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 **[0000070858-24-000208_bac-20240630.htm:6]** **[0000070858-24-000122_bac-20231231.htm:66]** **[0000070858-24-000122_bac-20231231.htm:5]**. 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 **[0001193125-24-064529_d529855ddef14a.htm:85]**. 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 **[0001193125-24-064529_d529855ddef14a.htm:6]**.

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.

972e1e640a18d5e59b7c2f73fbb8d52bd4cbab2d3418edcb1f116f4054ea515a

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

790530e22cd034997d4ebf5cb4353859ebac394f57d5b6d3f773e2c8a1e77f9b

| Segment/Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Consumer Banking ($ million) | **10,782**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **10,706**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **10,524**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **10,472**  **[0000070858-23-000264_bac09302023ex991.htm:19]**  | **10,329**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **10,166**  **[0000070858-24-000144_bac03312024ex991.htm:19]**  | **10,206**  **[0000070858-24-000186_bac06302024ex991.htm:19]**  | **10,418**  **[0000070858-24-000266_bac09302024ex991.htm:19]**  |
| GWIM ($ million) | **5,410**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **5,315**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **5,242**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **5,321**  **[0000070858-23-000264_bac09302023ex991.htm:19]**  | **5,227**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **5,591**  **[0000070858-24-000144_bac03312024ex991.htm:19]**  | **5,574**  **[0000070858-24-000186_bac06302024ex991.htm:19]**  | **5,762**  **[0000070858-24-000266_bac09302024ex991.htm:19]**  |
| Global Banking ($ million) | **6,438**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **6,203**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **6,462**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **6,203**  **[0000070858-23-000264_bac09302023ex991.htm:19]**  | **5,928**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **5,980**  **[0000070858-24-000144_bac03312024ex991.htm:19]**  | **6,053**  **[0000070858-24-000186_bac06302024ex991.htm:19]**  | **5,834**  **[0000070858-24-000266_bac09302024ex991.htm:19]**  |
| Global Markets ($ million) | **3,861**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **5,626**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **4,871**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **4,942**  **[0000070858-23-000264_bac09302023ex991.htm:19]**  | **4,088**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **5,883**  **[0000070858-24-000144_bac03312024ex991.htm:19]**  | **5,459**  **[0000070858-24-000186_bac06302024ex991.htm:19]**  | **5,630**  **[0000070858-24-000266_bac09302024ex991.htm:19]**  |
| All Other ($ million) | **(1,836)**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **(1,458)**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **(1,767)**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **(1,618)**  **[0000070858-23-000264_bac09302023ex991.htm:19]**  | **(3,468)**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **(1,644)**  **[0000070858-24-000144_bac03312024ex991.htm:19]**  | **(1,755)**  **[0000070858-24-000186_bac06302024ex991.htm:19]**  | **(2,152)**  **[0000070858-24-000266_bac09302024ex991.htm:19]**  |
| Total Revenue ($ million) | **24,655**  **[0000070858-23-000005_bac-12312022ex991.htm:19]**  | **26,392**  **[0000070858-23-000131_bac-03312023ex991.htm:19]**  | **25,332**  **[0000070858-23-000166_bac06302023ex991.htm:19]**  | **25,320**  **[0000070858-23-000264_bac-09302023ex993.htm:12]**  | **22,104**  **[0000070858-24-000011_bac12312023ex991.htm:20]**  | **25,976**  **[0000070858-24-000144_bac-03312024ex993.htm:11]**  | **25,537**  **[0000070858-24-000186_bac-06302024ex993.htm:12]**  | **25,492**  **[0000070858-24-000266_bac-09302024ex993.htm:12]**  |

