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Last update: 2016-10-16 15:31:45
Ben Collins, Rainforest Action Network
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Bank of America is an American multinational banking and financial services corporation and is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average. In 2008 Bank of America acquired Merrill Lynch, enabling the bank to become the world's largest wealth management corporation and a major investment bank.
100 North Tryon Street
28255 Charlotte, NC
Brian T. Moynihan |
|Annual report||Annual Report 2015|
listed on NYSE Euronext & Tokyo Stock Exchange
Large shareholders include the Vanguard Group (4.7%), State Street Global Advisors (4.4%) and BlackRock Institutional Trust Company (3.6%).
Voluntary initiativesBank of America has committed itself to the following voluntary standards:
An overview of Bank of America's policies can be found on its Environmental governance and policies page, here.
BankTrack campaigns and Bank of America
Implementation and reporting
Bank of America is reporting on the implementation here.
Contact and complaints
Bank of America and Crédit Agricole become first major banks to dump coal mining
In May, Bank of America and Crédit Agricole became the first major banks to announce plans to stop financing coal mining. First, Bank of America unveiled a new global coal mining policy committing to reduce exposure to coal mining companies across the board. The policy change came after four years of campaigning from Rainforest Action Network and other groups. Then Crédit Agricole announced at its AGM that it would end its support for this sector. These announcements marked a hugely significant win in the fight against coal finance in general.
Coal India share issue collapses
Coal India Limited's attempt at a public share issue was successfully blocked in late 2013. The Indian government, the company's majority shareholder, hoped toraise USD 3 billion through the sale of 10% of its stake in the world's largest coal miner. Banktrack was part of a coalition of groups including Greenpeace, Rainforest Action Network and urgewald that pressured the banks underwriting the share offer (Deutsche Bank, Credit Suisse, Bank of America and Goldman Sachs) for their involvement with a company with a notorious environmental and human rights record. Read more [external link].