BANK OF AMERICA CORP /DE/ (BAC) Company Report

Gold futures climbed above $4,300/oz in October 2025, marking 35 new all-time highs and a 61% year-to-date rally in 2025.
Bank of America lifted its 2026 gold price forecast to $5,000/oz (average: $4,400/oz), noting that a 28% growth in investment demand could push prices toward $6,000/oz.
Blue Hat Interactive sold 123 kg of gold in H1 2025 for $4.87 million in profit and currently holds over 1 ton of gold (unrealized gains > $25 million since August 2024).

Nov 7, 2025, 2:00 PM

Press Release

Bank of America raises profitability targets and plans U.S. expansion

BAC

Guidance Update

New Projects/Investments

Bank of America raised its medium-term ROTCE target to 16–18% (up from mid-teens) and set an efficiency ratio goal of 55–59%
Projects net interest income to grow 5–7% annually and EPS to rise at least 12% annually over the next five years
Plans to expand into six additional U.S. cities by 2028, accessing $222 billion in deposits and covering 85% of U.S. households
Aims to increase its investment banking fee share by 50–100 bps and boost trading revenue share to 9% (from 7.6%)

Nov 5, 2025, 8:48 PM

Bloomberg

Bank of America outlines Investor Day 2025 growth strategy and guidance

BAC

Guidance Update

New Projects/Investments

Bank of America presented a multi-year growth plan across its eight lines of business, emphasizing digital and AI investments: 49 million active digital users (79% adoption), 66% of sales via digital in Q3, and 500 million Erica interactions in 2025 year-to-date.
Consumer & Wealth: consumer deposits at $947 billion (+34% since 2019) with $41.4 billion revenue and $10.8 billion net income in 2024; wealth management serves 2 million clients with $4.6 trillion AUM, $23 billion revenue, and a 25% pretax margin.
Corporate & Commercial: corporate banking generated $10 billion revenue (+20% since 2019) with deposits up $210 billion since 2015; combined small & mid-market banking now covers 3.5 million client relationships, $200 billion deposits, $40 billion loans, and holds 27% share of mid-market companies.
Expansion & productivity: plans to enter six new U.S. markets by 2027 (adding 2.4 million households and $222 billion deposits to reach 85% population coverage) and doubled the small/business salesforce; deploying AI tools to boost advisor and staff productivity.
NII guidance: expects 6–7% net interest income growth in 2025 (including a $1.2 billion tailwind from fixed-rate asset repricing) and targets 5–7% CAGR over the next five years.

Nov 5, 2025, 2:00 PM

Transcript

Bank of America outlines Investor Day 2025 strategic priorities

BAC

Guidance Update

New Projects/Investments

Four growth pillars: integrated advice across client life cycles; strengthening local market presence; holistic relationships spanning personal, business, wealth, and workplace solutions; and reinvesting in digital and technology leadership to scale efficiently.
Medium-term financial targets: 4–5% CAGR in deposits and loans, net interest yield recovery to 2.3–2.4%, and 16–18% RoTCE, underpinned by disciplined ~4% expense CAGR and AI-driven operating leverage.
Technology and innovation investments: over $100 billion spent on technology over the past decade, with a $13 billion annual tech budget in 2025 (including $4 billion in code initiatives) and $1 billion per year in payments technology to enhance platforms like Erica and CashPro.
Capital return and flexibility: CET1 ratio at 11.6% (vs. 10% requirement), with ~30% of earnings paid as dividends and remaining capital available for share buybacks, supporting continued client investment and shareholder returns.

Nov 5, 2025, 2:00 PM

Transcript

Bank of America, JPMorgan predict Fed ending quantitative tightening this month

BAC

Bank reserves dropped to approximately $2.93 trillion as of the week ending October 22, the lowest level since early January, highlighting rapid liquidity tightening.
Strategists at JPMorgan and Bank of America now expect the Fed to halt its quantitative tightening (QT) process this month once reserves reach just-above-ample levels.
The end of QT is forecast to ease funding pressures, potentially lowering Treasury yields and bolstering risk assets, with further policy rate cuts to 3.75%–4% likely.
A government shutdown is limiting the Fed’s access to key economic data, complicating monetary policy decisions amid these shifts.

Oct 23, 2025, 5:31 PM

Bloomberg

Bank of America redeems €1.75 billion 1.949% senior notes

BAC

Debt Issuance

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.

Oct 17, 2025, 11:00 AM

Press Release

Bank of America Redeems $2.5B 1.197% Senior Notes Due 2026

BAC

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.

Oct 16, 2025, 8:15 PM

Press Release

Bank of America earnings fuel S&P 500 three-day gain

BAC

Earnings

M&A

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.

Oct 15, 2025, 4:07 PM

WSJ

Bank of America reports Q3 2025 earnings

BAC

Earnings

Share Buyback

Guidance Update

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.

Oct 15, 2025, 12:30 PM

Transcript

Bank of America reports Q3 2025 results

BAC

Earnings

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.

Oct 15, 2025, 12:30 PM

Presentation

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