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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704) 386-5681
Securities registered pursuant to section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | BAC | New York Stock Exchange |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrE | New York Stock Exchange |
of Floating Rate Non-Cumulative Preferred Stock, Series E |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrB | New York Stock Exchange |
of 6.000% Non-Cumulative Preferred Stock, Series GG |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrK | New York Stock Exchange |
of 5.875% Non-Cumulative Preferred Stock, Series HH |
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | BAC PrL | New York Stock Exchange |
Depositary Shares, each representing a 1/1,200th interest in a share | BML PrG | New York Stock Exchange |
of Bank of America Corporation Floating Rate |
Non-Cumulative Preferred Stock, Series 1 |
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Depositary Shares, each representing a 1/1,200th interest in a share | BML PrH | New York Stock Exchange |
of Bank of America Corporation Floating Rate |
Non-Cumulative Preferred Stock, Series 2 |
Depositary Shares, each representing a 1/1,200th interest in a share | BML PrJ | New York Stock Exchange |
of Bank of America Corporation Floating Rate |
Non-Cumulative Preferred Stock, Series 4 |
Depositary Shares, each representing a 1/1,200th interest in a share | BML PrL | New York Stock Exchange |
of Bank of America Corporation Floating Rate |
Non-Cumulative Preferred Stock, Series 5 |
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital | BAC/PF | New York Stock Exchange |
Trust XIII (and the guarantee related thereto) |
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities | BAC/PG | New York Stock Exchange |
of BAC Capital Trust XIV (and the guarantee related thereto) |
Income Capital Obligation Notes initially due December 15, 2066 of | MER PrK | New York Stock Exchange |
Bank of America Corporation |
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due | BAC/31B | New York Stock Exchange |
November 28, 2031 of BofA Finance LLC (and the guarantee |
of the Registrant with respect thereto) |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrM | New York Stock Exchange |
of 5.375% Non-Cumulative Preferred Stock, Series KK |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrN | New York Stock Exchange |
of 5.000% Non-Cumulative Preferred Stock, Series LL |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrO | New York Stock Exchange |
of 4.375% Non-Cumulative Preferred Stock, Series NN |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrP | New York Stock Exchange |
of 4.125% Non-Cumulative Preferred Stock, Series PP |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrQ | New York Stock Exchange |
of 4.250% Non-Cumulative Preferred Stock, Series QQ |
Depositary Shares, each representing a 1/1,000th interest in a share | BAC PrS | New York Stock Exchange |
of 4.750% Non-Cumulative Preferred Stock, Series SS |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☑ | | Accelerated filer | ☐ | | Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
As of June 30, 2024, the aggregate market value of the registrant’s common stock (Common Stock) held by non-affiliates was approximately $309,201,944,388. At February 24, 2025, there were 7,604,677,274 shares of Common Stock outstanding.
Documents incorporated by reference: Portions of the definitive proxy statement relating to the registrant’s 2025 annual meeting of shareholders are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III.
Table of Contents
Bank of America Corporation and Subsidiaries
Part I
Bank of America Corporation and Subsidiaries
Item 1. Business
Bank of America Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. As part of our efforts to streamline the Corporation’s organizational structure and reduce complexity and costs, the Corporation has reduced and intends to continue to reduce the number of its corporate subsidiaries, including through intercompany mergers.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Our principal executive offices are located in the Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255.
Bank of America’s website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion of our website, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) are available on the Investor Relations portion of our website as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC and at the SEC’s website, www.sec.gov. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph, or otherwise in this Annual Report on Form 10-K, is not incorporated by reference into this Annual Report on Form 10-K. Also, we make available on the Investor Relations portion of our website: (i) our Code of Conduct; (ii) our Corporate Governance Guidelines; and (iii) the charter of each active committee of our Board of Directors (the Board). Our Code of Conduct constitutes a “code of ethics” and a “code of business conduct and ethics” that applies to the required individuals associated with the Corporation for purposes of the respective rules of the SEC and the New York Stock Exchange. We also intend to disclose any amendments to our Code of Conduct and waivers of our Code of Conduct required to be disclosed by the rules of the SEC and the New York Stock Exchange on the Investor Relations portion of our website. All of these corporate governance materials are also available free of charge in print to shareholders who request them in writing to: Bank of America Corporation, Attention: Office of the Corporate Secretary, Bank of America Corporate Center, 100 North Tryon Street, NC1-007-56-06, Charlotte, North Carolina 28255.
Segments
Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. Additional information related to our business segments and the products and services they provide is included in the information set forth on pages 35 through 44 of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 – Business Segment Information to the Consolidated Financial Statements.
Competition
We operate in a highly competitive environment. Our competitors include banks, thrifts, credit unions, investment banking firms, investment advisory firms, brokerage firms, investment companies, insurance companies, mortgage banking companies, credit card issuers, mutual fund companies, hedge funds, private equity firms, and e-commerce and other internet-based companies, including merchant banks and companies providing nonbank financial services. We compete with some of these competitors globally and with others on a regional or product-specific basis. We are increasingly competing with firms offering products solely over the internet and with nonfinancial companies, including firms utilizing emerging technologies, such as digital assets, rather than, or in addition to, traditional banking products.
Competition is based on a number of factors including, among others, customer service and convenience, the pricing, quality and range of products and services offered, lending limits, the quality and delivery of our technology and our reputation, experience and relationships in relevant markets. Our ability to continue to compete effectively also depends in large part on our ability to attract new employees and develop, retain and motivate our existing employees, while managing compensation and other costs.
Human Capital Resources
Bank of America has always been the bank of opportunity for our shareholders, our clients and customers, our communities and our teammates. We strive to make Bank of America a great place to work for our employees by providing access to a broad range of opportunities to achieve their professional goals and by maintaining a culture of caring for them and their families. We are a company of approximately 213,000 talented employees who represent a diverse range of experiences, skills, backgrounds and perspectives across many dimensions. We are deliberate about the many ways we seek to create an inclusive environment where everyone has the opportunity to achieve their career goals. This is core to our values, to our efforts to make the Corporation a great place to work and to delivering on Responsible Growth for our clients, customers and communities around the globe.
Our Board and its Compensation and Human Capital Committee provide oversight of our human capital management strategies, programs, initiatives and practices. The Corporation’s senior management provides regular briefings and reporting on human capital matters to the Board and its Committees to facilitate the Board’s oversight.
At both December 31, 2024 and 2023, the Corporation employed approximately 213,000 employees, of which 78 percent were located in the U.S. None of our U.S. employees are subject to a collective bargaining agreement. Additionally, in 2024 and 2023, the Corporation’s compensation and benefits expense was $40.2 billion and $38.3 billion, or 60 percent and 58 percent, of total noninterest expense.
The following table provides our workforce data by gender (globally) and ethnicity (U.S. only).
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Workforce data as of December 31, 2024 |
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| Total Employees | | Top Three Management Levels | | Managers at All Levels |
Global employees | | | | | |
Women | 50 | % | | 42 | % | | 42 | % |
Men | 50 | | | 58 | | | 58 | |
U.S.-based employees | | | | | |
White | 47 | | | 71 | | | 54 | |
Asian | 14 | | | 11 | | | 15 | |
Black | 15 | | | 8 | | | 11 | |
Hispanic | 19 | | | 7 | | | 16 | |
American Indian/Alaskan Native | 0.4 | | | 0.1 | | | 0.3 | |
Native Hawaiian/Other Pacific | 0.3 | | | 0.1 | | | 0.3 | |
Two or More Races | 3 | | | 1 | | | 2 | |
Talent, Inclusion and Opportunity
The Corporation is focused on building a strong pipeline of talent, which means finding and hiring external candidates who are committed to our purpose and have a passion for serving our clients and communities. This spans programs from entry-level hiring through more senior-level recruiting. In 2024, the Corporation hired over 18,000 teammates reflecting a wide variety of backgrounds, experiences, and perspectives so that we understand and can respond to the needs of our clients and communities.
We provide a variety of resources to help employees grow in their current roles and build new skills, including resources to help employees find new opportunities, re-skill and seek leadership positions. We have 11 Employee Networks with over 320,000 voluntary memberships, which provide teammates opportunities to meet new people, have an impact across multiple business lines and grow personally and professionally. They are open to all employees and participation is voluntary. In 2024, more than 12,000 employees found new roles within the Corporation, and we delivered approximately 7.6 million hours of training and development to our teammates through Bank of America Academy. Additionally, our Board oversees Chief Executive Officer and senior management succession planning, which is formally reviewed at least annually.
As part of our ongoing efforts to make the Corporation a great place to work, we conduct a confidential annual Employee Engagement Survey (Survey) and have done so for nearly two decades. The Survey results are reviewed by the Board and senior management and used to assist in reviewing the Corporation’s human capital strategies, programs, initiatives, and practices. In 2024, 87 percent of the Corporation’s employees participated in the Survey, and our Employee Engagement Index, an overall measure of employee satisfaction with the Corporation, was 84 percent. Our turnover among employees was stable at 8 percent in both 2024 and 2023.
Recognizing and Rewarding Performance
Our compensation philosophy is to pay for performance over the long term, as well as on an annual basis. Our performance considerations encompass both financial and nonfinancial measures, including the manner in which results are achieved. These considerations are designed to reinforce and promote Responsible Growth and align with our Risk Framework.
We strive to pay our employees based on market rates for their roles, experience and how they perform. We regularly benchmark against other companies both within and outside our industry to confirm our pay is competitive. In 2021, the Corporation announced it would increase its minimum hourly wage for U.S. employees to $25 per hour by 2025. In October 2024, as a next step towards that goal, the Corporation increased its hourly minimum wage for U.S. employees to $24 per hour. In addition, in January 2025, for the eighth year since 2017, we announced that we recognized our teammates with Sharing Success compensation awards for their efforts during 2024. Approximately 97 percent of employees globally will receive an award in the first quarter of 2025.
The Corporation is committed to equal pay for equal work. We maintain robust policies and practices that reinforce our commitment, including reviews conducted by a third-party consultant with oversight from our Board and senior management.
Physical, Emotional, and Financial Wellness
The Corporation is committed to providing employees with access to leading benefits and programs that help promote their physical, emotional and financial wellness. Investments we make in our teammates are designed to help them thrive, enabling them to better deliver for our clients, communities and each other.
In 2024, we continued our efforts to provide affordable access to healthcare. Teammates enrolled in one of our national medical plans were able to access virtual general medical and behavioral health care at no cost. For the 12th year in a row, U.S. health insurance premiums remained unchanged for teammates earning less than $50,000.
We also recognize the importance of emotional wellness. Globally, teammates and members of their households can utilize our Employee Assistance Programs for 12 in-person confidential counseling sessions, and unlimited phone consultations at no cost. The Corporation also offers comprehensive time-away policies and caregiving benefits. Globally, teammates celebrating at least 15 years of continuous service with the Corporation can participate in our paid Global Sabbatical Program.
We support teammates in reaching financial wellness with retirement savings plans and other programs, along with access to self-guided financial planning tools and expert advice.
For more information about our human capital management, see the Corporation’s website and 2024 Annual Report to shareholders that we expect to be available on the Investor Relations portion of our website in March 2025 (the content of which is not incorporated by reference into this Annual Report on Form 10-K).
Government Supervision and Regulation
The following discussion describes, among other things, elements of an extensive regulatory framework applicable to BHCs, financial holding companies, banks and broker-dealers, including specific information about Bank of America.
We are subject to an extensive regulatory framework applicable to BHCs, financial holding companies and banks and other financial services entities. U.S. federal regulation of banks, BHCs and financial holding companies is intended primarily for the protection of depositors and the Deposit Insurance Fund (DIF) rather than for the protection of shareholders and creditors. As a registered financial holding company and BHC, the Corporation is subject to the supervision of, and regular inspection by, the Board of Governors of the Federal Reserve System (Federal Reserve). Our U.S. bank subsidiaries (the Banks), organized as national banking associations, are subject to regulation, supervision and examination by the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. In addition, the Federal Reserve and the OCC have adopted guidelines that establish minimum standards for the design, implementation and board oversight of BHCs’ and national banks’ risk governance frameworks. U.S. financial holding companies, and the companies under their control, are permitted to engage in activities considered “financial in nature” as defined by the Gramm-Leach-Bliley Act and related Federal Reserve interpretations. The Corporation's status as a financial holding company is conditioned upon maintaining certain eligibility requirements for both the Corporation and its U.S. depository institution subsidiaries, including minimum capital ratios, supervisory ratings and, in the case of the depository institutions, at least satisfactory Community Reinvestment Act ratings. Failure to be an eligible financial holding company could result in the Federal Reserve limiting Bank of America's activities, including potential acquisitions. Additionally, we are subject to a significant number of laws, rules and regulations (LRRs) that govern our businesses in the U.S. and in the other jurisdictions in which we operate, including permissible activities, minimum levels of capital and liquidity, compliance risk management, consumer products and sales practices, privacy, data protection, sustainability and executive compensation, among others.
The scope of the LRRs and the intensity of the supervision to which we are subject have continuously increased over the years. In addition, the banking and financial services sector is subject to substantial regulatory enforcement and fines. We cannot assess whether or not there will be any major changes in the regulatory environment and expect that our business will remain subject to continuing and extensive regulation and supervision.
We are also subject to various other LRRs, as well as supervision and examination by other regulatory agencies, all of which directly or indirectly affect our entities, management and ability to make distributions to shareholders. For instance, our broker-dealer subsidiaries are subject to both U.S. and international regulation, including supervision by the SEC, Financial Industry Regulatory Authority and New York Stock Exchange, among others; our futures commission merchant subsidiary supporting commodities and derivatives businesses in the U.S. is subject to regulation by and supervision of the U.S. Commodity Futures Trading Commission (CFTC), National Futures Association, the Chicago Mercantile Exchange, and in the case of the Banks, certain banking regulators; our insurance activities are subject to licensing and regulation by state insurance regulatory agencies; and our consumer financial products and services are regulated by the Consumer Financial Protection Bureau (CFPB). In addition, certain U.S. and foreign subsidiaries are also registered with the CFTC as swap dealers, and conditionally registered with the SEC as security-based swap dealers.
Our non-U.S. businesses are also subject to extensive regulation by various non-U.S. regulators, including governments, securities exchanges, prudential regulators, central banks and other regulatory bodies, in the jurisdictions in which those businesses operate. For example, our financial services entities are subject to regulation in the United Kingdom (U.K.) by the Prudential Regulatory Authority and Financial Conduct Authority, in Ireland by the European Central Bank (ECB) and the Central Bank of Ireland and in France by the ECB, Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers.
The Corporation is also subject to extensive LRRs in the U.S. and in the other jurisdictions in which it operates regarding bribery and corruption, know-your-customer requirements, anti-money laundering, embargo programs and economic sanctions. For example, we are subject to the U.S. Bank Secrecy Act (BSA), which contains anti-money laundering and financial transparency laws designed to detect and deter money laundering and the financing of terrorism, as well as record-keeping, reporting, due diligence and customer verification requirements, various sanctions programs administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and foreign jurisdictions, which target entities or individuals that are, or are located in countries that are, involved in activities, such as terrorism, hostilities, drug trafficking or human rights violations and the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act, relating to corrupt and illegal payments to government officials and others. In 2024, federal regulators, including the Federal Reserve and the OCC, proposed amendments to update the requirements for supervised institutions to establish, implement and maintain effective, risk-based and reasonably designed anti-money laundering programs, including the identification, evaluation and documentation of money laundering risks.
Source of Strength
Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the Financial Reform Act) and Federal Reserve policy, BHCs are expected to act as a source of financial strength to each subsidiary bank and to commit resources to support each such subsidiary. Similarly, under the cross-guarantee provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), in the event of a loss suffered or anticipated by the FDIC, either as a result of default of a bank subsidiary or related to FDIC assistance provided to such a subsidiary in danger of default, the affiliate banks of such a subsidiary may be assessed for the FDIC’s loss, subject to certain exceptions.
Transactions with Affiliates
Pursuant to Section 23A and 23B of the Federal Reserve Act, as implemented by the Federal Reserve’s Regulation W, the Banks are subject to restrictions that limit certain types of transactions between the Banks and their nonbank affiliates. In general, U.S. banks are subject to quantitative and qualitative limits on extensions of credit, purchases of assets and certain other transactions involving their nonbank affiliates. Additionally, transactions between U.S. banks and their nonbank affiliates are required to be on arm’s length terms and must be consistent with standards of safety and soundness.
Deposit Insurance
Deposits placed at U.S. domiciled banks are insured by the FDIC, subject to limits and conditions of applicable law and the FDIC’s regulations. Pursuant to the Financial Reform Act, FDIC insurance coverage limits are $250,000 per depositor, per insured bank for each account ownership category. All insured depository institutions are required to pay assessments to the FDIC in order to fund the DIF.
The FDIC is required to maintain a statutory minimum ratio of the DIF to insured deposits in the U.S. of at least 1.35 percent and has established a long-term goal of a two percent DIF ratio. As of the date of this report, the DIF is below the statutory minimum ratio and the FDIC’s long-term goal. In October 2022, the FDIC adopted a restoration plan that includes an increase in deposit insurance assessments across the industry of two basis points (bps). The FDIC has indicated that it intends to maintain such assessment rates for the foreseeable future. Deposit insurance assessment rates are subject to change by the FDIC and will be impacted by the overall economy and the stability of the banking industry as a whole. The FDIC also has the authority to charge special assessments from time to time, including in connection with systemic risk events. For example, in 2023, the FDIC issued its final rule to impose a special assessment to recover the loss to the DIF resulting from the closure of Silicon Valley Bank and Signature Bank. For more information on the impact to the Corporation of the FDIC special assessment, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements. For more information regarding deposit insurance, see Item 1A. Risk Factors – Regulatory, Compliance and Legal on page 17.
Capital, Liquidity and Operational Requirements
As a financial holding company, we and our bank subsidiaries are subject to the regulatory capital and liquidity rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and the FDIC. These rules are complex and continue to evolve as U.S. and international regulatory authorities propose and enact amendments to these rules. The Corporation seeks to manage its capital position to maintain sufficient capital to satisfy these regulatory rules and to support our business activities. These continually evolving rules are likely to influence our planning processes and may require additional regulatory capital and liquidity, as well as impose additional operational and compliance costs on the Corporation.
For more information on regulatory capital rules and capital composition, see Capital Management on page 48, Note 16 – Regulatory Requirements and Restrictions to the Consolidated Financial Statements, which are incorporated by reference in this Item 1, and Item 1A. Risk Factors – Regulatory, Compliance and Legal on page 17.
Distributions
We are subject to various regulatory policies and requirements relating to capital actions, including payment of dividends and common stock repurchases. For instance, Federal Reserve regulations require major U.S. BHCs to submit a capital plan as part of an annual Comprehensive Capital Analysis and Review (CCAR).
Our ability to pay dividends and make common stock repurchases depends in part on our ability to maintain regulatory capital levels above minimum requirements plus buffers and non-capital standards established under the FDICIA. To the extent that the Federal Reserve increases our stress
capital buffer (SCB), global systemically important bank (G-SIB) surcharge or countercyclical capital buffer, our returns of capital to shareholders, including dividends and common stock repurchases, could decrease. As part of its CCAR, the Federal Reserve conducts stress testing on parts of our business using hypothetical economic scenarios prepared by the Federal Reserve. Those scenarios may affect our CCAR stress test results, which may impact the level of our SCB. For example, based on the results of our 2024 CCAR stress test, the Corporation’s SCB increased to 3.2 percent. Additionally, the Corporation’s G-SIB surcharge increased to 3.0 percent on January 1, 2024. The Federal Reserve could also impose limitations or prohibitions on taking capital actions such as paying or increasing dividends or repurchasing common stock, including as a result of economic disruptions or events.
If the Federal Reserve finds that a bank is not “well-capitalized” or “well-managed,” the bank’s BHC would be required to enter into an agreement with the Federal Reserve to comply with all applicable capital and management requirements, which may contain additional limitations or conditions relating to its activities. Additionally, the applicable federal regulatory authority is authorized to determine, under certain circumstances relating to the financial condition of a bank or BHC, that the payment of dividends would be an unsafe or unsound practice and to prohibit payment thereof.
Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to laws that restrict dividend payments, or authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to the parent company or other subsidiaries. The rights of the Corporation, our shareholders and our creditors to participate in any distribution of the assets or earnings of our subsidiaries are further subject to the prior claims of creditors of the respective subsidiaries.
For more information regarding distributions, including the minimum capital requirements, see Note 13 – Shareholders’ Equity and Note 16 – Regulatory Requirements and Restrictions to the Consolidated Financial Statements.
Resolution Planning
As a BHC with greater than $250 billion of assets, every two years the Corporation is required by the Federal Reserve and the FDIC to submit a plan for a rapid and orderly resolution in the event of material financial distress or failure.
Such resolution plan is intended to be a detailed roadmap for the orderly resolution of the BHC, including the continued operations or solvent wind down of its material entities, pursuant to the U.S. Bankruptcy Code under one or more hypothetical scenarios assuming no extraordinary government assistance.
If both the Federal Reserve and the FDIC determine that the BHC’s plan is not credible, the Federal Reserve and the FDIC may jointly impose more stringent capital, leverage or liquidity requirements or restrictions on growth, activities or operations. A summary of our plan is available on the Federal Reserve and FDIC websites.
