bank of america investment thesis

Junior Credit Research Analyst

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world.

We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization. Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Seeking a Credit Research Analyst to become an integral member of the High Grade & High Yield - Aero/ Defense, Autos, Manufacturing/Cap Goods, and Transport team . Our award-winning Global Credit Research organization supports the institutional sales and trading teams and their clients by developing impactful investment recommendations.

Research Analysts are responsible for modeling/analysis, conducting primary research, writing franchise pieces and servicing institutional clients.  Sample responsibilities and projects include:

• Assembling historical financial models using SEC filings, company conference calls, and press releases
• Conducting financial, statistical and industry analysis on companies and the industry to support the team’s investment thesis
• Learning fundamentals of industry and companies covered by the team, staying on top of the news and researching sector trends that may impact company/sector recommendations
• Writing short notes and lengthy reports (Primers) on markets and/or industries; writing sections of daily, weekly, or monthly reports
• Initiating and building relationships with clients and within the bank to develop a network of contacts

Qualifications

• Bachelor’s degree required (Finance, Accounting or Economics background a plus) or equivalent years of experience
• Prior research, investment banking, or leveraged finance experience a plus
• Candidates must demonstrate a combination of academic aptitude, quantitative skills, strategic and creative thinking and distinguished written and verbal communications skills
• Ability to create and maintain financial models
• Strong attention to detail; exercise strong quality control over own work
• Client service oriented; drive to over-deliver to internal client
• Strong team and partnering skills; able to operate effectively remotely
• A strong d interest in the US capital markets, particularly fixed income, and ability to learn and use a wide range of market data sources
• Strong understanding of finance, accounting, valuation techniques; familiarity with US accounting standards
• A passion and curiosity appropriate for research
• Highly motivated with a drive to succeed
• Well organized with high attention to detail
• Outgoing with strong personal presence
• Good judgment and business sense
• Comfort working in a trading floor environment

Hours Per Week:

Weekly Schedule:

Referral Bonus Amount:

Hours Per Week: 

Learn more about this role

JR-24011337

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New York pay range:

$110,000 - $110,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

This role is currently benefits eligible . We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

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Global Research Summer Analyst Program - 2025

Learn about our different businesses

Sustainability & Global Research

New York, NY

Apply by April 16, 2024

What you'll do

Job Description & Program Overview

Our award-winning Global Research organization supports the institutional sales and trading teams and their clients. Our expertise is at the core of the value delivered to investor clients. Our research analysts provide insightful, objective, and decisive research designed to enable their clients to make informed investment decisions in six primary disciplines.

Research Analyst Interns are responsible for modeling/analysis, conducting primary research, and writing franchise pieces. Some responsibilities are conducted regularly (daily, weekly, etc.) while others are longer-term, ad hoc projects. Sample responsibilities and projects include:

• Assembling historical financial models using SEC filings, company conference calls, and press releases
• Conducting financial, statistical and industry analysis on companies and the industry to support the team ’ s investment thesis
• Learning fundamentals of industry and companies covered by the team, and researching sector trends that may impact company/sector recommendations
• Writing short notes and lengthy reports (Primers) on economies, markets and/or industries; writing sections of daily, weekly, or monthly reports

Research Analyst Interns are placed in a specific industry sector team for the duration of the internship. Interns will participate in group projects and presentations, offering the opportunity to learn not only from one ’ s own program assignment, but also benefit from the other summer intern experiences. Placement will be determined based on candidate preference, skill set and business needs.

Qualifications

• Students must be pursuing a Bachelors degree or a Bachelors direct to Masters degree from an accredited college or university with a graduation timeframe between December 2025 and June 2026
• 3.5 minimum GPA preferred
• Candidates must demonstrate a combination of academic aptitude, creative thinking and distinguished written and verbal communications skills. Accounting and Quantitative skills a plus
• Well organized, strong attention to detail, and exercise strong quality control over own work
• Client service oriented; drive to over-deliver to internal client
• Strong team and partnering skills
• A passion and interest in the US capital markets, and ability to learn and use a wide range of market data sources
• Ability to create and maintain financial models (Credit Research specifically)
• A passion and curiosity for research
• Highly motivated with a drive to succeed
• Outgoing with strong personal presence
• Good judgment and business sense

Bank of America does not complete third party forms from colleges, universities, or other parties.

