Partnering with the City of Chicago to Address Abandoned Properties

Partnering with the City of Chicago to Address Abandoned Properties

Mayor Richard M. Daley and Illinois Market President Tim Maloney announced that Bank of America is working in partnership with the City of Chicago to lessen the impact of vacant properties on the city’s neighborhoods. New initiatives include donating vacant foreclosed properties to the city and to nonprofits for reuse, redevelopment and neighborhood revitalization.

In Chicago and elsewhere, many homeowners faced with economic hardship have walked away from their homes, leaving behind vacant and deteriorating properties. To address the growing issue of neighborhood blight, the bank is collaborating with the City of Chicago on several measures.

Now when a mortgage is delinquent and the property is identified as vacant and abandoned, Bank of America will register the property with the city. It will also identify up to 150 such properties in default and refer them to a newly created Cook County court call, intended to move vacant and abandoned properties through the foreclosure process and return them to productive use. The bank will contribute to the costs of demolishing deteriorating buildings on the donated properties to relieve the financial burden to the city. And it will donate foreclosed and vacant condominiums to the nonprofit Community Investment Corporation (CIC) to convert them to affordable rental housing.

This vacant and abandoned building foreclosure pilot program is at the heart of Bank of America's revitalization efforts in collaboration with the City of Chicago. Bank of America will file foreclosure actions on eligible properties in a new Cook County vacant and abandoned building court call. The idea is that this expedited foreclosure process will significantly reduce the foreclosure time frame—currently an average of 18 months—for vacant and abandoned properties.

How Affordable Housing Is Allowing Seniors to Continue Calling Their Neighborhood Home

How Affordable Housing Is Allowing Seniors to Continue Calling Their Neighborhood Home

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Cherry Gardens has opened some eyes, statewide and in Charlotte, of what affordable housing looks like, what it can be, and what it can do. It’s special because of the people that are here, many of whom have lived in this neighborhood their entire lives. But as their property values rise, people who own [have], especially if they are on a fixed income, like seniors usually are, will get priced out of their neighborhood, so its a challenge many times to go find a place they can afford.

Beatrice W. McMurray, Resident, Cherry Gardens: For three years everything has gone up, and for three years my social security has stayed flat, so I made the choice to move here.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: What we are trying to do is not only build homes that are safe and affordable, but doing them as green as possible. We are cutting down power needs, cutting down our carbon footprint. For our residents, they are seeing a savings in their power bill between 40 and 50 dollars. So that’s 40 or 50 dollars, each month, that they can apply to going on a trip, helping their grandkids go to college. That’s a great benefit to our residents.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Using safer products, from tile to carpet to paint—and also the insulation and the ventilation in the units—was all to the health of the residents themselves. Cherry Gardens is a home run. There is more than just the housing; its shelter and it’s a community.

Beatrice W. McMurray, Resident, Cherry Gardens: The best part of living here at Cherry Gardens—it’s like a family, we look out for one another. You know we share. It’s a pleasure.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: Cherry Gardens was built with a lot of love and care, and making it green, making it affordable is just adding to that wonderful fabric that is Charlotte.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: Cherry Gardens specifically wouldn’t be here without Bank of America. The construction loan was through them. They worked with us early and creatively to make this happen. They are excited about what we are trying to do and oftentimes can bring different perspectives that we haven’t thought of before, because of the wide range of knowledge that they have in the affordable housing industry.

Jimmy Royster, Development Associate, Affordable Housing Group of N.C.: A lot of folks said we couldn’t make it green, but Bank of America are all for it, um, very supportive of it.

Paul Woollard, Executive Director, Affordable Housing Group of N.C.: We said we wanted a new paradigm that no one had ever done before, and they looked at us and said, “Tell me about it." I would hope that Cherry [Gardens] would be seen as an example, that affordable housing can be green. There are so many ways that we are better off because of this type of a development, and it’s just wonderful to see.

ank of America ranked 15th on The Civic 50 list for community engagement

ank of America ranked 15th on The Civic 50 list for community engagement

The National Conference on Citizenship and Points of Light, the nation’s definitive experts on civic engagement, in partnership with Bloomberg LP, recently announced that Bank of America has been named to The Civic 50 list, placing at #15. The list is the first comprehensive ranking of S&P 500 companies that best use their time, talent and resources to improve the quality of life in the communities where they do business.

Companies were evaluated on several elements, including leadership, measurement and strategy, design, employee civic health, community partnerships, cause alignment and transparency.

Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits

Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits



The Bank of America Charitable Foundation today announced that it is awarding $22 million in grants to nonprofits that build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes.

These grants will support more than 650 national and local community nonprofits in 34 states. In addition, information provided by the nonprofit grantees estimates the funding will benefit more than 31 million people, providing nearly 8,000 new affordable housing units and rehabbing over 11,000 units. Supporting housing nonprofits is one component of the company’s community focus on housing, jobs and hunger – three areas that are critical to stimulating the national economic recovery. Bank of America recently issued a request for proposals for nonprofits providing education, job training and workforce success programs and will issue a similar request related to critical needs, including hunger later this year. The company continues to focus on low- and moderate-income communities that have been hardest hit in the economic downturn.

“Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our partnerships with local and national organizations that address housing needs are just one of the ways we’re working to help improve local economies across the country.”

As part of the company’s integrated approach to addressing community challenges, about 42 percent of the nonprofits receiving support from Bank of America offer housing services alongside other programs designed to strengthen families’ financial stability, such as SNAP (Supplemental Nutrition Assistance Program, formerly the Food Stamp Program). Additionally, some of these nonprofits also work to ensure that affordable housing is energy efficient, which not only reduces environmental impacts but also lowers energy costs for renters and homeowners.

One of the national grant recipients is Mercy Housing, Inc., which will receive $375,000 to support the preservation of existing affordable housing, develop new units and provide integrated services that help families facing foreclosure stay in their homes, achieve financial stability and build assets. Mercy Housing has programs in Alabama, California, Georgia, Idaho, Illinois, South Carolina, Washington and Wisconsin.

Most of the funding announced today supports local nonprofits like Plymouth Housing Group in Seattle, Washington, which works to eliminate homelessness and support low-income people in downtown Seattle. The $25,000 grant will support the expansion of a new initiative, The Recovery Support Program, which will assist homeless adults recovering from addiction with housing, counseling and in-house support. The Recovery Support Program will be available at The Williams Apartments, a new 81-unit building now under construction in the South Lake Union neighborhood. Half of the 81 residences will be reserved for homeless veterans. The Williams Apartments will be a LEED®-certified, sustainably-built building.

In addition to financial support, Bank of America’s employees give their time, passion and expertise to address housing needs through volunteerism. In 2011, bank employees donated more than 455,000 service hours in partnership with organizations like Habitat for Humanity, Rebuilding Together and Operation Homefront.

Philanthropic and volunteer support are just a few of the ways that Bank of America continues to address the foreclosure crisis and help revitalize neighborhoods. The company has completed more than one million loan modifications since 2008 and participated in more than 1,000 mortgage outreach events since 2009. Bank of America has also opened 50 customer assistance centers in 25 states hardest hit by foreclosures, providing distressed homeowners face-to-face counseling and assistance.

Bank of America is the largest investor in Community Development Financial Institutions (CDFIs), with more than $1 billion in capital in more than 200 CDFIs in 45 U.S. states, the District of Columbia and Puerto Rico, financing affordable housing, community facilities, nonprofits, small businesses and micro-enterprises. In 2011, the company invested more than $443 million in CDFIs that primarily fund affordable housing initiatives across the U.S.

Bank of America Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way across more than 100 markets around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create shared value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. Learn more at About.BankofAmerica.com and follow us on Twitter at @BofA_Community.

For more Bank of America news, visit the Bank of America newsroom.

Community Development

Community Development
In order for communities to thrive, they need a stable housing base. To help achieve this, we are helping customers in need of housing assistance. We do this through our outreach efforts, business activities, philanthropic giving and nonprofit partnerships, including home retention, homeownership and affordable housing options. In fact, since 2009 we’ve participated in more than 800 outreach events, meeting over 125,000 customers and have opened 50 Customer Assistance Centers in 25 states for customers to meet face-to-face with our representatives.


The Bank of America Charitable Foundation recently awarded $22 million in grants to more than 650 nonprofits addressing housing needs across 34 states.  Funding will help build and rehabilitate affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes. In addition, we partner with nearly 600 HUD-approved nonprofit organizations to educate and counsel homebuyers, helping them understand the benefits and responsibilities of home ownership. We also focus on the revitalization of low- and moderate-income communities through our philanthropic efforts and creation and preservation of affordable housing, vibrant retail and commercial options across the U.S. As part of this commitment, through our Community Development Banking business we provided more than $1.6 billion to help create more than 12,000 affordable housing units for individuals with special needs, families, seniors and veterans in 2011.

