CHARLOTTE, N.C.–(BUSINESS WIRE)–Bank of America today announced a new brand positioning focused on the
question, “What would you like the power to do?” The positioning
reflects the impact clients and communities can have when they have the
power to achieve their goals, and the company’s role as a partner
invested in their success.
“‘What would you like the power to do?’ Listening to how people answer
this question is how we learn what matters most to them,” said CEO Brian
Moynihan. “This is why we’re here. And above all else, it’s what people
want from us.”
What would you like the power to do?
The new positioning
will be supported by a multi-year campaign featuring clients,
communities and partners. The first phase of the campaign will premiere
on November 18, during Sunday Night Football on NBC, with a television
ad featuring CEO Brian Moynihan framing the question and why it is core
to the way the company does business.
The power to make a difference
The campaign will run during
the holiday season with the theme “The Power to Make a Difference,”
which highlights the stories of the company’s long-standing partners and
the impact they are making in addressing critical environmental and
social issues.
“It takes all sources of capital — private enterprise, the public
sector, and philanthropy — to come together and address environmental
sustainability, affordable housing, hunger, and other issues facing
society,” said Vice Chairman Anne Finucane, who oversees the bank’s
integrated efforts. “This campaign highlights our partners and clients
and the progress we are making together in deploying capital for
sustainable growth.”
The first phase of the campaign features:
-
Tory Burch, founder of the Tory Burch Foundation, which focuses
on empowering women entrepreneurs. Bank of America partnered with the
foundation to create the Tory
Burch Foundation Capital Program in 2014, which provides capital
to women-owned businesses to support economic independence and job
growth. The program has delivered capital to 1,700 women in 16 states
since its launch. -
Ken Burns, founder of Florentine Films, which produces some of
America’s most important documentaries. Bank of America has been the
sole corporate underwriter of Burns’ films since 2007, including the
2016 epic “The
Vietnam War”. -
Matt Damon, co-founder of Water.org, which provides access to
clean water and sanitation in developing countries. Bank
of America has partnered with Water.org since 2011, delivering $9
million in philanthropy and financing to help scale access in India
and Brazil. -
Sal Kahn, founder of Khan Academy, who revolutionized online
learning through his intuitive approach. Bank of America has
collaborated with Khan Academy since 2013 on its free financial
education program – BetterMoneyHabits.com
– which combines the company’s financial expertise with Khan’s
engaging style to make financial know-how accessible. -
Marc Morial, president and CEO of the National Urban League,
and a renowned civil rights leader. Morial is also representing the
bank’s National
Community Advisory Council, a collaboration of 30 organizations of
civil rights, community and environmental advocates that advises the
bank on these issues. -
Tim Shriver, president of Special Olympics, the global force
that fosters inclusion and respect for individuals with intellectual
disabilities. Bank of America has been a Special Olympics partner for
more than 30 years and supports inclusion through its own business
operations.
“The Power to Make a Difference” will also be the theme of the company’s
advertising in support of World AIDS Day and highlight the work of its long-standing
partner, (RED). Since 2014, the company has partnered with (RED) to
help create an AIDS-free generation, committing a total of $20 million
through 2020 to the Global Fund to Fight AIDS, Tuberculosis and Malaria.
The campaign will be featured across television, digital video, mobile
and social media, and print. Advertising agencies Hill Holliday and
Super Union collaborated to develop the campaign.
“This campaign reinforces what we stand for as a company,” said Chief
Marketing Officer Meredith Verdone. “Over the last several years, we
have focused our marketing efforts on the strength of our products and
services. Through the stories we are sharing with all our constituencies
through this work, we want to fuel the drive in our clients and
communities and be their partner in achieving their goals.”
The Flagscape logo is also getting its first update since being
introduced in 1998, reflecting a more modern brand that delivers both
cutting-edge technology and high-touch solutions for clients.
Sharing our success with communities
The first phase of the
“What would you like the power to do?” campaign reflects Bank of
America’s focus on helping local communities thrive. The company
recently announced it will expand its partnerships and programs that
address issues fundamental to economic mobility in 95 cities across the
United States.