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates

Interested in the Global Research Summer Analyst Program - 2025 Program?

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What Is an Investment Thesis?

• Understanding the Thesis

Special Considerations

• What's Included?

The Bottom Line

• Portfolio Management

Investment Thesis: An Argument in Support of Investing Decisions

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

The term investment thesis refers to a reasoned argument for a particular investment strategy, backed up by research and analysis. Investment theses are commonly prepared by (and for) individual investors and businesses. These formal written documents may be prepared by analysts or other financial professionals for presentation to their clients.

Key Takeaways

• An investment thesis is a written document that recommends a new investment, based on research and analysis of its potential for profit.
• Individual investors can use this technique to investigate and select investments that meet their goals.
• Financial professionals use the investment thesis to pitch their ideas.

Understanding the Investment Thesis

As noted above, an investment thesis is a written document that provides information about a potential investment. It is a research- and analysis-based proposal that is usually drafted by an investment or financial professional to provide insight into investments and to pitch investment ideas. In some cases, the investor will draft their own investment thesis, as is the case with venture capitalists and private equity firms.

This thesis can be used as a strategic decision-making tool. Investors and companies can use a thesis to decide whether or not to pursue a particular investment, such as a stock or acquiring another company. Or it can be used as a way to look back and analyze why a particular decision was made in the first place—and whether it was the right one. Putting things in writing can have a huge impact on the direction of a potential investment.

Let's say an investor purchases a stock based on the investment thesis that the stock is undervalued . The thesis states that the investor plans to hold the stock for three years, during which its price will rise to reflect its true worth. At that point, the stock will be sold at a profit. A year later, the stock market crashes, and the investor's pick crashes with it. The investor recalls the investment thesis, relies on the integrity of its conclusions, and continues to hold the stock.

That is a sound strategy unless some event that is totally unexpected and entirely absent from the investment thesis occurs. Examples of these might include the 2007-2008 financial crisis or the Brexit vote that forced the United Kingdom out of the European Union (EU) in 2016. These were highly unexpected events, and they might affect someone's investment thesis.

If you think your investment thesis holds up, stick with it through thick and thin.

An investment thesis is generally formally documented, but there are no universal standards for the contents. Some require fast action and are not elaborate compositions. When a thesis concerns a big trend, such as a global macro perspective, the investment thesis may be well documented and might even include a fair amount of promotional materials for presentation to potential investing partners.

Portfolio management is now a science-based discipline, not unlike engineering or medicine. As in those fields, breakthroughs in basic theory, technology, and market structures continuously translate into improvements in products and in professional practices. The investment thesis has been strengthened with qualitative and quantitative methods that are now widely accepted.

As with any thesis, an idea may surface but it is methodical research that takes it from an abstract concept to a recommendation for action. In the world of investments, the thesis serves as a game plan.

What's Included in an Investment Thesis?

Although there's no industry standard, there are usually some common components to this document. Remember, an investment thesis is generally a proposal that is based on research and analysis. As such, it is meant to be a guide about the viability of a particular investment.

Most investment theses include (but aren't limited to) the following information:

• The investment in question
• The investment goal(s)
• Viability of the investment, including any trends that support the investment
• Potential downsides and risks that may be associated with the investment
• Costs and potential returns as well as any losses that may result

Some theses also try to answer some key questions, including:

• Does the investment align with the intended goal(s)?
• What could go wrong?
• What do the financial statements say?
• What is the growth potential of this investment?

Putting everything in writing can help investors make more informed decisions. For instance, a company's management team can use a thesis to decide whether or not to pursue the acquisition of a rival. The thesis may highlight whether the target's vision aligns with the acquirer or it may identify opportunities for growth in the market.

Keep in mind that the complexity of an investment thesis depends on the type of investor involved and the nature of the investment. So the investment thesis for a corporation looking to acquire a rival may be more in-depth and complicated compared to that of an individual investor who wants to develop an investment portfolio.

Examples of an Investment Thesis

Portfolio managers and investment companies often post information about their investment theses on their websites. The following are just two examples.

