The bank sent this statement to CNBC:
"We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an 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."
A number of companies have terminated their business partnerships with the National Rifle Association due to the rising outcry against the gun group after the deadly shooting at a Parkland, Florida high school last week.
Delta and United Airlines said on Saturday they will end group airfare discounts for NRA members and they were in the process of informing the gun group of this decision.
Axios was the first to report on Bank of America's statement.