Enhancements include:
To mark the 15th year of its program, Bank of America is
expanding Neighborhood
Builders®, which supports nonprofits specializing in workforce
development and education, community development, and basic needs. This
includes increasing Neighborhood Builders grants from 66 to 98 annually,
doubling the impact of the program in 32 communities in the U.S. Each
Neighborhood Builders awardee receives $200,000 in flexible funding,
in-person leadership development for an executive director and an
emerging leader at the organization, and the opportunity to connect to a
network of peer organizations.
The company will introduce Neighborhood
Champions, which will scale the program to an additional 42 smaller
communities served by the bank. Each Neighborhood Champions awardee will
receive $50,000 in flexible funding and virtual leadership development
for the organization.
Bank of America is also expanding its Student
Leaders® program to 35 new cities, connecting nearly 300
community-minded high school juniors and seniors to employment, skill
development and service. The students have paid summer internships with
local nonprofits, such as Boys and Girls Clubs of America, and
participate in a national leadership summit in Washington, D.C., which
focuses on the intersection of government, business and nonprofits in
creating social change. Nominations for the 2019 program are open now
through February 1, 2019.
Additionally, the company will strengthen funding for its Anchor
Grants program over the next three years. This will enable more
support for institutions and initiatives that anchor local communities
and are important to the local economy, such as hospitals, universities,
and major civic projects supporting issues from economic mobility to
affordable housing.
Bank of America is also expanding its Employee Giving program to give
its employees more flexibility and choice in the ways they give to the
causes they care about most. Employees will have the ability to donate
at any time, with the option to match all eligible donations, up to
$5,000 each year.
Deploying capital to make a difference
Environmental, social
and governance (ESG) principles guide how Bank of America delivers
responsible growth and contributes to the global economy. The
responsible products and services delivered to clients; the support
provided to advance social and economic progress in local communities;
and the focus on deploying capital to address global challenges such as
affordable housing, clean water, education, health care, renewable
energy, energy efficiency and other critical areas outlined in the
United Nations Sustainable Development Goals (SDGs) demonstrate the
company’s commitment.
In 2017, the company deployed more than $55 billion in support of the
SDGs, through lending, investment, capital raising and other financing
activities. In addition, the company and its employees have invested
more than $200 million in philanthropic giving globally to support
organizations making an impact on local economic and social progress
issues.
As part of these efforts, Bank of America is launching a new Blended
Finance Pool, an initial $60 million of capital available under its
Catalytic Finance Initiative that will be focused on high-impact
opportunities targeting the Sustainable Development Goals. The company
will take subordinated positions in blended finance vehicles that will
provide at least a 10-times leveraging of this capital, mobilizing more
than $600 million towards these issues.
The company’s progress
The new brand positioning reflects
the focus on delivering responsible growth. In the third-quarter
of 2018, Bank of America drove earnings of $9 billion in pretax
income. Underpinning these results:
-
Pretax earnings have grown for the past 11 quarters by an average of
15 percent year-over-year. -
Revenue was $22.8 billion, and profits of $7.2 billion were a 32
percent increase from the same quarter last year. - Earnings-per-share increased 43 percent to $0.66.
-
Net income for the quarter was up across each business line – Consumer
(up 49 percent to $3.1 billion), Global Wealth and Investment
Management (up 31 percent to $1 billion), Global Banking (up 13
percent to $2 billion) and Global Markets (up 21 percent to $912
million). -
Across all businesses, on average, loans grew by more than 3 percent
and deposits by 4 percent. - Bank of America is the largest commercial lender in the U.S.
-
For 12 consecutive quarters the company has grown deposits more than
$40 billion year-over-year. -
For nearly four years, the change in revenues has outpaced that of
expenses. -
Disciplined expense management has allowed investment in the future of
the company, particularly technology, infrastructure and its people. -
The company has returned $19 billion so far this year to shareholders
in dividends and share buybacks.