Morgan Stanley

Morgan Stanley ( MS ) is one of the world's leading financial services firms. It offers investment management services, investment banking, securities, and wealth management services. According to the company, it has five steps that make up its investment process, including idea generation, quality assessment, valuation, risk management , and portfolio construction.

When it comes to developing its investment thesis, the company tries to answer three questions as part of its quality assessment step:

• "Is the company a disruptor or is it insulated from disruptive change? 
• Does the company demonstrate financial strength with high returns on invested capital, high margins, strong cash conversion, low capital intensity and low leverage? 
• Are there environmental or social externalities not borne by the company, or governance and accounting risks that may alter the investment thesis?"

Connetic Ventures

Connetic Adventures is a venture capital firm that invests in early-stage companies. The company uses data to develop its investment thesis, which is made up of three pillars. According to its blog, there were three pillars or principles that contributed to Connetic's venture capital investment strategy. These included diversification, value, and follow-on—each of which comes with a pro and con.

Why Is an Investment Thesis Important?

An investment thesis is a written proposal or research-based analysis of why investors or companies should pursue an investment. In some cases, it may also serve as a historical guide as to whether the investment was a good move or not. Whatever the reason, an investment thesis allows investors to make better, more informed decisions about whether to put their money into a specific investment. This written document provides insight into what the investment is, the goals of the investment, any associated costs, the potential for returns, as well as any possible risks and losses that may result.

Who Should Have an Investment Thesis?

An investment thesis is important for anyone who wants to invest their money. Individual investors can use a thesis to decide whether to purchase stock in a particular company and what strategy they should use, whether it's a buy-and-hold strategy or one where they only have the stock for a short period of time. A company can craft its own investment thesis to help weigh out whether an acquisition or growth strategy is worthwhile.

How Do You Create an Investment Thesis?

It's important to put your investment thesis in writing. Seeing your proposal in print can help you make a better decision. When you're writing your investment thesis, be sure to be clear and concise. Make sure you do your research and include any facts and figures that can help you make your decision. Be sure to include your goals, the potential for upside, and any risks that you may come across. Try to ask and answer some key questions, including whether the investment meets your investment goals and what could go wrong if you go ahead with the deal.

It's always important to have a plan, especially when it comes to investing. After all, you are putting your money at risk. Having an investment thesis can help you make more informed decisions about whether a potential investment is worth your while. Make sure you put your thesis in writing and answer some key questions about your goals, costs, and potential outcomes. Having a concrete proposal in place can spell the difference between earning returns and losing all your money. And that's if your thesis supports the investment in the first place.

Harvard Business School. " Writing a Credible Investment Thesis ."

Lanturn. " What is an Investment Thesis and 3 Tips to Make One ."

Morgan Stanley. " Global Opportunity ."

Medium. " The Data That Built Our Fund's Investment Thesis ."

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Breaking Down Bank of America: 8 Analysts Share Their Views

8 analysts have expressed a variety of opinions on Bank of America (NYSE:BAC) over the past quarter, offering a diverse set of opinions from bullish to bearish.

The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.

Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $41.49, along with a high estimate of $50.00 and a low estimate of $33.00. Surpassing the previous average price target of $41.14, the current average has increased by 0.85%.

Decoding Analyst Ratings: A Detailed Look

The analysis of recent analyst actions sheds light on the perception of Bank of America by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.

Key Insights:

• Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Bank of America. This insight gives a snapshot of analysts' perspectives on the current state of the company.
• Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Bank of America compared to the broader market.
• Price Targets: Delving into movements, analysts provide estimates for the future value of Bank of America's stock. This analysis reveals shifts in analysts' expectations over time.

Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Bank of America's market standing. Stay informed and make well-considered decisions with our Ratings Table.

Stay up to date on Bank of America analyst ratings.

Unveiling the Story Behind Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily U.S.-focused.

Key Indicators: Bank of America's Financial Health

Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.

Decline in Revenue: Over the 3 months period, Bank of America faced challenges, resulting in a decline of approximately -10.49% in revenue growth as of 31 December, 2023. This signifies a reduction in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Financials sector.

