RATING
Neutral
SECTOR
Financial Service Activities
Chief Sustainability Officer
T: 315-724-4022
E-mail: N/A
Stock Exchange and Ticker
NYSE: BAC
Website
Contact
T: 315-724-4022
E.mail: N/A
Listing
- World’s Best Employers (2021)
- World’s Top Female-Friendly Companies (2021)
- America’s Best Employers for Veterans (2021)
- America’s Best Large Employers (2021)
- America’s Best Employers for New Grads (2021)
- America’s Best Employers for Women (2021)
- Top Women Wealth Advisors (2021) 224 Merrill advisors recognized
- Top Wealth Advisors (2021) 55 Merrill advisors recognized
- Corporate Responders (2020)
- 100 Best Companies to Work For (2021, 2020)
- Best Big Companies to Work For (2021) only financial services company recognized three years in a row
- 75 Best Large Workplaces for Women (2021, 2020)
- 40 Best Large Workplaces in Financial Services and Insurance (2021, 2020)
- 100 Best Large Workplaces for Millennials (2021)
- Change the World (2021) named the top global bank three years in a row
- World’s Most Admired Companies (2022, 2021, 2020) first ranking Megabank in 2022
- 100 Most Sustainable Companies (2022, 2021, 2020)
- Top 100 Women Advisors (2021) recognized for 16 consecutive years
- America’s Top 1,200 Financial Advisors (2021) recognized for 13 consecutive years
- 50 Top Companies in the U.S. (2021) second ranking financial institution in 2021
- America Most Just Companies (2022, 2021, 2020)
- JUST 100 (2022, 2021, 2020)
- #1 Industry Leader—Banks (2022)
- Top 100 U.S. Companies Supporting Healthy Families and Communities (2021)
Awards
Seramount (formerly Working Mother Media)
- 100 Best Companies (2021) recognized for 33 consecutive years
- Best Companies for Multicultural Women (2021, 2020)
- Best Companies for Dads (2021, 2020)
- Top Companies for Executive Women (2021, 2020)
- Inclusion Index (2021, 2020)
- Top Wealth Advisor Moms (2021) 117 Merrill advisors recognized
Brandon Hall
- 30 Human Capital Management Excellence Awards (2021)
RateMyPlacement
- 100 Undergraduate Employers (2021, 2020)
PEOPLE Magazine
- Companies that Care (2021, 2020) JUST Capital America’s Most
Military Times Best for Vets
- Employers (2021, 2020)
UK Armed Forces Covenant
- Employer Recognition Scheme Gold Award (2021) recognized for six consecutive years
Revenue
Market Capitalisation
Employees
208,000
Content source
Bank of America Sustainability Report
Evaluation of Bank of America
To hasten the transition to a low-carbon, sustainable economy, the company has pledged to deploy and mobilize $1 trillion through its Environmental Business Initiative by 2030. Furthermore, it issues $2 billion in ESG bonds. In addition, it purchases carbon-neutral electricity, uses less energy and water, buys almost all of its paper from accredited sources, diverts 75% of its construction and demolition waste from landfills, and last but not least, cut its Scope 1 and 2 emissions by 63%. Contrarily, the company’s biggest setback is that it continues to rank fourth among the banks that finance the fossil fuel industry. The company has received a C grade.
Sustainability Scorecard
Bankf of America Company Activity
Bank of America Corp. is a bank and financial holding company, which provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.
Bank of America Sustainability Activity - As per company declarations
Building on our longstanding support for the Paris Climate Agreement, we have a goal to achieve net zero greenhouse gas (GHG) emissions in our financing activities, operations and supply chain before 2050.
Our Environmental Business Initiative will deploy and mobilize $1 trillion by 2030 to accelerate the transition to a low-carbon, sustainable economy, as part of a broader $1.5 trillion sustainable finance goal aligned to addressing the United Nation’s Sustainable Development Goals (SDGs). Our multi-year financing commitment provides financial capital, along with significant intellectual capital, to develop solutions to climate change and other environmental challenges. It focuses on low-carbon energy, energy efficiency, and sustainable transportation, in addition to addressing other important areas like water conservation, land use and waste.
Certificate & Labels, Standards and Frameworks
- LEED
Bank of America in the news: Press Reviews and Social Media
The second environmental business commitment you made of $125 billion to direct capital to low-carbon, sustainable business activities demonstrates Bank of America’s long history of supporting environmental initiatives.
Annual updates to the Dow Jones Sustainability Indexes (DJSI) include the addition of Bank of America, UBS, and United Parcel Service. The coal industry has received $6.4 billion in funding from Bank of America, casting doubt on the validity of the DJSI’s sustainability index.
Annual updates to the Dow Jones Sustainability Indexes (DJSI) include the addition of Bank of America, UBS, and United Parcel Service. The coal industry has received $6.4 billion in funding from Bank of America, casting doubt on the validity of the DJSI’s sustainability index.
Highlights from Bank of America Sustainability Report
Achievements
- Tripled our BoA Community Homeownership Commitment® to $15B through 2025 with a goal of helping 60K low- and moderate-income (LMI) individuals and families to purchase a home
- We committed $60M to increase access to capital and career opportunities for Black, Indigenous, and People of Color (BIPOC) affordable housing developers
- Carbon neutrality achieved in 2019 (?)
Weaknesses and Setbacks
- BOA continues to stay on the 4th place among the banks that finance the fossil fuel industry. In 2021, BOA dedicated $31.978 B to fossil fuel, almost a third of its revenue
Targets vs Progress Reported
| Target | Results reported |
|---|---|
| Reduce potable water use by 55% by 2030 | - Current reduction is of 53% |
| Reduce energy use by 55% by 2030 | - In 2021, 47% reduction in energy use was recorded |
| Purchase 100% zero carbon electricity by 2030 | - Carbon energy purchase decrease from 107% to 101% between 2019 and 2021 |
| Reach 40% of owned and leased space with LEED certification (or comparable) by 2030 | - Currently 25% of the owned and leased space is LEED certified |
| Divert 75% of construction and demolition waste from the landfill by 2030 | - Currently at 73%, and continue to increase since 2019 since 2011 as the base year |
| Dispose 100% of electronic waste using certified responsible suppliers by 2030 | - Goal achieved ahead of the target, 100% of electronic waste was disposed of using certified responsible suppliers since 2019 |
| Source 100% paper from certified sources by 2030 | - Currently at 98.6% |
| Assess by 2030, 90% of suppliers, by current year spend, for ESG risks as outlined in the company’s Vendor Code of Conduct | - Assess by 2030, 90% of suppliers, by current year spend, for ESG risks as outlined in the company’s Vendor Code of Conduct In 2021, 63% of the suppliers, by current year spend have been assessed for ESG risks, however there is no further information on the results of these assessments |
| Reduce location-based GHG emissions by 75% (Scope 1 and 2) by 2030 | - 63% reduction achieved in 2021 |
| Ensure that by 2030, 70% of the suppliers, by spend, set GHG emissions reduction or renewable energy targets | - 61% of suppliers had either GHG emission reduction or renewable energy targets in 2021 |
| Commit $1.25B over five-year commitment to advance racial equality and economic opportunity | - Committed more than $450M in: $43M to 22 Minority Deposit Institutions (MDIs) and Community Development Financial Institutions (CDFIs) – More than $300M to over 100 equity funds to provide capital to diverse entrepreneurs and small business owners $25M to 21 Historically Black Colleges and Universities, Hispanic-serving institutions and community colleges |
