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 .
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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.
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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.
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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.
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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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian T. Moynihan ExecutiveBoard | Chairman of the Board and Chief Executive Officer | None specified in documents | Brian T. Moynihan has been with BAC since January 2010 as President and CEO, and Chair of the Board since October 2014. He has focused on responsible growth and improved financial performance. | View Report → |
Alastair M. Borthwick Executive | Chief Financial Officer | None specified in documents | Alastair M. Borthwick has been CFO since November 2021 and was previously President of Global Commercial Banking. | |
Dean C. Athanasia Executive | President of Regional Banking | None specified in documents | Dean C. Athanasia has held various leadership roles at BAC, including President of Retail and Preferred & Small Business Banking. | |
James P. DeMare Executive | President, Global Markets | None specified in documents | James P. DeMare oversees BAC's Global Markets business and achieved record sales and trading revenue in 2023. | |
Matthew M. Koder Executive | President, Global Corporate and Investment Banking | None specified in documents | Matthew M. Koder has been President of Global Corporate and Investment Banking since December 2018. | |
Arnold W. Donald Board | Director | Former President and CEO of Carnival Corporation & Carnival plc | Arnold W. Donald is a Director at BAC with a background in leadership at Carnival Corporation. | |
Clayton S. Rose Board | Director | Baker Foundation Professor of Management Practice at Harvard Business School | Clayton S. Rose is a Director at BAC and a professor at Harvard Business School. | |
Denise L. Ramos Board | Director | Former CEO and President of ITT Inc. | Denise L. Ramos is a Director at BAC with a background in leadership at ITT Inc.. | |
Jos\u00e9 E. Almeida Board | Director | Chairman, President, and CEO of Baxter International Inc. | Jos\u00e9 E. Almeida is a Director at BAC and has extensive leadership experience, including roles at Baxter International and Covidien. | |
Linda P. Hudson Board | Director | Former Executive Officer of The Cardea Group, LLC | Linda P. Hudson is a Director at BAC and has held executive roles at BAE Systems, Inc.. | |
Lionel L. Nowell III Board | Lead Independent Director | Former Senior Vice President and Treasurer at PepsiCo, Inc. | Lionel L. Nowell III is the Lead Independent Director at BAC with a background in finance at PepsiCo. | |
Maria Martinez Board | Director | Director at Tyson Foods Inc. and McKesson Corporation | Maria Martinez is a Director at BAC with a background in technology leadership at Cisco Systems and other major corporations. | |
Maria T. Zuber Board | Director | Vice President for Research and E.A., Griswold Professor of Geophysics at MIT | Maria T. Zuber is a Director at BAC and holds a leadership role at MIT. | |
Michael D. White Board | Director | Lead Director of Kimberly-Clark Corporation | Michael D. White is a Director at BAC and has held leadership roles at DIRECTV and Kimberly-Clark Corporation. | |
Monica C. Lozano Board | Director | Lead Independent Director at Target Corporation | Monica C. Lozano is a Director at BAC and has held leadership roles at the College Futures Foundation and US Hispanic Media Inc.. | |
Pierre J.P. de Weck Board | Director | Former Chairman and Global Head of Private Wealth Management at Deutsche Bank AG | Pierre J.P. de Weck is a Director at BAC with a background in private wealth management. | |
Sharon L. Allen Board | Director | Former Chairman of Deloitte LLP | Sharon L. Allen is a Director at BAC and has a background in leadership at Deloitte LLP. | |
Thomas D. Woods Board | Director | Former Vice Chairman and Senior Executive Vice President of CIBC | Thomas D. Woods is a Director at BAC with a background in finance at CIBC. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during BANK OF AMERICA CORP /DE/ earnings calls.
Betsy Graseck
Morgan Stanley
4 questions for BAC
Gerard Cassidy
RBC Capital Markets
4 questions for BAC
James Mitchell
Seaport Global Holdings LLC
4 questions for BAC
Matthew O'Connor
Deutsche Bank
4 questions for BAC
Erika Najarian
UBS
3 questions for BAC
Glenn Schorr
Evercore ISI
3 questions for BAC
John McDonald
Truist Securities
3 questions for BAC
Michael Mayo
Wells Fargo
3 questions for BAC
Ken Usdin
Autonomous Research
2 questions for BAC
Steven Chubak
Wolfe Research
2 questions for BAC
Vivek Juneja
JPMorgan Chase & Co.
2 questions for BAC
Christopher McGratty
Keefe, Bruyette & Woods
1 question for BAC
Hang Leung
Wolfe Research
1 question for BAC
L. Erika Penala
UBS
1 question for BAC
Mike Mayo
Wells Fargo
1 question for BAC
Steven Alexopoulos
JPMorgan Chase & Co.
1 question for BAC
Recent press releases and 8-K filings for BAC.
- Bank of America will redeem on October 27, 2025 all €1,750,000,000 principal amount of its 1.949% Fixed/Floating Rate Senior Notes due October 27, 2026.
- The redemption price is €1,000 per €1,000 plus accrued and unpaid interest to, but excluding, the redemption date; interest will cease to accrue on that date.
- Payments will be made via Euroclear Bank and Clearstream Banking procedures; Citibank, N.A., London Branch serves as Principal Agent and Citibank Europe plc as Registrar.
- Following the redemption, Bank of America will request the FCA and London Stock Exchange to cancel listing and trading of the notes as soon as practicable.
- Bank of America will redeem on October 24, 2025 all $2,500,000,000 of its 1.197% Fixed/Floating Rate Senior Notes due October 2026 at 100% of principal plus accrued and unpaid interest.
- Interest on the Notes will cease to accrue on the redemption date of October 24, 2025.