The FDIC also requires the submission of a resolution plan for Bank of America, National Association (BANA), which must describe how the insured depository institution would be resolved under the bank resolution provisions of the Federal Deposit Insurance Act. A description of this plan is available on the FDIC’s website.
We continue to make progress to enhance our resolvability, which includes continued improvements to our preparedness and exercise capabilities to implement our resolution plan, both from a financial and operational standpoint.
Across international jurisdictions, resolution planning is the responsibility of national resolution authorities (RA) and central resolution authorities (CA). Among those, the jurisdictions with the greatest impact to the Corporation’s subsidiaries are the U.K., Ireland, France, Mexico, Hong Kong, Indonesia, the Philippines and Malaysia where rules have been issued requiring the submission of significant information about locally incorporated subsidiaries as well as the Corporation’s banking branches located in those jurisdictions that are deemed to be material for resolution planning purposes. As a result of the RA’s and CA's review of the submitted information, we could be required to take certain actions over the next several years that could increase operating costs and potentially result in the restructuring of certain businesses and subsidiaries.
For more information regarding our resolution plan, see Item 1A. Risk Factors – Liquidity on page 9.
Insolvency and the Orderly Liquidation Authority
Under the Federal Deposit Insurance Act, the FDIC may be appointed receiver of an insured depository institution if it is insolvent or in certain other circumstances. In addition, under the Financial Reform Act, when a systemically important financial institution (SIFI) such as the Corporation is in default or danger of default, the FDIC may be appointed receiver in order to conduct an orderly liquidation of such institution. In the event of such appointment, the FDIC could, among other things, invoke the orderly liquidation authority, instead of the U.S. Bankruptcy Code, if the Secretary of the Treasury makes certain financial distress and systemic risk determinations. The orderly liquidation authority is modeled in part on the Federal Deposit Insurance Act, but also adopts certain concepts from the U.S. Bankruptcy Code.
The orderly liquidation authority contains certain differences from the U.S. Bankruptcy Code. For example, in certain circumstances, the FDIC could permit payment of obligations it determines to be systemically significant (e.g., short-term creditors or operating creditors) in lieu of paying other obligations (e.g., long-term creditors) without the need to obtain creditors’ consent or prior court review. The insolvency and resolution process could also lead to a large reduction or total elimination of the value of a BHC’s outstanding equity, as well as impairment or elimination of certain debt.
Under the FDIC’s “single point of entry” strategy for resolving SIFIs, the FDIC could replace a distressed BHC with a bridge holding company, which could continue operations and result in an orderly resolution of the underlying bank, but whose equity is held solely for the benefit of creditors of the original BHC.
Furthermore, the Federal Reserve requires that BHCs maintain minimum levels of long-term debt required to provide adequate loss absorbing capacity in the event of a resolution.
For more information regarding our resolution, see Item 1A. Risk Factors – Liquidity on page 9.
Limitations on Acquisitions
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 permits a BHC to acquire banks located in states other than its home state without regard to state law, subject to certain conditions, including the condition that the BHC, after and as a result of the acquisition, controls no more than 10 percent of the total amount of deposits of insured depository institutions in the U.S. and no more than 30 percent or such
lesser or greater amount set by state law of such deposits in that state. At June 30, 2024, we held greater than 10 percent of the total amount of deposits of insured depository institutions in the U.S.
In addition, the Financial Reform Act restricts acquisitions by a financial institution if, as a result of the acquisition, the total liabilities of the financial institution would exceed 10 percent of the total liabilities of all financial institutions in the U.S. At June 30, 2024, our liabilities did not exceed 10 percent of the total liabilities of all financial institutions in the U.S.
The Volcker Rule
The Volcker Rule prohibits insured depository institutions and companies affiliated with insured depository institutions (collectively, banking entities) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options for their own account. The Volcker Rule also imposes limits on banking entities’ investments in, and other relationships with, hedge funds and private equity funds. The Volcker Rule provides exemptions for certain activities, including market making, underwriting, hedging, trading in government obligations, insurance company activities and organizing and offering hedge funds and private equity funds. The Volcker Rule also clarifies that certain activities are not prohibited, including acting as agent, broker or custodian. A banking entity with significant trading operations, such as the Corporation, is required to maintain a detailed compliance program to comply with the restrictions of the Volcker Rule.
Derivatives
Our derivatives businesses are subject to extensive regulation globally, including under the Financial Reform Act, the European Union (EU) Markets in Financial Instruments Directive and Regulation, the European Market Infrastructure Regulation, analogous U.K. regulatory regimes and similar regulatory regimes in other jurisdictions. These regulations, among other things, require clearing and exchange trading of certain derivatives, establish capital, margin, reporting, registration and business conduct requirements for certain market participants, set position limits on certain derivatives and set out derivatives trading transparency requirements.
In addition, many G-20 jurisdictions, including the U.S., EU, U.K., and Japan, have adopted resolution stay regulations to address concerns that the close-out of derivatives and other financial contracts could impede orderly resolution of G-SIBs, and additional jurisdictions are expected to follow suit. Generally, these regulations require amendment of certain financial contracts to provide for contractual recognition of stays of termination rights under various statutory resolution regimes and a stay on the exercise of cross-default rights based on an affiliate’s entry into insolvency proceedings. Resolution regulations may also require contractual recognition by the counterparty that amounts owed to them may be written down or converted into equity as part of a bail in. As resolution stay regulations of a particular jurisdiction applicable to us go into effect, we amend impacted financial contracts in compliance with such regulations either as a regulated entity or as a counterparty facing a regulated entity in such jurisdiction.
Consumer Regulations
Our consumer businesses are subject to extensive regulation and oversight by federal and state regulators. Certain federal consumer finance laws to which we are subject, including the Equal Credit Opportunity Act, Home Mortgage Disclosure Act,
Fair Housing Act, Electronic Fund Transfer Act (EFTA), Fair Credit Reporting Act, Real Estate Settlement Procedures Act, prohibitions on unfair, deceptive, or abusive acts or practices, Truth in Lending Act and Truth in Savings Act, are enforced by the CFPB. Other federal consumer finance laws, such as the Servicemembers Civil Relief Act, are enforced by the OCC.
Privacy and Information Security
We are subject to many U.S. federal, state and international laws and regulations governing requirements for maintaining policies and procedures regarding the collection, disclosure, use and protection of the personal information of our customers and employees. The Gramm-Leach-Bliley Act requires us to periodically disclose Bank of America’s privacy policies and practices relating to the disclosure of customer information and enables retail customers to opt out of our ability to share information with unaffiliated third parties, under certain circumstances. The Gramm-Leach-Bliley Act and other laws also require us to implement a comprehensive information security program that includes administrative, technical and physical safeguards to provide the security and confidentiality of customer records and information. Security and privacy policies and procedures for the protection of personal and confidential information are in effect across all businesses and geographic locations.
Other laws and regulations, at the international, federal and state level, impact our ability to share certain information with
affiliates and non-affiliates for marketing and/or non-marketing purposes, or contact customers with marketing offers and establish certain rights of consumers in connection with their personal information. For example, California’s Consumer Privacy Act (CCPA), provides consumers with the right to know what personal data is being collected, know whether their personal data is sold or disclosed and to whom and opt out of the sale of their personal data, among other rights. In addition, in the EU and other countries around the world, similar laws, like the General Data Protection Regulation (GDPR), afford those countries’ residents with certain rights related to their information and may impose additional obligations on financial institutions. These laws’ impact on the Corporation was assessed and addressed through comprehensive compliance implementation programs. These existing and evolving legal requirements in the U.S. and abroad, as well as court proceedings and changing guidance from regulatory bodies, including the validity of cross-border data transfer mechanisms from the EU and other jurisdictions, continue to lend uncertainty to privacy compliance globally.
Additionally, the Corporation is subject to evolving information security (including cybersecurity) LRRs enacted by U.S. federal and state governments and non-U.S. jurisdictions, including requirements to develop cybersecurity programs, policies and frameworks, as well as provide disclosure and/or notifications of certain cybersecurity incidents and data breaches.
Item 1A. Risk Factors
The discussion below addresses our material risk factors of which we are aware. Any risk factor, either by itself or together with other risk factors, could materially and adversely affect our businesses, results of operations, cash flows and/or financial condition. References to third parties may include suppliers, service providers, counterparties, financial market utilities, exchanges and clearing houses, data aggregators and other partners and their upstream and downstream service providers (e.g., fourth parties, fifth parties) who may also contribute to our risks. Other factors not currently known to us or that we currently deem immaterial could also adversely affect our businesses, results of operations, cash flows and/or financial condition. Therefore, the risk factors below should not be considered all of the potential risks that we may face. For more information on how we manage risks, see Managing Risk in the MD&A beginning on page 45. For more information about the risks contained in this section, see Item 1. Business beginning on page 2, MD&A beginning on page 26 and Notes to Consolidated Financial Statements beginning on page 94.
Market
We may be adversely affected by the financial markets, fiscal, monetary, and regulatory policies, and economic conditions.
General economic, political, social and health conditions in the U.S. and abroad affect financial markets and our businesses. In particular, global markets may be affected by the level and volatility of interest rates, availability and market conditions of financing, changes in gross domestic product (GDP), economic growth or its sustainability, inflation, supply chain disruptions, consumer spending, employment levels, labor shortages, challenging labor market conditions, wage stagnation, federal government shutdowns, energy prices, home prices, commercial property values, bankruptcies and a default by a significant market participant or class of counterparties, including companies in emerging markets. Global markets also may be affected by adverse developments impacting the U.S. or global banking industry, including bank failures, the failure of nonbank financial institutions and liquidity concerns, fluctuations or other significant changes in both debt and equity capital markets and currencies, the transition of benchmark rates to alternative reference rates, the impact of the volatility of digital assets on the broader market, the rate of growth of global trade and commerce, trade policies, the availability and cost of capital and credit, disruption of communication, transportation or energy infrastructure, recessionary fears, investor sentiment and the U.S. and global election cycles, including stated, perceived or actual changes to policy and the geopolitical environment. Global markets, including energy and commodity markets, may also be adversely affected by the current or anticipated impact of climate change, acute and/or chronic extreme weather events or natural disasters, the emergence of widespread health emergencies or pandemics, cyberattacks, military conflicts, terrorism, or other geopolitical events. Market fluctuations may impact our margin requirements and liquidity.
Any sudden or prolonged market downturn, as a result of the above factors or otherwise, could result in a decline in net interest income and noninterest income and adversely affect our results of operations and financial condition, including capital and liquidity levels. Elevated inflation and interest rate levels, monetary tightening by central banks, and geopolitical developments, including the Russia/Ukraine conflict and the conflicts in the Middle East, have adversely impacted and could continue to adversely impact financial markets and
macroeconomic conditions, as well as result in additional market volatility and disruptions and recessionary risk.
Global uncertainties regarding fiscal and monetary policies present economic challenges. High and rising debt levels in the U.S. and globally may contribute to interest rate volatility, which may constrain governments’ fiscal policies, potentially resulting in adverse economic outcomes. Actions taken by the Federal Reserve or central banks in other jurisdictions, including changes in target rates, balance sheet management and lending facilities, are beyond our control and difficult to predict, particularly regarding inflation, due to the uncertainty of inflationary paths. This can affect interest rates and the value of financial instruments and other assets, such as debt securities, and impact our borrowers and potentially increase delinquency rates and may also raise government debt levels, adversely affect businesses and household incomes, adversely impact the banking sector generally, and increase uncertainty surrounding monetary policy. Monetary policy has contributed to and may continue to result in elevated market interest rates and a flat and/or inverted yield curve. Any increases in policy rates, as a response to inflation persistently above central bank targets, changes to fiscal or trade policies, or otherwise, could result in higher market interest rates. Elevated or rising interest rates may continue to result in volatility of equity and other markets, and volatility of the U.S. dollar, which could impact investor risk appetite and our borrowers, potentially increasing delinquency rates. Financial market volatility could also result from uncertainty about the timing and extent of any additional rate cuts by the Federal Reserve in response to moderating inflation and/or weakening economic conditions. Any future change in monetary policy by the Federal Reserve, in an effort to stimulate the economy or otherwise, resulting in lower interest rates would typically result in lower revenue through lower net interest income, which could adversely affect our results of operations.
Also, changes to existing U.S. laws and regulatory policies and evolving priorities, including those related to financial regulation, taxation, international trade, fiscal policy, climate change (including efforts to transition to a low-carbon economy) and healthcare, may adversely impact U.S. or global economic activity and our clients’, our counterparties’ and our earnings and operations. Globally, although many central banks have begun to remove monetary restriction, policy rates in many countries remain at elevated levels. While higher interest rates have generally had a positive impact on our net interest income, they have negatively impacted and could continue to negatively impact investment securities, deposits, loan demand and funding costs. In addition to higher interest rates, wider credit spreads can negatively impact capital and/or liquidity by reducing the value of debt securities. High and rising federal debt levels, investor concerns about the U.S. fiscal trajectory, changes to fiscal policy and uncertainty about the U.S. budget process could lead to lower investor appetite for U.S. debt securities, higher interest rates and financial market volatility, potentially impacting broader economic activity. Further, if the U.S. government’s debt ceiling limit is not raised timely, the ramifications may result in market volatility, ratings downgrades and limit fiscal policy responses to recessionary conditions. This could have a negative and potentially severe impact on the U.S. and world economy and financial and capital markets, including higher interest rates, higher volatility, lower asset values, lower liquidity, downgrades to U.S. debt, and a weakened U.S. dollar.
Changes to international trade and investment policies by the U.S. or other countries, and the uncertainty about potential changes, could negatively impact financial markets globally. Significant increases in tariff rates, either broadly applied or
targeted at specific goods or trading partners, including Canada, Latin America and the People’s Republic of China (China), could adversely impact economic conditions and/or result in higher inflation, which could result in financial market volatility as markets adjust to the incremental cost of doing business and/or new business models to reduce the impacts, as well as adversely impact asset prices. Also, escalation of tensions between the U.S. and China, including tariff increases, could lead to further U.S. measures that adversely affect financial markets, disrupt world trade and commerce and lead to trade retaliation, including through the use of counter tariffs, foreign exchange measures or the large-scale sale of U.S. Treasury bonds. Any restrictions on the activities of businesses, could also negatively affect financial markets.
These developments could adversely affect our businesses, clients, including demand for our products and services, our market-making activities, our and our clients’ securities and derivatives portfolios, including the risk of lower re-investment rates in those portfolios, our level of charge-offs and provision for credit losses, the carrying value of our deferred tax assets, our capital levels, our liquidity and our results of operations.
Increased market volatility and adverse changes in financial or capital market conditions may increase our market risk.
Our liquidity, competitive position, business, results of operations and financial condition are affected by market risks such as changes in interest and currency exchange rates, fluctuations in equity, commodity and futures prices, trading volumes and prices of securitized products, the implied volatility of interest rates and credit spreads and other economic and business factors. These market risks may adversely affect, among other things, the value of our securities, including our on- and off-balance sheet securities, trading assets and other financial instruments, the cost of debt capital and our access to credit markets, the value of assets under management (AUM), fee income relating to AUM, client allocation of capital among investment alternatives, the volume of client activity in our trading operations, investment banking, underwriting and other capital market fees and the general profitability and risk level of the transactions in which we engage and our competitiveness with respect to deposit pricing. The value of certain of our assets is sensitive to changes in market interest rates and/or spreads. If the Federal Reserve or a non-U.S. central bank changes or signals a change in monetary policy, market interest rates or credit spreads could be affected, which could adversely impact the value of such assets. Changes to fiscal policy, including expansion of U.S. federal deficit spending and resultant debt issuance, could also affect market interest rates. If interest rates decrease, our results of operations could be negatively impacted, including future revenue and earnings growth.
Our models and strategies to assess and control our market risk exposures are subject to inherent limitations. In times of market stress or other unforeseen circumstances, previously uncorrelated indicators may become correlated. Such changes to the relationship between market parameters may limit the effectiveness of our hedging strategies and cause us to incur significant losses. Changes in correlation can be exacerbated where market participants use risk or trading models with assumptions or algorithms similar to ours. In these and other cases, it may be difficult to reduce our risk positions due to activity of other market participants or widespread market dislocations, including circumstances where asset values are declining significantly or no market exists. Where we own securities that do not have an established liquid trading market or are otherwise subject to restrictions on sale or hedging, or
where the degree of accessible liquidity declines significantly, we may not be able to reduce our positions and risks associated with such holdings, so we may suffer larger than expected losses when adverse price movements take place. This risk can be exacerbated where we hold a position that is large relative to the available liquidity.
If asset values decline, we may incur losses and negative impacts, including to capital and liquidity requirements.
We have a large portfolio of financial instruments, including loans and loan commitments, securities financing agreements, asset-backed secured financings, derivative assets and liabilities, debt securities, marketable equity securities and certain other assets and liabilities that we measure at fair value and are subject to valuation and impairment assessments. We determine these values based on applicable accounting guidance, which, for financial instruments measured at fair value, requires an entity to base fair value on exit price and to maximize the use of observable inputs and minimize the use of unobservable inputs in fair value measurements. The fair values of these financial instruments include adjustments for market liquidity, credit quality, funding impact on certain derivatives and other transaction-specific factors, where appropriate.
Gains or losses on these instruments can have a direct impact on our results of operations, unless we have effectively mitigated the risk of our exposures. Increases in interest rates may cause decreases in residential mortgage loan originations and could impact the origination of corporate debt. In addition, increases in interest rates or changes in spreads may continue to adversely impact the fair value of our debt securities and, accordingly, for debt securities classified as available-for-sale (AFS), adversely affect accumulated other comprehensive income and, thus, our capital levels. Increases in interest rates or changes in spreads could also adversely impact our regulatory liquidity position and requirements, which include eligible AFS debt securities and held-to-maturity (HTM) debt securities. As our liquidity is dependent on the fair value of these assets, increases in market interest rates and/or wider spreads, have adversely impacted and may continue to adversely impact the fair value of debt securities, adversely affecting liquidity levels.
Fair values may be impacted by declining values of the underlying assets or the prices at which observable market transactions occur and the continued availability of these transactions or indices. The financial strength of counterparties, with whom we have economically hedged some of our exposure to these assets, also will affect the fair value of these assets. Sudden declines and volatility in the prices of assets may curtail or eliminate trading activities in these assets, which may make it difficult to sell, hedge or value these assets. The inability to sell or effectively hedge assets reduces our ability to limit losses in such positions, and the difficulty in valuing assets may increase our risk-weighted assets (RWA), which requires us to maintain additional capital and increases our funding costs. Values of AUM also impact revenues in our wealth management and related advisory businesses for asset-based management and performance fees. Declines in values of AUM can result in lower fees earned for managing such assets.
Liquidity
If we are unable to access the capital markets, have prolonged net deposits outflows, or our borrowing costs increase, our liquidity and competitive position will be negatively affected.
Liquidity is essential to our businesses. We fund our assets primarily with globally sourced deposits in our bank entities, as well as secured and unsecured liabilities transacted in the capital markets. We rely on certain secured funding sources,
such as repo markets, which are typically short-term and credit-sensitive. We also engage in asset securitization transactions, including with the government-sponsored enterprises (GSEs), to help fund a portion of our consumer lending activities. Our liquidity could be adversely affected by any inability to access the capital markets, illiquidity or volatility in the capital markets, the decrease in value of eligible collateral or increased collateral requirements (including as a result of credit concerns for short-term borrowing), changes to our relationships with our funding providers based on real or perceived changes in our risk profile, prolonged federal government shutdowns, or uncertainties regarding the impact of GSE privatization, should it occur.
Also, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the Federal Reserve to act as lender of last resort, unexpected simultaneous draws on lines of credit or deposits, slower client payment rates, restricted access to the assets of prime brokerage clients, the withdrawal of or failure to attract client deposits or invested funds (e.g., from attrition driven by clients seeking higher yielding deposits or securities products, desiring to utilize an alternative financial institution perceived to be safer, changing spending behavior due to inflation, decline in the economy or other drivers resulting in an increased need for cash), increased regulatory liquidity, capital and margin requirements for our U.S. or international banks and their nonbank subsidiaries, which could result in the inability to transfer liquidity internally, changes in patterns of intraday liquidity usage resulting from a counterparty or technology failure or other idiosyncratic event or failure, the default by a significant market participant or third party (including clearing agents, custodians, central banks or central counterparty clearinghouses (CCPs)) or the inability to sell assets due to illiquid markets (e.g., no market exists or market saturation). These factors may increase our borrowing costs and negatively impact our liquidity.
Several of these factors may arise due to circumstances beyond our control, such as general market volatility, disruption, shock or stress, stress in sovereign debt markets, the emergence of widespread health emergencies or pandemics and geopolitical events and/or turmoil (including military conflicts, such as the Russia/Ukraine conflict and the conflicts in the Middle East, or any potential escalation of such conflicts). Federal Reserve policy decisions (including fluctuations in interest rates or Federal Reserve balance sheet composition), negative views or loss of confidence about us or the financial services industry generally or due to a specific news event (e.g., regional bank failures), changes in the regulatory environment or governmental fiscal or monetary policies, actions by credit rating agencies or an operational problem that affects third parties or us. The impact of these potentially sudden events, whether within our control or not, could include an inability to sell assets or redeem investments, unforeseen outflows of cash, the need to draw on liquidity facilities, the reduction of financing balances and the loss of equity secured funding, debt repurchases to support the secondary market or meet client requests, the need for additional funding for commitments and contingencies and unexpected collateral calls, among other things, the result of which could be increased costs, a liquidity shortfall and/or impact on our liquidity coverage ratio.
