Goldman Sachs will replace Bank of America on the Dow Jones Industrial Average as the index looks to give financial services a greater representation.

The 30-member index, which allots influence based on price rather than market value, removed three companies with the lowest stock price, including Hewlett-Packard and Alcoa, and also added Visa and Nike in its largest shift since April 2004.

“The index changes were prompted by the low stock price of the three companies slated for removal and the Index Committee’s desire to diversify the sector and industry group representation of the Index,” the group said in a statement.

Goldman Sachs traded at $164.44 as of 11 a.m. and was up more than 3% on the day. The bank and payments provider Visa join three other financial companies already on the exchange, including JPMorgan Chase, Travelers, and American Express.

“We are pleased to join this historic and significant market benchmark, and remain dedicated to delivering value for our shareholders as a member of the Dow 30,” Goldman Sachs said in an emailed statement.

Despite a 109% increase in stock price in 2012, Bank of America, which was trading at $14.67 as of 11 a.m., constituted less than 3% of the total index, according to David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. Bank of America is still trading at more than 70% below its high of $54.90 reached in November of 2006, according to data from Bloomberg.

“Stocks at the top carried a huge weight, so we tried to redress that,” Blitzer said in a conference call. “Financials are now weighted very close to what it is in the S&P 500.”

Bank of America said the decision would have no affect on its business or strategy.

"In fact, Bank of America was the leading performer in the Dow Jones index in 2012, is outperforming the index again so far this year, and our market capitalization has nearly doubled in the past year," a spokesman for Bank of America, Jerry Dubrowski, explained in an email. "So we will continue to focus on building capital and liquidity and sharpening our focus on serving our customers and clients.”

The changes go into effect at the close of trading on September 23.