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About Bank of America
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.
Website | http://www.bankofamerica.com |
Headquarters |
100 North Tryon Street
28255 Charlotte, NC
United States
|
CEO/chair |
Brian T. Moynihan CEO |
Supervisor | |
Annual report | Annual report 2019 |
Ownership |
listed on NYSE & Tokyo Stock Exchange
Bank of America's shareholder structure can be accessed here. |
Related Dodgy Deals
Dodgy Deals map
Policy Assessments
Banks, climate and energy
Bank policy scores on fossil fuel financing
A bank can obtain a total of 200 policy points for its overall fossil fuel policies; 120 possible points for oil and gas policies and 80 possible points for coal policies. Based on this score banks are then classified as laggards (0-50 points), followers (50.5-100 points), front runners (100.5-150 points) or leaders (150.5-200 points).
Bank policy scores on fossil fuel expansion
The scores for a bank's policies restricting expansion of fossil fuels - in each area, prohibitions against financing projects and/or companies expanding that area - are aggregated into a fossil fuel expansion policy score.
The point-based policy ranking for fossil fuel expansion consists of the following distribution:
- Coal mining: 14 points
- Coal power: 14 points
- Other coal: 7 points
- Tar sands: 9 points
- Arctic oil and gas: 9 points
- Offshore oil and gas: 9 points
- Fracked oil and gas: 9 points
- LNG: 9 points
- Other oil and gas: 9 points
A bank can obtain a total of 89 policy points for its fossil fuel expansion policy. Based on this score, banks are then classified as laggards (0-22.25 points), followers (22.25-44.5 points), front runners (44.5-66.75 points) or leaders (66.75-89 points).
Bank policy scores on oil and gas financing
For each of the six subsectors, 20 possible policy points can be obtained, so a bank can obtain a total of 120 policy points for its oil and gas policies. Based on this score banks are then classified as laggards (0-30 points), followers (30.5-60 points), front runners (60.5-90 points) or leaders (90.5-120 points).
Bank policy scores on tar sands
The point-based policy ranking above assesses bank policies in four ways:
1) Restriction on direct financing for tar sands projects.
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None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand tar sands.
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None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for tar sands.
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None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in tar sands above a certain threshold.
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None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its tar sands policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on Arctic oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for Arctic oil and gas projects.
- None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand Arctic oil and gas.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for Arctic oil and gas.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in Arctic oil and gas above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its Arctic oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on offshore oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for offshore oil and gas projects.
- None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand offshore oil and gas.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for offshore oil and gas.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in offshore oil and gas above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its offshore oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on fracked oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for fracked oil and gas projects.
- None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand oil and gas fracking.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for oil and gas fracking.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in oil and gas fracking above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its fracking policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on LNG
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for LNG projects.
- None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand LNG.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for LNG.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in LNG above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its LNG policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on other/conventional oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for other/conventional oil and gas projects.
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None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand other/conventional oil and gas.
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None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for other/conventional oil and gas.
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None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in other/conventional oil and gas above a certain threshold.
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None (0), enhanced due diligence/Equator Principles commitment (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its other/conventional oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on coal financing
For both coal mining and coal power, 32 possible policy points can be obtained, while for other coal,16 possible policy points can be obtained. So a bank can obtain a total of 80 policy points for its coal policies. Based on this score banks are then classified as laggards (0-20 points), followers (20.5-40 points), front runners (40.5-60 points) or leaders (60.5-80 points).
Bank policy scores on coal mining
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal mining projects.
- None (0), mountaintop removal mining exclusion (0.5), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal mining.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal mining.
- None (0), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal mining above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal mining policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
Bank policy scores on coal power
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal power projects.
- None (0), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal power.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal power.
- None (0), proportional reduction (1), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal power above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal power policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
Bank policy scores on coal infrastructure
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal infrastructure projects.
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None (0), weak exclusion (1), strong exclusion (3)
2) Restriction on financing for companies that expand coal infrastructure.
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None (0), weak exclusion (2), strong exclusion (4)
3) The bank’s commitment to phase-out financing for coal infrastructure.
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None (0), exposure reduction (1), weak phase-out (2), strong phase-out (4)
4) The bank’s commitment to exclude companies active in coal infrastructure above a certain threshold.
-
None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (4), full exclusion (5)
A bank can obtain a total of 16 policy points for its coal infrastructure policy. Based on this score banks are then classified as laggards (0-4 points), followers (4.5-8 points), front runners (8.5-12 points) or leaders (12.5-16 points)
Banks and human rights
BankTrack Human Rights Benchmark 2019
Tracking the Equator Principles
EPFIs reporting status
Project name reporting status of Equator Principles signatories for each financial institutions' most recent reporting period.
News
Banks, insurers face pressure to stay away from Arctic drilling projects
Western banks funding Saudi Aramco IPO betraying climate change promises
Bank of America’s Coal Policy: A Bold Challenge to U.S. Banks on Climate
Documents
Links
Policies
Voluntary initiatives
Bank of America has committed itself to the following voluntary standards:- Business Environmental Leadership Council (BELC)
- Business for Social Responsibility
- Carbon Disclosure Project
- Equator Principles
- Global Reporting Initiative
- Green Bond Principles
- Greenhouse Gas Protocol
- Partnership for Carbon Accounting Financials (PCAF)
- Principles for Responsible Investment (PRI)
- Task Force on Climate-related Financial Disclosures
- UNEP Finance Initiative
- Wolfsberg Principles
Investment policies
Bank of America's web page on corporate social responsibility can be accessed here.
Equator Principles
Implementation and reporting
Bank of America is reporting on the implementation here.