Our liquidity and cost of funds may be impacted by our reputation risk, investor behavior and confidence, debt market disruption, firm specific concerns or prevailing market conditions, including changes in interest and currency exchange rates, significant fluctuations in equity and futures prices, lower trading volumes and prices of securitized products and our credit spreads. Increases in interest rates and our credit
spreads can increase the cost of our funding and result in mark-to-market or credit valuation adjustment exposures. Changes in our credit spreads are market driven and may be influenced by market perceptions of our creditworthiness, including changes in our credit ratings or changes in broader financial market and macroeconomic conditions. Changes to interest rates and our credit spreads occur continuously and may be unpredictable and highly volatile. We may also experience net interest margin compression from offering higher than expected deposit rates in order to attract and maintain deposits. Concentrations within our funding profile, such as maturities, currencies or counterparties, can also reduce our funding efficiency.
Reduction in our credit ratings could limit our access to funding or the capital markets, increase borrowing costs or trigger additional collateral or funding requirements.
Our borrowing costs and ability to raise funds are directly impacted by our credit ratings. Credit ratings are also important to investors, clients or counterparties when we compete in certain markets and seek to engage in certain transactions, including over-the-counter (OTC) derivatives. Our credit ratings are subject to ongoing review by rating agencies, which consider a number of financial and nonfinancial factors, including our franchise, financial strength, performance and prospects, management, governance, risk management practices, capital adequacy, asset quality and operations, among other criteria, as well as factors not under our control, such as regulatory developments, the macroeconomic and geopolitical environment and changes to rating methodologies.
Rating agencies could adjust our credit ratings at any time and there can be no assurance as to whether or when a downgrade could occur. Any reduction could result in a wider credit spread and negatively affect our access to credit markets, the related cost of funds, our businesses and certain trading revenues, particularly in those businesses where counterparty creditworthiness is critical. If the short-term credit ratings of our parent company, bank or broker-dealer subsidiaries were downgraded, we may experience loss of access to short-term funding sources such as repo financing, and/or incur increased cost of funds and increased collateral requirements. Under the terms of certain OTC derivative contracts and other trading agreements, if our or our subsidiaries’ credit ratings are downgraded, the counterparties may require additional collateral or terminate these contracts or agreements.
While certain potential impacts are contractual and quantifiable, the full consequences of a credit rating downgrade are inherently uncertain and depend upon numerous dynamic, complex and inter-related factors and assumptions, including the relationship between long-term and short-term credit ratings and the behaviors of clients, investors and counterparties.
Bank of America Corporation is a holding company, is dependent on its subsidiaries for liquidity and may be restricted from transferring funds from subsidiaries.
Bank of America Corporation, as the parent company, is a separate and distinct legal entity from our bank and nonbank subsidiaries. We evaluate and manage liquidity on a legal entity basis. Legal entity liquidity is an important consideration as there are legal, regulatory, contractual and other limitations on our ability to utilize liquidity from one legal entity to satisfy the liquidity requirements of another, including the parent company, which could result in adverse liquidity events. The parent company depends on dividends, distributions, loans and other payments from our bank and nonbank subsidiaries to fund dividend payments on our preferred stock and common stock and to fund all payments on our other obligations, including debt obligations. Any inability of our subsidiaries to transfer funds,
pay dividends or make payments to us may adversely affect our cash flow, liquidity and financial condition.
Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to laws that restrict dividend payments, or authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to the parent company or other subsidiaries. Our bank and broker-dealer subsidiaries are subject to restrictions on their ability to lend or transact with affiliates, minimum regulatory capital and liquidity requirements and restrictions on their ability to use funds deposited with them in bank or brokerage accounts to fund their businesses. Intercompany arrangements we entered into in connection with our resolution planning submissions could restrict the amount of funding available to the parent company from our subsidiaries under certain adverse conditions.
Additional restrictions on transactions with certain related parties, increased capital and liquidity requirements and additional limitations on the use of funds on deposit in bank or brokerage accounts, as well as lower earnings, can reduce the amount of funds available to meet the obligations of the parent company and may require the parent company to provide additional funding to such subsidiaries. Regulatory action that requires additional liquidity at each of our subsidiaries could impede access to funds we need to pay our obligations or pay dividends. In addition, our right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to prior claims of the subsidiary’s creditors.
Bank of America Corporation’s liquidity and financial condition, and the ability to pay dividends and obligations, could be adversely affected in the event of a resolution.
Bank of America Corporation, our parent holding company, is required to submit a plan to the FDIC and Federal Reserve every two years describing its resolution strategy under the U.S. Bankruptcy Code in the event of material financial distress or failure. Bank of America Corporation’s preferred resolution strategy is a “single point of entry” strategy, whereby only the parent holding company would file for bankruptcy under the U.S. Bankruptcy Code. Certain key operating subsidiaries would be provided with sufficient capital and liquidity to operate through severe stress and to enable such subsidiaries to continue operating or be wound down in a solvent manner following a bankruptcy of the parent holding company. Bank of America Corporation has entered into intercompany arrangements resulting in the contribution of most of its capital and liquidity to key subsidiaries. Pursuant to these arrangements, if Bank of America Corporation’s liquidity resources deteriorate so severely that resolution becomes imminent, it will no longer be able to draw liquidity from its key subsidiaries and will be required to contribute its remaining financial assets to a wholly-owned holding company subsidiary. This could adversely affect our liquidity and financial condition, including the ability to meet our payment obligations, and our ability to pay dividends and/or repurchase our common stock.
If the FDIC and Federal Reserve jointly determine that Bank of America Corporation’s resolution plan is not credible, they could impose more stringent capital or liquidity requirements or restrictions on our growth, activities or operations. We could also be required to take certain actions that could impose operating costs and result in the divestiture of assets or restructuring of businesses and subsidiaries.
When a G-SIB such as Bank of America Corporation is in default or danger of default, the FDIC may be appointed receiver to conduct an orderly liquidation, and could, among other things, invoke the orderly liquidation authority, instead of the U.S. Bankruptcy Code, if the Secretary of the Treasury makes certain
financial distress and systemic risk determinations. Also, the FDIC could replace Bank of America Corporation with a bridge holding company, which could continue operations and result in an orderly resolution of the underlying bank, but whose equity would be held solely for the benefit of our creditors. The FDIC’s “single point of entry” strategy may result in our security holders suffering greater losses than would have been the case under a bankruptcy proceeding or a different resolution strategy.
If the Corporation is resolved under the U.S. Bankruptcy Code or the FDIC’s orderly liquidation authority, third-party creditors of our subsidiaries may receive significant or full recoveries on their claims, while security holders of Bank of America Corporation could face significant or complete losses.
Credit
Economic or market disruptions and insufficient credit loss reserves may result in a higher provision for credit losses.
A number of our products expose us to credit risk, including loans, letters of credit, derivatives, debt securities, trading account assets and assets held-for-sale. Deterioration in the financial condition of our consumer and commercial borrowers, counterparties or underlying collateral could adversely affect our results of operations and financial condition.
Our credit portfolios may be impacted by U.S. and global macroeconomic and market conditions, events and disruptions, including declines in GDP, consumer spending or property values, asset price corrections, increasing consumer and corporate leverage, increases in corporate bond spreads, government shutdowns or policies such as tax changes, changes in international trade policy including tariff rates, rising or elevated unemployment levels, elevated inflation or cost of living expenses, fluctuations in foreign exchange or interest rates, as well as the emergence of widespread health emergencies or pandemics, extreme weather events and the impacts of climate change, including acute and/or chronic extreme weather events and efforts to transition to a low-carbon economy. Significant economic or market stresses and disruptions typically have a negative impact on the business environment and financial markets, which could impact the underlying credit quality of our borrowers, counterparties and assets. Property value declines or asset price corrections could increase the risk of borrowers or counterparties defaulting or becoming delinquent in their obligations to us, and could decrease the value of the collateral we hold, which could increase credit losses. Credit risk could also be magnified by lending to leveraged borrowers or declining asset prices, including property or collateral values, unrelated to macroeconomic stress. Simultaneous drawdowns on lines of credit and/or an increase in a borrower’s leverage in a weakening economic environment, or otherwise, could result in deterioration in our credit portfolio, should borrowers be unable to fulfill competing financial obligations. Increased delinquency and default rates could adversely affect our credit portfolios and increase charge-offs and provisions for credit losses.
A recessionary environment and/or a rise in unemployment could adversely impact the ability of our consumer and/or commercial borrowers or counterparties to meet their financial obligations and negatively impact our credit portfolio. Consumers have been and may continue to be negatively impacted by inflation and/or a higher cost of living, resulting in drawdowns of savings or increases in household debt. Elevated interest rates, which have increased debt servicing costs for some businesses and households, may adversely impact credit quality, particularly in a recessionary environment. Certain sectors also remain at risk (e.g., commercial real estate,
particularly office) as a result of shifts in demand and tight financial and credit conditions. Globally, conditions of slow growth or recession could further contribute to weaker credit conditions. If the macroeconomic environment or certain sectors worsen, our credit portfolio, net charge-offs, provision and allowance for credit losses could be adversely impacted.
We establish an allowance for credit losses, which includes the allowance for loan and lease losses and the reserve for unfunded lending commitments, based on management's best estimate of lifetime expected credit losses (ECL) inherent in our relevant financial assets. The process to determine the allowance for credit losses uses models and assumptions that require us to make difficult and complex judgments that are often interrelated, including forecasting how borrowers or counterparties may perform in changing economic conditions. The ability of our borrowers or counterparties to repay their obligations may be impacted by changes in future economic conditions, which in turn could impact the accuracy of our loss forecasts and allowance estimates. There is also the possibility that we have failed or will fail to accurately identify the appropriate economic indicators or accurately estimate their impacts to our borrowers or counterparties, which could impact the accuracy of our loss forecasts and allowance estimates.
If the models, estimates and assumptions we use to establish reserves or the judgments we make in extending credit to our borrowers or counterparties, which are more sensitive due to the current uncertain macroeconomic and geopolitical environment, prove inaccurate in predicting future events, we may suffer losses in excess of our ECL. In addition, changes to external factors can negatively impact our recognition of credit losses in our portfolios and allowance for credit losses.
The allowance for credit losses is our best estimate of ECL, but there is no guarantee that it will be sufficient to address credit losses, particularly if the economic outlook deteriorates significantly, quickly or unexpectedly. As circumstances change, we may increase our allowance, which would reduce earnings. If economic conditions worsen, impacting our consumer and commercial borrowers, counterparties or underlying collateral, and credit losses are unexpectedly worse, we may increase our provision for credit losses, which could adversely affect our results of operations and financial condition.
Our concentrations of credit risk could adversely affect our credit losses, results of operations and financial condition.
We may be subject to concentrations of credit risk because of a common characteristic or common sensitivity to economic, financial, public health or business developments. Concentrations of credit risk may reside in a particular industry, geography, product, asset class, counterparty or within any pool of exposures with a common risk characteristic. A deterioration in the financial condition or prospects of a particular industry, geographic location, product or asset class, or a failure or downgrade of, or default by, any particular entity or group of entities could negatively affect our businesses, and it is possible our limits and credit monitoring exposure controls will not function as anticipated.
We execute a high volume of transactions and have significant credit concentrations with respect to the financial services industry, predominantly comprised of broker-dealers, commercial banks, investment banks, insurance companies, mutual funds, hedge funds, CCPs and other institutional clients. Financial services institutions and other counterparties are inter-related because of trading, funding, clearing or other relationships. Defaults by one or more counterparties, or market uncertainty about the financial stability of one or more financial services institutions, or the financial services industry generally,
could lead to market-wide liquidity disruptions, losses, defaults and related disputes and litigation.
Our credit risk may also be heightened by market risk when the collateral held by us cannot be liquidated or is liquidated at prices not sufficient to recover the full amount of the loan or derivatives exposure, which may occur from events that impact the value of the collateral, such as a sudden change in asset price or fraud. Disputes with obligors as to the valuation of collateral could increase with significant market stress, volatility or illiquidity, and we could suffer losses if we are unable to realize the fair value of the collateral or manage declines in the value of collateral. Also, our counterparty credit risk can increase if margin posted by counterparties is insufficient to cover exposures and elevated counterparty exposure is accompanied by the counterparty’s likelihood of default.
We have concentrations of credit risk, including with respect to our consumer real estate and consumer credit card exposure, as well as our commercial real estate and asset managers and funds portfolios, which represent a significant percentage of our overall credit portfolio. Declining home price valuations and demand where we have large concentrations could result in increased servicing advances and expenses, defaults, delinquencies or credit losses. The impacts of earthquakes, as well as climate change, such as rising average global temperatures and sea levels, and the increasing frequency and severity of extreme weather events and natural disasters, including droughts, floods, wildfires and hurricanes, could negatively impact collateral, the valuations of home or commercial real estate or our clients’ ability and/or willingness to pay fees, outstanding loans or afford new products. This could also cause insurability risk and/or increased insurance costs to clients. Economic weaknesses, particularly from increases in inflation or sustained elevated inflation, adverse business conditions, market disruptions, adverse economic or market events, rising interest or capitalization rates, declining asset prices, greater volatility in areas where we have concentrated credit risk or deterioration in real estate values or household incomes may cause us to experience higher credit losses in our portfolios or write down the value of certain assets. We could also experience continued and long-term negative impacts to our commercial credit exposure and an increase in credit losses within those industries that may be permanently impacted by a change in consumer preferences or other industry disruptions.
We also enter into transactions with sovereign nations, U.S. states and municipalities. Uncertain economic or political conditions or policies, such as economic sanctions or increased tariffs, disruptions to capital markets, currency fluctuations, changes in commodity prices and social instability, could adversely impact the operating budgets or credit ratings of government entities and expose us to credit and liquidity risk.
Liquidity disruptions in the financial markets may result in our inability to sell, syndicate or realize the value of our positions, increasing concentrations, which could increase RWA and the credit and market risk associated with our positions, and increase operational and litigation costs.
We may be adversely affected by weaknesses in the U.S. housing market.
During 2024, the U.S. housing market continued to be impacted by higher mortgage rates, including 30-year fixed-rate mortgages that more than doubled from 2021, and higher home prices (in varying degrees among markets) that have negatively impacted housing affordability and the demand for many of our products. Also, our mortgage loan production volume is generally influenced by the rate of growth in residential
mortgage debt outstanding and the size of the residential mortgage market, both of which have slowed due to higher interest rates and reduced affordability. A deeper downturn in the condition of the U.S. housing market could result in significant write-downs of asset values in several asset classes, notably mortgage-backed securities (MBS). If the U.S. housing market were to further weaken, the value of real estate could decline, which could result in increased credit losses and delinquent servicing expenses, negatively affect our representations and warranties exposures, and adversely affect our results of operations and financial condition.
Our derivatives businesses may expose us to unexpected risks, which may result in losses and adversely affect liquidity.
We are party to a large number of derivatives transactions that may expose us to unexpected market, credit and operational risks that could cause us to suffer unexpected losses. Fluctuations in asset values or rates or an unanticipated credit event, including unforeseen circumstances that may cause previously uncorrelated factors to become correlated, may lead to losses resulting from risks not taken into account or anticipated in the development, structuring or pricing of a derivative instrument. Certain derivative contracts and other trading agreements provide that upon the occurrence of certain specified events, such as a change to our or our affiliates’ credit ratings, we may be required to provide additional collateral or take other remedial actions, and we could experience increased difficulty obtaining funding or hedging risks. In some cases our counterparties may have the right to terminate or otherwise diminish our rights under these contracts or agreements upon the occurrence of such events.
We are also a member of various CCPs, which results in credit risk exposure to those CCPs. In the event that one or more members of a CCP defaults on their obligations, we may be required to pay a portion of any losses incurred by such CCP. A CCP may also, at its discretion, modify the margin we are required to post, which could mean unexpected and increased funding costs and exposure to that CCP. As a clearing member, we are exposed to the risk of non-performance by our clients for which we clear transactions, which may not be covered by available collateral. Also, default by a significant market participant may result in further risk and potential losses.
Geopolitical
We are subject to numerous political, economic, market, reputational, operational, compliance, legal, regulatory and other risks in the jurisdictions in which we operate.
We do business throughout the world, including in emerging markets. Economic or geopolitical stress in one or more countries could have a negative impact regionally or globally, resulting in, among other things, market volatility, reduced market value and economic output. Our liquidity and credit risk could be adversely impacted by, and our businesses and revenues derived from non-U.S. jurisdictions are subject to, risk of loss from financial, social or judicial instability, economic sanctions, changes in government leadership, including from electoral outcomes or otherwise, changes in governmental or central bank policies, expropriation, nationalization and/or confiscation of assets, price controls, high inflation, natural disasters, the emergence of widespread health emergencies or pandemics, capital controls, currency re-denomination risk from a country exiting the EU or otherwise, currency fluctuations, foreign exchange controls or movements (caused by devaluation or de-pegging), unfavorable political and diplomatic developments, oil price fluctuations and changes in legislation. These risks are especially elevated in emerging markets.
Political and economic interactions between the U.S. and important trading partners, including China, but also more broadly across the EU, Latin America and Canada, may result in sanctions, further tariff increases or other restrictive actions on cross-border trade, investment and transfer of data and information technology. Such actions, which may also include actions taken against other countries to enforce trade restrictions, could reduce trade volumes, result in further supply chain disruptions, increase costs for producers, and adversely affect our businesses and revenues, as well as our clients and counterparties, including their credit quality.
Slowing growth, recessionary conditions, adverse geopolitical conditions and political or civil unrest, foreign trade competition, labor shortages, wage pressures and elevated inflation in certain countries pose challenges, including from volatility in financial markets. Foreign exchange rates against the U.S. dollar remain uncertain and potentially volatile, and depreciation could increase our financial risks with clients that deal in non-U.S. currencies but have U.S. dollar-denominated debt.
We invest or trade in the securities of corporations and governments located in non-U.S. jurisdictions, including emerging markets. Revenues from the trading of non-U.S. securities may be subject to negative fluctuations as a result of the above factors. Furthermore, the impact of these fluctuations could be magnified because non-U.S. trading markets, particularly in emerging markets, are generally smaller, less liquid and more volatile than U.S. trading markets. Risks in one nation can limit our opportunities for portfolio growth and negatively affect our operations in other nations, including our U.S. operations. Market and economic disruptions may affect consumer confidence levels and spending, corporate investment and job creation, bankruptcy rates, levels of incurrence and default on consumer and corporate debt, economic growth rates and asset values, among other factors.
Elevated government debt levels raise the risk of volatility, significant valuation changes and political tensions regarding fiscal policy or defaults on or devaluation of sovereign debt, all of which could expose us to substantial losses. Financial markets have been and may continue to be sensitive to government budget processes and changes to fiscal policy, as well as any resulting political turmoil.
Our non-U.S. businesses are also subject to extensive regulation by governments, securities exchanges and regulators, central banks and other regulatory bodies. In many countries, the laws and regulations applicable to the financial services and securities industries are less predictable, prone to change and uncertainty, and regularly evolving. Significant resources are spent on determining, understanding and monitoring foreign LRRs, some with less predictable legal and regulatory frameworks, as well as managing our relationships with multiple regulators in various jurisdictions. Our inability to remain in compliance with local laws and manage our relationships with regulators could result in increased expenses, changes to our organizational structure and adversely affect our businesses, reputation and results of operations in that market.
We are also subject to complex and extensive U.S. and non-U.S. LRRs, which subject us to costs and risks relating to bribery and corruption, know-your-customer requirements, anti-money laundering, embargo programs and economic sanctions, which can vary by jurisdiction and require implementation of complex operational capabilities and compliance programs. Non-compliance, including improper implementation, and/or violations could result in an increase in operational and compliance costs, and enforcement actions and civil and criminal penalties against us and individual employees. The
increasing speed and novel ways in which funds circulate could make it more challenging to track the movement of funds and heighten financial crimes risk. Compliance with these evolving regulatory regimes and legal requirements depends on our ability to improve and/or evolve our processes, controls, surveillance, detection and reporting and analytic capabilities and could be adversely impacted by operational failures.
In the U.S., the political uncertainty around the federal government’s debt ceiling, a growing federal budget deficit and government debt levels could create the possibility of U.S. government defaults on its debt and/or further downgrades to its credit ratings, and prolonged government shutdowns, which could weaken the U.S. dollar, cause market volatility, negatively impact the global economy and banking system and adversely affect our financial condition, including our liquidity. Also, changes in fiscal, monetary, regulatory, trade and/or foreign policy, labor shortages, wage pressures, supply chain disruptions and higher inflation, could increase our compliance costs and adversely affect our business operations, organizational structure and results of operations. Emerging market currency values and monetary policy settings are particularly sensitive to such changes in U.S. monetary policy. Also, elevated or rising U.S. interest rate levels or high tariff rates, could result in additional currency volatility and recessionary conditions in a number of non-U.S. markets.
