According to this, maybe so:
"Today's New York Times features the behind-the-scenes story of Bank of America's version of U2's "One" performed at a corporate conference celebrating their merger with MBNA. Watch it now, then read on...Quicktime download This clip could have come right out of an episode of The Office, but it is no fake - proving once again that The Office is closer to reality TV than any of those 'reality' shows could ever hope to be. That really is the BoA brass, and the song is performed by Ethan Chandler, Manhattan bank manager by day, sensitive rocker by night (favorite band: Counting Crows).
"The video is a hoot, and works on so many levels. It shows the crassness of corporate culture (especially those inspirational conferences) while simultaneously reminding us that artistic expression is such a hard-to-control beast. I'm no U2 fan (okay, maybe once, long long ago), but I'm pretty sure they had no intention of their song being co-opted to represent bank mergers, NASCAR, office teamwork, or dissing Capital One."
I'm pretty sure they wouldn't have a problem with it.