Net Margin: Bank of America's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 12.92%, the company may face hurdles in effective cost management.

Return on Equity (ROE): Bank of America's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 1.09%, the company may encounter challenges in delivering satisfactory returns for shareholders.

Return on Assets (ROA): Bank of America's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.09%, the company may face hurdles in achieving optimal financial performance.

Debt Management: With a below-average debt-to-equity ratio of 1.27 , Bank of America adopts a prudent financial strategy, indicating a balanced approach to debt management.

The Significance of Analyst Ratings Explained

Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.

Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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The S&P 500 could rise as high as 5600, and these 8 ETFs are poised for big upside along the way: Bank of America

• The S&P 500 has fallen below 5000, but that's to be expected if history is any indication.
• Bank of America's Steven Suttmeier says the index is on its way to new highs of up to 5600.
• Along the way, his charts say 8 ETFs are preparing for bullish moves upward as well.

The S&P 500 recently became the S&P 5000, hitting a new all-time high only a few short weeks into the new year as the market's rally continued.

The latest consumer-price inflation data put a damper on things, however, and the index returned below record levels. But according to Bank of America, history says that investors shouldn't fret.

"If SPX 5000 rhymes with the history provided by when SPX crossed above the big round figures of 1000 (Feb 1998), 2000 (Aug 2014), 3000 (Oct 2019) and 4000 (Apr 2021), the SPX should spend some time both above and below 5000 prior to continuing its mid-cycle cyclical and secular bull markets well beyond SPX 5000," technical research analyst Steven Suttmeier wrote in a recent note to clients.

After analyzing the S&P 500's latest moves, Suttmeier is confident that a classic cup-and-handle pattern has materialized over the course of the last two years. That means even if the S&P 500 drops further from its new highs, he sees support at the 4800 and 4600 levels. Meanwhile, if the bull run continues, he anticipates the index could hit 5200 — and even as high as 5600.

Over the longer term, Suttmeier noted that the S&P 500's advance-decline (A-D) line is decidedly bullish, and the latest high of 5000 last Friday only confirms the index's move upwards.

"It moved to new all-time highs in December to confirm the breakout from the early 2022 into late 2023 bullish cup and handle and provide a leading indicator for new all-time high on the SPX in early 2024, he wrote."

Another chart pattern he's watching for is confirmation of the Dow Theory , though it has yet to pan out.

"The Dow Jones Industrial Average (INDU) has hit new recovery and all-time highs in 2024, but the Dow Jones Transportation Average (TRAN) has not yet confirmed these highs," Suttmeier wrote. "The Dow Theory remains on its bullish signal from mid July, but this bearish divergence sets up a non-confirmation, which is a tactical risk for US equities." 

However, when Suttmeier used the same theory but broadened it beyond the Dow to the NYSE and Nasdaq, the signals got more bullish. 

"The INDU and TRAN are price-weighted indices of 30 and 20 stocks, respectively. The NYSE (NYA) has 1900 stocks, and the NASDAQ Comp (CCMP) has 3400 stocks," Suttmeier wrote. "Using these two broad-based indices for Dow Theory shows a confirmed primary uptrend (aka bull market) with new recovery highs for both indices in early 2024."

8 ETFs preparing for big moves

Suttmeier believes that the S&P 500 can continue moving higher from here, and several ETFs are forming their own bases as they position themselves for "big upside breakouts and bullish rotation."

Each of the ETFs below is building chart patterns that have primed them for a breakout. Along with each ETF is Suttmeier's reasoning for why the fund appears poised to head higher.

1. XLV attempts breakout above 141 to target 150 to 164

ETF : Health Care Select Sector SPDR Fund

Ticker : XLV

Investment Thesis : "The Health Care Select Sector SPDR Fund (XLV) has shown some leadership relative to the SPX in 2024. This ETF is breaking out above 141, which has the potential for confirm a big base from late 2021 with upside potential to 164. The January breakout and retest above the 137-136 area projects to 150."