Promoting Economic Growth

Promoting Economic Growth
Our goal is to help strengthen the economic and social well-being of communities. We strive to do this through preserving affordable housing in neighborhoods, lending to minority- and women-owned businesses and providing charitable funding to nonprofit organizations that address the critical needs of individuals, families and community members most in need.
STRENGTHENING ECONOMIES IN ACTION
Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits

Jul 30, 2012

The Bank of America Charitable Foundation today announced that it is awarding $22 million in grants to nonprofits that build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes…  learn More about Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits
 

A Mother-Daughter Team’s Salon Dream

Jul 19, 2012

When she was a little girl, Maria Poulos would watch her mother, Sofia, style women’s hair. Using her “finger scissors”, Maria would pretend to cut her friends’ hair as Sofia worked with customers…  learn More about A Mother-Daughter Team’s Salon Dream
 
Empowering Students to Make Their Dreams a Reality

Learn more about how we enabled KIPP DC to grow from an Anacostia church basement to a school campus; in its 10th year, KIPP has empowered 1,500 kids to achieve the dream of college…  learn More

Careers in Investment Banking

Careers in Investment Banking

 Welcome to a comprehensive web site on investment banking careers. Investment Banks help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice. The top investment banks including Goldman Sachs, JP Morgan and Morgan Stanley are said to be in the bulge bracket.

Other investment banks are regionally oriented or situated in the middle market (e.g. Piper Jaffray). Others are small, specialized firms called boutiques which might be oriented toward an industry vertical, bond-trading, M&A advisory, technical analysis or program trading. Firms have lots of different areas and groups within them. In most firms, there is sales and trading which works with owners of securities, investment banking which works with issuers of securities (firms and governments) and capital markets which goes in between the other two.

Further Information on Investment Banking

Skills & Talents Required in Banking
Getting in the Door
Job Options in Investment Banking
Salaries for Bankers
Links, Books & Resources to Learn More
Facts & Advice About Investment Banking
Top Investment Banks and League Tables
Job Market Outlook
Job Listings
Life as an Analyst
Life as an Associate
Investment Bank List
Making a Trip to New York
After the Cataclysm: Finding an Investment Banking Job in 2010
Best Resources

Investment Banking Explained: An Insider's Guide to the Industry
Provides a complete overview of investment banking in its modern form; defines key terms and discusses the functions of investment banks.
Monkey Business: Swinging through the Wall Street Jungle.
By John Rolfe and Peter Troob.
Many a starry-eyed megalomaniac has followed the siren song of Wall Street. Money, prestige, and power await them as they waltz off into the promised land...or so they think. The promised land, it turns out, is always one more twenty-hour workday ... Monkey Business is the hilarious confession of two young investment bankers.
An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm.
By David Stowell.
Provides a very good introduction to the role of investment banks and how they interact with hedge funds and private equity firms. This book provides a very readable introduction to how the financial system is working now and is a great backgrounder for anything contemplating banking as a career.
Too Big to Fail.
By Andrew Ross Sorkin.
One of the best books ever written about the investment banking industry. Tells the story of the rescue of the banks in the depths of the financial crisis.
Investment Banking Interview Study Guide.
By Sean Miller.
This is a timeless guide to help you in prepping for finance interviews, particularly for Investment Banks and Private Equity funds.
The Best Book on Getting An IBanking Internship: Written By A Former Banking Intern At UBS, JPMorgan, and FT Partners.
By Erin Parker.
Internship expert, Erin, has fought for her spot at top bulge bracket banks and boutique firms. She knows how stressful it can be to face case study questions at interviews, and she wants to help you stand out from the thousands of other applicants to earn your position at JP Morgan. Erin guides you step-by-step from interview preparation to conquering the 90-hour work week. Erin's tips will give you an unfair advantage over your toughest competitors as you network at info sessions, nail your interview questions, and rise to the top of your internship class.

Investment Banking:

Investment Banking:

Going into 2011, the industry has a new landscape following the 2008/09 financial crisis and its attendant stunning failures and near-failures of blue chip firms like Merrill Lynch and Lehman Brothers; bank bailouts; and pronounced slowing of the capital markets. M&A activity has come back strong--stronger, in fact, than other business lines at most of the remaining bulge bracket firms. The two tables below, based on data the New York Times assembled from Thomson Reuters, list the top ten firms by dollar volume of M&A activity from the beginning of 2010 to the end the third quarter. The first table gives worldwide rankings; the second rankings based on US activity. We also have detailed historical listings of top firms, below the second table. Reviewing the similarities and differences between the historical and current league tables is an exercise both instructive and sobering for those pursuing a career in investment banking.