We are also subject to geopolitical risks, including economic sanctions, acts or threats of international or domestic terrorism, including responses by the U.S. or other governments thereto, corporate espionage, increased state-sponsored cyberattacks or campaigns, civil unrest and/or military conflicts, including the escalation of tensions between China and Taiwan, which could adversely affect business, market trade and general economic conditions abroad and in the U.S. The Russia/Ukraine conflict and the conflicts in the Middle East have magnified such risks and resulted in regional instability, and adverse developments in or expansion of these conflicts could negatively impact commodity and other financial markets, as well as economic conditions. Widening regional conflicts resulting in the involvement of neighboring countries and/or North Atlantic Treaty Organization member countries and/or military conflicts in other areas of the world could result in additional economic disruptions, financial market volatility, higher inflation and changes to asset valuations, which could disrupt our operations and adversely affect our results of operations.
Business Operations
A failure in or breach of our operations or information systems, or those of third parties or the financial services industry, could cause disruptions, adversely impact our businesses, results of operations and financial condition, and cause legal or reputational harm.
Operational risk exposure exists throughout our organization, including risks arising from our operations and information systems, which comprise the hardware, software, infrastructure, backup systems and other technology that we own or use to collect, process, maintain, use, share, transmit or dispose of information, including personal and/or confidential employee, client and third-party information, which are integral to the performance of our businesses. Our extensive interactions with, and reliance on, third parties and the financial services industry, including the processing and reporting of a large number of complex transactions at increasing speeds in many currencies and jurisdictions create additional operational risk to us.
Our operations and information systems and components thereof, and those of our third parties, have been, and in the
future will likely be, ineffective or fail to operate properly or become disabled or damaged as a result of a number of factors, including events that may be wholly or partially beyond our or such third party’s control. Such events have adversely affected, and in the future could adversely affect, physical site access of our operations, the safeguarding of information and our ability to process transactions, provide services to our clients and perform other operations, including reporting and decision-making. Short-term or prolonged disruptions to our or our third parties’ critical business operations and client services are possible, such as due to computer, telecommunications, network, utility, electronic or physical infrastructure outages, including from abuse or failure of our electronic trading and algorithmic platforms, significant unplanned increases in client transactions, fraudulent transactions, cyberattacks, aging information systems, newly introduced or identified vulnerabilities or defects in key hardware and software, failure of or defects in infrastructure or manual processes, technology project implementation challenges and supply chain disruptions. Operational disruptions and prolonged operational outages could also result from events arising from natural disasters, including acute and chronic weather events, such as wildfires, tornadoes, hurricanes and floods, some of which are happening with more frequency and severity, and earthquakes, as well as local or larger scale political or social matters, including civil unrest, terrorist acts and military conflict.
We continue to have greater reliance on our and our third parties’ remote access tools and technology, and employees’ personal systems and increased data utilization and dependence upon our information systems to operate our businesses, including from evolving client preferences, which has led to increased reliance on digital banking and other digital services provided by our businesses. Effective management of our business continuity increasingly depends on the security, reliability and adequacy of such systems.
We also rely on our employees, representatives and third parties in our day-to-day operations, who may, due to illness, unavailability, the emergence of widespread health emergencies or pandemics, human error, misconduct (including errors in judgment, malice, fraud or illegal activity), malfeasance or a failure, breach or misuse of information systems, cause disruptions to our organization and expose us to operational losses, regulatory risk and reputational harm. Our and our third parties’ inability to properly introduce, deploy and manage operational or technology changes and continuously alter, improve and automate processes and systems, including related controls, such as regarding internal financial and governance processes, existing products and services, and new product innovations and technology, could also result in additional operational, information security, reputational and regulatory risk, including from the use of artificial intelligence (AI), such as machine learning and generative AI.
Regardless of the measures we have taken to implement training, procedures, controls, backup systems and other safeguards to support our operations and bolster our operational resilience, our ability to conduct business may be adversely affected by significant failures or disruptions to us or to third parties with whom we interact or upon whom we rely, including localized or systemic cyber events or other technology incidents that result in outages or unavailability of information systems, part or all of the internet, cloud services and/or the financial services industry infrastructure (including funds transfers, electronic trading and algorithmic platforms and critical banking activities), which could be exacerbated by the concentration of third-party service providers or third-party
models, including AI, and result in systemic operational impact across the financial services industry or beyond. Our ability to implement backup systems and other safeguards with respect to third-party systems and the financial services industry infrastructure is more limited than with respect to our systems. Weakness in and/or the inability to simplify and improve our and our third parties’ processes or controls could impact our ability to deliver products or services to our clients and expose us to regulatory, reputational and operational risks.
There can be no assurance that our resiliency, business continuity, technology change and information security response plans will effectively mitigate our operational risks. Any backup systems or manual processes may not process data accurately and/or as quickly or effectively as our primary systems, and some data might not be available or backed up. Also, the speed in which we are able to remediate any failure or disruption of our operations and/or information systems may vary across jurisdictions. We regularly update the operational processes and information systems we rely on to support our operations and growth, including as part of our efforts to comply with all applicable LRRs globally. This updating entails significant costs and creates risks associated with implementing new or modified operational processes and information systems and integrating them with existing information systems, including business interruptions, failures or ineffectiveness.
Increasing reliance on our information systems and frequency of natural disasters heighten our risk of operational loss. Any failure or disruption of our or our third parties’ operations or information systems resulting in disruption to our critical business operations and client services, a failure to identify or effectively respond to operational risks timely and/or a failure to continue to deliver our services through an operational failure or disruption could impact the confidentiality, integrity or availability of data and information, and expose us to various risks, including market abuse, fraud, financial losses and other costs, misappropriation and corruption, loss of trust or confidence in us and/or the financial services industry, client attrition, regulatory (e.g., LRR compliance), market, privacy and liquidity risk, adversely impact our results of operations and financial condition and cause legal, regulatory or reputational harm.
The Corporation and third parties with whom we interact and/or on whom we rely, are subject to cybersecurity incidents, information and security breaches, and technology failures that have and in the future could adversely affect our ability to conduct our businesses, result in the alteration, unavailability, misuse, destruction or disclosure of information, damage our reputation, increase our regulatory and legal risks, result in additional costs or financial losses and/or otherwise adversely impact our businesses and results of operations.
Our business is highly dependent on the security, controls and efficacy of our information systems, and the information systems of our clients, third parties, the financial services industry and financial data aggregators with whom we interact, on whom we rely or who have access to our clients’ personal or account information. We rely on effective access management and the secure collection, processing, maintenance, use, transmission, storage, dissemination and disposition of information in our and our third parties’ information systems. Our cybersecurity risk and exposure remains heightened because of, among other things, our prominent size and scale, high-profile brand, geographic footprint and international presence and role in the financial services industry and the broader economy. The proliferation of third-party financial data aggregators and emerging technologies, including AI (such as
machine learning and generative AI) and robotics, increases our cybersecurity risks and exposure, including by making fraud detection and authentication more difficult.
We, our employees, customers, regulators and third parties are ongoing targets of an increasing number of cybersecurity threats and cyberattacks. The tactics, techniques and procedures used in cyberattacks are pervasive, sophisticated, evolving and designed to evade security measures, including computer viruses, malicious or destructive code (such as ransomware), social engineering (including phishing, vishing and smishing), real and virtual impersonation, denial of service or information or other security breach tactics that have and in the future are likely to result in disruptions to our businesses and operations and the loss of funds, including from attempts to defraud us and/or our customers, and impact the confidentiality, integrity or availability of our information, including intellectual property, or the personal and/or confidential information of our employees, clients and third parties. Cyberattacks are carried out on a worldwide scale and by a growing number of actors, including organized crime groups, hackers, terrorist organizations, extremist parties, hostile foreign governments and their proxies, state-sponsored actors, activists, disgruntled employees and other persons or entities, including for corporate espionage.
Cybersecurity threats and the tactics, techniques and procedures used in cyberattacks change, develop and evolve rapidly and continuously, including from growth in third-party services that facilitate or carry out cyberattacks and from emerging technologies, such as AI (including machine learning and generative AI) and quantum computing, which may be used to enhance the tactics, techniques and procedures described above and facilitate new cyber threats. Despite substantial efforts to protect the integrity and resilience of our information systems and implement controls, processes, policies, employee training and other protective measures, we cannot anticipate and detect all cybersecurity threats and incidents and/or develop or implement effective preventive or defensive measures designed to prevent, respond to or mitigate all cybersecurity threats and incidents. Internal access management or other technology failures could impact the confidentiality, integrity or availability of data and information. Our vulnerability increases if employees fail to exercise sound judgment and vigilance when targeted with social engineering or other cyberattacks increases our vulnerability.
Our risk from and exposure to cybersecurity threats and incidents, information and security breaches and technology failures continues to increase due to the acceptance and use of digital banking and other digital products and services, including mobile banking products, and reliance on remote access tools and other technology, which have increased our reliance on virtual or digital interactions and a growing number of access points to our information systems that must be secured, and results in greater amounts of information being available for access. Greater demand on our information systems and security tools and processes will likely continue.
We also face significant third-party technology, cybersecurity and operational risks relating to the large number of clients and third parties with whom we do business, the financial services industry, upon whom we rely to facilitate or enable our business activities or upon whom our clients rely, including the secure collection, processing, maintenance, use, sharing, dissemination and disposition of client and other sensitive information, providers of products and services, financial counterparties, financial data aggregators, financial intermediaries, such as clearing agents, exchanges and clearing
houses, regulators, federal and state governments, providers of outsourced software, services and infrastructure, such as internet access, cloud service providers and electrical power, and retailers for whom we process transactions. Such third-party information systems extend beyond our security and control systems, and such third parties have varying levels of security and cybersecurity resources, expertise, safeguards, controls and capabilities. Threat actors may actively seek to exploit third-party security and cybersecurity weaknesses, and the relationships of our third parties with us may increase the risk that they are targeted by the same threats we face, and such third parties may be less prepared for such threats. Also, we are at risk from critical third-party information security and open-source or proprietary software defects and vulnerabilities. We must rely on our third parties to adequately detect and promptly report cybersecurity incidents. Their failure could adversely affect our ability to report or respond to cybersecurity incidents effectively or timely.
Due to increasing consolidation, interdependence and complexity of financial entities and technology and information systems, a cybersecurity threat or incident, information or security breach or technology failure that significantly exposes, degrades, destroys, renders unavailable or compromises the information systems or information of one or more financial entities or third parties could adversely impact us and increase the risk of operational failure and loss, as disparate information systems need to be integrated, often on an accelerated basis. Similarly, any cybersecurity threat or incident, information or security breach or technology failure that significantly exposes, degrades, destroys, renders unavailable or compromises our information systems or information could adversely impact third parties and the critical infrastructure of the financial services industry, thereby creating additional risk for us.
Cybersecurity incidents or information or security breaches could persist for an extended period of time prior to detection, and it often takes additional time to determine the scope, extent, amount and type of impact, including the information altered, destroyed, accessed or otherwise compromised, following which the measures to recover and restore to a business-as-usual state may be difficult to assess and require notification to our clients, government officials and regulators. We have spent and expect to continue to spend significant resources to modify and enhance our protective measures and our capabilities to respond and recover, investigate and remediate software and network defects and vulnerabilities, and defend against, detect and respond to cybersecurity threats and incidents, whether to us, third parties, the industry or businesses generally.
While we and our third parties have experienced cybersecurity incidents, information and security breaches and technology failures, as well as adverse impacts from such events, including as described in this risk factor, we have not experienced material losses or other material consequences relating to cybersecurity incidents, information or security breaches or technology failures, whether directed at us or our third parties. However, we expect to continue to experience such events and impacts ourself and at our third parties with increased frequency and severity due to the evolving threat environment, and there can be no assurance that future cybersecurity incidents, information and security breaches and technology failures, including as a result of cybersecurity incidents, information and security breaches and technology failures experienced by our third parties, will not have a material adverse impact on us, including our businesses, results of operations and financial condition.
Future cybersecurity incidents, information or security breaches or technology failures suffered by us or our third parties could result in disruption to our day-to-day business activities and an inability to effect transactions, execute trades, service our clients, safeguard information, manage our exposure to risk, expand our businesses, detect and prevent fraudulent or unauthorized transactions, including transactions impacting our clients, maintain information systems access and business operations and client services, in the U.S. and/or globally. Also, we could experience the loss of clients and business opportunities, the withdrawal of client deposits, the misappropriation, alteration or destruction of our or our third parties’ intellectual property or confidential information, the unauthorized access to or temporary or permanent loss or theft of information, including of our employees and clients, significant lost revenue, increased risk of fraudulent transactions, losses and claims brought by third parties, violations of applicable privacy, cybersecurity and other LRRs, litigation exposure, economic sanctions, enforcement actions, government fines, penalties or intervention and other negative consequences. Although we maintain cyber insurance, there can be no assurance that liabilities or losses we may incur will be covered under such policies or that the amount of insurance will be adequate. In the case of any cybersecurity incident, information or security breach or technology failure arising from third-party systems impacting us, any third-party indemnification may not be applicable or sufficient to address the impact of such cybersecurity incidents, information or security breaches or technology failures, including monetary losses of the Corporation. The occurrence of any of the events described above could adversely impact our businesses, results of operations, liquidity and financial condition, and cause reputational harm, whether such events are actual or perceived.
Failure to satisfy our obligations as servicer for residential mortgage securitizations, loans owned by other entities and other related losses could adversely impact our reputation, servicing costs or results of operations.
We service mortgage loans on behalf of third-party securitization vehicles and other investors. If a material breach of our obligations as servicer or master servicer is committed, we may be subject to termination if the breach is not cured timely following notice, which could cause us to lose servicing income. We may also have liability for any failure by us or a third party, as a servicer or master servicer to adhere to or perform the required servicing obligation in accordance with the terms of the servicing agreements that result in impairment or loss to the loans’ owner. If any such breach was found to have occurred, it may harm our reputation, increase our servicing costs or losses due to potential indemnification obligations, result in litigation or regulatory action or adversely impact our results of operations. Also, foreclosures may result in costs, litigation or losses due to irregularities in the underlying documentation, or if the validity of a foreclosure action is challenged by a borrower or overturned by a court because of errors or deficiencies in the foreclosure process. We may also incur costs or losses relating to delays or alleged deficiencies in processing documents necessary to comply with state law governing foreclosure.
Changes in the structure of and relationship among the GSEs could adversely impact our business.
We rely on the GSEs to guarantee or purchase certain mortgage loans that meet their conforming loan requirements. During 2024, we sold approximately $1.5 billion of loans to GSEs, primarily Freddie Mac (FHLMC). FHLMC and Fannie Mae are currently in conservatorship, with the Federal Housing Finance Agency acting as conservator. While there have been
periodic proposals to remove or exit the GSEs from conservatorship and eliminate the perceived “implicit guarantee” associated with the GSEs, none have been successful. We cannot predict the future prospects of the GSEs, including the timing of any recapitalization or release from conservatorship, or any legislative or rulemaking proposals regarding the GSEs’ status in the housing market. If the GSEs take a reduced role in the marketplace, including by limiting the mortgage products they offer, we could be required to seek alternative funding sources, retain additional loans on our balance sheet, secure funding through the Federal Home Loan Bank system, or securitize the loans through Private Label Securitization, which could increase our cost of funds related to the origination of new mortgage loans, increase credit risk and/or impact our capacity to originate new mortgage loans. These developments could adversely affect our securities portfolios, capital levels, liquidity and results of operations.
Our risk management framework may not be effective in mitigating risk and reducing the potential for losses.
Our risk management framework is designed to minimize our risk and loss. We seek to effectively and consistently identify, measure, monitor, report and control the risk types to which we are subject, including the seven key risk types we face. Risks also may span across multiple key risk types, including cybersecurity risk, climate risk, legal risk and concentration risk. While we employ a broad and diversified set of controls and risk mitigation techniques, including modeling and forecasting, hedging strategies and techniques seeking to balance our ability to profit from trading positions with our exposure to potential losses, we are inherently limited by our ability to identify and measure all risks, including emerging and unknown risks, anticipate the timing and impact of risks, apply effective hedging strategies, make correct assumptions, manage and aggregate data correctly and efficiently, identify changes in markets or client behaviors not historically reflected and develop risk management models and forecasts to assess and control risk.
Our risk management depends on our ability to consistently execute all elements of our risk management program, develop and maintain a culture of managing risk well throughout the Corporation and manage third-party risks, including providers of products and services, to allow for effective risk management and help confirm that risks are appropriately considered, evaluated and responded to timely. Uncertain economic and geopolitical conditions, widespread health emergencies and pandemics, heightened legislative and regulatory scrutiny of and change within the financial services industry, the pace of technological changes, including AI (such as machine learning and generative AI) and quantum computing, accounting, tax and market developments, the failure of employees, representatives and third parties to comply with our policies and Risk Framework and the overall complexity of our operations, among other developments, have in the past and may in the future, result in a heightened level of risk, including operational, reputational and compliance risk. Failure to manage evolving risks or properly anticipate, escalate, manage, control or mitigate risks could result in additional legal, regulatory and reputational risk, losses and adversely affect our results of operations.
Regulatory, Compliance and Legal
We are highly regulated and subject to evolving government legislation and regulations and certain settlements, orders and agreements with government authorities from time to time.
We are highly regulated and subject to evolving and comprehensive regulation under federal and state laws in the U.S. and the laws of the various foreign jurisdictions in which we
operate. These laws and regulations significantly affect and have the potential to increase our compliance costs, restrict the scope of our existing businesses, require changes to our employment practices, business strategies and controls and procedures, limit our ability to pursue certain business opportunities, including the products and services we offer, reduce certain fees and rates and/or make our products and services more expensive for our clients. We are also required to file various financial and nonfinancial regulatory reports to comply with LRRs in the jurisdictions in which we operate, which results in additional compliance and operational risk.
We continue to adjust our business and operations, legal entity structure, systems, disclosure, policies, procedures, processes, controls and governance, including with regard to capital and liquidity management, risk management and data management, in an effort to comply with LRRs, and evolving expectations, guidance and interpretation by regulatory authorities, including the Department of Treasury (including the Internal Revenue Service (IRS) and OFAC), Financial Crimes Enforcement Network, Federal Reserve, OCC, CFPB, Financial Stability Oversight Council, FDIC, Department of Labor, SEC and CFTC in the U.S., foreign regulators, other government authorities and self-regulatory organizations. Further, we expect to become subject to future LRRs, including beyond those currently proposed, adopted or contemplated in the U.S. or abroad, and evolving interpretations of existing and future LRRs, which may include policies and rulemaking related to FDIC assessments, loss allocations between financial institutions and clients regarding the use of our products and services, including electronic payments, emerging technologies, such as the development and use of AI (including machine learning and generative AI), cybersecurity and data, employment practices and further climate and environmental risk management and sustainability reporting and disclosure, including emissions.
The cumulative effect of all of the current and possible future legislation and regulations, as well as related interpretations, on our litigation and regulatory exposure, businesses, operations, including our ability to compete, and profitability remains uncertain and necessitates that we make certain assumptions with respect to the scope and requirements of existing, prospective and proposed LRRs in our business planning and strategies. If these assumptions prove incorrect, we could be subject to increased regulatory, legal and compliance risks and costs, and potential reputational harm. Also, regulatory initiatives in the U.S. and abroad may overlap, and non-U.S. regulations and initiatives may be inconsistent or conflict with current or proposed U.S. regulations or with each other, which could lead to compliance risks and higher costs.
Our regulators’ prudential and supervisory authority gives them broad power and discretion to direct our actions, and they have assumed an active oversight, inspection and investigatory role across the financial services industry. Regulatory focus is not limited to LRRs applicable to the financial services industry, but includes other significant LRRs that apply across industries and jurisdictions, including those related to anti-money laundering, anti-bribery, anti-corruption know-your-customer requirements, embargo programs and economic sanctions.
We are also subject to LRRs in the U.S. and abroad, including the GDPR and CCPA, and a number of additional jurisdictions enacting or considering similar laws or amendments to existing laws, regarding privacy and the disclosure, collection, use, sharing and safeguarding of personally identifiable information, including our employees, clients, suppliers, counterparties and other third parties, the violation of which could result in litigation, regulatory fines,
enforcement actions and operational loss. Also, we are and will continue to be subject to new and evolving data privacy laws in the U.S. and abroad, which could result in additional costs of compliance, litigation, regulatory fines and enforcement actions. There remains complexity and uncertainty, including potential suspension or prohibition, regarding data transfer because of concerns over compliance with LRRs for cross-border flows and transfers of personal data from the European Economic Area (EEA) to the U.S. and other jurisdictions outside of the EEA, resulting from judicial and regulatory guidance. Other jurisdictions, including China and India, have commenced consultation efforts or enacted new legislation or regulations to establish standards for personal data transfers. If cross-border personal data transfers are suspended or restricted or we are required to implement distinct processes for each jurisdiction’s standards, this could result in operational disruptions to our businesses, additional costs, increased enforcement activity, new contract negotiations with third parties, and/or modification of such data management.