Source: Bank of America

2. XBI: 2022-2023 bottom breakout watch

ETF : The SPDR S&P Biotech ETF 

Ticker : XBI

Investment Thesis : "The SPDR S&P Biotech ETF (XBI) is forming a double bottom from the 2022 and 2023 lows near 64-62. A decisive breakout above the early 2024 to late 2022 peaks near 94-95 is needed to confirm this bullish setup and favor upside to 118-119 and then 127. Until then, first support is 87-86 with the rising 40-week MA near 81-80."

3. IBB: 2022-2023 bottom breakout watch

ETF : The iShares Biotechnology ETF 

Ticker : IBB

Investment Thesis : "The iShares Biotechnology ETF (IBB) is setting up to break out from a bottom off the 2022 and 2023 lows. A YTD bullish pennant bodes well for IBB. A decisive push above resistance at 137-139 would confirm the bottom with upside potential to 165 and 172. Until then, we would like to see higher lows above the rising 40-week MA near 127."

4. IYT: Big base breakout looks bullish for 320 and 340

ETF : The iShares U.S. Transportation ETF 

Ticker : IYT

Investment Thesis : "The iShares U.S. Transportation ETF (IYT) has broken out from an early 2021 into early 2024 big triangle base. Holding 265-160 keeps the immediate pattern bullish with next resistance at the early 2022 into 2021 peaks from 280 to 282.40. The big base suggests longer-term upside potential to 320 and 340."

5. RSP: Big base with upside potential to 177 and 185

ETF : The Invesco S&P 500 Equal Weight ETF 

Ticker : RSP

Investment Thesis : "Holding the 155-153 area would keep an early 2022 into late 2023 big base intact on the Invesco S&P 500 Equal Weight ETF (RSP) with upside potential beyond the late 2021-early 2022 peaks at 160.45-164.90 to the big base pattern counts at 177 and 185."

6. SPHB: Big base favors upside to 103 and 109-110

ETF : The Invesco S&P 500 High Beta ETF

Ticker : SPHB

Investment Thesis : "The Invesco S&P 500 High Beta ETF (SPHB) could confirm a late 2021 into early 2024 big base. Holding above 80-77 keeps this view intact with the potential for new highs above the late 2021 peak at 83.16 toward big base pattern counts at 103 and 109-110."

7. IWM: Holding 190-187 keeps a potential big base alive

ETF : The iShares Russell 2000 ETF 

Ticker : IWM

Investment Thesis : "The iShares Russell 2000 ETF (IWM) improves with the potential to confirm a big base and favor upside beyond resistances at 205 and 208-212 toward 234. Holding the 190-187 lows and rising 200- and 40-week MAs near 189-185 keeps this view intact."

8. CALF: Breakout intact above 45-44 with potential to 56

ETF : The Pacer US Small Cap Cash Cows 100 ETF

Ticker : CALF

Investment Thesis : "The Pacer US Small Cap Cash Cows 100 ETF (CALF) has a bullish breakout from an early 2022 into late 2023 big base that remains in place above 45-44 and favors upside to 56."

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Hyundai Motor America and Kia America are recalling a combined 147,100 U.S. vehicles over a damaged charging unit, the National Highway Traffic Safety Administration (NHTSA) said on Thursday.

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Bank of America Surpasses Equity Investment Goal of $200 Million and Increases Target to $350 Million to Support Minority Entrepreneurs

Equity Investments in 90 Minority Focused Funds; Company Also Completes 17 Equity Investments in MDIs and CDFI Banks

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Bank of America announced today it has increased its target for equity investment in minority focused funds from $200 million to $350 million. In less than a year, the company has committed more than $250 million to 90 investment funds across the U.S. These funds provide capital to Black, Hispanic-Latino, Asian, Native American, other under-represented minority and women   entrepreneurs to help them establish and grow their businesses. Today’s announcement articulates the need for more capital in funds led by diverse managers as well as the need for more growth equity funding for the minority entrepreneurs they support.  

Bank of America has also completed a total of 17 direct equity investments in minority depository institutions (MDI) and community development financial institution (CDFI) banks as part of its $50 million commitment made last year.

“Equity investments in minority focused funds, MDIs and CDFI banks help address a persistent gap in access to growth capital,” said Brian Moynihan, CEO of Bank of America. “By providing this capital, we’re helping to level the playing field and open more doors for minority led businesses, entrepreneurs and innovation.”