f30054ebf07c0cdd3827db8c70efd003f7e446f0e031c6a7251313b6e8bd4ff0

| Metric / Quarter                                      | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Active Digital Banking Users (millions)               | **44**  **[0000070858-23-000005_bac-12312022ex991.htm:4]**  | **44.962**  **[0000070858-23-000131_bac-03312023ex993.htm:14]**  | **46**  **[BAC_3254790_1]** **[0000070858-23-000166_bac06302023ex991.htm:4]**  | **46**  **[0000070858-23-000264_bac09302023ex992.htm:2]** **[0000070858-23-000264_bac09302023ex991.htm:4]**  | **46**  **[0000070858-24-000011_bac12312023ex991.htm:4]**  | **47**  **[0000070858-24-000144_bac03312024ex991.htm:4]**  | **47**  **[BAC_3393370_2]** **[0000070858-24-000186_bac06302024ex991.htm:4]**  | **48**  **[BAC_3402831_2]** **[0000070858-24-000266_bac09302024ex991.htm:4]**  |
| Active Mobile Banking Users (millions)                | **35.5**  **[0000070858-23-000005_bac-12312022ex991.htm:4]**  | **36.3**  **[0000070858-23-000131_bac-03312023ex991.htm:4]** **[0000070858-23-000131_bac-033312023ex992.htm:8]**  | **37.3**  **[0000070858-23-000166_bac06302023ex991.htm:4]**  | **37.5**  **[0000070858-23-000264_bac09302023ex991.htm:4]**  | **37.9**  **[0000070858-24-000011_bac12312023ex991.htm:4]**  | **38.5**  **[0000070858-24-000144_bac03312024ex991.htm:4]** **[0000070858-24-000144_bac-03312024ex993.htm:14]**  | **39.0**  **[0000070858-24-000186_bac06302024ex991.htm:4]**  | **39.6**  **[0000070858-24-000266_bac09302024ex991.htm:4]**  |
| Net Investment in Leveraged Lease Trusts (billion USD)| **1.2**  **[0000070858-23-000092_bac-20221231.htm:240]**  | **1.2**  **[0000070858-23-000142_bac-20230331.htm:121]**  | **1.2**  **[0000070858-23-000176_bac-20230630.htm:138]**  | **1.2**  **[0000070858-23-000272_bac-20230930.htm:137]**  | **1.1**  **[0000070858-24-000122_bac-20231231.htm:239]**  | **1.1**  **[0000070858-24-000156_bac-20240331.htm:118]**  | **1.1**  **[0000070858-24-000208_bac-20240630.htm:131]**  | **1.0**  **[0000070858-24-000280_bac-20240930.htm:136]**  |
| Nonperforming Commercial Loans and Leases (%)         | **0.18%**  **[0000070858-23-000005_bac-12312022ex992.htm:7]**  | **0.20%**  **[0000070858-23-000142_bac-20230331.htm:51]**  | **0.24%**  **[0000070858-23-000176_bac-20230630.htm:63]** **[0000070858-23-000166_bac06302023ex992.htm:9]**  | **0.35%**  **[0000070858-23-000272_bac-20230930.htm:62]** **[0000070858-23-000264_bac09302023ex992.htm:8]**  | **0.47%**  **[0000070858-24-000122_bac-20231231.htm:128]** **[0000070858-24-000011_bac12312023ex992.htm:7]**  | **0.54%**  **[0000070858-24-000156_bac-20240331.htm:49]**  | **0.47%**  **[0000070858-24-000208_bac-20240630.htm:57]**  | **0.48%**  **[0000070858-24-000280_bac-20240930.htm:62]** **[0000070858-24-000266_bac09302024ex992.htm:7]**  |
| Criticized Utilized Exposure (billion USD)            | **19.3**  **[0000070858-23-000005_bac-12312022ex992.htm:7]**  | **19.8**  **[0000070858-23-000142_bac-20230331.htm:105]** **[0000070858-23-000142_bac-20230331.htm:49]** **[0000070858-23-000142_bac-20230331.htm:46]**  | **21.5**  **[0000070858-23-000176_bac-20230630.htm:60]** **[0000070858-23-000176_bac-20230630.htm:120]** **[0000070858-23-000166_bac06302023ex992.htm:9]**  | **23.7**  **[0000070858-23-000272_bac-20230930.htm:118]** **[0000070858-23-000272_bac-20230930.htm:59]** **[0000070858-23-000264_bac09302023ex992.htm:8]**  | **23.3**  **[0000070858-24-000011_bac12312023ex992.htm:7]**  | **24.5**  **[0000070858-24-000156_bac-20240331.htm:104]** **[0000070858-24-000156_bac-20240331.htm:47]** **[0000070858-24-000144_bac03312024ex992.htm:7]**  | **24.8**  **[0000070858-24-000208_bac-20240630.htm:55]** **[0000070858-24-000208_bac-20240630.htm:113]**  | **27.4**  **[0000070858-24-000280_bac-20240930.htm:119]**  |

5055e5c2d7c2906fdae75c12b45322942f49f8c2a2a89a7cecfab68e002e981f

| Geographical Segment | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **U.S. (USD Million)** | **21,393**  **[0000070858-24-000122_bac-20231231.htm:313]**  | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |
| **Asia (USD Million)** | **1,238**  **[0000070858-24-000122_bac-20231231.htm:313]**   | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |
| **Europe, Middle East, and Africa (USD Million)** | **1,598**  **[0000070858-24-000122_bac-20231231.htm:313]**  | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |
| **Latin America and the Caribbean (USD Million)** | **421**  **[0000070858-24-000122_bac-20231231.htm:313]**    | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     |

536b501954f774797fa740a6016d66cb66f33e4227313cbfafbac7969b6fcd99

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?

8d9266863e6f38ab37b40f0feedbf42fbb3e127a354cd2ffab08f814c2e1ba2f

a7730eaf4a94f64e7856ff30754336a91fb133ceec41b49fe4cb0bcf0c17e2d8

Active Digital Banking Users (millions)

Active Mobile Banking Users (millions)

Net Investment in Leveraged Lease Trusts (billion USD)

Nonperforming Commercial Loans and Leases (%)

Criticized Utilized Exposure (billion USD)

97a2a2869b1746b7b54adc44e8618fbee7a415a18f003cea10827c26b96155e7

3eaaf9584b5c357cc49be532edef84037765b4954a45ab1ee1bf627339d76ccc

3d77a9be0bc866080b65cb3eebe96f94d827f426b12200f1d1cd2041782000be

### Q3 2024 Earnings Call (Guidance for Q4 2024)
- **Net Interest Income (NII):** Expected to grow in Q4 2024, targeting **$14.3 billion or more** on a fully tax equivalent basis.
- **Expenses:** Expected to be in line with Q3, which were **$16.5 billion**.
- **Headcount:** No significant change expected.
- **Operating Leverage:** Anticipated return as NII grows.
- **Capital Strategy:** Continued share buybacks, with **$3.5 billion** repurchased in Q3 2024.
- **Efficiency Ratio:** Aim to improve as NII grows.
- **Deposit Growth:** Modest increases expected in loans and deposits.
- **Interest Rate Sensitivity:** A 100 basis point increase would benefit NII by **$1.8 billion**, while a decrease would reduce it by **$2.7 billion**  **[BAC_3402831_5]** **[BAC_3402831_6]** **[BAC_3402831_16]** **[BAC_3402831_18]** .