As part of their enforcement authority, our regulators and other government authorities have the authority to, among other things, conduct investigations and assess significant civil or criminal monetary fines, penalties or restitution, issue cease and desist orders, suspend or withdraw licenses and authorizations, initiate injunctive action, apply regulatory sanctions or cause us to enter into consent orders. The amounts paid by us and other financial institutions to settle proceedings or investigations have, in some instances, been substantial and may increase. In some cases, governmental authorities have required criminal pleas or other extraordinary terms as part of such resolutions, which could have significant consequences, including reputational harm, loss of clients, restrictions on the ability to access capital markets, and the inability to operate certain businesses or offer certain products. Our responses to regulators and other government authorities have been and may continue to be time-consuming and expensive and divert management attention from our business. The outcome of any matter, which may last years, may be difficult to predict or estimate.
The terms of settlements, orders and agreements that we have entered into with government entities and regulatory authorities have also imposed, or could impose, significant operational and compliance costs on us with respect to enhancements to our procedures and controls, losses with respect to fraudulent transactions perpetrated against our clients, expansion of our risk and control functions within our lines of business, investment in technology and the hiring of significant numbers of additional risk, control and compliance personnel. For example, in December 2024, the OCC issued a Consent Order against BANA relating to certain aspects of BANA’s BSA, anti-money laundering and economic sanctions compliance programs, and we continue to respond to requests for information about similar aspects of such programs from other regulators. If we fail to meet the requirements of the regulatory settlements, orders or agreements to which we are subject, or, more generally, fail to maintain risk and control procedures and processes that meet the heightened standards established by our regulators and other government authorities, we could be required to enter into further settlements, orders or agreements and pay additional fines, penalties or judgments, or accept material regulatory restrictions on our businesses.
Improper actions, behaviors or practices by us, our employees or representatives that are illegal, unethical or contrary to our core values, including the handling of fiduciary obligations, conflicts of interest and the misuse of confidential
information, could harm us, our shareholders or clients or damage the integrity of the financial markets, and are subject to increasing regulatory scrutiny across jurisdictions. The complexity of the regulatory and enforcement regimes in the U.S., coupled with the global scope of our operations and the regulatory environment worldwide, also means that a single event or practice or a series of related events or practices may give rise to a significant number of overlapping investigations and regulatory proceedings, either by multiple federal and state agencies in the U.S. or by multiple regulators and other governmental entities in different jurisdictions. Actions by other members of the financial services industry related to business activities in which we participate may result in investigations by regulators or other government authorities.
While we believe that we have an appropriate approach to developing and implementing risk management and compliance programs, compliance risks will continue to exist, particularly as we anticipate and adapt to new and evolving LRRs and evolving interpretations, and potential misconduct by bad actors globally. We also rely upon third parties who may expose us to compliance and legal risk. Future legislative or regulatory actions, and any required changes to our business or operations or strategy, or those of third parties upon whom we rely, resulting from such developments and actions could result in a significant loss of revenue, impose additional compliance and other costs or otherwise reduce our profitability, limit the products and services that we offer or our ability to pursue certain businesses and business opportunities, require us to dispose of certain businesses or assets, affect the value of assets held, require changes in training, testing, governance, controls and procedures and compensation practices, require us to increase prices and therefore reduce demand for our products, or otherwise adversely affect our businesses.
We are subject to significant financial and reputational risks from potential liability arising from lawsuits and regulatory and government action.
We face significant legal risks in our business, with a high volume of claims against us and other financial institutions, including conduct related to various products, services and markets. The amount of damages, penalties and fines that private litigants, including clients and other counterparties, and regulators seek from us and other financial institutions continues to be significant and unpredictable.
U.S. regulators and government agencies regularly pursue enforcement claims and litigation against financial institutions, including us, for alleged violations of law and client harm, including under the Financial Institutions Reform, Recovery, and Enforcement Act, the federal securities laws, the False Claims Act, fair lending laws and regulations (including the Equal Credit Opportunity Act and the Fair Housing Act), the FCPA, the BSA, regulations issued by OFAC, Home Mortgage Disclosure Act, antitrust laws, and consumer protection laws and regulations related to products and services such as overdraft and sales practices, including prohibitions on unfair, deceptive, and/or abusive acts and practices (UDAAP) under the Consumer Financial Protection Act and the Federal Trade Commission Act, and EFTA, as well as other enforcement action taken by prudential regulators with respect to safety, soundness and appropriateness of our business practices. Such claims may carry significant penalties, restitution and, in certain cases, treble damages, and the ultimate resolution of regulatory inquiries, investigations and other proceedings which we are subject to from time-to-time is difficult to predict.
In particular, we are the subject of litigation regarding our processing of electronic payments through the Zelle network,
our efforts to detect, prevent and address fraud perpetrated against our clients and/or the handling of fraud-related disputes, which could result in fines, judgments and/or settlements, and adversely affect our businesses and strategies due to the treatment of loss allocations between clients and us, all of which could also adversely impact other similar products and services. Further, in addition to the consent order referenced above regarding BSA/anti-money laundering and economic sanctions compliance programs, we have entered into orders or settlements with certain government agencies regarding the rates paid on uninvested cash in brokerage and investment advisory accounts that is swept into interest-paying bank deposits, credit card sales and marketing practices and representment fee practices and our participation in implementing COVID-19-related government relief measures and other federal and state government assistance programs, including the processing of unemployment benefits for California and certain other states. We are subject to, or could become subject to, related litigation or investigations by other regulators with respect to the conduct that gave rise to these orders, or the orders or investigations we become subject to in the future, which may result in judgments and/or settlements.
We and our regulators have an increased focus on information security. This includes cybersecurity incidents perpetrated against us, our clients, providers of products and services, counterparties and other third parties, the collection, use and sharing of data, and safeguarding of personally identifiable information and corporate data, as well as the development, implementation, use and management of emerging technologies, including AI, which have resulted in, and will likely continue to result in, related litigation or government enforcement, including with regard to compliance with U.S. and global LRRs, and could subject us to fines, judgments and/or settlements and involve reputational losses. We expect to also face increasing scrutiny regarding sustainability-related policies, goals, targets and disclosure, which could result in litigation, regulatory investigations and actions and reputational harm. Misconduct, or the perception of misconduct, by our employees and representatives, including conflicts of interest, unethical, fraudulent, improper or illegal conduct, the failure to fulfill fiduciary obligations, unfair, deceptive, abusive or discriminatory business practices, or violations of policies, procedures or LRRs, including conduct that affects compliance with books and records requirements, have resulted and could result in further litigation and/or government investigations and enforcement actions, and cause significant reputational harm.
The global environment of extensive investigations, regulation, regulatory compliance burdens, litigation and regulatory enforcement, combined with uncertainty related to the continually evolving regulatory environment, have affected and are likely to continue to affect operational and compliance costs and risks, including the adaptation of business strategies, the limitation or cessation of our ability or feasibility to continue providing certain products and services and our employment practices. Lawsuits and regulatory actions have resulted in and will likely continue to result in judgments, orders, settlements, penalties and fines adverse to us, in amounts that may be significant or unpredictable, and in some cases, exceed the amount of reserves established. Litigation and investigation costs, substantial legal liability or significant regulatory or government action against us could adversely affect our businesses, financial condition, including liquidity, and results of operations, and/or cause significant reputational harm.
U.S. federal banking agencies may require increased capital and liquidity levels, which could adversely impact the Corporation.
We are subject to U.S. capital and liquidity regulations. These rules, among other things, establish minimum ratios relating to capital for different categories of assets and exposures to qualify as a well-capitalized institution. As a G-SIB, we are also required to hold additional capital buffers, including a G-SIB surcharge, a SCB and a countercyclical buffer, which are reassessed at least annually. Also, we are subject to regulatory liquidity requirements, including the Liquidity Coverage Ratio and the Net Stable Funding Ratio. If any of our subsidiary insured depository institutions fail to maintain “well capitalized” status under the applicable regulatory capital rules, the Federal Reserve will require us to agree to bring the insured depository institution back to well-capitalized status, which may include restrictions on our activities, such as our ability to pay dividends and/or repurchase our common stock. If we were to fail to enter into or comply with such an agreement, the Federal Reserve may impose more severe restrictions on our activities, including requiring us to cease and desist activities otherwise permitted.
From time to time regulators may change regulatory capital requirements, including total loss-absorbing capacity (TLAC) and long-term debt requirements, change how regulatory capital or RWA is calculated, or increase liquidity requirements. These components of our capital and liquidity ratios could also be impacted by economic disruptions or other events that may cause an increase in our balance sheet, RWA or leverage exposures, which could increase the amounts of regulatory capital or liquidity we are required to hold.
In 2023, U.S. banking regulators issued notices of proposed rulemaking to revise the measurement of RWA and the G-SIB surcharge calculation, both of which may be re-proposed. Also, in 2023, U.S. banking regulators issued proposed changes to the long-term debt requirements for TLAC, which may impact eligibility of certain debt instruments, and in 2024, the Federal Reserve separately confirmed it is considering changes to existing, as well as new, liquidity requirements. The timing and composition of any such proposals or re-proposals remain uncertain due to various factors, including changes of leadership positions in the U.S. bank regulatory agencies.
Our ability to pay dividends or repurchase common stock depends, in part, on our ability to maintain regulatory capital levels above minimum requirements plus buffers. If increases occur in our SCB, G-SIB surcharge or countercyclical capital buffer, our dividends and common stock repurchases, could decrease. For example, in 2024, our SCB increased by 70 bps to 3.2 percent and our G-SIB surcharge increased 50 bps to 3.0 percent. Our G-SIB surcharge is expected to increase to 3.5 percent from 3.0 percent in 2027, and could further increase in the future. The Federal Reserve could also limit or prohibit capital actions (e.g., impacts to dividends and common stock repurchases) as a result of economic disruptions or events.
Extensive regulatory evaluation of our capital planning practices by the Federal Reserve includes stress testing on parts of our business using hypothetical economic scenarios prepared by the Federal Reserve. Those scenarios may affect our CCAR stress test results, which may impact our SCB level and require us to hold additional capital. In 2024, the Federal Reserve announced that it intends to propose potential changes to bank stress tests, which could impact our SCB.
Changes to and compliance with the regulatory capital and liquidity requirements may impact our operations by requiring us to liquidate assets, increase borrowings, issue additional securities, reduce common stock repurchases or dividends, limit compensation practices, cease or alter certain operations, pricing strategies and business activities or hold highly liquid assets, adversely affecting our results of operations.
Changes in accounting standards or assumptions in applying accounting policies could adversely affect us.
Accounting policies and methods are fundamental to how we record and report our financial condition and results of operations. Some of these policies require the use of estimates and assumptions that may affect the reported value of our assets or liabilities and results of operations and are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain. If assumptions, estimates or judgments are erroneously applied, we could be required to correct and restate prior-period financial statements. Accounting standard-setters and those who interpret the accounting standards, including the SEC, banking regulators and our independent registered public accounting firm may also amend or even reverse their previous interpretations or positions on how various standards should be applied. These changes may be difficult to predict and could impact the preparation and reporting of our financial statements, including the application of new or revised standards retrospectively, resulting in unexpected losses, revisions to prior-period financial statements and other adverse impacts to us, including legal and regulatory risk.
We may be adversely affected by changes in U.S. and non-U.S. tax laws and regulations.
We could be adversely affected if U.S. and foreign governmental authorities further change tax laws, including changes to the Tax Cuts and Jobs Act of 2017 and Inflation Reduction Act of 2022. Also, new guidelines issued by the Organization for Economic Cooperation and Development (OECD), which are currently being enacted into law in some OECD countries in which we operate, are expected to impose a 15 percent global minimum tax on a country-by-country basis. Any implementation of and/or change in U.S. and foreign tax laws and regulations or interpretations of current or future tax laws and regulations could materially adversely affect our effective tax rate, tax liabilities and results of operations. U.S. and foreign tax laws are complex and our judgments, interpretations or applications of such tax laws could differ from that of the relevant governmental authority. This could result in additional tax liabilities and interest, penalties, the reduction of certain tax benefits and/or the requirement to make adjustments to amounts recorded, which could be material.
Also, we have U.K. net deferred tax assets (DTA) which consist primarily of net operating losses that are expected to be realized in a U.K. subsidiary over an extended number of years. Adverse developments with respect to tax laws or to other material factors, such as prolonged worsening of international capital markets or changes in the ability of our U.K. subsidiary to conduct business in the markets outside the U.K., could lead our management to reassess and/or change its current conclusion that no valuation allowance is necessary with respect to our U.K. net DTA.
Reputation
Damage to our reputation could harm our businesses, including our competitive position and business prospects.
Our ability to attract and retain clients, investors and employees is impacted by our reputation. Harm to our reputation can arise from various sources, including actual or perceived activities of our officers, directors, employees, other representatives, clients and third parties, including counterparties, such as fraud, misconduct and unethical behavior, adequacy of our ability to detect, prevent and/or respond to fraud perpetrated against our clients, and the handling of related disputes regarding the use of our products
and services, including electronic payments, effectiveness of our internal controls, the fees charged to our clients, including overdraft and non-sufficient funds fees, compensation practices, lending practices, suitability or reasonableness of particular trading or investment strategies, the services offered to our clients, the reliability of our research and models and prohibiting clients from engaging in certain transactions.
Our reputation may also be harmed by actual or perceived failure to deliver the products, standards of service and quality expected by our clients and the community, including the overstatement or mislabeling of the environmental benefits of our products, services or transactions, the failure to protect our clients and/or recognize and address client complaints, compliance failures, technology changes, the implementation, management and use of emerging technologies, including AI, the failure to maintain effective data management, cybersecurity incidents and information and security breaches affecting us and our employees, clients and third parties, which have occurred and which we expect to continue to occur with increased frequency and severity, prolonged or repeated system outages, our privacy policies, the unintended disclosure of or failure to safeguard personal, proprietary or confidential information, the breach of our fiduciary obligations, employment practices and the handling of widespread health emergencies or pandemics. Our reputation may also be harmed by litigation and/or regulatory matters and their outcomes, and/or criticism or challenges by third parties, relating to the topics discussed above or otherwise. Challenges and criticisms to our environmental and social practices and disclosures, and those of our clients and third parties, including from third parties, who may have diverging views regarding those practices and disclosures, may also harm our reputation.
Increases in market interest rates have resulted in increased focus on asset and liability management, including HTM and AFS securities and related unrealized losses. Perceptions of our liquidity and financial condition, actions by the financial services industry generally, or by certain members or individuals in the industry may harm our reputation. Adverse publicity or negative information posted on social media by employees, the media or otherwise, whether or not factually correct, may trigger a loss of trust or confidence on the part of clients, counterparties, shareholders, investors, debt holders, market analysts, other relevant parties or regulators, adversely impacting our business prospects and results of operations.
We are subject to complex and evolving LRRs and interpretations, including regarding fair lending activity, UDAAP, electronic funds transfers, know-your-customer requirements, data protection and privacy (including the GDPR and the CCPA), cross-border data movement and data localization, cybersecurity, the use and development of AI, data and technology and other matters, as well as evolving and expansive interpretations of these LRRs. Principles concerning the appropriate scope of consumer and commercial privacy vary considerably across jurisdictions, and regulatory and public expectations regarding the definition and scope of consumer and commercial privacy and data protection remains fluid. These laws may be interpreted and applied by various jurisdictions inconsistent with our current or future practices, or with one another. If personal, confidential or proprietary information of clients in our possession, or in the possession of third parties or financial data aggregators, is mishandled, misused or mismanaged, or if we do not timely or adequately address such information, we may face regulatory, legal and operational risks, which could adversely affect our reputation, financial condition and results of operations.
We could suffer reputational harm if we fail to properly identify and manage potential conflicts of interest, the management of which has become increasingly complex as we expand our business activities through more numerous transactions, obligations and interests with and among our clients. The actual or perceived failure to adequately address conflicts of interest could affect the willingness of clients to use our products and services, or result in litigation or enforcement actions, which could adversely affect our business.
Our actual or perceived failure to address these and other issues, such as operational risks, could give rise to reputational risk that could harm us and our business prospects, including the attraction and retention of clients and employees, and give rise to additional regulatory restrictions, legal risks and reputational harm, which could, among other consequences, increase the size and number of litigation claims and damages asserted or subject us to enforcement actions, fines and penalties, and cause us to incur related costs and expenses.
Other
We face significant and increasing competition in the financial services industry.
We operate in a highly competitive environment and experience intense competition from local and global bank and nonbank financial institutions and new entrants in domestic and foreign markets. There is increasing pressure to provide products and services on more attractive terms, including lower fees, lower cost investment strategies and higher interest rates on deposits, which may impact our ability to effectively compete. Also, we may be disadvantaged from more stringent regulatory requirements applicable to us than to nonbank financial institutions or other actual or perceived competitors.
The growth of and mergers among traditional financial services companies have increased competition. Emerging technologies and the growth of e-commerce have lowered geographic and monetary barriers of other financial institutions, made it easier for non-depository institutions to offer traditional banking products and services and allowed non-traditional financial service providers and technology companies to compete with traditional financial service companies in providing electronic and internet-based financial solutions and services, including electronic securities trading with low or no fees and commissions, marketplace lending, financial data aggregation and payment processing services, including real-time payment platforms. Further, clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky as an alternative to traditional products. Increased competition may reduce our market share, net interest margin and revenues from our fee-based products and services and negatively affect our earnings, including by pressuring us to lower pricing, requiring additional investment to improve the quality and delivery of our technology and/or affecting our clients’ willingness to do business with us.
Our inability to adapt our business strategies, products and services could harm our business.
We rely on a diversified mix of businesses that deliver a broad range of financial products and services through multiple distribution channels. Our success depends on our and our third-party providers’ ability to timely change or adapt our business strategies, products and services and their respective features, including available payment processing services and technology, such as AI and machine learning, to rapidly evolving industry standards and consumer preferences. Our strategies could be further impacted by macroeconomic stress,
widespread health emergencies or pandemics, cyberattacks, and military conflicts or other significant geopolitical events.
Widespread adoption and rapid evolution of, as well as developments in the regulatory landscape relating to emerging technologies, including analytic capabilities, AI (including machine learning and generative AI), automated decision-making, self-service digital trading platforms and automated trading markets, internet services, and digital assets, such as central bank digital currencies, cryptocurrencies (including stablecoins), tokens and other cryptoassets that utilize distributed ledger technology (DLT), as well as payment, clearing and settlement processes that use DLT, create additional strategic risks, could negatively impact our ability to compete and require substantial expenditures to the extent we were to modify or adapt our existing products and services. As new technologies evolve and mature, our businesses and results of operations could be adversely impacted, including as a result of new competitors to the payments and trading ecosystems and increased volatility in deposits and/or significant long-term reduction in deposits (i.e., financial disintermediation).
Also, we may not be as timely or successful in assessing the competitive landscape and developing or introducing new products and services, integrating new products or services into our existing offerings, responding, managing or adapting to changes in consumer behavior, preferences, spending, investing and/or saving habits, achieving market acceptance of our products and services, reducing costs in response to pressures to deliver products and services at lower prices or sufficiently developing and maintaining clients. Further, our businesses may be negatively impacted if we, or our third-party providers, do not timely development and apply emerging technologies, like AI and quantum computing, or if our initiatives in these areas are deficient or fail. Our or our third-party providers’ inability or resistance to timely innovate or adapt operations, products and services to evolving regulatory and market environments, industry standards and consumer preferences could result in service disruptions, harm our business and adversely affect our results of operations and reputation.
We could suffer operational, reputational and financial harm if our models fail to properly anticipate and manage risk.
We use models enterprise-wide, including to forecast losses, project revenue and expenses, assess and control our operations and financial condition, assist in capital planning, manage liquidity and measure, forecast and assess capital and liquidity requirements for credit, market, operational and strategic risks. Under our Enterprise Model Risk Policy, Model Risk Management is required to perform end-to-end model oversight, including independent validation before initial use, implementation monitoring, ongoing monitoring reviews through outcomes analysis and benchmarking, and periodic revalidation. However, models are subject to inherent limitations from simplifying assumptions, uncertainty regarding economic and financial outcomes, and emerging risks, including from applications that rely on AI.
Our models may not be sufficiently predictive of future results, such as due to limited historical patterns, extreme or unanticipated market movements or clients’ behavior and liquidity, especially during severe market downturns or stress events (e.g., geopolitical or pandemic events), which could limit their effectiveness and require timely recalibration. The models that we use to assess and control our market risk exposures also reflect assumptions about the degree of correlation among prices of various asset classes or other market indicators, which may not be representative of the next downturn and would magnify the limitations inherent in using historical data to
manage risk. Market conditions in recent years have involved unprecedented dislocations and highlight the limitations inherent in using historical data to manage risk. Our models may also be adversely impacted by human error and may not be effective if we fail to properly oversee, regularly review and detect their flaws during our review and monitoring processes, they contain biases, erroneous data, assumptions, valuations, formulas or algorithms, or our applications running the models do not perform as expected. Regardless of the steps we take to design effective controls, governance, monitoring and testing, and implement new technology and automated processes, we could suffer operational, reputational and financial harm, including funding or liquidity shortfalls, and adverse business decisions and regulatory risk if models fail to properly anticipate and manage risks.
Failure to properly manage data may adversely affect our ability to manage compliance risk and business needs, and result in errors in our operations, reporting and decision-making, and non-compliance with LRRs.
