Bank of America (Merrill Lynch)

Banks, Diversified Financials

Risk Level:

Rating - Danger
High Risk

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.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

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.

Risk Level
Rationale

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.

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Bank of America will not match employee donations to “any organization whose purpose is to promote or to discourage the observance or proselytization of religious beliefs” (1). To receive any grant from Bank of America, organizations must also have LGBTQ nondiscrimination protections (2) (3).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Bank of America does not protect its employees against viewpoint discrimination (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

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).

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

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).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

Bank of America funds the Equality PAC (1).

All links were last accessed and all information was updated on:
January 3, 2023

Company reports are intended for educational use only. Full Disclaimer

Generate Reports
Clear
Toast