### Q2 2024 Earnings Call (Guidance for Q3 2024 and Q4 2024)
- **Net Interest Income (NII):** Q2 2024 was the trough, with growth expected in Q3 and Q4. Q4 NII projected around **$14.5 billion**.
- **Net Charge-Offs:** Expected to be lower in the second half of 2024.
- **Deposit Growth:** Low single-digit growth expected.
- **Loan Growth:** Low single-digit growth anticipated.
- **Capital Ratios:** CET1 ratio stable at **11.9%**  **[BAC_3393370_9]** **[BAC_3393370_6]** **[BAC_3393370_4]** **[BAC_3393370_5]** **[BAC_3393370_3]** .

### Q1 2024 Earnings Call (Guidance for Q2 2024 and the back half of 2024)
- **Net Interest Income (NII):** Expected to approach **$14 billion** in Q2, with growth in the latter half of 2024.
- **Deposits and Loans:** Low single-digit loan growth and moderate deposit growth expected.
- **Expenses:** Expected to decline from Q1's **$17.2 billion**.
- **Efficiency Ratio:** Expected to improve.
- **Credit Quality:** Consumer net charge-offs expected to level out.
- **Capital and Liquidity:** CET1 ratio at **11.8%**  **[BAC_3379863_5]** **[BAC_3379863_6]** **[BAC_3379863_7]** **[BAC_3379863_4]** **[BAC_3379863_11]** .

### Q4 2023 Earnings Call (Guidance for Q1 2024 and FY 2024)
- **Net Interest Income (NII):** Expected to decline slightly in the first half of 2024, then stabilize.
- **Loan Growth:** Low to mid-single-digit growth expected.
- **Expense:** Q1 2024 expenses expected around **$16.4 billion**.
- **Deposit Growth:** Moderate growth expected.
- **Asset Sensitivity:** A 100 basis point shift expected to result in **$3.5 billion** NII over 12 months  **[BAC_3370240_8]** **[BAC_3370240_11]** **[BAC_3370240_7]** .

These summaries provide a comprehensive view of the guidance metrics and the periods they were issued for.

d170a9843745974c5382b97ef908848245d68ff6dd26f060880cb08238a2d67a

**Annual guidance for FY 2025:**
- **Expense Growth**: 2% to 3%  **[BAC_3412708_20]**  (no prior guidance)  
- **Net Interest Income (NII)**: 6% to 7% higher  **[BAC_3412708_4]**  (no prior guidance)  
- **Net Charge-Off Ratio**: 50 to 60 basis points  **[BAC_3412708_6]**  (no prior guidance)  
- **Tax Rate**: 11% to 13%  **[BAC_3412708_8]**  (no prior guidance)  
- **Capital (CET1 ratio)**: Maintain above requirement with 50 bps buffer  **[BAC_3412708_24]**  (no prior guidance)  

5e62e87a0d1632eba7ca89927cbfe662a334ea4fbcecae62413df50c5274027e

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

Non-U.S.