We rely on our ability to manage and process data accurately, timely and completely, including capturing, transporting, aggregating, using, transmitting data externally, and retaining and protecting data appropriately. While we continually update our policies, programs, processes and practices and take steps to leverage emerging technologies, such as automation, AI and robotics, our data management processes may not be effective and are subject to weaknesses and failures, including human error, data limitations, process delays, system failure or failed controls. Failure to effectively manage data accurately, timely and completely may adversely impact its quality and reliability and our ability to manage current and emerging risks, produce accurate financial, nonfinancial, regulatory, operational, environmental and social reporting, detect or surveil potential misconduct or non-compliance with LRRs, and to manage our business needs, strategic decision-making, resolution strategy and operations. The failure to establish and maintain effective, efficient and controlled data management could adversely impact our development of products and client relationships and increase operational losses and regulatory and reputational risk.
Our operations, businesses and clients could be adversely affected by the impacts related to climate change.
Climate change and related environmental sustainability matters present short-, medium- and long-term risks. The physical risks include an increase in the frequency and severity of extreme weather events and natural disasters, including floods, wildfires, hurricanes and tornados, and chronic longer-term shifts such as rising average global temperatures and sea levels. Such disasters and effects could adversely impact our facilities, employees and clients’ ability to repay outstanding loans, disrupt the operations of us and our clients or third parties, cause supply chain or distribution network disruptions, damage collateral and/or result in market volatility, rapid deposit outflows or drawdowns of credit facilities, the deterioration of the value of collateral or insurance shortfalls.
There is also increasing risk related to the transition to a low-carbon economy. Changes in consumer preferences or financial condition of our clients and counterparties, market pressures, advancements in technology and additional legislation, regulatory, compliance and legal requirements could alter our strategic planning and the scope of our existing businesses, limit our ability to pursue certain business activities and offer certain products and services, amplify credit and market risks, negatively impact asset values, require capital
expenditures and changes in technology and markets, including supply chain and insurance availability and cost, increase expenses and adversely impact our capital requirements and results of operations. Particularly, there is a global regulatory focus on climate change and existing and pending disclosure requirements in various jurisdictions, with jurisdictional divergence, which is expected to impact our legal, compliance and public disclosure risks and costs.
Our climate change strategies, policies, and disclosures, which may evolve over time, our ability to achieve our climate-related goals and targets and/or the environmental or climate impacts attributable to our products, services or transactions may impact legal and compliance risk and could result in reputational harm as a result of negative public sentiment, regulatory scrutiny, litigation and reduced investor and stakeholder confidence. Due to divergent views of stakeholders, we are at increased risk that any action, or lack thereof, by us concerning our response to climate change will be perceived negatively by some stakeholders, which could adversely impact our reputation and businesses. Our ability to meet our climate-related goals and targets, including our goal to achieve certain greenhouse gas (GHG) emissions targets by 2030 and net zero GHG emissions in our financing activities, operations and supply chain before 2050, is subject to risks and uncertainties, many of which are outside of our control, such as technological advances, clearly defined roadmaps for industry sectors, public policies and better emissions data reporting, and ongoing engagement with clients, suppliers, investors, government officials and other stakeholders. Due to the evolving nature of climate-related risks, which are expected to increase over time, it is difficult to predict, identify, monitor and effectively mitigate climate-related risks and uncertainties.
Furthermore, there are and will continue to be challenges related to the availability, quality and disclosure of climate-related data, including data obtained from third parties, which may result in legal, compliance and/or reputational harm.
Our ability to attract, develop and retain qualified employees is critical to our success, business prospects and competitive position.
Our performance and competitive position is heavily dependent on the talents, development and efforts of highly skilled individuals. Competition for qualified personnel is intense from within and outside the financial services industry. Our competitors include global institutions and institutions subject to different compensation and hiring regulations than those imposed on us. Also, our ability to attract, develop and retain employees could be impacted by our reputation, professional and development opportunities, changes in regulation or enforcement practices, changes in workforce concerns, expectations, practices and preferences (including remote work), and increasing labor shortages and competition for labor, which could increase labor costs.
We must provide market-level compensation to attract and retain qualified personnel. As a large financial and banking institution, we are and may become subject to additional limitations on compensation practices by the Federal Reserve, the OCC, the FDIC and other global regulators, which may not affect our competitors. Also, because a substantial portion of compensation paid to many of our employees is equity-based awards based on the value of our common stock, declines in our profitability or outlook could adversely affect the ability to attract and retain employees. If we are unable to continue to attract, develop and retain qualified individuals, our business prospects and competitive position could be adversely affected.
Item 1B. Unresolved Staff Comments
Item 1C. Cybersecurity
See Compliance and Operational Risk Management in the MD&A beginning on page 80, which is incorporated herein by reference.
Item 2. Properties
As of December 31, 2024, certain principal offices and other materially important properties consisted of the following:
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Facility Name | | Location | | General Character of the Physical Property | | Primary Business Segment | | Property Status | | Property Square Feet (1) |
Bank of America Corporate Center | | Charlotte, NC | | 60 Story Building | | Principal Executive Offices | | Owned | | 1,212,177 |
Bank of America Tower at One Bryant Park | | New York, NY | | 55 Story Building | | GWIM, Global Banking and Global Markets | | Leased (2) | | 2,024,684 |
Bank of America Financial Centre | | London, UK | | 3 Building Campus | | Global Banking and Global Markets | | Leased | | 510,170 |
Cheung Kong Center | | Hong Kong | | 62 Story Building | | Global Banking and Global Markets | | Leased | | 149,790 |
(1)For leased properties, property square feet represents the square footage occupied by the Corporation.
(2)The Corporation has a 49.9 percent joint venture interest in this property.
We own or lease approximately 64.2 million square feet in over 19,700 facilities and ATM locations globally, including approximately 57.9 million square feet in the U.S. (all 50 states and the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam) and approximately 6.3 million square feet in more than 35 countries.
We believe our owned and leased properties are adequate for our business needs and are well maintained. We continue to evaluate our owned and leased real estate and may determine from time to time that certain of our premises and facilities, or ownership structures, are no longer necessary for our
operations. In connection therewith, we regularly evaluate the sale or sale/leaseback of certain properties, and we may incur costs in connection with any such transactions.
Item 3. Legal Proceedings
See Litigation and Regulatory Matters in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements, which is incorporated herein by reference.
Item 4. Mine Safety Disclosures
None
Part II
Bank of America Corporation and Subsidiaries
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The principal market on which our common stock is traded is the New York Stock Exchange under the symbol “BAC.” As of February 24, 2025, there were 130,019 registered shareholders of common stock.
The table below presents common share repurchase activity for the three months ended December 31, 2024. The primary source of funds for cash distributions by the Corporation to its
shareholders is dividends received from its bank subsidiaries. Each of the bank subsidiaries is subject to various regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums. All of the Corporation’s preferred stock outstanding has preference over the Corporation’s common stock with respect to payment of dividends.
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(Dollars in millions, except per share information; shares in thousands) | Total Common Shares Purchased (1,2) | | Weighted-Average Per Share Price | | Total Shares Purchased as Part of Publicly Announced Programs (2) | | Remaining Buyback Authority Amounts |
October 1 - 31, 2024 | 22,058 | | | $ | 42.87 | | | 22,043 | | | $ | 21,439 | |
November 1 - 30, 2024 | 30,148 | | | 45.88 | | | 30,003 | | | 20,076 | |
December 1 - 31, 2024 | 26,201 | | | 46.35 | | | 26,178 | | | 18,875 | |
Three months ended December 31, 2024 | 78,407 | | | 45.19 | | | 78,224 | | | |
(1)Includes 183 thousand shares of the Corporation's common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans.
(2)On July 24, 2024, the Board authorized a $25 billion common stock repurchase program, effective August 1, 2024, to replace the Corporation’s previous program, which expired on August 1, 2024. During the three months ended December 31, 2024, pursuant to the Board’s authorization, the Corporation repurchased approximately 78 million shares, or $3.5 billion, of its common stock. For more information, see Capital Management – CCAR and Capital Planning in the MD&A on page 48 and Note 13 – Shareholders’ Equity to the Consolidated Financial Statements.
The Corporation did not have any unregistered sales of equity securities during the three months ended December 31, 2024.
Item 6. [Reserved]
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Item 7. Bank of America Corporation and Subsidiaries |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
Table of Contents |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of this Annual Report on Form 10-K: and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory investigations, proceedings and enforcement actions, which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs and the processing of electronic payments, including through the Zelle network, and related fraud, which are in various stages; the possibility that the Corporation’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates (including the potential for ongoing adjustments in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including increased tariffs, and geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic
assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation's concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of third parties, including as a result of cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental goals and targets or the impact of any changes in the Corporation’s sustainability strategy, goals or targets; the impact of uncertain or changing political conditions or any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-year amounts have been reclassified to conform to current-year presentation. Throughout
the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At December 31, 2024, the Corporation had $3.3 trillion in assets and a headcount of approximately 213,000 employees.
As of December 31, 2024, we served clients through operations across the U.S., its territories and more than 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 48 million active users, including approximately 40 million active mobile users. We offer industry-leading support to approximately four million small business households. Our GWIM businesses, with client balances of $4.3 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
Recent Developments
Natural Disasters
Certain Bank of America communities, clients and teammates were significantly impacted by recent wildfires in California and by hurricanes in the southeastern U.S. during the second half of 2024. In response, Bank of America activated client assistance programs, donated to disaster relief efforts and provided additional support to teammates in the affected areas. The Corporation continues to evaluate the effects of the wildfires and hurricanes on its clients and communities and does not expect these natural disasters to have a material impact on its businesses, results of operations or financial condition.
Capital Management
On January 29, 2025, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.26 per share, payable on March 28, 2025 to shareholders of record as of March 7, 2025.
For more information on our capital resources, see Capital Management beginning on page 48.
Financial Highlights
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Table 1 | Summary Income Statement and Selected Financial Data |
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(Dollars in millions, except per share information) | | | | | 2024 | | 2023 |
Income statement | | | | | | | |
Net interest income | | | | | $ | 56,060 | | | $ | 56,931 | |
Noninterest income | | | | | 45,827 | | | 41,650 | |
Total revenue, net of interest expense | | | | | 101,887 | | | 98,581 | |
Provision for credit losses | | | | | 5,821 | | | 4,394 | |
Noninterest expense | | | | | 66,812 | | | 65,845 | |
Income before income taxes | | | | | 29,254 | | | 28,342 | |
Income tax expense | | | | | 2,122 | | | 1,827 | |
Net income | | | | | 27,132 | | | 26,515 | |
Preferred stock dividends | | | | | 1,629 | | | 1,649 | |
Net income applicable to common shareholders | | | | | $ | 25,503 | | | $ | 24,866 | |
Per common share information | | | | | | | |
Earnings | | | | | $ | 3.25 | | | $ | 3.10 | |
Diluted earnings | | | | | 3.21 | | | 3.08 | |
Dividends paid | | | | | 1.00 | | | 0.92 | |
Performance ratios | | | | | | | |
Return on average assets (1) | | | | | 0.83 | % | | 0.84 | % |
Return on average common shareholders’ equity (1) | | | | | 9.53 | | | 9.75 | |
Return on average tangible common shareholders’ equity (2) | | | | | 12.92 | | | 13.46 | |
Efficiency ratio (1) | | | | | 65.57 | | | 66.79 | |
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Balance sheet at year end | | | | | | | |
Total loans and leases | | | | | $ | 1,095,835 | | | $ | 1,053,732 | |
Total assets | | | | | 3,261,519 | | | 3,180,151 | |
Total deposits | | | | | 1,965,467 | | | 1,923,827 | |
Total liabilities | | | | | 2,965,960 | | | 2,888,505 | |
Total common shareholders’ equity | | | | | 272,400 | | | 263,249 | |
Total shareholders’ equity | | | | | 295,559 | | | 291,646 | |
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(1)For definitions, see Key Metrics on page 170.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most directly comparable financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 85.
Net income was $27.1 billion, or $3.21 per diluted share in 2024 compared to $26.5 billion, or $3.08 per diluted share in 2023. The increase in net income was due to higher noninterest income, partially offset by higher provision for credit losses, higher noninterest expense and lower net interest income.
For discussion and analysis of our consolidated and business segment results of operations for 2023 compared to 2022, see Financial Highlights and Business Segment Operations sections in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Net Interest Income
Net interest income decreased $871 million to $56.1 billion in 2024 compared to 2023. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 13 basis points (bps) to 1.95 percent for 2024. The decreases were primarily driven by higher deposit costs, partially offset by higher asset yields and higher net interest income related to Global Markets activity. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 30, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 78.
Noninterest Income
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Table 2 | Noninterest Income | | | | | | | |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Fees and commissions: | | | | | | | |
Card income | | | | | $ | 6,284 | | | $ | 6,054 | |
Service charges | | | | | 6,055 | | | 5,684 | |
Investment and brokerage services | | | | | 17,766 | | | 15,563 | |
Investment banking fees | | | | | 6,186 | | | 4,708 | |
Total fees and commissions | | | | | 36,291 | | | 32,009 | |
Market making and similar activities | | | | | 12,967 | | | 12,732 | |
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Other income | | | | | (3,431) | | | (3,091) | |
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Total noninterest income | | | | | $ | 45,827 | | | $ | 41,650 | |
Noninterest income increased $4.2 billion to $45.8 billion in 2024 compared to 2023. The following highlights the significant changes.
● Card income increased $230 million primarily due to higher late fees, annual fees and card transfer fees.
● Service charges increased $371 million primarily due to higher treasury service charges.
● Investment and brokerage services increased $2.2 billion primarily driven by higher asset management fees due to higher average equity market valuations and positive assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
● Investment banking fees increased $1.5 billion primarily due to higher debt and equity issuance fees and higher advisory fees.
● Market making and similar activities increased $235 million primarily driven by the net $1.6 billion charge resulting from the Bloomberg Short-Term Bank Yield Index’s (BSBY) cessation announced in 2023, partially offset by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC), and lower income from foreign currency risk management activities.
● Other income decreased $340 million primarily due to higher partnership losses on tax credit investments, a charge related to Visa Inc.’s (Visa) increase in its litigation escrow account, and certain negative valuation adjustments, partially offset by lower losses on sales of available-for-sale debt securities and gains on sales of equity investments.
Provision for Credit Losses
The provision for credit losses increased $1.4 billion to $5.8 billion for 2024 compared to 2023. The provision for credit losses for 2024 was primarily driven by credit card as well as small business loan growth, and asset quality deterioration in the commercial real estate office and credit card portfolios. For the prior year, the provision for credit losses was primarily driven by credit card loan growth and asset quality deterioration, partially offset by improved macroeconomic conditions that primarily benefited the commercial portfolio. For more information on the provision for credit losses, see Allowance for Credit Losses on page 72.
Noninterest Expense
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Table 3 | Noninterest Expense | | | | | | | |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Compensation and benefits | | | | | $ | 40,182 | | | $ | 38,330 | |
Occupancy and equipment | | | | | 7,289 | | | 7,164 | |
Information processing and communications | | | | | 7,231 | | | 6,707 | |
Product delivery and transaction related | | | | | 3,494 | | | 3,608 | |
Professional fees | | | | | 2,669 | | | 2,159 | |
Marketing | | | | | 1,956 | | | 1,927 | |
Other general operating | | | | | 3,991 | | | 5,950 | |
Total noninterest expense | | | | | $ | 66,812 | | | $ | 65,845 | |
Noninterest expense increased $967 million to $66.8 billion in 2024 compared to 2023. The increase was primarily driven by higher revenue-related expenses as well as investments in people, operations and technology, partially offset by higher Federal Deposit Insurance Corporation (FDIC) expense in 2023, including $2.1 billion for the estimated special assessment amount arising from the closure of Silicon Valley Bank and Signature Bank, and lower expenses related to a liquidating business activity.
Income Tax Expense
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Table 4 | Income Tax Expense | | | | | | | |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Income before income taxes | | | | | $ | 29,254 | | | $ | 28,342 | |
Income tax expense | | | | | 2,122 | | | 1,827 | |
Effective tax rate | | | | | 7.3 | % | | 6.4 | % |
The effective tax rates for 2024 and 2023 were primarily driven by our recurring tax preference benefits, which primarily consisted of tax credits from investments in affordable housing and renewable energy. Also included in the effective tax rate for 2023 were tax impacts related to the FDIC special assessment and BSBY’s cessation announced in 2023. For more information on our recurring tax preference benefits, see Note 19 – Income Taxes to the Consolidated Financial Statements. Absent the tax credits and discrete tax benefits, the effective tax rates would have been approximately 25 percent for both periods.
Balance Sheet Overview
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Table 5 | Selected Balance Sheet Data | | | | | | | | | | | | | |
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| | December 31 | | | | | | | | |
(Dollars in millions) | 2024 | | 2023 | | $ Change | | % Change | | | | | | |
Assets | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 290,114 | | | $ | 333,073 | | | $ | (42,959) | | | (13) | % | | | | | | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 274,709 | | | 280,624 | | | (5,915) | | | (2) | | | | | | | |
Trading account assets | 314,460 | | | 277,354 | | | 37,106 | | | 13 | | | | | | | |
Debt securities | 917,284 | | | 871,407 | | | 45,877 | | | 5 | | | | | | | |
Loans and leases | 1,095,835 | | | 1,053,732 | | | 42,103 | | | 4 | | | | | | | |
Allowance for loan and lease losses | (13,240) | | | (13,342) | | | 102 | | | (1) | | | | | | | |
All other assets | 382,357 | | | 377,303 | | | 5,054 | | | 1 | | | | | | | |
Total assets | $ | 3,261,519 | | | $ | 3,180,151 | | | $ | 81,368 | | | 3 | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | $ | 1,965,467 | | | $ | 1,923,827 | | | $ | 41,640 | | | 2 | | | | | | | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 331,758 | | | 283,887 | | | 47,871 | | | 17 | | | | | | | |
Trading account liabilities | 92,543 | | | 95,530 | | | (2,987) | | | (3) | | | | | | | |
Short-term borrowings | 43,391 | | | 32,098 | | | 11,293 | | | 35 | | | | | | | |
Long-term debt | 283,279 | | | 302,204 | | | (18,925) | | | (6) | | | | | | | |
All other liabilities | 249,522 | | | 250,959 | | | (1,437) | | | (1) | | | | | | | |
Total liabilities | 2,965,960 | | | 2,888,505 | | | 77,455 | | | 3 | | | | | | | |
Shareholders’ equity | 295,559 | | | 291,646 | | | 3,913 | | | 1 | | | | | | | |
Total liabilities and shareholders’ equity | $ | 3,261,519 | | | $ | 3,180,151 | | | $ | 81,368 | | | 3 | | | | | | | |
Assets
At December 31, 2024, total assets were approximately $3.3 trillion, up $81.4 billion from December 31, 2023. The increase in assets was primarily due to higher debt securities, loans and leases, and trading account assets, partially offset by lower cash and cash equivalents.
Cash and Cash Equivalents
Cash and cash equivalents decreased $43.0 billion primarily driven by reinvestment of cash into debt securities.
Federal Funds Sold and Securities Borrowed or Purchased Under Agreements to Resell
Federal funds transactions involve lending reserve balances on a short-term basis. Securities borrowed or purchased under agreements to resell are collateralized lending transactions utilized to accommodate customer transactions, earn interest rate spreads and obtain securities for settlement and for collateral. Federal funds sold and securities borrowed or purchased under agreements to resell decreased $5.9 billion primarily due to increased investments in debt securities for balance sheet and liquidity positioning purposes.
Trading Account Assets
Trading account assets consist primarily of long positions in equity and fixed-income securities including U.S. government and agency securities, corporate securities and non-U.S. sovereign debt. Trading account assets increased $37.1 billion primarily due to client activity within Global Markets.
Debt Securities
Debt securities primarily include U.S. Treasury and agency securities, mortgage-backed securities (MBS), principally agency MBS, non-U.S. bonds, corporate bonds and municipal debt. We reinvest cash in the debt securities portfolio primarily to manage interest rate and liquidity risk. Debt securities increased $45.9 billion primarily due to investment of excess cash from higher deposits. For more information on debt securities, see Note 4 – Securities to the Consolidated Financial Statements.
Loans and Leases
Loans and leases increased $42.1 billion primarily driven by growth in commercial loans. For more information on the loan portfolio, see Credit Risk Management on page 58.
Allowance for Loan and Lease Losses
The allowance for loan and lease losses decreased $102 million primarily due to a reserve release in our commercial portfolio due to a favorable macroeconomic environment and reduced exposure in our commercial real estate portfolio. For more information, see Allowance for Credit Losses on page 72.
All Other Assets
All other assets increased $5.1 billion primarily driven by activity within Global Markets.
Liabilities
At December 31, 2024, total liabilities were approximately $3.0 trillion, up $77.5 billion from December 31, 2023, primarily due to higher federal funds purchased and securities loaned or sold under agreements to repurchase, deposits, and short-term borrowings, partially offset by lower long-term debt.
Deposits
Deposits increased $41.6 billion primarily driven by growth in commercial client balances and time deposits.
