Bank of America (Merrill Lynch)
Risk Level:
Summary:
Bank of America, representing its affiliates such as Merrill Lynch, has quit doing business with several customers, especially ones with conservative viewpoints. It has terminated business relationships with gun manufacturers, private prisons, and private citizens. In its stated policies, Bank of America discriminates against religious nonprofits and fails to protect its employees from viewpoint discrimination. It also uses its corporate reputation and funds to advance ideological causes hostile to freedom of expression, such as critical race theory. For these reasons, Bank of America receives a "High Risk" rating.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
Bank of America stopped lending to private prisons and immigrant detention facilities and stopped doing any business with certain gun manufacturers (1)(2)(3). The bank also voluntarily turned over its clients’ private financial information to the Federal Government (3). Bank of America received a score of 100 on the Corporate Equality Index from the Human Rights Campaign (4). Among other requirements, this means the bank has pledged to vet vendors based on LGBTQ policies.
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
Bank of America does not protect its employees against viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
Bank of America advocates for the Equality Act and voiced opposition to various state legislatures’ voting integrity laws (1)(2). Bank of America CEO Brian Moynihan also opposed the 2016 NC Bathroom Bill, HB2, requiring people to use the bathroom of their biological gender (3). Moynihan is the Chairman of the International Business Council of the World Economic Forum, which works to develop “Stakeholder Capitalism Metrics” for ESG goals (4)(5). Bank of America embraces ESG frameworks for investing and operating, including the Stakeholder Capitalism Metrics contrived by the World Economic Forum’s International Business Council (6). Bank of America even funded and implemented a 21-day race-training course for its employees that taught critical race theory content such as “become woke at work,” instructing white employees, in particular, to “decolonize your mind” and “cede power to people of color” (7).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Bank of America has funded Planned Parenthood and the Southern Poverty Law Center (1) (2). Before the Supreme Court overturned Roe v. Wade, Bank of America’s CEO called abortion “settled law” and stated that the bank would discuss funding employee abortions in states that restrict procedures (3). After the ruling, Bank of America started to provide reimbursement for abortion travel (4).
Uses corporate political contributions for ideological, non-business purposes.
Bank of America funds the Equality PAC (1).
All links were last accessed and all information was updated on:
January 3, 2023
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