Bank of America (Merrill Lynch)

Merrill Lynch Pierce Fenner & Smith Incorporated
Charlotte, North Carolina
Banks, Diversified Financials

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk


Bank of America, representing its affiliates such as Merrill, has terminated business with several customers, especially ones with conservative viewpoints. It has ended business relationships with firearm manufacturers, private prisons, and many private citizens. In May 2023, Oklahoma placed Bank of America on its Restricted Financial Companies List for its boycott of energy companies. Bank of America scored a 100 out of 100 on the 2023-2024 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. By complying with the HRC’s controversial demands, the company increases the risk of dividing employees, alienating customers and harming shareholders. Bank of America provides a benefits package for employees which covers travel/lodging costs for an abortion and transgender medical procedures for covered employees and dependents, including children. It also uses sex and gender ideology criteria in employee recruitment, vendor selection, marketing, and philanthropic support. Bank of America forces employees to undergo multiple ideological trainings and uses its reputation, corporate funds, and political influence to support controversial sex and gender ideologies, organizations, and legislation. Bank of America's Chairman and CEO signed Catalyst's Champions for Change pledge. The company pledged over a billion dollars to BLM and related causes and is a corporate partner of the NGLCC. Bank of America implemented a 21-day race-training course for its employees, which covered topics pertaining to critical race theory. The bank is a signatory of the Business Roundtable's 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism over traditional shareholder obligations. Bank of America is a Silver sponsor of the HRC and is a titanium sponsor of Out and Equal. The Bank is a signatory of the Gender & Diversity KPI Alliance, appearing to prioritize diversity over merit in its business structure through the establishment of gender and racial targets for its leadership composition and its support of DEI in its hiring and promotions. Bank of America's CEO, Brian Moynihan, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace. The bank donated to the Equality PAC. For these reasons, Bank of America receives a High Risk rating.

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Board Bias

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CEO of Bank of America (Merrill Lynch)

Brian T. Moynihan

Brian T. Moynihan


Headquartered in Charlotte, North Carolina, Bank of America (Merrill Lynch) is a member of the Fortune 250 operating in the Diversified Financials industry. Brian T. Moynihan and Brian T. Moynihan serve as CEO/President and Chairman, respectively, leading the company’s C-suite executive team and the board of directors. Amongst these teams, the collective leadership is responsible for $626,976 to Republican causes and $422,574 to Democratic causes. Under their tenure, Bank of America (Merrill Lynch) currently holds a 'High Risk' risk rating.

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Political Contributions of Leadership:





Shareholder Proposals

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ESG Category
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/25/23GovernanceNational Legal and Policy CenterIndependent Board Chairagainst26.29%
4/25/23EnvironmentalNew York State Common Retirement FundAbsolute Greenhouse Gas Reduction Targetsagainst11.48%
4/28/23GovernanceNational Legal and Policy CenterRequire an Independent Board ChairmanAgainst26.30%
4/28/23EnvironmentalNew York State Common Retirement FundReport on GHG Emissions Reductions TargetsAgainst11.50%
4/28/23GovernanceJohn CheveddenRequire Shareholder Approval of Termination PayAgainst7.70%
4/25/23EnvironmentalAs You SowClimate Transition PlanningAgainst28.50%
4/25/23SocialSOC Investment GroupRacial Equity AuditAgainst15.20%
4/25/23EnvironmentalTrillium Asset ManagementAdopt Policy to Cease Financing New Fossil Fuel SuppliesAgainst9.00%
4/26/22EnvironmentalTrillium Asset ManagementAdopt Fossil Fuel Lending Policy Consistent with IEA's Net-zero 2050 ScenarioAgainst11.02%
4/26/22SocialNational Legal and Policy CenterReport on Charitable DonationsAgainst3.36%
4/26/22SocialNational Center for Public Policy ResearchCivil Rights and Non-Discrimination AuditAgainst2.12%
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