-05.htm
Bank of America is one of the largest investors in coal and coal fired power, which is responsible for nearly a third of the nation's carbon dioxide emissions. Despite reaping publicity the past two years for its climate change commitments, Bank of America was part of a lending syndicate that provided $3.2 billion in financing to Duke Energy. The loan will enable Duke to move forward with plans to build several controversial coal-fired power plants in North Carolina and Indiana. In addition, Bank of America has financial relationships with each of the top five producers of MTR coal. The EPA estimates that more than a million acres across Appalachia have already been lost to MTR, and that if the practice continues unabated, an additional 1.4 million acres of forest will be lost by the end of the decade. Shareholders have criticized Bank of America's environmental record, saying the bank's commitments to clean energy and other green causes are just "greenwashing."
-- Rainforest Action Network, 04/23/2008
Source URL: ran.org/media_center/news_article/?uid=4751
The World Wildlife Fund (WWF) and BankTrack published a report entitled “Shaping the Future of Sustainable Finance,” which examined the environmental and social policies adopted by 39 prominent commercial banks. Banks were assessed and scored on a 0 to 4 scale in 13 areas, such as human rights, labor rights, climate and energy, biodiversity, forests, and sustainable agriculture. Bank of America averaged a score of 0.85.
-- World Wildlife Fund, 01/01/2006
In May 2003 Bank of America agreed to pay $4.1 million to settle a lawsuit filed by 280 current and former employees who said they were owed overtime pay.
-- Associated Press, 05/02/2003