- Asia

- Europe, Middle East, Africa

- Latin America, Caribbean

Total Revenue

d60f541e7583b54e2ce2001beeea186889182afa4bd1dfcdbe79ebf8bc0301f6

| Name                  | Position                                           | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------------|----------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Brian T. Moynihan     | Chair of the Board and Chief Executive Officer     | January 2010     | Brian 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  **[0001193125-24-064529_d529855ddef14a.htm:27]** **[0000070858-24-000122_bac-20231231.htm:326]** .                                      |
| Alastair M. Borthwick | Chief Financial Officer                            | November 2021    | Alastair M. Borthwick has been the CFO since November 2021. He oversees financial management, including accounting, balance sheet management, and corporate treasury  **[0000070858-24-000122_bac-20231231.htm:325]** **[0001193125-24-064529_d529855ddef14a.htm:88]** .                                                                     |
| Dean C. Athanasia     | President, Regional Banking                        | October 2021     | Dean 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  **[0000070858-24-000122_bac-20231231.htm:325]** **[0001193125-24-064529_d529855ddef14a.htm:89]** .                                               |
| James P. DeMare       | President, Global Markets                          | September 2020   | James 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  **[0000070858-24-000122_bac-20231231.htm:325]** .                                                                             |
| Matthew M. Koder      | President, Global Corporate & Investment Banking   | December 2018    | Matthew M. Koder has been President of Global Corporate & Investment Banking since December 2018. He was previously President of APAC  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                                                       |
| Geoffrey S. Greener   | Chief Risk Officer                                 | April 2014       | Geoffrey S. Greener has been Chief Risk Officer since April 2014. He previously served as Head of Enterprise Capital Management  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                                                            |
| Lindsay D. Hans       | President, Co-Head Merrill Wealth Management       | April 2023       | Lindsay 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  **[0000070858-24-000122_bac-20231231.htm:326]** .                                          |
| Kathleen A. Knox      | President, The Private Bank                        | November 2017    | Kathleen A. Knox has been President of The Private Bank since November 2017. She was previously Head of Business Banking  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                                                                   |
| Bernard A. Mensah     | President, International, CEO of Merrill Lynch Int.| August 2020      | Bernard 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  **[0000070858-24-000122_bac-20231231.htm:326]** .                                   |
| Lauren A. Mogensen    | Global General Counsel                             | November 2021    | Lauren A. Mogensen has been Global General Counsel since November 2021. She was previously Head of Global Compliance & Operational Risk, and Reputational Risk  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                             |
| Thong M. Nguyen       | Vice Chair, Head of Global Strategy & Enterprise Platforms | N/A              | Thong 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  **[0001140361-24-024133_ef20028414_sc13da.htm:3]** **[0001140361-24-024367_ef20028492_sc13da.htm:4]** **[0001140361-24-047324_ef20038882_sc13da.htm:3]** **[0001140361-24-047328_ef20038877_sc13da.htm:3]** **[0001140361-24-041390_ef20036033_sc13da.htm:2]** **[0001140361-24-047416_ef20038970_sc13da.htm:4]** **[0001140361-24-042515_ef20036538_sc13da.htm:4]** **[0001140361-23-056526_ef20016161_sc13da.htm:2]** **[0001140361-24-043830_ef20037517_sc13da.htm:4]** **[0001140361-24-036669_ef20033915_sc13da.htm:4]** **[0001140361-24-003990_ef20019805_sc13da.htm:3]** **[0001140361-24-003992_ef20019811_sc13da.htm:3]** **[0001140361-24-021790_ef20027481_sc13d.htm:4]** **[0001140361-24-021793_ef20027484_sc13d.htm:4]** **[0001140361-24-021788_ef20027479_sc13d.htm:5]** **[0001140361-24-021787_ef20027478_sc13d.htm:5]** .       |
| Eric A. Schimpf       | President, Co-Head Merrill Wealth Management       | April 2023       | Eric A. Schimpf has been President, Co-Head of Merrill Wealth Management since April 2023. He was previously Pacific Coast Division Executive at Merrill Lynch  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                             |
| Thomas M. Scrivener   | Chief Operations Executive                         | October 2021     | Thomas M. Scrivener has been Chief Operations Executive since October 2021. He was previously Head of Consumer, Small Business & Wealth Management Operations  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                              |
| Bruce R. Thompson     | Vice Chair, Head of Enterprise Credit              | October 2021     | Bruce R. Thompson has been Vice Chair, Head of Enterprise Credit since October 2021. He was previously Vice Chairman, Head of Institutional Credit Exposure Management  **[0000070858-24-000122_bac-20231231.htm:326]** .                                                                     |

118684e656c5ac80a05290517805f254df58ed70780a3b7656694420364ae7c5

| Program Details          | Program 1            | Program 2            |
|--------------------------|----------------------|----------------------|
| Approval Date            | October 2021  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**   | July 24, 2024  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**  |
| End Date/Duration        | Modified in September 2023  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**  | Effective August 1, 2024  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**  |
| Total Additional Amount  | $25 billion  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**    | $25 billion  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**    |
| Remaining Authorization  | N/A                  | **$22,375 million** as of September 30, 2024  **[0000070858-24-000280_bac-20240930.htm:183]**  |
| Details                  | Modified to include repurchases for equity-based compensation plans  **[0000070858-24-000280_bac-20240930.htm:183]** **[0000070858-24-000280_bac-20240930.htm:33]**  | Replaces previous authorization; influenced by capital position, liquidity, and market conditions  **[0000070858-24-000208_bac-20240630.htm:177]** **[0000070858-24-000280_bac-20240930.htm:183]**  |

0711c3da0648c1a4748998054604844721ef800bfb01257f935a2eb131ad805c

Consumer Banking

- Net Interest Income

- Noninterest Income

Global Wealth & Investment Management

Global Banking

Global Markets

All Other

11076c84329abb5b5f4eb4382e2356552ba01f047aac61b5eb91cfb2172be826

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

794ab3aead1e93412db310e19831f3b27d88377d9a9429a521d91bcff31b6427

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers, LLP  | 1958  **[0000070858-24-000122_bac-20231231.htm:164]**    | Present  | Current auditor   |

