Bank of America
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OVERALL |
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Owned |
USA |
Rating |
N/A |
Banking and financial services
One of USA's largest banks (along with Citigroup and JPMorgan Chase). Acquired Merrill Lynch in 2009.
Bank of America Corporation | USA | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Bank of America Corporation | ||||
In 2021, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of A-.
Source: CDP (2021)
This company is listed on the EPA Green Power Partnership website (USA) as using renewable energy for 100% of its organisation-wide electricity use in the USA.
Source: EPA (2023)
JUST Capital polls Americans every year to identify the issues that matter most in defining just business behaviour. For their 2024 rankings the public identified 20 issues, which are organised under the headings Workers, Communities, Customers, Shareholders and Environment. JUST Capital then define metrics that map to those issues and track and analyse the largest, publicly traded U.S. companies. This analysis powers their rankings, in which this company ranked 2nd of 937 companies, and 1st of 35 Banks.
Source: JUST Capital (2024)
This company is listed as having best practice on a report card on lesbian, gay, bisexual and transgender equality in corporate America.
Source: Human Rights Campaign (2021)
America's Most Responsible Companies 2022 by Newsweek and Statista recognises the Top 500 most responsible companies in the United States. Companies were evaluated in three areas: environmental (waste, energy use, etc.), social (leadership diversity, employees and philanthropy) and governance (transparency and economic performance). This company received a total score of 72.7/100, ranking 22nd in the Financial sector, and 253rd overall.
Source: Newsweek (2021)
This company received an S&P Global ESG Score of 63/100 in the Banks category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 18 Nov 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
In 2015 the Fair Finance Guide ranked the top financiers of selected fossil fuels companies (loans & underwriting) and compared it to their financing of renewable energy. This bank appeared 3rd in the list of top 25 fossil fuel funders, after providing US$62.7 billion for fossil fuels and only US$5.4 billion for renewable energy between 2009 and 2014.
Source: Fair Finance (2015)
This company appears on Global Exchange's list of "Most Wanted" Corporate Human Rights Violators "Alums" for funding of environmentally harmful coal industry, and excessive campaign contributions.
Source: Global Exchange (2018)
Amazon Watch's 2020 report, Complicity in Destruction III, reveals how a network of leading international financial institutions is linked to conflicts on Indigenous lands, illegal deforestation, land grabbing, the weakening of environmental protections, and the production and export of conflict commodities. The report identified six major US-based financial institutions, including this one, that contributed more than US$18 billion to nine companies between 2017 and 2020.
Source: Amazon Watch (2020)
This bank is the world's 4th largest provider of loans and underwriting for single-use plastic polymer production, according to Minderoo Foundation's 2021 Plastic Waste Makers Index. Institutional asset managers and global banks are providing billions of dollars to companies that produce polymers from fossil fuels, as much as 100 times more than they provide to companies trying to shift to a circular economy. Plastic pollution is one of the biggest, most urgent threats facing our planet and our health.
Source: Minderoo Foundation (2021)
The 2021 report "Banking on Climate Chaos" analyses the world's 60 largest banks and their financing of tar sands oil, Arctic oil, offshore oil and gas, LNG, coal mining, and coal-fired power between 2016 and 2020. This bank invested US$198.5 billion between 2016 and 2020, making it the world's 4th worst fossil fuel funder.
Source: RAN (2021)
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 14%.
Source: Forest 500 (2022)
The 2018 update of the International Campaign to Abolish Nuclear Weapons' (ICAN) global report, "Don't Bank on the Bomb" showed that 329 financial institutions from around the world invested into 20 companies involved in the production, maintenance and modernization of nuclear weapons. Since 2014 this financial institution invested over US$25 billion into 18 of the 20 nuclear weapons producers named in the report.
Source: ICAN (2018)
Portfolio Earth's 2020 report, "Bankrolling Extinction" outlines the banking sector's role in the global biodiversity crisis. In 2019, the world's largest banks invested more than USD 2.6 trillion in sectors which governments and scientists agree are the primary drivers of biodiversity destruction. This bank is the world's largest provider of loans and underwriting linked to direct and indirect biodiversity impact risks.
Source: Portfolio Earth (2020)
As You Sow's 2022 report, 'Road to Zero Emissions', assessed the progress of 55 of the largest U.S. corporations in reducing greenhouse gas (GHG) emissions in line with the Paris Agreement's objective of limiting global average temperature rise to 1.5 degrees Celsius above pre-industrial levels, which requires achieving "net zero" emissions by 2050. Companies are graded on: climate related disclosures; GHG reduction targets, and GHG reductions. This company received an Overall Net Zero grade of D.
Source: As You Sow (2022)
This company is on OpenSecrets.org's list of "Top Donors", a list of the 100 biggest givers in US federal-level politics since 1990. Companies on this list lobby and spend big, with large sums sent to candidates, parties and leadership PACs. This company comes in at number 56 on the list, with contributions totalling $46,238,656 between 1990 and 2020.
