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While many things are changing, our purpose has not

Photograph of Katy Knox, President U.S. Trust, Bank of America Private Wealth Management

A message from Katy Knox, 
President of Bank of America Private Bank 

Today finds us facing a new kind of complexity in our lives, with the world changing in unexpected and uncertain ways. 

I want to offer some reassurance by letting you know that, while many things are changing, our purpose has not.

When you became our client, we pledged to support you on your journey, whatever it may bring. We could not have imagined the specific circumstances we find ourselves in today, but I want you to know that we are facing these challenges head-on.   

On April 3, we began taking applications for the Paycheck Protection Program, a federal loan program designed to help small business owners. Given the importance of this program to our clients and communities, we were among the first banks to implement the program. 

In addition, Bank of America has committed $250 million in capital and $10 million in philanthropic grants to Community Development Financial Institutions (CDFIs), which follows our pledge of $100 million in support of communities around the world impacted by coronavirus. The funds will help increase medical response capacity, address food insecurity and increase access to learning as a result of school closures.

As many of us adjust to new work challenges, Brian Moynihan, CEO of Bank of America, has committed that there will be no coronavirus-related layoffs this year.

I also want to highlight some new communications from the Chief Investment Office and BofA Global Research team. These are designed to keep you informed, and include a daily audiocast on market activity and timely insights posted to our website. You can also follow us on Twitter and LinkedIn for our latest updates.

Spring is traditionally a time of renewal, and I firmly believe that we will get through these challenging times together, with a sense of optimism and commitment to taking care of each other. 

Stay safe, stay strong, and know that all of us at Bank of America are here for you.

Bank of America Private Bank