b9ce05e86100c109c57ddb8e8c5958df92bcf8681d9a846bc4ed3cde11e2104f

8d7eab4ea99beea6d46afbbf71f6cc54143fd8c212c235ed07ce62d0fa8009bc

593bb05d7f5344cf9fe75efb826d64bff6b07d66045cbece073badbd1f1f33c0

| Year       | Amount Due (in millions) | Debt Type                  | Interest Rate (%) | % of Total Debt       |
|------------|--------------------------|----------------------------|-------------------|-----------------------|
| 2024       | 1,762 **[0000070858-24-000280_bac-20240930.htm:44]**            | Structured Liabilities, Nonbank VIEs **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 0.6% = (1,762 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |
| 2025       | 36,117 **[0000070858-24-000280_bac-20240930.htm:44]**           | Senior Notes, Subordinated Notes, Structured Liabilities, etc. **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 12.2% = (36,117 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |
| 2026       | 43,388 **[0000070858-24-000280_bac-20240930.htm:44]**           | Senior Notes, Subordinated Notes, Structured Liabilities, etc. **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 14.6% = (43,388 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |
| 2027       | 31,074 **[0000070858-24-000280_bac-20240930.htm:44]**           | Senior Notes, Subordinated Notes, Junior Subordinated Notes, etc. **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 10.5% = (31,074 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |
| 2028       | 34,354 **[0000070858-24-000280_bac-20240930.htm:44]**           | Senior Notes, Subordinated Notes, Structured Liabilities, etc. **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 11.6% = (34,354 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |
| Thereafter | 150,232 **[0000070858-24-000280_bac-20240930.htm:44]**          | Senior Notes, Subordinated Notes, Structured Liabilities, etc. **[0000070858-24-000280_bac-20240930.htm:44]** | N/A               | 50.6% = (150,232 / 296,927) * 100 **[0000070858-24-000280_bac-20240930.htm:44]** |

3ccbdb7a228cfc780fb854eeed4f253791933044258770692a73fbb7f93f10ad

- **Strong Capital Position and Potential for Increased Capital Returns:** Bank of America has a **CET1 ratio of 11.8%**, with **$30 billion** above the old regulatory requirements.  **[BAC_3379863_9]**  Once regulatory uncertainties around Basel III are resolved, the bank expects to **return capital at a strong rate**.  **[BAC_3379863_9]** **[BAC_3379863_23]**
- **Improving Net Interest Income and Margin:** Net Interest Income (NII) exceeded expectations, reaching **$14.2 billion**, an increase of **$100 million** from the fourth quarter.  **[BAC_3379863_5]**  The bank anticipates further NII improvement due to **higher-yielding assets**, **loan repricing**, and benefits from a **higher-for-longer interest rate environment**.  **[BAC_3379863_14]** **[BAC_3379863_19]**
- **Effective Expense Management and Investment in Growth:** Expenses are expected to **trend down over the course of the year**.  **[BAC_3379863_12]**  Despite expense reductions, the bank continues to **invest in technology and growth initiatives**, increasing annual technology investments from **$3 billion to $3.8 billion** over the past few years.  **[BAC_3379863_24]**

dc36caaee2f206b01805f5e15cbde161c838a49339ee8886a52e9006ba3e6208

- **Deposit performance has stabilized and is starting to grow for six quarters in a row**, which will drive the value of the franchise through organic customer growth.  **[BAC_3393370_29]**
- **Strong fee performance this quarter**, including increases in wealth management fees, investment banking fees, consumer fees, and global payment services fees, demonstrates the strength of the business.  **[BAC_3393370_29]**
- **Flat expenses** provide an opportunity to drive **operating leverage**, generating significant earnings and excess capital to return to shareholders.  **[BAC_3393370_29]**

c8d51d8e90bd932c6327274c5cbbe32c91048f33988db5b2a1f07f13a3eeb91c

1. **NII Growth Outlook**  
   **Q:** How will NII trajectory look beyond Q4?  
   **A:** NII bottomed in Q2 and grew in Q3; it's expected to grow again in Q4, setting up well for 2025. Guidance for 2025 will be provided next quarter due to rate uncertainty.  **[BAC_3402831_9]** 

2. **Deposit Trends**  
   **Q:** How are consumer deposits behaving post-rate cuts?  
   **A:** Consumer deposits are stabilizing; major moves are over, and noninterest-bearing deposits are stable. Movement of higher-balance customers has slowed.  **[BAC_3402831_10]** **[BAC_3402831_11]** 

3. **Capital Return Plans**  
   **Q:** What is the outlook for share buybacks?  
   **A:** No change in capital strategy; despite awaiting final Basel III rules, with excess capital, $3.5 billion was returned to shareholders this quarter through buybacks.  **[BAC_3402831_16]** 

4. **Loan Growth in Global Banking**  
   **Q:** What's driving recent corporate loan demand?  
   **A:** Modest loan growth observed, with an end-of-quarter pickup across small business and commercial banking; revolver utilization hasn't increased yet.  **[BAC_3402831_13]** 

5. **Efficiency Ratio Concerns**  
   **Q:** Why is the efficiency ratio worsening despite digital adoption?  
   **A:** Pressure from incentive compensation due to strong fee-generating businesses; expect operating leverage to improve as NII grows, aiming for improvement in 2025.  **[BAC_3402831_18]** **[BAC_3402831_19]** 

6. **Securities Portfolio Strategy**  
   **Q:** Any plans for securities portfolio repositioning?  
   **A:** Currently see no need to reposition; comfortable growing NII and earnings with existing liquidity and capital, allowing HTM securities to run off and reinvesting at higher yields.  **[BAC_3402831_23]** 

7. **Deposit Beta and NIM Expectations**  
   **Q:** How will deposit costs and NIM behave as rates normalize?  
   **A:** Anticipate more value from the deposit base as rates settle. The spread between Fed funds and deposit costs is around **260 bps**, higher than in 2019; expect to leverage this advantage as rates normalize.  **[BAC_3402831_25]** 

8. **NII Sensitivity to Rate Cuts**  
   **Q:** How do rate cuts impact NII components?  
   **A:** An additional rate cut adds headwinds for NII, affecting the full fourth quarter. Global Markets NII benefits slightly as it is liability-sensitive.  **[BAC_3402831_21]** 

