Shares of Bank of America Corp (NYSE:BAC) ended Tuesday session in green amid volatile trading. The shares closed up +0.02 points or 0.13% at $15.60 with 68.21 million shares getting traded. Post opening the session at $15.74, the shares hit an intraday low of $15.51 and an intraday high of $15.76 and the price vacillated in this range throughout the day. The company has a market cap of $160.22 billion and the numbers of outstanding shares have been calculated to be 10.20 billion shares.
Bank of America Corp (BAC) on September 19, 2016 announced new environmental operations goals to be met by 2020, including plans to go carbon neutral. This announcement supports the bank’s continued efforts to reduce the environmental impacts of its operations. Bank of America will work to reduce location-based greenhouse gas (GHG) emissions by 50 percent, energy use by 40 percent, and water use by 45 percent in its operations across the globe by 2020. In addition, Bank of America has committed to purchasing 100 percent renewable electricity and has joined RE100, a global initiative led by The Climate Group in partnership with CDP and part of the We Mean Business Take Action campaign. These new commitments build on the success of the company’s 2015 operations goals and the deployment of its $125 billion environmental business initiative.
“Addressing global issues like climate change and the transition to a sustainable and low-carbon future takes collaboration, innovation and investment,” said Anne Finucane, vice chairman, Bank of America. “The expansion of our operational goals to 2020, achieving carbon neutrality, and the purchase of 100 percent renewable electricity build on our existing environmental commitment and responsible growth strategy. This demonstrates the measurable actions we are taking to reduce our environmental impacts.”
From 2010 to 2015, the company reduced its greenhouse gas emissions by 37 percent, primarily through implementing energy efficiency projects, consolidating space and leveraging a less carbon-intensive grid. To achieve carbon neutrality, the bank will continue to scale its energy efficiency and conservation efforts, purchase 100 percent renewable electricity, and utilize carbon offsets.
The company is already engaging in activities through efforts to modernize its data center footprint to support the carbon neutrality, energy reduction and water reduction goals. Additionally, the bank recently purchased Texas-based wind power for the company’s Texas data centers. This represents nearly half of statewide electricity purchases and will contribute five percentage points toward the 2020 carbon neutral goal. The bank is also implementing a wide variety of energy efficiency programs, such as lighting upgrades planned for 900 financial centers in 2016.
“It is critical the public and private sector continue to do their part to help find solutions to this global issue,” said Amy Davidsen, executive director, U.S., The Climate Group. “Bank of America continues to demonstrate its commitment to the environment by joining RE100 with a goal to reach 100 percent renewable electricity by 2020. One company can make a significant and positive impact on the environment, but collective action is key, and we believe Bank of America will inspire more to follow suit.”
Shares of Wells Fargo & Co (NYSE:WFC) ended Tuesday session in green amid volatile trading. The shares closed up +0.55 points or 1.20% at $46.56 with 51.51 million shares getting traded. Post opening the session at $47.15, the shares hit an intraday low of $46.12 and an intraday high of $47.20 and the price vacillated in this range throughout the day. The company has a market cap of $237.92 billion and the numbers of outstanding shares have been calculated to be 5.05 billion shares.
On September 14, 2016 Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo & Company (NYSE: WFC), announced that SS&C Technologies Holdings, Inc. (SSNC), a global provider of financial services software and software-enabled services, has agreed to acquire its fund administration business, Wells Fargo Global Fund Services (GFS). Pending regulatory approvals, the transaction is expected to close in the fourth quarter. The terms of the transaction were not disclosed.
“We believe GFS clients will benefit from SS&C’s industry-leading position, proprietary technology and depth of expertise in fund administration,” said Dan Thomas, head of Institutional Investor Services at Wells Fargo Securities. “Wells Fargo Securities will continue to provide financial solutions to our alternative asset manager clients in core areas such as Prime Services, Futures and OTC Clearing and Futures Execution.”
As part of the acquisition, SS&C will acquire GFS’ operations and team members in New York, Minneapolis, Singapore, Hong Kong and the United Kingdom. Wells Fargo will work closely with SS&C to provide GFS clients a seamless experience and continuity of services. Additionally, Wells Fargo will continue to provide access to its suite of financial products and services to GFS clients after closing.