70% of prospective homebuyers feel renting could be detrimental to their financial future Many prospective homebuyers fear the long-term consequences of renting, including 70% who feel they’re not making a long-term investment in their future, and 72% who worry that rent increases could affect their current and long-term finances, according to a new Bank of [...]
Survey: majority of small and mid-sized business owners anticipate revenue growth this year A majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report, conducted in partnership with Bank of America Institute. While [...]
Grants to Preserve Historic Art Awarded Twenty-four cultural institutions have been named as grant recipients of the 2024 Bank of America Art Conservation Project. They represent a diverse range of artistic styles, media and cultural traditions across the United States, Canada, Mexico, Brazil, United Kingdom, France, Italy, The Netherlands, South Africa, India and Japan. Since 2010, [...]
Erica Surpasses 2 Billion Interactions, Helping 42 Million Clients More than 2 billion since 2018. That’s how many interactions Bank of America clients have had with Erica®, the most advanced and first widely available virtual financial assistant, since it launched. It took four years to reach 1 billion interactions, since which client engagement has surged, reaching a second [...]
Portfolios designed to provide predictable retirement income "For many, the fear of outliving retirement assets can be overwhelming," said Head of Consumer Investments and Employee Banking & Investments at Bank of America, Matt Gellene. "Having a predictable monthly income replacement vehicle helps retirees enjoy this phase of life with greater confidence in their long-term financial security." To [...]
Small Business Checkpoint: striking a balance Outstanding loan balances might put pressure on credit card use Recent surveys suggest that rising small business loan balances are increasing due to firms slowing repayments rather than taking out new loans. The most recent Small Business Lending Survey from the Federal Reserve Bank of Kansas City showed outstanding [...]
Patents increase nearly 70% in five years Bank of America announced a record year for its patent portfolio, which has grown to nearly 6,600 granted patents and pending patent applications - a year-over-year increase of 13%, and an increase of nearly 70% since 2019. A record 644 patents were granted to the company last year, an increase [...]
Bank of America delivers $7.1 Billion in home financing Bank of America Community Development Banking (CDB) today announced that it provided $7.1 billion in debt and equity financing last year to help build strong communities through affordable housing and economic opportunities across the United States. This financing helped create and preserve 11,000 housing units for [...]
How Treasure Coast Small Business Owners Can Find Success in 2024 The most successful companies will be those with leaders who are keenly versed in knowing costs structures, focused on core competencies and understand the market. These fundamental skillsets can equate to successful bottom lines, regardless of your specific industry or economic conditions. As the new [...]
Report finds 401(k) account balances increased 15% in 2023 Bank of America Retirement and Personal Wealth Solutions, in partnership with Bank of America Institute, released its fourth quarter 2023 Participant Pulse (MAP6212241), which found that average 401(k) account balances rose 15% to $86,280 in 2023, increasing from $75,045 at the end of 2022, due to a combination [...]