- Payment will be made through The Depository Trust Company, with The Bank of New York Mellon Trust Company, N.A. as trustee and paying agent.
- Bank of America shares rose about 4% on strong third-quarter results, helping drive the S&P 500 to a three-day winning streak.
- The six largest U.S. banks earned nearly $41 billion, a 19% year-over-year increase, driven by robust deal-making and trading activity.
- UBS projects S&P 500 Q3 earnings per share to rise about 10%, supported by resilient consumer spending, a positive labor market, and ongoing AI investment growth.
- An investment consortium including BlackRock, Microsoft, and Nvidia plans a $40 billion data-center acquisition, boosting technology and data-center stocks.
- Bank of America delivered $28.2 B total revenue (+11% YoY) and $1.06 EPS (+31% YoY); ROTCE rose to 15.4% and efficiency ratio improved below 62%.
- Net interest income (FTE) reached a record $15.4 B (+9% YoY); average deposits surpassed $2 T (+4% YoY) and average loans reached $1.15 T (+9% YoY).
- Investment banking fees topped $2 B (+43% YoY), sales & trading revenue grew 8% (14th consecutive YoY increase), and asset management fees rose 12%; returned $7.4 B to shareholders via dividends and buybacks.
- Net charge-offs fell 10% QoQ to $1.4 B (0.47% NCO ratio) with a modest reserve release and non-performing loans down 19% QoQ, reflecting sound asset quality.
- For Q4 2025, NII is expected at the high end of $15.5–15.7 B (≈8% YoY growth); full-year 2026 NII growth projected at 5–7% driven by core loan/deposit growth and asset repricing.
- Bank of America reported 3Q25 revenue of $28.1 billion, up 11% YoY, and net income of $8.5 billion (EPS $1.06, +31% YoY).
- Net interest income rose 9% YoY to $15.2 billion (FTE $15.4 billion), while noninterest income grew 13% YoY to $12.9 billion, driven by a 43% YoY increase in investment banking fees and 9% growth in sales & trading.
- Loans reached $1.2 trillion (+8% YoY) and deposits $2.0 trillion (+4% YoY); CET1 ratio was 11.6%, well above regulatory minimum.
- The bank delivered 5.6% operating leverage, an efficiency ratio of 62%, ROE of 11.5%, and ROTCE of 15.4%.
- 4Q25 net interest income is expected at $15.6–15.7 billion, up ~8% vs. 4Q24.
- Revenue of $28.0 B, up 11% YoY; EPS of $1.06, up 31% YoY; ROTCE of 15.4%
- Net interest income reached a record $15.4 B FTE, up 9% YoY; net interest yield improved 7 bps QoQ; Q4 NII expected at $15.6 B+, and 2026 NII growth guided at 5–7%
- Expenses of $17.3 B, up 5% YoY; efficiency ratio below 62% overall and sub-50% in Consumer Banking; Q4 expenses expected to be flat
- Segment results: Consumer Banking net income $3.4 B (+28% YoY); Wealth & Investment Management $1.3 B (+19%); Global Banking $2.1 B (+12%); Global Markets revenue +8% (14th straight quarter of YoY growth)
- Asset quality remains sound: net charge-offs $1.4 B (–10% QoQ), NCO ratio 47 bps, with stable consumer and commercial loss trends
- Net income of $8.5 billion or $1.06 per share, surpassing the $0.95 estimate.
- Total net banking income of $28.1 billion, led by a record $15.2 billion in net interest income, up 9% year-over-year.
- Investment banking fees rose 43% to $2 billion, alongside asset management growth of 10% and market trading up 9%.
- Efficiency ratio improved to 62% and ROATCE climbed to 15.4%; Q4 net interest income guidance raised to $15.6–15.7 billion.
- Reported net income of $8.5 B and EPS of $1.06, up 23% and 31% YoY respectively; return on common equity was 11.5%.
- Delivered total revenue of $28.1 B, an 11% YoY increase, led by net interest income (+9%), investment banking fees (+43%) and sales & trading (+9%).
- Achieved average deposits of $1.99 T (+4% YoY) and average loans of $1.15 T (+9% YoY); CET1 ratio remained strong at 11.6%.
- Returned capital to shareholders with $2.1 B in common dividends and $5.3 B of share repurchases in the quarter.
- Bank of America raised its 12-month price target for the S&P 500 to 7,200, implying an 8% gain driven by solid corporate earnings growth rather than multiple expansion.
- Analysts cite improved operating leverage, efficiency gains, and broader capital expenditures in AI, energy, and financial services as key profit drivers.
- BofA and Deutsche Bank warn that delays in AI monetization could prompt capital raising and market derating, underscoring AI’s role in sustaining U.S. economic growth.
- BofA’s EPS Surprise indicator flipped positive, and its updated 12-month EPS estimate for the S&P 500 is $271 per share, slightly below consensus.
- U.S. consumer and commercial portfolios remain healthy, with card spending up 4.5% YTD 2025, checking balances multiples above pre-COVID levels, unemployment at 4.3%, and continued stability in commercial asset quality including improvements in office CRE performance.
- Global Markets achieves its 14th consecutive quarter of year-over-year revenue growth, while Investment Banking fees are up approximately 15% in Q3, driven by robust client repositioning activity.
- Net Interest Income is on track to rise 6–7% in FY25 to $15.5–15.7 billion, with Q3 expected around $15.2 billion, setting a new company record if achieved.
- Strong capital position supports strategic returns: dividend increased 7–8% in FY25, and $5.25 billion of share buybacks in Q2, alongside continued loan growth.
- Technology and AI investments accelerate efficiency and client experience, with $13 billion in total tech spend (including $4 billion of new code) and 20 million users of the “Erika” digital assistant generating 3 billion interactions.