9. **Investments in Markets Business**  
   **Q:** Is the investment in Markets an ongoing effort?  
   **A:** Yes, continued investment in people and balance sheet is ongoing; benefiting from a diversified business and long-term client relationships built over years.  **[BAC_3402831_15]** 

10. **Branch Expansion Strategy**  
    **Q:** Update on branch banking system expansion?  
    **A:** Expanding branches in key markets over the past 10 years to complement digital offerings; believe in a combination of high touch and high tech to better serve customers, as many still prefer starting relationships in person.  **[BAC_3402831_28]** 

bb0811c5e58fd43f4b231a397c5cc546c746fd8999010080c46476e79b103898

- **Net Interest Income (NII) may be under pressure due to potential rate cuts and deposit cost increases, which could negatively impact profits.**  **[BAC_3370240_17]**
- **There is uncertainty regarding future trading revenues, as management cannot predict with confidence how the trading environment will evolve, making earnings less predictable.**  **[BAC_3370240_21]**
- **Further cost reductions may be difficult to achieve, as the company has already realized significant efficiencies over the last decade, potentially limiting future margin improvements.**  **[BAC_3370240_19]**

6045a4d78b1f51c3ac3e6819e5ac69fc1dc8ae628efbba14d78cc778b6e3b4b6

- **Bank of America is effectively managing expenses and investing in technology initiatives**, with **$3.8 billion** allocated for technology in 2023, resulting in operational efficiencies and headcount reduction from **218,000** to **212,900** employees.  **[BAC_3370240_19]**
- **Strong customer growth and engagement**, evidenced by **600,000 net new checking accounts** over the year—marking **20 straight quarters** of net checking account growth—and **asset management inflows of $80 billion** in the Merrill Edge program.  **[BAC_3370240_19]**
- **Investment banking and global markets divisions are performing well**, with **investment banking exceeding expectations** and gaining market share, supported by a constructive market environment and a strong pipeline expected to drive future growth  **[BAC_3370240_21]** ,.  **[BAC_3370240_26]**

fea9fd0f02769a154d539681353d4f636cab8d836bcab0c93f90b638745c8a53

- **Worsening Efficiency Ratio**: Despite **high digital adoption across all lines of business**, Bank of America's **efficiency ratio has worsened to 65%**, up from 63% a year ago, indicating increasing expenses and potential challenges in cost management  **[BAC_3402831_18]** .
- **Pressure on Expenses from Incentive Compensation**: The company acknowledges that **expenses are pressured due to increased incentive compensation** related to fee businesses, which may impact overall profitability if not managed effectively  **[BAC_3402831_18]** .
- **Regulatory Uncertainties Affecting Capital Return**: Bank of America is **waiting for the final Basel III rules**, creating uncertainty regarding capital requirements and potentially **limiting the company's ability to return more capital to shareholders**  **[BAC_3402831_16]** **[BAC_3402831_27]** .

bb95c621259b2a17211c695ef9e6f4d91ceb3a35158f554c265c7f268a58d097

1. **NII Outlook**  
   **Q:** What's the year-on-year NII trajectory for 2024?  
   **A:** Management expects Net Interest Income (NII) to grow in the second half of the year, with Q2 being the low point. Stability in pricing and deposits supports this outlook, and fewer rate cuts would further benefit NII in the third and fourth quarters.  **[BAC_3379863_15]** 

2. **Capital Returns**  
   **Q:** What's your CET1 target and 100%+ payout timing?  
   **A:** The bank aims to maintain a buffer of **50 to 100 basis points** above regulatory requirements for CET1 capital. Excess capital beyond this buffer will be used to grow the company or returned to shareholders. Currently, they are sitting on **$30 billion** under old rules and have sufficient funds under the proposed new rules. Expect continued strong capital returns as clarity on Basel III rules emerges.  **[BAC_3379863_9]** 

3. **Loan Growth Outlook**  
   **Q:** When will loan growth pick up?  
   **A:** Loan growth is anticipated to increase in the future. While credit card growth is strong, higher rates have reduced securities-based lending and suppressed revolver utilization. However, commercial loan growth is seen in middle market and business banking segments, and overall line utilization is stabilizing and improving.  **[BAC_3379863_18]** 

4. **Deposit Stability**  
   **Q:** How do you see deposit mix shift amid higher rates?  
   **A:** Deposit rate changes are slowing and stabilizing, with expectations for deposits to grow and the deposit structure to remain relatively stable. Most rate-sensitive customers have already moved, and consumer deposits are stable month-to-month.  **[BAC_3379863_13]** 

5. **Expense Management**  
   **Q:** What are your thoughts on expense growth ahead?  
   **A:** Expenses are expected to trend down over the course of the year. While Q1 expenses were inflated by **$100 million** due to payroll taxes and seasonality, similar increases are expected each quarter if the current environment continues. These expenses are associated with revenue growth.  **[BAC_3379863_12]** 

6. **Asset-Liability Strategy**  
   **Q:** How are you managing duration and swaps amid rate changes?  
   **A:** The bank maintains a balanced portfolio of short and long-dated, fixed and floating assets to lock in value and monetize deposits in any rate environment. Repricing of securities and loans provides underlying resilience.  **[BAC_3379863_17]** 

7. **Investment Banking Growth**  
   **Q:** Is higher IB revenue sustainable?  
   **A:** Management believes the bank is fundamentally stronger in market position and expects to continue gaining share. The current revenue level is seen as more normalized, with opportunities to build further, especially in middle market and international segments.  **[BAC_3379863_20]** 

