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Well Positioned to Deliver Strong Results

Regarded as one of the world’s leading financial institutions, Bank of America serves individual consumers, small and middle-market businesses, and large corporations and institutions with a full range of banking and wealth management, as well as other other financial and risk management, products and services. We operate across four world-class franchises, delivered through eight lines of business, enabling us to serve clients holistically and at scale.

Our decade-long commitment to Responsible Growth drives how we serve clients, manage risk, and deliver one company for our clients, teammates, and communities. Responsible Growth helps us deliver solid results in any environment and has instilled a culture of durability in our franchise. We must continue to grow, and we can do it responsibly.

Total Cumulative Shareholder Return

December 31st Bank of America Corporation S&P 500 KBW Bank Sector Index
2020 $88.0 $118.0 $90.0
2021 $132.0 $152.0 $124.0
2022 $101.0 $125.0 $98.0
2023 $106.0 $157.0 $97.0
2024 $141.0 $197.0 $133.0
2025 $205.0 $196.0 $196.0

This graph and table compare the yearly change in the Corporation’s total cumulative shareholder return on its common stock with (i) the Standard & Poor’s 500 Index, and (ii) the KBW Bank Sector Index for the years ended December 31, 2020 through 2025. It is assumed that an initial investment of $100 is made at the end of 2020 and all dividends are reinvested during the years indicated.

Leading U.S. & Global Footprint

Leading Customer Capabilities

#1

In U.S. consumer deposits

4Q25 FFIEC Call Reports
$1.3T

Consumer deposits (combined Consumer and GWIM businesses)

~70M

Consumer and small business clients

59M

Verified digital users

Leading Global Capabilities

#1

Best Global Bank for Cash Management

Global Finance, 2025
$0.7T

Commercial loans

96%

of the U.S. Fortune 1,000; and 78% of the Global Fortune 500 served by Global Banking businesses

4.8M

CashPro® App payments

in 1Q26

For complete information regarding our financials, see our SEC Filings

Driving Responsible Growth

Our performance demonstrates the strength of our banking franchise and the advantages of our balanced business model and our leading market positions. It also highlights how we set ourselves apart by delivering one company to clients — seamlessly bringing together capabilities and expertise across our lines of business to grow and create value.

By focusing on the principles that drive Responsible Growth, we balance risk and reward appropriately to deliver strong earnings, capital returns, and support for clients, communities, and teammates.

Our Goals


Grow and Win in the Market — No Excuses

Each of our businesses, on a standalone basis, is a top business in the U.S. and, where applicable, worldwide. Leveraging our scale, local delivery, and client-centric operating model, we grow and deepen client relationships to drive market share gains across ~100 U.S. markets and >35 countries and jurisdictions globally.

Grow with our Customer-Focused Strategy

Each of our 8 lines of business is built to serve a distinct client group and uses a differentiated model tailored to meet that group’s specific needs. Across our business, we serve three customer groups — people, companies, and institutional investors — through a high-tech and high‑touch operating model. This approach enables us to deepen relationships locally while leveraging our scale, technology, and balance sheet to operate efficiently and responsibly.

Grow Within our Risk Framework

Managing inherent risks well is fundamental to our business, and we have implemented disciplined risk-management practices across our businesses to manage them in a responsible manner that serves our clients, shareholders, and communities, and helps the economy grow.

Grow in a Sustainable Manner

We ensure sustainable growth by driving operational success and actively sharing our success with our communities, as well as creating a great place to work for our teammates.

Serving Clients with Industry-Leading Care

Through our eight lines of business, we work with consumers and companies large and small, helping them navigate through every stage of their financial lives, while driving the economy forward. We provide our clients with valuable insights, unique capabilities, and access to award-winning research, enabled by continued investment in innovative technologies and strong business systems.

Retail

Our Retail business provides U.S. consumers with a full range of financial products and services, as well as access to our award-winning digital banking capabilities and a robust retail banking network.

