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    Bank of America Corp (BAC)

    Board Change

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    Business Description

    Bank of America Corporation (BAC) operates as a bank holding company and financial holding company, providing a diversified range of banking and nonbank financial services and products through four main business segments . The company offers credit, banking, and investment products and services to consumers, small businesses, affluent and ultra-high net worth clients, corporations, governments, and institutions globally . Bank of America generated $98.6 billion in revenue and $26.5 billion in net income in 2023, with significant contributions from each of its business segments .

    1. Consumer Banking - Offers credit, banking, and investment products and services to consumers and small businesses, primarily driven by credit card loans.

      • Retail Banking - Provides a wide range of financial services to individual consumers.
      • Preferred Banking - Caters to small businesses with specialized banking solutions.

    2. Global Banking - Provides lending-related products, integrated working capital management, treasury solutions, and underwriting and advisory services, driven by new client growth and deepening existing client relationships.

    3. Global Wealth & Investment Management (GWIM) - Delivers investment and wealth management solutions to affluent and ultra-high net worth clients, with client balances increasing due to higher market valuations and positive net client flows.

      • Merrill - Offers investment solutions and financial advice.
      • Private Bank - Focuses on wealth management for ultra-high net worth clients.

    4. Global Markets - Engages in trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals globally, noted for strong performance in sales and trading activities.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Brian T. MoynihanChair of the Board and Chief Executive OfficerJanuary 2010Brian T. Moynihan has been the Chair of the Board since October 2014 and CEO since January 2010. He leads a team of over 200,000 employees and has driven the company's Responsible Growth strategy .
    Alastair M. BorthwickChief Financial OfficerNovember 2021Alastair M. Borthwick has been the CFO since November 2021. He oversees financial management, including accounting, balance sheet management, and corporate treasury .
    Dean C. AthanasiaPresident, Regional BankingOctober 2021Dean C. Athanasia has been President of Regional Banking since October 2021. He has been an executive officer since 2014 and previously led Retail and Preferred & Small Business Banking .
    James P. DeMarePresident, Global MarketsSeptember 2020James P. DeMare has been President of Global Markets since September 2020. He was previously Global Co-Head of FICC Trading and Commercial Real Estate Banking .
    Matthew M. KoderPresident, Global Corporate & Investment BankingDecember 2018Matthew M. Koder has been President of Global Corporate & Investment Banking since December 2018. He was previously President of APAC .
    Geoffrey S. GreenerChief Risk OfficerApril 2014Geoffrey S. Greener has been Chief Risk Officer since April 2014. He previously served as Head of Enterprise Capital Management .
    Lindsay D. HansPresident, Co-Head Merrill Wealth ManagementApril 2023Lindsay D. Hans has been President, Co-Head of Merrill Wealth Management since April 2023. She was previously Head of Private Wealth Management, International and Institutional at Merrill Lynch .
    Kathleen A. KnoxPresident, The Private BankNovember 2017Kathleen A. Knox has been President of The Private Bank since November 2017. She was previously Head of Business Banking .
    Bernard A. MensahPresident, International, CEO of Merrill Lynch Int.August 2020Bernard A. Mensah has been President, International, and CEO of Merrill Lynch International since August 2020. He was previously President of UK and Central and Eastern Europe, the Middle East, Africa .
    Lauren A. MogensenGlobal General CounselNovember 2021Lauren A. Mogensen has been Global General Counsel since November 2021. She was previously Head of Global Compliance & Operational Risk, and Reputational Risk .
    Thong M. NguyenVice Chair, Head of Global Strategy & Enterprise PlatformsN/AThong M. Nguyen serves as Vice Chair, Head of Global Strategy & Enterprise Platforms. The documents do not specify his start date or provide additional biographical details .
    Eric A. SchimpfPresident, Co-Head Merrill Wealth ManagementApril 2023Eric A. Schimpf has been President, Co-Head of Merrill Wealth Management since April 2023. He was previously Pacific Coast Division Executive at Merrill Lynch .
    Thomas M. ScrivenerChief Operations ExecutiveOctober 2021Thomas M. Scrivener has been Chief Operations Executive since October 2021. He was previously Head of Consumer, Small Business & Wealth Management Operations .
    Bruce R. ThompsonVice Chair, Head of Enterprise CreditOctober 2021Bruce R. Thompson has been Vice Chair, Head of Enterprise Credit since October 2021. He was previously Vice Chairman, Head of Institutional Credit Exposure Management .

    Questions to Ask Management

    1. Despite significant investments in digital capabilities, your efficiency ratio has been deteriorating; how do you plan to enhance operational efficiency and return to consistent positive operating leverage?
    2. With the current rate environment impacting deposit growth and higher-end balances showing outflows, what strategies are you employing to stabilize deposits and attract new funds?
    3. Considering the potential for more favorable Basel III final rules than initially proposed, how might this influence your capital return plans, and are you prepared to increase shareholder distributions?
    4. As the net interest income is sensitive to rate movements, especially with floating-rate loans, how are you managing interest rate risk, and what impact do you anticipate from potential future rate cuts?
    5. Given the decline in commercial real estate loans and ongoing challenges in that sector, how are you addressing credit risks in your portfolio, and what is your outlook on asset quality, particularly in commercial real estate?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateOctober 2021 July 24, 2024
    End Date/DurationModified in September 2023 Effective August 1, 2024
    Total Additional Amount$25 billion $25 billion
    Remaining AuthorizationN/A$22,375 million as of September 30, 2024
    DetailsModified to include repurchases for equity-based compensation plans Replaces previous authorization; influenced by capital position, liquidity, and market conditions

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20241,762 Structured Liabilities, Nonbank VIEs N/A0.6% = (1,762 / 296,927) * 100
    202536,117 Senior Notes, Subordinated Notes, Structured Liabilities, etc. N/A12.2% = (36,117 / 296,927) * 100
    202643,388 Senior Notes, Subordinated Notes, Structured Liabilities, etc. N/A14.6% = (43,388 / 296,927) * 100
    202731,074 Senior Notes, Subordinated Notes, Junior Subordinated Notes, etc. N/A10.5% = (31,074 / 296,927) * 100
    202834,354 Senior Notes, Subordinated Notes, Structured Liabilities, etc. N/A11.6% = (34,354 / 296,927) * 100
    Thereafter150,232 Senior Notes, Subordinated Notes, Structured Liabilities, etc. N/A50.6% = (150,232 / 296,927) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers, LLP1958 PresentCurrent auditor

    Latest news

    Recent developments and announcements about BAC.

    Corporate Leadership

      Board Change

      ·
      6 days ago

      Maria Martinez has been appointed to the Bank of America Board of Directors, effective immediately. She brings over four decades of experience in technology and telecommunications, including leadership roles at Cisco Systems, Salesforce, Microsoft, Motorola, and AT&T Bell Laboratories. Martinez will also serve on the Board's Corporate Governance, ESG, and Sustainability Committee and its Enterprise Risk Committee.