8. **Basel III Timing**  
   **Q:** When will Basel III final rules be released?  
   **A:** There is no update on the timing of the Basel III final rules; the bank is waiting for the regulations to be published. They have enough CET1 capital **($197 billion)** to meet proposed requirements, and any changes are likely to be positive.  **[BAC_3379863_23]** 

9. **Wealth Management Cash**  
   **Q:** How are wealth clients allocating between cash and investments?  
   **A:** Clients currently hold elevated levels of cash, with flows going into money market funds and short-dated treasuries. This high cash position supports potential growth in assets under management as clients may invest more in the future.  **[BAC_3379863_21]** 

10. **AOCI Impact**  
    **Q:** Is AOCI less of a concern now?  
    **A:** The bank has a strong hedging program for fixed-rate securities, with most treasuries swapped, minimizing Accumulated Other Comprehensive Income (AOCI) impact. They expect very little AOCI impact going forward.  **[BAC_3379863_16]** 

11. **Capital Deployment**  
    **Q:** How will you deploy excess capital if Basel III rules ease?  
    **A:** The primary focus is to use capital to support customer businesses, including investing in the markets business, trading operations, systems, technology, and risk management. Loan growth alone doesn't consume much capital, so excess capital may be returned to shareholders or invested in technology and branch expansion.  **[BAC_3379863_24]** 

3f5c47b66cab47b1e97787e70407eeba5cdb206e2114c1c2be37a8dba92ae5cd

- **Uncertainty around Basel III endgame may impact capital returns to shareholders, as the timing and final requirements remain unclear.**  **[BAC_3379863_9]** **[BAC_3379863_23]**
- **Net Interest Margin faces challenges in the near term, with expectations of lower NII in Q2 and limited sensitivity to higher rates due to narrowed interest rate sensitivity corridor.**  **[BAC_3379863_14]** **[BAC_3379863_19]**
- **Efficiency ratio remains high at 64%, with minimal improvements despite technological investments, and expenses may not decline significantly as expected.**  **[BAC_3379863_12]** **[BAC_3379863_11]**

32c0d5a1eedc949df25d63643367622216cb9d43c7dadfb547d010392f51a2bf

1. **Net Interest Income Outlook**  
   **Q:** Will NII remain flat in 2025?  
   **A:** Alastair Borthwick confirmed they expect **NII to grow** from the **Q2 trough**, reinforcing previous guidance that **Q3 and Q4 are likely to be better**.  **[BAC_3393370_10]**  They are not providing specific guidance for 2025 due to multiple variables but highlighted components affecting NII such as fixed-rate asset pricing, cash flow hedges repricing, rate cuts, and organic growth.  **[BAC_3393370_12]** 

2. **Net Interest Margin Expansion**  
   **Q:** Is the NIM expected to improve?  
   **A:** Alastair Borthwick stated that the current **NIM of 1.93%** is **underearning**, and they expect it to **increase over time**, aiming for a more normal level of around **2.30%** through gradual improvements over the coming quarters.  **[BAC_3393370_14]** 

3. **Deposit Growth and Pricing**  
   **Q:** How will deposit growth and pricing evolve?  
   **A:** Brian Moynihan indicated that deposit growth has stabilized, with balances growing for **four consecutive quarters**.  **[BAC_3393370_13]**  They expect deposits to perform better over time, particularly past peak Fed funds, and they'll continue to manage pricing to grow deposits slightly faster than the economy.  **[BAC_3393370_24]** 

4. **Capital Levels and Regulatory Outlook**  
   **Q:** How are you managing capital levels ahead of new regulations?  
   **A:** Alastair Borthwick mentioned they aim to maintain a **50 basis point buffer** over regulatory requirements, currently holding **11.9%** capital.  **[BAC_3393370_28]**  They are waiting to see how capital rules play out in the next few months and have flexibility to adapt accordingly.  **[BAC_3393370_29]** 

5. **Asset Sensitivity and Rate Cuts Impact**  
   **Q:** How will rate cuts affect your asset sensitivity?  
   **A:** Alastair Borthwick explained they remain asset-sensitive, and rate cuts will impact NII negatively in the near term.  **[BAC_3393370_25]**  However, they expect benefits from cash flow hedges repricing starting in the **second half of 2025**.  **[BAC_3393370_17]**  The asset sensitivity disclosures are static and may not predict 2025 NII accurately.  **[BAC_3393370_20]** 

6. **Loan Spreads and Growth**  
   **Q:** Why have loan spreads improved?  
   **A:** Loan spreads have improved over the past **8 or 9 quarters**, primarily in the **commercial businesses**, as they price the balance sheet to meet shareholder return expectations.  **[BAC_3393370_14]** 

7. **Cash Flow Hedges Benefit**  
   **Q:** When will cash flow hedges repricing benefit NII?  
   **A:** Alastair Borthwick noted that significant benefits from cash flow hedges rolling off will begin in the **second half of 2025**, contributing positively to NII.  **[BAC_3393370_17]** **[BAC_3393370_20]** 

8. **Credit Quality Outlook**  
   **Q:** Will charge-offs decrease in the second half?  
   **A:** Brian Moynihan expects net charge-off rates to be **flattish**, with potential for a decrease in the second half compared to the first half, particularly in credit cards.  **[BAC_3393370_15]** 

