The Economic and Organised Crime Office (EOCO) has been advised by the Office...
Bank of america
1. Corporate social responsibility is attached to Bank of America’s values and informs how they conduct
business, develop products and services and deliver on their goals and commitments. Bank of America’s
Corporate Social Responsibilityprogramnotonlyguidesthe valuesandprinciplesof theircompany,but also
makes a meaningful impact in communities around the world.
Environment sustainability
Bank of America issues $500 million "Green Bond
In November 2013, Bank of America established the first ever corporate “Green Bond. Bank of America’s
greenbondisa seniorbondwhere the fundswill be used specifically to finance green investments such as
renewable energyandenergyefficiencyprojects.The proceedsfromthisofferingwill be usedinfurtherance
of Bankof America’s10-year,$50 billionenvironmental business initiative to help address climate change,
reduce demands on natural resources and advance lower-carbon economic solutions. Bank of America
viewed this issuance as an opportunity to expand its investor base and to support an important market as
investors seek more socially responsible investment options. Many investors dedicated to supporting
socially responsible investments participated.
Social Impact
Turn your miles RED: Bank of America’s working to connect families and businesses to the solutions they
need to meet their goals and help their community development.
Bank of Americaispartneringwith(RED) to helpdeliveranAIDSfree generation. TURN YOUR MILES (RED) is
an eight-week campaign that empowers walkers, runners and fitness enthusiasts worldwide to make a
collective contributionthatwill save livesandeffectchange. For each Nike+ Running mile pledged to (RED)
on www.nike.com/onestep4red, Bank of America will donate 40 cents – up to $1 million – toward the fight
to eradicate mother-to-child HIV transmission. Earlier this year, the bank announced a $10 million
investment toward delivering the first AIDS-free generation in over 30 years.
2. Empowering woman leaders :Bank of America has made a $10 million investment through Calvert
Foundation targeted to women in the developing world. The investment partnership builds on our
longstanding relationship with Bank of America, and demonstrates their commitment to economically
empowering women around the globe. Bank of America start make loans to organizations empowering
women through access to finance, affordable healthcare, and capacity building.
Promoting strong economies
They promote economic growth and neighborhood revitalization by extending credit to individuals, local
businesses and community organizations, while ensuring a fair return for our shareholders. Through
charitable giving,we furtherourimpacton economicdevelopment by helping to address important issues,
including housing, hunger and jobs.
Promoting a diverse workplace starts at the top
Every day, they focused on creating not only a great place to work, but also an environment where
employees, customers and communities around the world can reach their goals and connect with each
other. They also increased our diversity hiring with a focus on early candidate identification and
development through partnerships with approximately 200 schools and external diversity organizations.
Demands for greater disclosure
There is a growing demand for corporate disclosure from stakeholders, including customers,
suppliers, employees, communities, investors, and activist organizations.
Increased customer interest
There is evidence that the ethical conduct of companies exerts a growing influence on the purchasing
decisions of customers.
Growing investor pressure
Investors are changing the way they assess companies' performance, and are making decisions based
on criteria that include ethical concerns.
Competitive labour markets In order to hire and retain skilled employees, companies are being
forced to improve working conditions.
3. Problems and challenges.
1. Death of Bank of America intern
InternMoritz Erhardt wasfounddeadinthe showerafterhavingworkedthree consecutive all-nighters.The
21-year-oldsufferedanepilepticseizure.Hazingpracticesof pullinglate nightworkhoursare not
uncommoninthe bankingindustry,asthere are enormousworkloadsthatcome withbeingan intern.
To sum up2013’s bankingnews,manyof the biggestbankssettledformillionsandbillionsof dollarsfor
wrongdoing,fraud,andillegal activitythatharmedinvestorsandconsumersandliveduptothe unfortunate
reputationthatbigbanksare indeed,corrupt.
2. Bank of America sued for $2.15 million.
FINRA,The Financial IndustrialRegulatoryAuthority,the biggestindependentsecuritiesregulatory
company,finedthe brokerage divisionsof Bankof Americafor$2.15 millionbasedonallegations thatthe
banksoldfloating-rate bankloanfundsthatharmedthe riskoptionsof itsclients.
Bank of America Finds a Mistake: $4 Billion Less Capital
Bank of America disclosed that it had made a significant error in the way it calculates a crucial
measure of its financial health, suffering another blow to its effort to shake its troubled history.
The mistake, which had gone undetected for several years, led the bank to report recently that it
had $4 billion more capital than it actually had. After Bank of America reported its error to the
Federal Reserve, the regulator required the bank to suspend a share buyback and a planned
increase in its quarterly dividend.
Environment impact
While Bank of America claims to support environmental responsibility, it continues to lead
investments in coal, one of the biggest threats to public health and climate stability," RAN stated.
Bank of America is America's leading financier of this dirty industry in the U.S. Its current plans to
4. underwrite Coal India's share offering are deepening its involvement, and show a worrying
disregard for biodiversity and basic workers' rights.
Stakeholder engagement
Bank of America’sstakeholdersinclude customers,clients,investors,regulators,communityorganizations,
employeesand others.Theyworkwiththese groupsthroughformal,mandatedengagementssuchas
shareholdermeetings,aswell asthroughourongoingoutreachto customers,nonprofitorganizationsand
communitygroups.