Bank of America will host its 2020 annual meeting of shareholders via a live webcast due to public health concerns resulting from the coronavirus.
America’s second largest bank by total assets said the pandemic and the related protocols that federal, state, and local governments have implemented have forced the bank to hold this year’s meeting virtually.
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“The webcast will allow all shareholders to join the meeting, regardless of location. As with an in-person meeting, you will be able to vote and ask questions during the meeting,” the bank said.
“Our decision to hold the annual meeting in a virtual format relates only to the 2020 Annual Meeting.”
The annual shareholder meeting will begin at 10 a.m. Eastern Time on Wednesday, April 22. Shareholders will not be able to attend the 2020 annual meeting in person.
An audio webcast of the meeting will be available on the company’s investor relations website, and a replay will be available through Wednesday, April 29.
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By GlobalDataShareholders as of March 2, 2020 can vote
All holders of our common stock, Series B Preferred Stock, and Series 1, 2, 4, and 5 Preferred Stock as of the record date (March 2, 2020), and persons holding valid proxies from these shareholders are invited to attend the annual meeting.
The bank is urging shareholders to select one of the methods described in the proxy materials to vote and submit their proxies in advance of the meeting.
Shareholders are encouraged to vote whether or not shareholders plan to attend the virtual annual meeting. They will be able to submit questions in writing to the virtual meeting website during the annual meeting.
Bank of America will report its first-quarter 2020 financial results on Wednesday, April 15. The results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 8:30 a.m. ET.
Coronavirus woes
The bank’s market value plunged by about $130bn from its recent high as the coronavirus pandemic has sent the stock market and economy on a downward spiral.
These trends pose a special threat to the company’s giant consumer banking business, which is tied to the financial health of millions of consumers.
For the quarter, analysts expect net interest margin, earnings, and revenue to fall compared to the same quarter a year ago.
These numbers are likely to give only an initial look at the damage from the pandemic, which didn’t start to affect the U.S. and other economies until the last half of the quarter.
