Tomahawk, WI 06/26/2014 (Basicsmedia) – Bank of America Corp (NYSE:BAC) made an announcement of the annals of significant social responsibility (CSR) that it has catered to in FY 2013.
BAC’s CSR Approach
Andrew Plepler, the CSR and Consumer-Policy Executive at BAC commented that the organization has inculcated CSR in the realms of almost every business practice; CSR has thus evolved from being a mere philanthropic approach in the recent past, to a strategic inclusion, off late!
Bank of America Corp (NYSE:BAC) had marked an inception of a phenomenal SafeBalance account, that was launched during early 2014, ideally designed to help a myriad of consumers to avoid varied overdraft fees, reducing the chances for expenditure, ensuring secured financial lives in the upcoming days. Moreover, BAC has worked in imparting well-equipped conceptual financial precepts in simple, yet comprehensive vein, with the aid of the Khan Academy and BetterMoneyHabits.com.
Bank of America Corp (NYSE:BAC) has also made sufficient increase in expenses to $1.2 billion in FY 2013 to push better community development, and has made approximately, $200 million as per the norms governing prioritized philanthropic investment. The structured CSR report reveals poignantly that BAC has raised more than $500 million to empower financial energy efficiency on a number of innovative renewable energy projects.
Despite delivering and depicting promising CSR, Bank of America Corp (NYSE:BAC)’s stock has lately been hit by the newly found norms and policies pertaining to trading, leading to a substantial drop in revenues – the stock tumbled. An analysis by McKinsey has revealed that revenues garnered from a number of derivative businesses can incidentally tumble around 35% quite soon! The study further reflected that the net annual revenues earned from any of the G10 economies would have a pitfall from $4.5 billion to $2.5 billion.
The inception of financial swaps has led to options for various companies to lower their business risks involved; such emphatic swap decisions, ensuring apt and quick swaps would lead to dropping prices significantly. Analysts reviewed that at the current juncture, there are swaps evaluating to $710 trillion already, considering swap volumes across multiple banks, including Bank of America Corp (NYSE:BAC).