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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.
| 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?
Recent developments and announcements about BAC.
Earnings
New Earnings (Q4 2024)
·Mar 6, 2025, 11:45 PMView full earnings summary →BAC Q4 2024: Stable credit quality (~50-60bps net charge-offs) and deposit growth for six straight quarters (adding 1M+ new checking accts). Management projects 6%-7% NII growth in 2025, driven by strong loan demand and digital capabilities.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMLeadership ChangesView full 8-K filing →Bank of America announces a change in its accounting leadership. Effective March 1, 2025, Johnbull Okpara is named Chief Accounting Officer, with an annual salary of $600,000 and a minimum incentive award of $5,400,000.