CANADIAN PRIVATE SECTOR REPRESENTATIONS

Extensive experience representing Canadian businesses and financial institutions in public and private placements, cross-border M&A around the globe, acquisition financing, project financing, commercial mortgages, real estate and other matters.



GOVERNMENT OF CANADA REPRESENTATION
We have represented the government of Canada in all of its US dollar financing activity, which has included SEC-registered offerings of US dollar and foreign currency denominated bonds registered on Schedule B, credit facilities with US bank syndicates, the Canada Bills program and a medium-term note program.

We have also represented the Export Development Canada and Canada Mortgage and Housing Corporation, Canadian Federal crown corporations, in all of their respective securities activities in the US, including their US registered offerings, Euro medium-term note offerings and US commercial-paper programs. EDC and CMHC have been particularly frequent and innovative users of the international capital markets. Additionally, we represented the Canada Housing Trust in connection with Rule 144A/Regulation S offerings of Canada Housing Bonds and The Canadian Wheat Board in connection with establishing its multi-billion dollar US commercial paper program.

We were also retained to represent the Ontario Securities Commission to negotiate with the Securities and Exchange Commission regarding the development of the Multijurisdictional Disclosure System with the US, and to provide counsel in the enhancement of the Ontario dealer, self-regulatory and customer protection fund regulatory systems.

Black Gold Drilling LLC

Black Gold Drilling LLC, sponsored by Brazilian conglomerate Grupo Schahin, has closed an $800 million syndicated loan with more than fifteen international financial institutions to finance the development, construction and operation of two semi-submersible drilling platforms that will be built in China and then chartered by Petrobras, Brazil’s state-controlled oil company. The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner Dan Bartfeld, represented the lenders in negotiating, structuring and closing the transaction -- which represents one of the largest Brazilian project financings in the oil and gas sector. The lead arrangers were Mizuho Financial Group, Standard Chartered Bank, UniCredit (HVB) and WestLB, and the syndicate included Chinese banks and the IFC.

Mr. Bartfeld commented, “The transaction highlights the liquidity which exists for well structured transactions in the oil and gas sector. This financing is one of the largest Chinese-related loans ever into Latin America, and highlights the fact that Chinese banks (including China Development Bank) will be a reliable source of liquidity for the sector in the future. Our experience working on many Petrobras-related financings gave us an unparalleled understanding of Brazil’s oil and gas industry, and enabled us to work closely with the lead arrangers to develop a structure that met the needs of all parties.”

Roland Estevez, the lead Milbank associate on the transaction, added, “Despite the current volatility in the global credit markets, the success of this transaction proves the resilience of the market for Latin American companies with attractive growth prospects and solid fundamentals.”

In addition to Mr. Bartfeld and Mr. Estevez, the Milbank team representing the lenders included Global Project Finance associates Brian Murarescu and Ari Bessendorf.

About the transaction:
The $800 million project financing was coordinated by mandated lead arrangers (“MLAs”) Mizuho Corporate Bank, UniCredit, Standard Chartered Bank and WestLB with a syndicate of more than fifteen international lenders, which included the International Finance Corporation and China Development Bank. The MLAs also provided interest rate swaps and foreign currency hedging as part of the transaction.

The proceeds of the $800 million loan to the borrower, Black Gold Drilling LLC, will finance the development, construction and operation of two semi-submersible oil and gas platforms, which are designed to operate at water depths of up to 2,000 meters and 2,400 meters, respectively, each with a drilling depth of 7,500 meters below sea level. The rigs are being built by Singapore’s Yantai Raffles Shipyard Company at its shipyard in China, with delivery expected in 2009 and 2010. The oil rigs will be operated under five and seven-year contracts with Petrobras. Schahin won the two-rig contract from Petrobras as part of a Brazilian government-sponsored program to develop its domestic offshore services industry. The total estimated project cost, including interest during the construction period, is estimated at $1.013 billion.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that is recognized for more than 140 years for providing innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions, including capital markets, corporate finance, project finance, acquisition finance and other major fields of law practice. Milbank clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo and Washington, DC.