The company continues to be a leader in the industry in technology and
how it serves clients, helping to transform financial services,
including:
-
Pioneering the use of mobile and digital banking capabilities. Today,
the company has 36 million digital clients, including 26 million
active mobile users. In Q3 2018 alone, these customers logged into
their accounts 1.4 billion times and made 137 million bill payments. -
Mobile check deposit, where clients can deposit checks anywhere using
their mobile phone. In Q3 2018, clients deposited 33 million checks
via mobile, outpacing the number of checks now deposited over the
counter in financial centers. -
Safe, secure peer-to-peer payments through Zelle®, which
facilitated 42.5 million person-to-person electronic payments in Q3
2018. -
AI-assistant Erica®, which has helped more than 4 million users with
more than 15 million requests since its full launch in July 2018.
Being a great place to work for our employees
The company’s
ability to deliver strong results and drive responsible growth directly
depends on its more than 200,000 employees worldwide. Core to
responsible growth is being a great place to work for employees and
helping them realize their own power to make a difference.
Bank of America is committed to fostering an inclusive workplace for all
of our employees, creating opportunities for growth and development,
recognizing and rewarding performance, and supporting physical,
emotional and financial wellness. The company’s efforts include:
Being an inclusive workplace for our employees around the world
-
Building a diverse and inclusive company where every employee is able
to bring their whole self to work, making them better able to serve
the unique needs of clients and customers and reflect the communities
the bank serves. -
Offering 11 Employee Networks with more than 250 local chapters and
more than 120,000 memberships globally to help connect employees with
shared backgrounds and interests in developing leadership skills and
building strong ties with the communities we serve. -
Encouraging “courageous conversations” where more than 60,000
employees have participated in group discussions on topics that are
important to employees, such as race, gender dynamics, social justice,
LGBT+ equality and the lasting legacy of the Vietnam War.
Creating opportunities for growth and development
-
Supporting employees’ career development and investing in tools and
resources to help employees realize their career aspirations. -
Providing learning resources that connect employees to innovative and
engaging learning and education to help them explore career paths,
freshen up skills or just learn more about career opportunities at our
company. -
Supplementing learning resources for all employees with additional
training opportunities specifically for managers. In 2017, 86 percent
of eligible managers participated in some form of manager development
training. -
Offering tax-free tuition reimbursement up to $5,250 per tax year for
certain job-related courses.
Recognizing and rewarding performance
-
Making regular increases over many years as a leader in paying our
U.S. hourly employees at a rate generally above federal, state and
local minimum wage requirements for several years. -
Fostering a pay-for-performance culture focused on equal pay for the
great work employees do to support customers and clients. -
Recognizing employees for driving responsible growth and sharing
success, the company has announced special compensation awards of cash
or stock for approximately 95 percent of employees twice since
December 2017.
Supporting physical, emotional and financial wellness
-
Providing quality health care while taking a long-term approach to
managing health care costs. While health care costs continue to rise
across the U.S., Bank of America has kept related cost increases for
its employees at or below the national average. Since 2010, more than
70 percent of employees have seen no cost increase or an increase well
below the increase of the cost to the company. -
Offering industry-leading programs to balance the needs of work and
family – including 16 weeks of paid parental leave, backup child and
adult care services, and 20 days of paid time away for the loss of a
spouse, partner or child. -
Investing in the financial futures of our employees. Bank of America
provides 401(k) matching contributions of up to 5 percent of eligible
pay, starting after one year of service, and an additional 2-3 percent
annual 401(k) company contribution, as well as free, personalized
retirement and benefits guidance. -
Supporting teammates in the moments that matter most through our Life
Event Services team, which provides employees and their family members
one-on-one support to navigate significant life events such as natural
disasters, domestic violence situations and death or illness. Since
its launch in 2014, Life Event Services has supported more than 77,000
employees.
Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 67 million
consumer and small business clients with approximately 4,400 retail
financial centers, approximately 16,100 ATMs, and award-winning digital
banking with more than 36 million active users, including nearly 26
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a broad
range of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations across the
United States, its territories and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom. Click here
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Source: businesswire.com