Federal Funds Purchased and Securities Loaned or Sold Under Agreements to Repurchase
Federal funds transactions involve borrowing reserve balances on a short-term basis. Securities loaned or sold under agreements to repurchase are collateralized borrowing transactions utilized to accommodate customer transactions, earn interest rate spreads and finance assets on the balance sheet. Federal funds purchased and securities loaned or sold under agreements to repurchase increased $47.9 billion primarily driven by client activity within Global Markets.
Trading Account Liabilities
Trading account liabilities consist primarily of short positions in equity and fixed-income securities including U.S. Treasury and agency securities, non-U.S. sovereign debt and corporate securities. Trading account liabilities decreased $3.0 billion primarily due to lower levels of short positions within Global Markets.
Short-term Borrowings
Short-term borrowings provide an additional funding source and primarily consist of Federal Home Loan Bank (FHLB) short-term borrowings, notes payable and various other borrowings that generally have maturities of one year or less. Short-term borrowings increased $11.3 billion primarily due to higher unsecured borrowings to manage liquidity needs. For more information on short-term borrowings, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements.
Long-term Debt
Long-term debt decreased $18.9 billion primarily due to maturities and redemptions, partially offset by debt issuances and valuation adjustments. For more information on long-term debt, see Note 11 – Long-term Debt to the Consolidated Financial Statements.
Shareholders’ Equity
Shareholders’ equity increased $3.9 billion primarily due to net income and market value increases on derivatives, partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.
Cash Flows Overview
The Corporation’s operating assets and liabilities support our global markets and lending activities. We believe that cash flows from operations, available cash balances and our ability to generate cash through short- and long-term debt are sufficient to fund our operating liquidity needs. Our investing activities primarily include the debt securities portfolio and loans and leases. Our financing activities reflect cash flows primarily related to customer deposits, securities financing agreements, long-term debt and common and preferred stock.
Supplemental Financial Data
Non-GAAP Financial Measures
In this Form 10-K, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
When presented on a consolidated basis, we view net interest income on an FTE basis as a non-GAAP financial measure. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)), which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are:
● Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.
● Return on average tangible shareholders’ equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
● Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Tables 6 and 7.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 85.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as
similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 170.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 27, Table 6 on page 31 and Table 7 on page 32.
For information on key segment performance metrics, see Business Segment Operations on page 35.
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Table 6 | Selected Annual Financial Data | | | | | | | | | | | | | | | | | | | |
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(In millions, except per share information) | 2024 | | 2023 | | 2022 | | | | | | | | | | | | | | |
Income statement | | | | | | | | | | | | | | | | | | | |
Net interest income | $ | 56,060 | | | $ | 56,931 | | | $ | 52,462 | | | | | | | | | | | | | | | |
Noninterest income | 45,827 | | | 41,650 | | | 42,488 | | | | | | | | | | | | | | | |
Total revenue, net of interest expense | 101,887 | | | 98,581 | | | 94,950 | | | | | | | | | | | | | | | |
Provision for credit losses | 5,821 | | | 4,394 | | | 2,543 | | | | | | | | | | | | | | | |
Noninterest expense | 66,812 | | | 65,845 | | | 61,438 | | | | | | | | | | | | | | | |
Income before income taxes | 29,254 | | | 28,342 | | | 30,969 | | | | | | | | | | | | | | | |
Income tax expense | 2,122 | | | 1,827 | | | 3,441 | | | | | | | | | | | | | | | |
Net income | 27,132 | | | 26,515 | | | 27,528 | | | | | | | | | | | | | | | |
Net income applicable to common shareholders | 25,503 | | | 24,866 | | | 26,015 | | | | | | | | | | | | | | | |
Average common shares issued and outstanding | 7,855.5 | | | 8,028.6 | | | 8,113.7 | | | | | | | | | | | | | | | |
Average diluted common shares issued and outstanding | 7,935.8 | | | 8,080.5 | | | 8,167.5 | | | | | | | | | | | | | | | |
Performance ratios | | | | | | | | | | | | | | | | | | | |
Return on average assets (1) | 0.83 | % | | 0.84 | % | | 0.88 | % | | | | | | | | | | | | | | |
Return on average common shareholders’ equity (1) | 9.53 | | | 9.75 | | | 10.75 | | | | | | | | | | | | | | | |
Return on average tangible common shareholders’ equity (1, 2) | 12.92 | | | 13.46 | | | 15.15 | | | | | | | | | | | | | | | |
Return on average shareholders’ equity (1) | 9.23 | | | 9.36 | | | 10.18 | | | | | | | | | | | | | | | |
Return on average tangible shareholders’ equity (1, 2) | 12.12 | | | 12.44 | | | 13.76 | | | | | | | | | | | | | | | |
Total ending equity to total ending assets | 9.06 | | | 9.17 | | | 8.95 | | | | | | | | | | | | | | | |
Common equity ratio (1) | 8.35 | | | 8.28 | | | 8.02 | | | | | | | | | | | | | | | |
Total average equity to total average assets | 8.95 | | | 8.99 | | | 8.62 | | | | | | | | | | | | | | | |
Dividend payout (1) | 30.67 | | | 29.65 | | | 26.77 | | | | | | | | | | | | | | | |
Per common share data | | | | | | | | | | | | | | | | | | | |
Earnings | $ | 3.25 | | | $ | 3.10 | | | $ | 3.21 | | | | | | | | | | | | | | | |
Diluted earnings | 3.21 | | | 3.08 | | | 3.19 | | | | | | | | | | | | | | | |
Dividends paid | 1.00 | | | 0.92 | | | 0.86 | | | | | | | | | | | | | | | |
Book value (1) | 35.79 | | | 33.34 | | | 30.61 | | | | | | | | | | | | | | | |
Tangible book value (2) | 26.58 | | | 24.46 | | | 21.83 | | | | | | | | | | | | | | | |
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Market capitalization | $ | 334,497 | | | $ | 265,840 | | | $ | 264,853 | | | | | | | | | | | | | | | |
Average balance sheet | | | | | | | | | | | | | | | | | | | |
Total loans and leases | $ | 1,060,081 | | | $ | 1,046,256 | | | $ | 1,016,782 | | | | | | | | | | | | | | | |
Total assets | 3,284,228 | | | 3,153,513 | | | 3,135,894 | | | | | | | | | | | | | | | |
Total deposits | 1,924,106 | | | 1,887,541 | | | 1,986,158 | | | | | | | | | | | | | | | |
Long-term debt | 246,081 | | | 248,853 | | | 246,479 | | | | | | | | | | | | | | | |
Common shareholders’ equity | 267,527 | | | 254,956 | | | 241,981 | | | | | | | | | | | | | | | |
Total shareholders’ equity | 294,014 | | | 283,353 | | | 270,299 | | | | | | | | | | | | | | | |
Asset quality | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses (3) | $ | 14,336 | | | $ | 14,551 | | | $ | 14,222 | | | | | | | | | | | | | | | |
Nonperforming loans, leases and foreclosed properties (4) | 6,120 | | | 5,630 | | | 3,978 | | | | | | | | | | | | | | | |
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4) | 1.21 | % | | 1.27 | % | | 1.22 | % | | | | | | | | | | | | | | |
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (4) | 222 | | | 243 | | | 333 | | | | | | | | | | | | | | | |
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Net charge-offs | $ | 6,031 | | | $ | 3,799 | | | $ | 2,172 | | | | | | | | | | | | | | | |
Net charge-offs as a percentage of average loans and leases outstanding (4) | 0.57 | % | | 0.36 | % | | 0.21 | % | | | | | | | | | | | | | | |
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Capital ratios at year end (5) | | | | | | | | | | | | | | | | | | | |
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Common equity tier 1 capital | 11.9 | % | | 11.8 | % | | 11.2 | % | | | | | | | | | | | | | | |
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Tier 1 capital | 13.2 | | | 13.5 | | | 13.0 | | | | | | | | | | | | | | | |
Total capital | 15.1 | | | 15.2 | | | 14.9 | | | | | | | | | | | | | | | |
Tier 1 leverage | 6.9 | | | 7.1 | | | 7.0 | | | | | | | | | | | | | | | |
Supplementary leverage ratio | 5.9 | | | 6.1 | | | 5.9 | | | | | | | | | | | | | | | |
Tangible equity (2) | 7.1 | | | 7.1 | | | 6.8 | | | | | | | | | | | | | | | |
Tangible common equity (2) | 6.3 | | | 6.2 | | | 5.9 | | | | | | | | | | | | | | | |
(1)For definition, see Key Metrics on page 170.
(2)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 30 and Non-GAAP Reconciliations on page 85.
(3)Includes the allowance for loan and leases losses and the reserve for unfunded lending commitments.
(4)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 62 and corresponding Table 27 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 66 and corresponding Table 33.
(5)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 48.
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Table 7 | Selected Quarterly Financial Data | | | | | | | | | | | | | | | | | | | | | | |
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| | 2024 Quarters | | 2023 Quarters | | | | | | |
(In millions, except per share information) | Fourth | | Third | | Second | | First | | Fourth | | | | | | Third | | Second | | First | | | | | | |
Income statement | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | $ | 14,359 | | | $ | 13,967 | | | $ | 13,702 | | | $ | 14,032 | | | $ | 13,946 | | | | | | | $ | 14,379 | | | $ | 14,158 | | | $ | 14,448 | | | | | | | |
Noninterest income | 10,988 | | | 11,378 | | | 11,675 | | | 11,786 | | | 8,013 | | | | | | | 10,788 | | | 11,039 | | | 11,810 | | | | | | | |
Total revenue, net of interest expense | 25,347 | | | 25,345 | | | 25,377 | | | 25,818 | | | 21,959 | | | | | | | 25,167 | | | 25,197 | | | 26,258 | | | | | | | |
Provision for credit losses | 1,452 | | | 1,542 | | | 1,508 | | | 1,319 | | | 1,104 | | | | | | | 1,234 | | | 1,125 | | | 931 | | | | | | | |
Noninterest expense | 16,787 | | | 16,479 | | | 16,309 | | | 17,237 | | | 17,731 | | | | | | | 15,838 | | | 16,038 | | | 16,238 | | | | | | | |
Income before income taxes | 7,108 | | | 7,324 | | | 7,560 | | | 7,262 | | | 3,124 | | | | | | | 8,095 | | | 8,034 | | | 9,089 | | | | | | | |
Income tax expense | 443 | | | 428 | | | 663 | | | 588 | | | (20) | | | | | | | 293 | | | 626 | | | 928 | | | | | | | |
Net income | 6,665 | | | 6,896 | | | 6,897 | | | 6,674 | | | 3,144 | | | | | | | 7,802 | | | 7,408 | | | 8,161 | | | | | | | |
Net income applicable to common shareholders | 6,399 | | | 6,380 | | | 6,582 | | | 6,142 | | | 2,838 | | | | | | | 7,270 | | | 7,102 | | | 7,656 | | | | | | | |
Average common shares issued and outstanding | 7,738.4 | | | 7,818.0 | | | 7,897.9 | | | 7,968.2 | | | 7,990.9 | | | | | | | 8,017.1 | | | 8,040.9 | | | 8,065.9 | | | | | | | |
Average diluted common shares issued and outstanding | 7,843.7 | | | 7,902.1 | | | 7,960.9 | | | 8,031.4 | | | 8,062.5 | | | | | | | 8,075.9 | | | 8,080.7 | | | 8,182.3 | | | | | | | |
Performance ratios | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets (1) | 0.80 | % | | 0.83 | % | | 0.85 | % | | 0.83 | % | | 0.39 | % | | | | | | 0.99 | % | | 0.94 | % | | 1.07 | % | | | | | | |
Four-quarter trailing return on average assets (2) | 0.83 | | | 0.72 | | | 0.76 | | | 0.78 | | | 0.84 | | | | | | | 0.98 | | | 0.96 | | | 0.92 | | | | | | | |
Return on average common shareholders’ equity (1) | 9.37 | | | 9.44 | | | 9.98 | | | 9.35 | | | 4.33 | | | | | | | 11.24 | | | 11.21 | | | 12.48 | | | | | | | |
Return on average tangible common shareholders’ equity (3) | 12.63 | | | 12.76 | | | 13.57 | | | 12.73 | | | 5.92 | | | | | | | 15.47 | | | 15.49 | | | 17.38 | | | | | | | |
Return on average shareholders’ equity (1) | 8.98 | | | 9.30 | | | 9.45 | | | 9.18 | | | 4.32 | | | | | | | 10.86 | | | 10.52 | | | 11.94 | | | | | | | |
Return on average tangible shareholders’ equity (3) | 11.78 | | | 12.20 | | | 12.42 | | | 12.07 | | | 5.71 | | | | | | | 14.41 | | | 14.00 | | | 15.98 | | | | | | | |
Total ending equity to total ending assets | 9.06 | | | 8.92 | | | 9.02 | | | 8.97 | | | 9.17 | | | | | | | 9.10 | | | 9.07 | | | 8.77 | | | | | | | |
Common equity ratio (1) | 8.35 | | | 8.18 | | | 8.21 | | | 8.10 | | | 8.28 | | | | | | | 8.20 | | | 8.16 | | | 7.88 | | | | | | | |
Total average equity to total average assets | 8.89 | | | 8.95 | | | 8.96 | | | 9.01 | | | 8.98 | | | | | | | 9.11 | | | 8.89 | | | 8.95 | | | | | | | |
Dividend payout (1) | 31.29 | | | 31.70 | | | 28.66 | | | 31.11 | | | 67.42 | | | | | | | 26.39 | | | 24.88 | | | 23.17 | | | | | | | |
Per common share data | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings | $ | 0.83 | | | $ | 0.82 | | | $ | 0.83 | | | $ | 0.77 | | | $ | 0.36 | | | | | | | $ | 0.91 | | | $ | 0.88 | | | $ | 0.95 | | | | | | | |
Diluted earnings | 0.82 | | | 0.81 | | | 0.83 | | | 0.76 | | | 0.35 | | | | | | | 0.90 | | | 0.88 | | | 0.94 | | | | | | | |
Dividends paid | 0.26 | | | 0.26 | | | 0.24 | | | 0.24 | | | 0.24 | | | | | | | 0.24 | | | 0.22 | | | 0.22 | | | | | | | |
Book value (1) | 35.79 | | | 35.37 | | | 34.39 | | | 33.71 | | | 33.34 | | | | | | | 32.65 | | | 32.05 | | | 31.58 | | | | | | | |
Tangible book value (3) | 26.58 | | | 26.25 | | | 25.37 | | | 24.79 | | | 24.46 | | | | | | | 23.79 | | | 23.23 | | | 22.78 | | | | | | | |
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Market capitalization | $ | 334,497 | | | $ | 305,090 | | | $ | 309,202 | | | $ | 298,312 | | | $ | 265,840 | | | | | | | $ | 216,942 | | | $ | 228,188 | | | $ | 228,012 | | | | | | | |
Average balance sheet | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans and leases | $ | 1,081,009 | | | $ | 1,059,728 | | | $ | 1,051,472 | | | $ | 1,047,890 | | | $ | 1,050,705 | | | | | | | $ | 1,046,254 | | | $ | 1,046,608 | | | $ | 1,041,352 | | | | | | | |
Total assets | 3,318,094 | | | 3,296,171 | | | 3,274,988 | | | 3,247,159 | | | 3,213,159 | | | | | | | 3,128,466 | | | 3,175,358 | | | 3,096,058 | | | | | | | |
Total deposits | 1,957,950 | | | 1,920,748 | | | 1,909,925 | | | 1,907,462 | | | 1,905,011 | | | | | | | 1,876,153 | | | 1,875,353 | | | 1,893,649 | | | | | | | |
Long-term debt | 238,988 | | | 247,338 | | | 243,689 | | | 254,782 | | | 256,262 | | | | | | | 245,819 | | | 248,480 | | | 244,759 | | | | | | | |
Common shareholders’ equity | 271,641 | | | 269,001 | | | 265,290 | | | 264,114 | | | 260,221 | | | | | | | 256,578 | | | 254,028 | | | 248,855 | | | | | | | |
Total shareholders’ equity | 295,134 | | | 294,985 | | | 293,403 | | | 292,511 | | | 288,618 | | | | | | | 284,975 | | | 282,425 | | | 277,252 | | | | | | | |
Asset quality | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses (4) | $ | 14,336 | | | $ | 14,351 | | | $ | 14,342 | | | $ | 14,371 | | | $ | 14,551 | | | | | | | $ | 14,640 | | | $ | 14,338 | | | $ | 13,951 | | | | | | | |
Nonperforming loans, leases and foreclosed properties (5) | 6,120 | | | 5,824 | | | 5,691 | | | 6,034 | | | 5,630 | | | | | | | 4,993 | | | 4,274 | | | 4,083 | | | | | | | |
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5) | 1.21 | % | | 1.24 | % | | 1.26 | % | | 1.26 | % | | 1.27 | % | | | | | | 1.27 | % | | 1.24 | % | | 1.20 | % | | | | | | |
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5) | 222 | | | 235 | | | 242 | | | 225 | | | 243 | | | | | | | 275 | | | 314 | | | 319 | | | | | | | |
Net charge-offs | $ | 1,466 | | | $ | 1,534 | | | $ | 1,533 | | | $ | 1,498 | | | $ | 1,192 | | | | | | | $ | 931 | | | $ | 869 | | | $ | 807 | | | | | | | |
Annualized net charge-offs as a percentage of average loans and leases outstanding (5) | 0.54 | % | | 0.58 | % | | 0.59 | % | | 0.58 | % | | 0.45 | % | | | | | | 0.35 | % | | 0.33 | % | | 0.32 | % | | | | | | |
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Capital ratios at period end (6) | | | | | | | | | | | | | | | | | | | | | | | | | |
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Common equity tier 1 capital | 11.9 | % | | 11.8 | % | | 11.9 | % | | 11.9 | % | | 11.8 | % | | | | | | 11.9 | % | | 11.6 | % | | 11.4 | % | | | | | | |
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Tier 1 capital | 13.2 | | | 13.2 | | | 13.5 | | | 13.6 | | | 13.5 | | | | | | | 13.6 | | | 13.3 | | | 13.1 | | | | | | | |
Total capital | 15.1 | | | 14.9 | | | 15.1 | | | 15.2 | | | 15.2 | | | | | | | 15.4 | | | 15.1 | | | 15.0 | | | | | | | |
Tier 1 leverage | 6.9 | | | 6.9 | | | 7.0 | | | 7.1 | | | 7.1 | | | | | | | 7.3 | | | 7.1 | | | 7.1 | | | | | | | |
Supplementary leverage ratio | 5.9 | | | 5.9 | | | 6.0 | | | 6.0 | | | 6.1 | | | | | | | 6.2 | | | 6.0 | | | 6.0 | | | | | | | |
Tangible equity (3) | 7.1 | | | 7.0 | | | 7.0 | | | 7.0 | | | 7.1 | | | | | | | 7.0 | | | 7.0 | | | 6.7 | | | | | | | |
Tangible common equity (3) | 6.3 | | | 6.2 | | | 6.2 | | | 6.1 | | | 6.2 | | | | | | | 6.1 | | | 6.1 | | | 5.8 | | | | | | | |
Total loss-absorbing capacity and long-term debt metrics | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loss-absorbing capacity to risk-weighted assets | 27.1 | % | | 27.4 | % | | 28.2 | % | | 28.7 | % | | 29.0 | % | | | | | | 29.3 | % | | 28.8 | % | | 28.8 | % | | | | | | |
Total loss-absorbing capacity to supplementary leverage exposure | 12.0 | | | 12.2 | | | 12.5 | | | 12.8 | | | 13.0 | | | | | | | 13.3 | | | 13.0 | | | 13.1 | | | | | | | |
Eligible long-term debt to risk-weighted assets | 13.0 | | | 13.3 | | | 13.7 | | | 14.2 | | | 14.5 | | | | | | | 14.8 | | | 14.6 | | | 14.8 | | | | | | | |
Eligible long-term debt to supplementary leverage exposure | 5.8 | | | 6.0 | | | 6.0 | | | 6.3 | | | 6.5 | | | | | | | 6.7 | | | 6.6 | | | 6.7 | | | | | | | |
(1)For definitions, see Key Metrics on page 170.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 30 and Non-GAAP Reconciliations on page 85.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 27 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 67 and corresponding Table 33.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 48.