These investments are a component of Bank of America’s $1.25 billion racial equality and economic opportunity commitment , which focuses on addressing and advancing social issues in minority populations, such as health, jobs, education, housing and capital inequality, and will facilitate benefits across multiple states and communities.

Equity Investments

Closed investments include, but are not limited to:

• Avenue Growth Partners – District of Columbia
• Cleveland Avenue – Chicago, Ill.
• Cleo Capital – San Francisco, Calif.
• e2JDJ – New Orleans, La.
• Elevate Capital – Portland, Ore.
• Greenwood, Inc . – Atlanta, Ga.
• Jumpstart Nova – Nashville, Tenn.
• L’Attitude Ventures – San Diego, Calif.
• MaC Ventures – Los Angeles, Calif.
• Noemis Ventures – New York, N.Y.
• Ulu Ventures – Palo Alto, Calif.
• Visible Hands – Boston, Mass.
• Zane Venture Fund – Atlanta, Ga.

The completion of these investments is subject to execution of documentation. View a list of previously announced closed funds .

MDIs and CDFI banks

Separate from the equity investment in minority focused funds, the company has also dedicated $50 million to support MDIs and CDFI banks. As part of this commitment, the company will acquire up to 4.9% of common equity in MDIs and CDFI banks facilitating benefits in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services. Today, Bank of America announced investments in additional MDIs. This brings the total completed investments in MDIs and CDFI banks to 17. New investments were made in the following organizations:

• Central Financial Holdings, Inc. – Tampa, Fla.
• Greater Pacific Bancshares (parent company of Bank of Whittier) – Whittier, Calif.
• The Native American Bancorporation Co. – Denver, Colo.
• PDL Community Bancorp (parent company of Ponce Bank) – Bronx, N.Y.  

View a list of previously announced MDI and CDFI bank investments .

These equity investments are in addition to approximately $100 million in deposits from Bank of America in MDIs. The company also operates a $1.8 billion CDFI portfolio with 256 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders.

Investing and supporting minority communities

Since June 2020, Bank of America has already deployed $350 million across equity investments and philanthropic grants in the four areas outlined in its $1.25 billion racial equality and economic opportunity commitment. Additional Bank of America announcements focused on racial equality, diversity and inclusion and economic opportunity include:

• Bank of America providing $60 million fund for BIPOC affordable housing developers, first-of-its-kind fund will support Enterprise’s Equitable Path Forward initiative
• Bank of America directs over $22 million in grants to national and local nonprofits supporting people and communities of color
• Bank of America helps fuel Black innovation with launch of the Center for Black Entrepreneurship
• Bank of America triples affordable homeownership commitment to $15 billion
• World Economic Forum Launches Coalition to Tackle Racism in the Workplace, Bank of America founding member
• Bank of America directed more than $13 million to Native American communities hardest hit by the Coronavirus in 2020
• Top Business Leaders Launch OneTen, Will Create 1 Million Jobs for Black Americans Over 10 Years, Bank of America member
• Bank of America gives 21 higher education institutions $1 million each as part of recently announced $25 million jobs initiative
• Bank of America expands the Bank of America Institute for Women’s Entrepreneurship at Cornell
• Bank of America issues $2 billion Equality Progress Sustainability bond, first-of-its-kind broad ESG-themed security designed to advance racial equality, economic opportunity and environmental sustainability
• Founding partner of the Smithsonian’s “Our Shared Future: Reckoning with Our Racial Past” initiative exploring how Americans understand, experience and confront race

For recent highlights of the bank’s ESG efforts, view the Bank of America 2020 Annual Report .

Bank of America

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter ( @BofA_News ).

For more Bank of America news, including dividend announcements and other important information, visit the visit the  Bank of America newsroom  and  register for news email alerts .

Reporters May Contact:

Kelly Sapp, Bank of America Phone: 1.980.214.3070 [email protected]

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Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.

Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S ” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“ BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member  SIPC  and a wholly owned subsidiary of BofA Corp.

Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC , and a wholly-owned subsidiary of Bank of America Corporation (“ BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“ MLLA ”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA :

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ( BofA Corp.).

"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of  SIPC , and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.

Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.

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