Preferred

Our Preferred business provides personalized solutions, valuable rewards, and advice and guidance for clients with more complex banking, borrowing, and investing needs through a nationwide financial center network and award-winning digital capabilities. We also serve entrepreneurs and small businesses by providing them with cash management, lending, and investment solutions.

Net Income ($B)

Year Amount
2018 $12.1
2019 $13.0
2020 $6.5
2021 $11.9
2022 $12.5
2023 $11.6
2024 $10.8
2025 $12.2

Consumer Banking FY 2025

28%

ROAAC1

52%

Efficiency Ratio2

1 ROAAC defined as return on average allocated capital.

2 Fully Taxable Equivalent (FTE) basis.

For complete information regarding our financials, see our SEC Filings

Merrill Wealth Management 

Merrill offers straightforward investment advice and financial guidance to help clients create personalized, goal-based strategies.

Bank of America Private Bank

The Private Bank provides sophisticated planning and financial solutions to help families manage substantial wealth – now, and for future generations.

Net Income ($B)

Year Amount
2018 $4.0
2019 $4.3
2020 $3.1
2021 $4.3
2022 $4.7
2023 $3.9
2024 $4.3
2025 $4.7

GWIM FY 2025

24%

ROAAC1

75%

Efficiency Ratio2

1 ROAAC defined as return on average allocated capital.

2 Fully Taxable Equivalent (FTE) basis.

For complete information regarding our financials, see our SEC Filings

Business Banking

Business Banking delivers integrated financial guidance and solutions to small and mid-sized U.S. companies. These offerings include credit, deposits and treasury, merchant services, trade, and foreign exchange.

Global Commercial Banking

Global Commercial Banking brings clients the full capabilities of our company paired with local service. We serve middle-market companies across all industries, providing various treasury, lending, leasing, financial guidance, and debt and equity underwriting services.

Global Corporate & Investment Banking

Global Corporate & Investment Banking provides access to a full suite of treasury, lending, leasing, advisory, and debt and equity underwriting services for large corporations across all industries, as well as various municipalities and government agencies.

Net Income ($B)

Year Amount
2018 $8.3
2019 $8.1
2020 $3.5
2021 $9.8
2022 $7.8
2023 $10.1
2024 $8.0
2025 $7.8

Global Banking FY 2025

15%

ROAAC1

52%

Efficiency Ratio2

1 ROAAC defined as return on average allocated capital.

2 Fully Taxable Equivalent (FTE) basis.

For complete information regarding our financials, see our SEC Filings

Global Markets

Global Markets provides a broad range of services across the world’s debt, equity, commodity, and foreign exchange markets, serving institutional investor clients, including hedge funds, asset managers, pension funds, and others. These services include award-winning liquidity and hedging strategies, invaluable insights, and access to one of the world's leading research platforms.

Net Income ($B)

Year Amount
2018 $4.0
2019 $3.5
2020 $5.3
2021 $4.6
2022 $4.2
2023 $4.7
2024 $5.6
2025 $6.1

Global Markets FY 2025

13%

ROAAC1

64%

Efficiency Ratio2

1 ROAAC defined as return on average allocated capital.

2 Fully Taxable Equivalent (FTE) basis.

For complete information regarding our financials, see our SEC Filings

Delivering for Our Communities

We remain deeply committed to investing in the communities in which we operate.

Creating Economic Opportunity

We’re committed to expanding pathways to help our clients, teammates, and communities build stronger financial futures.

In Action

Building Genuine Connections with Our People

Being a great place to work means investing in the people who serve our clients. That’s why we provide strong pay and competitive benefits to help our employees grow and care for their families. We continually set industry standards for employee support and demonstrate our commitment by investing in programs and initiatives designed to enhance employee wellness and long-term growth.

In Action

Following Responsible Business Practices

Our business is built on a solid foundation of responsible business practices, and we hold ourselves accountable to these standards through an unwavering client focus, disciplined risk management, and strong corporate governance.

In Action

Leadership

Responsible Growth Driven by Skilled Leaders

Our leadership team strives to make our company a great place to work for our employees and is committed to following our tenets of Responsible Growth to deepen relationships with our clients and create shared success with the communities we serve.

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