It initially seemed fitting for President Barack Obama to accept his party’s nomination for re-election at Bank of America Stadium in Charlotte, North Carolina, on the last night of the Democratic National Convention.
Employees of the Charlotte-based bank whose name is on the stadium and their families made 59 percent of their $3 million in campaign donations to Obama and the Democrats during the 2008 election, according to the Center for Responsive Politics, a Washington-based research group.
This time around, however, Bank of America Corp. employees and their families have switched sides, giving 72 percent of their $2.2 million in campaign contributions to Republicans.
Obama’s expected Republican opponent, former Massachusetts Governor Mitt Romney, got $465,850 of that total, his fourth-largest source of campaign donations, according to the center.
The Democrats’ reversal of financial fortune among Bank of America employees is the third largest among financial institutions, behind employees of Goldman Sachs Group and General Electric Co., as Bloomberg reported today.
A spokeswoman for Bank of America, Shirley Norton, said: “Employees make the decisions about to whom those contributions are made, not the corporation.”