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.
ownership
listed on NYSE Euronext, Tokyo Stock Exchange
headquarters
100 North Tryon Street
28255 Charlotte, NC
United States
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The 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 asesses 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.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
Michelle Chan - Friends of the Earth US, United States
Cluster Munitions producers
Cluster munitions pose a serious threat to civilian populations during and after a conflict. Cluster munitions are designed to blanket a large area containing one or more…
The Kusile coal fired power plant project is located in the province of Mpumalanga, in South Africa. With 4800MW, it will be one of the largest power plants of its kind in…
Mountain top removal mining is a form of strip mining in which coal companies use explosives to blast as much as 800 to 1000 feet off the tops of mountains order to reach…
Dynegy LS Power is currently planning to construct more new coal-fired power plants than any other company in the USA, which will result in very large increases in greenhouse…
The Grasberg mine, located in the indonesian province of Papua, on the island New Guinea, just north of Australia, is being run by the mining company Freeport McMoran. The…
Michelle Chan - Friends of the Earth US, United States
BankTrack has identified controversial issues
with the companies listed below that require attention from Bank of America.
Alliant Techsystems
Alliant Techsystems (ATK) is the world's largest manufacturer of ammunition and a leading supplier of precision systems and electronic warfare. The company is also active…
Archipelago Resources Plc. is a small Australian mining company established in April 2002, with headquarters in Perth. The company is registered in London and is listed on…
Coal India Limited (Coal India) is the biggest coal producer worldwide, owned by the government of India (see paragraph 3.9). At the end of March 2010, Coal India operated…
E.ON is a German electricity company headquartered in Düsseldorf and is another of big beasts of energy production. E.ON operates along the entire value chain of power…
Elbit Systems is a military equipment producer with a focus on defense electronics like intelligence gathering systems. Elbit Systems and its subsidiaries contribute directly…
Recently, two big European electricity utilities, GDF Suez and International Power, have signed a memorandum of understanding to establish the largest independent electricity…
L-3 Communications Corporation is a leading supplier of a broad range of products and services used in a substantial number of aerospace and defence platforms. L-3 Communications'…
Lockheed Martin is a global security company that is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology…
National Thermal Power Corporation (NTPC) are the largest electricity producer in India. Their total installed capacity, including that under joint ventures, is close to…
As Europe's second largest electricity generator and one of Europe's five leading gas and electricity companies, this German utility is another of energy and gas production's…
Textron is a multi-industry company, consisting of numerous subsidiaries and operating units. One subsidiary is Textron Systems, which is active in the defence, homeland…
Veolia is a large French company that operates on a global scale. The company is operating in several areas such as water supply and water management, waste management, energy…
Letter to BankTrack as a response to BT letter of February 11, 2010
Mar 29, 2010 | Equator Principles Financial Insititutions, Citi
The first response ever to one of the letters BankTrack sent to the Equator Principles Financial Insititutions. It is a response to the BankTrack follow up letter after the meeting in Zuerich, February 4.
Jan 19, 2012 - RAN activists took to the streets of San Francisco on the night of Jan 12 and turned every Bank of America ATM in the city into an Automated Truth Machine.
US Uncut "Pay Up!" Flashmob at Bank of America 4/15/11
Apr 19, 2011 - US Uncut, in collaboration with The Ruckus Society and Brass Liberation Orchestra (BLO), kicked off Tax Day weekend (Friday afternoon 4/15/11) in San Francisco with a flashmob at Bank of America and told them to "PAY UP!"
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