9. **Expense Management**  
   **Q:** What is the outlook for expenses?  
   **A:** Expenses are expected to remain around **$16.3 billion**, with growth primarily driven by incentive compensation tied to revenue increases in wealth management and other fee businesses.  **[BAC_3393370_23]** 

10. **Home Equity Loan Growth**  
    **Q:** Why are home equity loan balances rising?  
    **A:** Brian Moynihan observed that **home equity loan balances have stabilized** and slightly increased as customers with low-rate fixed mortgages turn to home equity lines for borrowing needs.  **[BAC_3393370_26]** 

7113a01951d171195e976b5e98235c1966538470dc44093bb9f1b0b6a629062b

- **Expected Net Interest Income (NII) growth due to repricing tailwinds:** Bank of America anticipates significant repricing benefits in its securities and loan portfolios, with approximately **250 basis points** repricing on securities and mortgages, and **100 basis points** on commercial loans, which are expected to boost NII and earnings growth.  **[BAC_3402831_23]** **[BAC_3402831_21]**
- **Strong capital position enabling continued share buybacks:** The company maintains a strong capital base and continues to prioritize returning capital to shareholders, having repurchased **$3.5 billion** in shares this quarter, with plans to continue buybacks over time.  **[BAC_3402831_5]**
- **Robust growth in fee-based businesses supporting revenue and operating leverage improvement:** Fee-based businesses have shown strong performance with sales and trading revenue up **12%**, investment banking fees up **18%**, and asset management fees up **14%** year-over-year. This growth, combined with disciplined expense management and expected NII growth, positions the company for improved operating leverage.  **[BAC_3402831_16]**

a0eac747218f335eb3e22412373c2e022c9f325b7441a56ab14162e1e6f87057

1. **NII Outlook**  
   **Q:** Why will NII stabilize in '24 despite rate cuts?  
   **A:** Despite expecting **6 rate cuts**, NII will stabilize due to better-than-expected **deposit growth**, modest **loan growth**, and repricing of assets like securities and loans.  **[BAC_3370240_11]** 

2. **Deposit Pricing and NIM**  
   **Q:** What's expected for deposit pricing amid rate cuts?  
   **A:** With **$80 billion** in deposit growth since May and a shift toward interest-bearing accounts, we can lower deposit rates as the Fed cuts, which supports our net interest margin.  **[BAC_3370240_13]** 

3. **Capital Allocation**  
   **Q:** What are your capital allocation plans, including buybacks?  
   **A:** We'll continue to pay dividends, support business growth, and increase share buybacks, which were **$800 million** last quarter and are expected to keep rising.  **[BAC_3370240_20]** 

4. **Expense Growth Guidance**  
   **Q:** Is expense growth still at 1–2% year-over-year?  
   **A:** Yes, we expect expenses to grow **1–2%** year-over-year, aligning with prior guidance and accounting for a potential return in investment banking activity.  **[BAC_3370240_14]** 

5. **Economic Outlook**  
   **Q:** Are you expecting a recession, and where is softness?  
   **A:** We anticipate a **soft landing** with ongoing consumer spending growth at **4–5%**, similar to pre-pandemic levels, indicating sustained economic activity.  **[BAC_3370240_18]** 

6. **Loan Growth**  
   **Q:** What's the outlook for commercial loan growth?  
   **A:** We expect commercial loan growth in **low single digits**, tied to GDP growth, as the impact of higher rates begins to fade.  **[BAC_3370240_12]** 

7. **NII Sensitivity**  
   **Q:** How does NII remain flat despite rate sensitivity?  
   **A:** The rate sensitivity assumes an immediate **100 bp** shift, but actual rate cuts are gradual; deposit and loan growth and asset repricing offset the headwind.  **[BAC_3370240_15]** 

8. **Impact of Fewer Rate Cuts**  
   **Q:** How would NII change if Fed cuts rates only 3 times?  
   **A:** With only **3 rate cuts**, NII would be modestly better than with **6 cuts**, improving our outlook.  **[BAC_3370240_18]** 

9. **Tech and AI Efficiencies**  
   **Q:** What efficiencies can be gained from tech and AI?  
   **A:** By investing **$3.8 billion** in technology initiatives, we expect over a couple of billion dollars in efficiencies from **2024–2026**, enhancing growth while controlling expenses.  **[BAC_3370240_19]** 

6a756d48747e04e605b94b9e50fec2a02c1a87e9b63d1e77ab75a5b1a5c48e98

- **Net Interest Margin (NIM) is low at 1.93%**, indicating under-earning on assets compared to historical levels. Management acknowledges that it will take time to improve NIM back to a more normal level of around 2.30%.  **[BAC_3393370_14]**
- **Deposit growth remains modest**, with management expressing caution about accelerating deposit growth. Even with tax headwinds, deposits grew only slightly, and there is uncertainty about returning to historical mid-single-digit growth rates.  **[BAC_3393370_13]**
- **Credit quality concerns**, particularly in consumer credit card charge-offs and commercial real estate (CRE) exposure. While delinquencies have plateaued, charge-off rates are elevated, and there are ongoing concerns about CRE office loans.  **[BAC_3393370_15]**

fd8ada3bcc2689edc1df5bb5c09aa124f6781947ab34110e74126d0fe68459ba

Bank of America Corp (BAC)

Financials