Source: Open Secrets (2020)
In 2022 the median pay for a worker at this company was US$117,040. The CEO was paid 258 times this amount. Exorbitant CEO pay is a major contributor to rising inequality. CEOs are getting more because of their power to set pay, not because they are increasing productivity or possess specific, high-demand skills. The economy would suffer no harm if CEOs were paid less (or taxed more). In contrast, the CEO-to-typical-worker compensation ratio was 20-to-1 in 1965 and 58-to-1 in 1989.
Source: AFL-CIO (2023)
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #101/400, with a total score of 19.7/100.
Source: World Benchmarking Alliance (2022) |
This Nov 2011 report by a group of NGOs examines the financing of 31 major coal-mining companies and 40 producers of coal-fired electricity by 93 banks since 2005, the year the Kyoto Protocol came into force. This bank appeared third on their list of 'Top Twenty Climate Killer Banks'. The NGOs are calling on the banks to shift their portfolios to renewables and energy efficiency and set and implement ambitious CO2 reduction goals for their financed emissions. [Listed under Information due to age of report]
Source: Banktrack (2011)
As documented by the Project of the American Friends Service Committee (AFSC), this company is involved in the USA prison industry. Bank of America has been one of the main financiers of private prison and immigrant detention companies. In 2019 it has announced it would not provide these companies with new loans.
Source: AFSC (2021)
Bank of America appeared at #6 in a list of banks backing expansion in the tar sands. They have loaned US$10.1 billion to companies operating in the Canadian tar sands since 2007, according to Bloomberg. Extracting oil from tar sands produces between 3 and 5 times the greenhouse gas pollution of conventional oil production, pollutes water, destroys forests, and uses huge amounts of energy to process. [Listed under Information due to age of report]
Source: RAN (2010)
Bank of America leads all others when it comes to foreclosing on America's homes and financing the U.S. coal industry. As of June 2010, BoA had $88 billion worth of foreclosed homes in its portfolio, and invested over $4.3 billion in coal. In addition, while the company has shed nearly 100,000 jobs over the past seven years and has seen its stock prices plummet in the last few months, executives continue to award themselves with near-record bonuses. [Listed under Information due to age of report]
Source: RAN (2012)
As You Sow's 2019 report, 'The 100 Most Overpaid CEOs', reveals the 100 most overpaid CEOs from USA's 500 largest public companies (as determined by the S&P 500 list). This company's CEO, Brian Moynihan came in at number 83 on the list, having been paid US$21,779,832 in 2018. According to the report, "Most CEOs have come to be grossly overpaid, and that overpayment is harmful to the companies, the shareholders, the customers, the other employees, the economy, and society as a whole."
Source: As You Sow (2019)
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: commit to 100% renewable power.
Source: We Mean Business (2021)
This company appears on the 2021 Bloomberg Gender-Equality Index, signifying a commitment to supporting gender equality through policy development, representation, and transparency.
Source: Bloomberg (2021)
This company was named in the top 10 of Seramount's 100 Best Companies 2022 for being a mum-friendly employer. Listed companies provide inclusive benefits for families, including paid gender-neutral parental leave, phase-back programs, bereavement leave after miscarriage, reimbursement for fertility expenses, and increased mental health benefits for employees.
Source: Seramount (2022)
This bank has endorsed the Green Bond Principles - a set of voluntary guidelines on the development and issuance of green bonds. Green Bonds enable capital-raising and investment for new and existing projects with environmental benefits.
Source: Ceres (2014)
The Equator Principles (EPs) are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to assess and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
Source: Equator Principles (2018)
This company is a Bronze Member of the Sustainable Brands Network, the leading peer to peer, learning and networking group designed to support brands in meeting their sustainability goals and ultimately become those leaders of the next sustainable economy.
Source: Sustainable Brands (2018)
This company is a member of the Trash Free Seas Alliance, the oldest forum of its kind focused on innovative and pragmatic solutions to rid the ocean of plastic pollution and other forms of marine debris. Corporate members have collectively committed millions of dollars for research on ways to improve waste collection and recycling in parts of the world most impacted by ocean plastic pollution. Members have also pledged to eliminate or replace up to half a million tons of virgin plastic from products and packaging each year.
Source: Ocean Conservancy (2020)
C+ grade on the 2011 Green Grades Report Card, which examines the paper practices of a dozen Fortune 500 companies
that consume vast amounts of paper, (A best, F worst). Source: ForestEthics (2011)
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: company website (2017)
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. BankTrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. Follow the link to see this bank's profile.
Source: BankTrack (2018)
The Corporate Research Project's Corporate Rap Sheets are dossiers summarising the most significant crimes, violations and other questionable activities of the world's largest and most controversial companies. Follow link to see this company's Corporate Rap Sheet.
Source: Corporate Research Project (2018) |
Company Details
Type | Public company |
Revenue | 91 billion USD (2018) |
Employees | 204,489 (2019) |
Subsidiaries | Merrill Lynch, Pierce, Fenner & Smith Inc
Financial services |
Contact Details
Address | Charlotte, North Carolina, USA |
Website | www.bankofamerica.com |