Bank of America
This company profile is not publicly available
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|
|Bank of America Corporation|
In 2019, 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 2019][More on Climate Change]
In 2019, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to manage and govern freshwater resources. Responding companies are scored on six key metrics: transparency; governance & strategy; measuring & monitoring; risk assessment; targets & goals; and value chain engagement. This company received a CDP Water Security Score of A-.
[Source 2019][More on Human Rights]
This company is listed on the EPA Green Power Partnership website (USA), as using renewable energy for 96% of its electricity use for its USA operations.
[Source 2020][More on Climate Change]
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 2018][More on Governance]
This company received an S&P Global ESG Score of 78/100 in the Banks category of the 2019 SAM Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. 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 2019][More on Sustainability Reporting]
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 2017][More on Climate Change]
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 2015][More on Climate Change]
The 2018 report "Banking on Climate Change" analyses 36 banks and their financing of tar sands oil, Arctic oil, ultra-deepwater oil, LNG, coal mining, and coal-fired power between 2015 and 2017. This bank invested over US$13.6 billion and received a D grade for its policies.
[Source 2018][More on Climate Change]
The 2017 update to the report entitled "Worldwide Investments in Cluster Munitions: a Shared Responsibility" identifies 166 banks and other financial institutions with financial links to cluster munitions producers. This bank is listed in the report's Hall of Shame for having investments in one or more of the 6 cluster munitions producers named in the report between 1 June 2013 to 17 March 2017.
[Source 2017][More on Military]
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 2018][More on Nuclear]
This company received a score of 29.6/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
[Source 2017][More on Sustainability Reporting]
The Forest 500 identifies, ranks, and tracks the governments, companies and financial institutions worldwide that together could virtually eradicate tropical deforestation. Rankings are based on their public policies and commitments and potential impacts on tropical forests in the context of forest risk commodities (palm oil, soy, beef, leather, timber and paper). This financial institution received a score of 39%.
[Source 2019][More on Forests]
This company is on OpenSecrets.org's list of the 100 top donor organisations in US federal-level politics since 1989. Companies on this list lobby and spend big, with large sums sent to candidates, parties and leadership PACs. This company comes in at number 50 on the list, with donations totalling US$37,418,087 between 1989 and 2018.
[Source 2018][More on Politics]
Nuclear power is a controversial, dangerous, and expensive form of energy generation. In the years 2000-2009 this company provided more than 2 billion euros of nuclear funding.
[Source 2009][More on Nuclear]
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 2011][More on Climate Change]
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 2010][More on Habitats]
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 2012][More on Governance]
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 2019][More on Finance]
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: commit to 100% renewable power.
[Source 2017][More on Climate Change]
This company appears on the 2020 Bloomberg Gender-Equality Index, signifying a commitment to supporting gender equality through policy development, representation, and transparency.
[Source 2020][More on Human Rights]
This company was recognised as a leading organisation in the Diversity Best Practices Inclusion Index. Participants are scored on three areas: Best practices in recruitment, retention and advancement of people from under-represented groups - women, racial/ethnic minorities, people with disabilities and lesbian, gay, bisexual, transgender and queer (LGBTQ) people; creating an inclusive culture through leadership, accountability, communications and employee engagement; and transparency in willingness to share workforce demographic data.
[Source 2018][More on Workers Rights]
This company was named in the Working Mother 100 Best Companies 2018 for being a mum-friendly employer. Listed companies help working parents succeed at home and at work by providing expanded parental leaves, more flexibility with work hours, assistance for special needs, and opportunities for career development.
[Source 2018][More on Workers Rights]
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 2018][More on Multi-Stakeholder Initiatives]
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 2014][More on Governance]
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 2011][More on Forests]
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 2017][More on Human Rights]
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.
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.
|Company Structure||Public company|
|Revenue||US$115 billion in 2011|
|# Employees||282,000 in 2011 in World|
|Address||Charlotte, North Carolina, USA|