Bank of America Takes Aim on Gunmakers Following Recent Shootings

Bank of America sign and logo outside

Bank of America Corp announced that it will talk to its gunmaker clients. This is in hopes of knowing what can be done to help stop the recent deadly mass shootings.

According to a statement the bank released, Bank of America will help learn what can be done to aid in stopping the mass shooting tragedies.

“[A]n immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” the bank stated.

It did not name any of its clients who make assault rifles. Rifles in particular has been widely used in mass shootings.

The most recent use of the rifle was at the tragedy this past February 14 where 17 people were killed. The mass shooting took place at Marjory Stoneman Douglas High School in Parkland, Florida.

Bank of America’s announcement is also the latest sign that businesses are willing to put pressure on the gun industry.

Companies have begun leaving the National Rifle Association since Thursday. They include United and Delta airlines, Metlife, and six car rental brands.

Also, cybersecurity company, Symantec said via Twitter on Friday, it “has stopped its discount program with the National Rifle Association.”

Numerous other companies announced their leave from the NRA through respective social media outlets.

Concerns about the Looming Threat of Cryptocurrencies

Double exposure concept of cryptocurrencies over Bank of America branch

The biggest US bank by assets admitted that cryptocurrencies are possible competitive threat to the bank. It then voiced such concerns on the company’s annual 10-K filing with the US Securities and Exchange Commission. The bank filed the report on Thursday.

“Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies,” the Bank of America stated.

The bank also noted that the emergence of cryptocurrencies and development of technology might affect the company’s earnings negatively.

“[They can create] pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of our clients to do business with us,” added the bank.

Aside from this, the SEC filing also noted that the digital currencies limit the bank’s abilities, mostly in its ability to track movement of funds and to comply with laws like anti-money laundering regulation.

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