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Table 8 | Average Balances and Interest Rates - FTE Basis | | | | | | |
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| | Average Balance | | Interest Income/ Expense (1) | | Yield/ Rate | | Average Balance | | Interest Income/ Expense (1) | | Yield/ Rate | | Average Balance | | Interest Income/ Expense (1) | | Yield/ Rate |
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(Dollars in millions) | 2024 | | 2023 | | 2022 |
Earning assets | | | | | | | | | | | | | | | | | |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | $ | 332,897 | | | $ | 16,806 | | | 5.05 | % | | $ | 324,389 | | | $ | 15,965 | | | 4.92 | % | | $ | 195,564 | | | $ | 2,591 | | | 1.32 | % |
Time deposits placed and other short-term investments | 10,105 | | | 459 | | | 4.54 | | | 9,704 | | | 465 | | | 4.79 | | | 9,209 | | | 132 | | | 1.44 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 310,626 | | | 19,911 | | | 6.41 | | | 291,669 | | | 18,679 | | | 6.40 | | | 292,799 | | | 4,560 | | | 1.56 | |
Trading account assets | 207,557 | | | 10,476 | | | 5.05 | | | 189,263 | | | 8,849 | | | 4.68 | | | 158,102 | | | 5,586 | | | 3.53 | |
Debt securities | 868,709 | | | 26,107 | | | 2.99 | | | 794,192 | | | 20,332 | | | 2.55 | | | 922,730 | | | 17,207 | | | 1.86 | |
Loans and leases (2) | | | | | | | | | | | | | | | | | |
Residential mortgage | 227,777 | | | 7,391 | | | 3.24 | | | 229,001 | | | 6,923 | | | 3.02 | | | 227,604 | | | 6,375 | | | 2.80 | |
Home equity | 25,621 | | | 1,607 | | | 6.27 | | | 25,969 | | | 1,471 | | | 5.67 | | | 27,364 | | | 959 | | | 3.50 | |
Credit card | 99,914 | | | 11,438 | | | 11.45 | | | 96,190 | | | 10,436 | | | 10.85 | | | 83,539 | | | 8,408 | | | 10.06 | |
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Direct/Indirect and other consumer | 104,548 | | | 5,829 | | | 5.58 | | | 104,571 | | | 5,200 | | | 4.97 | | | 107,050 | | | 3,317 | | | 3.10 | |
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Total consumer | 457,860 | | | 26,265 | | | 5.74 | | | 455,731 | | | 24,030 | | | 5.27 | | | 445,557 | | | 19,059 | | | 4.28 | |
U.S. commercial | 390,574 | | | 21,402 | | | 5.48 | | | 378,212 | | | 19,494 | | | 5.15 | | | 366,748 | | | 12,251 | | | 3.34 | |
Non-U.S. commercial | 126,596 | | | 8,749 | | | 6.91 | | | 125,486 | | | 8,023 | | | 6.39 | | | 125,222 | | | 3,702 | | | 2.96 | |
Commercial real estate (3) | 69,940 | | | 5,000 | | | 7.15 | | | 72,981 | | | 5,162 | | | 7.07 | | | 65,421 | | | 2,595 | | | 3.97 | |
Commercial lease financing | 15,111 | | | 806 | | | 5.33 | | | 13,846 | | | 646 | | | 4.67 | | | 13,834 | | | 473 | | | 3.42 | |
Total commercial | 602,221 | | | 35,957 | | | 5.97 | | | 590,525 | | | 33,325 | | | 5.64 | | | 571,225 | | | 19,021 | | | 3.33 | |
Total loans and leases | 1,060,081 | | | 62,222 | | | 5.87 | | | 1,046,256 | | | 57,355 | | | 5.48 | | | 1,016,782 | | | 38,080 | | | 3.75 | |
Other earning assets | 108,893 | | | 11,245 | | | 10.33 | | | 98,127 | | | 9,184 | | | 9.36 | | | 105,674 | | | 4,847 | | | 4.59 | |
Total earning assets | 2,898,868 | | | 147,226 | | | 5.08 | | | 2,753,600 | | | 130,829 | | | 4.75 | | | 2,700,860 | | | 73,003 | | | 2.70 | |
Cash and due from banks | 24,045 | | | | | | | 26,076 | | | | | | | 28,029 | | | | | |
Other assets, less allowance for loan and lease losses | 361,315 | | | | | | | 373,837 | | | | | | | 407,005 | | | | | |
Total assets | $ | 3,284,228 | | | | | | | $ | 3,153,513 | | | | | | | $ | 3,135,894 | | | | | |
Interest-bearing liabilities | | | | | | | | | | | | | | | | | |
U.S. interest-bearing deposits | | | | | | | | | | | | | | | | | |
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Demand and money market deposits | $ | 951,314 | | | $ | 20,877 | | | 2.19 | % | | $ | 952,736 | | | $ | 15,527 | | | 1.63 | % | | $ | 987,247 | | | $ | 3,145 | | | 0.32 | % |
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Time and savings deposits | 350,181 | | | 13,148 | | | 3.76 | | | 254,476 | | | 7,366 | | | 2.89 | | | 166,490 | | | 818 | | | 0.49 | |
Total U.S. interest-bearing deposits | 1,301,495 | | | 34,025 | | | 2.61 | | | 1,207,212 | | | 22,893 | | | 1.90 | | | 1,153,737 | | | 3,963 | | | 0.34 | |
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Non-U.S. interest-bearing deposits | 109,246 | | | 4,417 | | | 4.04 | | | 96,845 | | | 3,270 | | | 3.38 | | | 80,951 | | | 755 | | | 0.93 | |
Total interest-bearing deposits | 1,410,741 | | | 38,442 | | | 2.72 | | | 1,304,057 | | | 26,163 | | | 2.01 | | | 1,234,688 | | | 4,718 | | | 0.38 | |
Federal funds purchased, securities loaned or sold under agreements to repurchase | 367,192 | | | 23,777 | | | 6.48 | | | 301,015 | | | 20,583 | | | 6.84 | | | 214,369 | | | 4,117 | | | 1.92 | |
Short-term borrowings and other interest-bearing liabilities | 149,355 | | | 10,761 | | | 7.21 | | | 152,548 | | | 9,970 | | | 6.54 | | | 137,277 | | | 2,861 | | | 2.08 | |
Trading account liabilities | 52,371 | | | 2,191 | | | 4.18 | | | 46,083 | | | 2,043 | | | 4.43 | | | 51,208 | | | 1,538 | | | 3.00 | |
Long-term debt | 246,081 | | | 15,376 | | | 6.25 | | | 248,853 | | | 14,572 | | | 5.86 | | | 246,479 | | | 6,869 | | | 2.79 | |
Total interest-bearing liabilities | 2,225,740 | | | 90,547 | | | 4.07 | | | 2,052,556 | | | 73,331 | | | 3.57 | | | 1,884,021 | | | 20,103 | | | 1.07 | |
Noninterest-bearing sources | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | 513,365 | | | | | | | 583,484 | | | | | | | 751,470 | | | | | |
Other liabilities (4) | 251,109 | | | | | | | 234,120 | | | | | | | 230,104 | | | | | |
Shareholders’ equity | 294,014 | | | | | | | 283,353 | | | | | | | 270,299 | | | | | |
Total liabilities and shareholders’ equity | $ | 3,284,228 | | | | | | | $ | 3,153,513 | | | | | | | $ | 3,135,894 | | | | | |
Net interest spread | | | | | 1.01 | % | | | | | | 1.18 | % | | | | | | 1.63 | % |
Impact of noninterest-bearing sources | | | | | 0.94 | | | | | | | 0.90 | | | | | | | 0.33 | |
Net interest income/yield on earning assets (5) | | | $ | 56,679 | | | 1.95 | % | | | | $ | 57,498 | | | 2.08 | % | | | | $ | 52,900 | | | 1.96 | % |
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 78.
(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3)Includes U.S. commercial real estate loans of $63.8 billion, $67.2 billion and $61.1 billion, and non-U.S. commercial real estate loans of $6.1 billion, $5.8 billion and $4.3 billion for 2024, 2023 and 2022, respectively.
(4)Includes $48.4 billion, $40.2 billion and $30.7 billion of structured notes and liabilities for 2024, 2023 and 2022, respectively.
(5)Net interest income includes FTE adjustments of $619 million, $567 million and $438 million in 2024, 2023 and 2022, respectively.
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Table 9 | Analysis of Changes in Net Interest Income - FTE Basis | | | | | | | | |
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| | Due to Change in (1) | | Net Change | | Due to Change in (1) | | Net Change |
| Volume | | Rate | | | Volume | | Rate | |
(Dollars in millions) | From 2023 to 2024 | | From 2022 to 2023 |
Increase (decrease) in interest income | | | | | | | | | | | |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | $ | 414 | | | $ | 427 | | | $ | 841 | | | $ | 1,691 | | | $ | 11,683 | | | $ | 13,374 | |
Time deposits placed and other short-term investments | 19 | | | (25) | | | (6) | | | 8 | | | 325 | | | 333 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,201 | | | 31 | | | 1,232 | | | (10) | | | 14,129 | | | 14,119 | |
Trading account assets | 865 | | | 762 | | | 1,627 | | | 1,095 | | | 2,168 | | | 3,263 | |
Debt securities | 1,820 | | | 3,955 | | | 5,775 | | | (2,435) | | | 5,560 | | | 3,125 | |
Loans and leases | | | | | | | | | | | |
Residential mortgage | (44) | | | 512 | | | 468 | | | 37 | | | 511 | | | 548 | |
Home equity | (18) | | | 154 | | | 136 | | | (50) | | | 562 | | | 512 | |
Credit card | 405 | | | 597 | | | 1,002 | | | 1,269 | | | 759 | | | 2,028 | |
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Direct/Indirect and other consumer | (4) | | | 633 | | | 629 | | | (75) | | | 1,958 | | | 1,883 | |
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Total consumer | | | | | 2,235 | | | | | | | 4,971 | |
U.S. commercial | 621 | | | 1,287 | | | 1,908 | | | 381 | | | 6,862 | | | 7,243 | |
Non-U.S. commercial | 66 | | | 660 | | | 726 | | | 12 | | | 4,309 | | | 4,321 | |
Commercial real estate | (217) | | | 55 | | | (162) | | | 302 | | | 2,265 | | | 2,567 | |
Commercial lease financing | 60 | | | 100 | | | 160 | | | 1 | | | 172 | | | 173 | |
Total commercial | | | | | 2,632 | | | | | | | 14,304 | |
Total loans and leases | | | | | 4,867 | | | | | | | 19,275 | |
Other earning assets | 1,008 | | | 1,053 | | | 2,061 | | | (343) | | | 4,680 | | | 4,337 | |
Net increase in interest income | | | | | $ | 16,397 | | | | | | | $ | 57,826 | |
Increase (decrease) in interest expense | | | | | | | | | | | |
U.S. interest-bearing deposits | | | | | | | | | | | |
| | | | | | | | | | | |
Demand and money market deposit accounts | $ | (21) | | | $ | 5,371 | | | $ | 5,350 | | | $ | (96) | | | $ | 12,478 | | | $ | 12,382 | |
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Time and savings deposits | 2,754 | | | 3,028 | | | 5,782 | | | 429 | | | 6,119 | | | 6,548 | |
Total U.S. interest-bearing deposits | | | | | 11,132 | | | | | | | 18,930 | |
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Non-U.S. interest-bearing deposits | 423 | | | 724 | | | 1,147 | | | 146 | | | 2,369 | | | 2,515 | |
Total interest-bearing deposits | | | | | 12,279 | | | | | | | 21,445 | |
Federal funds purchased, securities loaned or sold under agreements to repurchase | 4,533 | | | (1,339) | | | 3,194 | | | 1,662 | | | 14,804 | | | 16,466 | |
Short-term borrowings and other interest bearing liabilities | (202) | | | 993 | | | 791 | | | 312 | | | 6,797 | | | 7,109 | |
Trading account liabilities | 277 | | | (129) | | | 148 | | | (156) | | | 661 | | | 505 | |
Long-term debt | (152) | | | 956 | | | 804 | | | 74 | | | 7,629 | | | 7,703 | |
Net increase in interest expense | | | | | 17,216 | | | | | | | 53,228 | |
Net increase (decrease) in net interest income (2) | | | | | $ | (819) | | | | | | | $ | 4,598 | |
(1)The changes for each category of interest income and expense are divided between the portion of change attributable to the variance in volume and the portion of change attributable to the variance in rate for that category. The unallocated change in rate or volume variance is allocated between the rate and volume variances.
(2)Includes an increase in FTE basis adjustments of $52 million from 2023 to 2024 and $129 million from 2022 to 2023.
Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. The primary activities, products and businesses of the business segments and All Other are shown below.

We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment’s credit, market, interest rate, business and operational risk components. For more information on the nature of these risks, see Managing Risk on page 45. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 30, and for reconciliations to consolidated total revenue, net income and year-end total assets, see Note 23 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, client trends and business growth.
Consumer Banking
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| | Deposits | | Consumer Lending | | Total Consumer Banking | | |
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(Dollars in millions) | 2024 | 2023 | | 2024 | 2023 | | 2024 | 2023 | | % Change |
Net interest income | $ | 21,217 | | $ | 22,545 | | | $ | 11,861 | | $ | 11,144 | | | $ | 33,078 | | $ | 33,689 | | | (2) | % |
Noninterest income: | | | | | | | | | | |
Card income | (41) | | (40) | | | 5,473 | | 5,304 | | | 5,432 | | 5,264 | | | 3 | |
Service charges | 2,443 | | 2,314 | | | 2 | | 3 | | | 2,445 | | 2,317 | | | 6 | |
All other income | 410 | | 607 | | | 71 | | 154 | | | 481 | | 761 | | | (37) | |
Total noninterest income | 2,812 | | 2,881 | | | 5,546 | | 5,461 | | | 8,358 | | 8,342 | | | — | |
Total revenue, net of interest expense | 24,029 | | 25,426 | | | 17,407 | | 16,605 | | | 41,436 | | 42,031 | | | (1) | |
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Provision for credit losses | 303 | | 491 | | | 4,684 | | 4,667 | | | 4,987 | | 5,158 | | | (3) | |
Noninterest expense | 13,707 | | 13,358 | | | 8,397 | | 8,058 | | | 22,104 | | 21,416 | | | 3 | |
Income before income taxes | 10,019 | | 11,577 | | | 4,326 | | 3,880 | | | 14,345 | | 15,457 | | | (7) | |
Income tax expense | 2,504 | | 2,894 | | | 1,082 | | 970 | | | 3,586 | | 3,864 | | | (7) | |
Net income | $ | 7,515 | | $ | 8,683 | | | $ | 3,244 | | $ | 2,910 | | | $ | 10,759 | | $ | 11,593 | | | (7) | |
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Effective tax rate (1) | | | | | | | 25.0 | % | 25.0 | % | | |
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Net interest yield | 2.25 | % | 2.28 | % | | 3.83 | % | 3.66 | % | | 3.34 | % | 3.26 | % | | |
Return on average allocated capital | 55 | | 63 | | | 11 | | 10 | | | 25 | | 28 | | | |
Efficiency ratio | 57.04 | | 52.54 | | | 48.24 | | 48.52 | | | 53.35 | | 50.95 | | | |
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Balance Sheet | | | | | | | | | | | |
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Average | | | | | | | | | | | |
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Total loans and leases | $ | 4,342 | | $ | 4,129 | | | $ | 309,450 | | $ | 304,561 | | | $ | 313,792 | | $ | 308,690 | | | 2 | % |
Total earning assets (2) | 943,170 | | 989,000 | | | 309,624 | | 304,838 | | | 988,950 | | 1,032,525 | | | (4) | |
Total assets (2) | 975,704 | | 1,022,361 | | | 314,450 | | 310,805 | | | 1,026,310 | | 1,071,853 | | | (4) | |
Total deposits | 940,662 | | 987,675 | | | 4,887 | | 5,075 | | | 945,549 | | 992,750 | | | (5) | |
Allocated capital | 13,700 | | 13,700 | | | 29,550 | | 28,300 | | | 43,250 | | 42,000 | | | 3 | |
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Year End | | | | | | | | | | | |
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Total loans and leases | $ | 4,510 | | $ | 4,218 | | | $ | 314,244 | | $ | 310,901 | | | $ | 318,754 | | $ | 315,119 | | | 1 | % |
Total earning assets (2) | 949,523 | | 965,088 | | | 314,527 | | 311,008 | | | 995,369 | | 1,009,360 | | | (1) | |
Total assets (2) | 983,518 | | 999,372 | | | 319,533 | | 317,194 | | | 1,034,370 | | 1,049,830 | | | (1) | |
Total deposits | 947,837 | | 964,136 | | | 4,474 | | 5,436 | | | 952,311 | | 969,572 | | | (2) | |
(1) Estimated at the segment level only.
(2) In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Deposits and Consumer Lending include the net impact of migrating customers and their related deposit, brokerage asset and loan balances between Deposits, Consumer Lending and GWIM, as well as other client-managed businesses. Our customers and clients have access to a coast-to-coast network including financial centers in 39 states and the District of Columbia. As of December 31, 2024, our network includes approximately 3,700 financial centers, approximately 15,000 ATMs, nationwide call centers and leading digital banking platforms with approximately 48 million active users, including approximately 40 million active mobile users.
Consumer Banking Results
Net income for Consumer Banking decreased $834 million to $10.8 billion primarily due to higher noninterest expense and lower revenue, partially offset by lower provision for credit losses. Net interest income decreased $611 million to $33.1 billion primarily driven by lower deposit balances, partially offset by higher loan balances. Noninterest income increased $16 million to $8.4 billion, relatively unchanged from the same period a year ago.
The provision for credit losses decreased $171 million to $5.0 billion primarily driven by lower overdraft losses from fraud activity. Noninterest expense increased $688 million to $22.1 billion primarily driven by investments in the business, including
operations, technology and people.
The return on average allocated capital was 25 percent, down from 28 percent, due to an increase in allocated capital and lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 35.
Deposits
Deposits includes the results of consumer deposit activities that consist of a comprehensive range of products provided to consumers and small businesses. Our deposit products include noninterest- and interest-bearing checking accounts, money market savings accounts, traditional savings accounts, CDs and IRAs, as well as investment accounts and products. Net interest income is allocated to deposit products using our funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Deposits generates fees such as account service fees, non-sufficient funds fees, overdraft charges and ATM fees, as well as investment and brokerage fees from Consumer Investment accounts. Consumer Investments serves investment client relationships through the Merrill Edge integrated investing and banking service platform, providing investment advice and guidance, client brokerage asset services, self-directed online investing and key banking capabilities including access to the Corporation’s network of financial centers and ATMs.
Net income for Deposits decreased $1.2 billion to $7.5 billion primarily due to lower revenue and higher noninterest
expense, partially offset by lower provision for credit losses. Net interest income decreased $1.3 billion to $21.2 billion primarily driven by lower deposit balances. Noninterest income was $2.8 billion, relatively unchanged from the same period a year ago.
The provision for credit losses decreased $188 million to $303 million primarily driven by lower overdraft losses from fraud activity. Noninterest expense increased $349 million to $13.7 billion primarily driven by investments in the business, including people, technology and operations.
Average deposits decreased $47.0 billion to $940.7 billion primarily due to net outflows of $54.6 billion in money market savings and $20.6 billion in checking, partially offset by growth in time deposits of $37.2 billion.
The table below provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.
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Key Statistics – Deposits | | | | | | | |
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| | | | | 2024 | | 2023 |
Total deposit spreads (excludes noninterest costs) (1) | | | | | 2.77% | | 2.70% |
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Year end | | | | | | | |
Consumer investment assets (in millions) (2) | | | | | $ | 517,835 | | $ | 424,410 |
Active digital banking users (in thousands) (3) | | | | | 48,150 | | 46,265 |
Active mobile banking users (in thousands) (4) | | | | | 39,958 | | 37,927 |
Financial centers | | | | | 3,700 | | 3,845 |
ATMs | | | | | 14,893 | | 15,168 |
(1)Includes deposits held in Consumer Lending.
(2)Includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs and AUM in Consumer Banking.
(3)Represents mobile and/or online active users over the past 90 days.
(4)Represents mobile active users over the past 90 days.
Consumer investment assets increased $93.4 billion to $517.8 billion driven by market performance and positive net client flows. Active mobile banking users increased approximately two million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 145 financial centers and 275 ATMs as we continued to optimize our consumer banking network.
Consumer Lending
Consumer Lending offers products to consumers and small businesses across the U.S. The products offered include debit and credit cards, residential mortgages and home equity loans, and direct and indirect loans such as automotive, recreational vehicle and consumer personal loans. In addition to earning net interest spread revenue on its lending activities, Consumer Lending generates interchange revenue from debit and credit card transactions, late fees, cash advance fees, annual credit card fees, mortgage banking fee income and other miscellaneous fees. Consumer Lending products are available to our customers through our retail network, direct telephone, and online and mobile channels. Consumer Lending results also include the impact of servicing residential mortgages and home equity loans, including loans held on the balance sheet of Consumer Lending and loans serviced for others.
Net income for Consumer Lending increased $334 million to $3.2 billion primarily driven by higher revenue, partially offset by higher noninterest expense. Net interest income increased $717 million to $11.9 billion primarily due to the impact of higher loan balances. Noninterest income increased $85 million to $5.5 billion, primarily driven by higher card income.
The provision for credit losses was $4.7 billion, relatively unchanged from the same period a year ago. Noninterest expense increased $339 million to $8.4 billion primarily driven by investments in the business, including operations, technology and people.
Average loans increased $4.9 billion to $309.5 billion primarily driven by increases in credit card, small business and consumer vehicle loans.
The following table provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.
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Key Statistics – Consumer Lending |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Total credit card (1) | | | | | | | |
Gross interest yield (2) | | | | | 12.30 | % | | 11.88 | % |
Risk-adjusted margin (3) | | | | | 6.98 | | | 7.83 | |
New accounts (in thousands) | | | | | 3,820 | | | 4,275 | |
Purchase volumes | | | | | $ | 368,861 | | | $ | 363,117 | |
Debit card purchase volumes | | | | | $ | 557,000 | | | $ | 527,074 | |
(1)Includes GWIM's credit card portfolio.
(2)Calculated as the effective annual percentage rate divided by average loans.
(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
Total risk-adjusted margin decreased 85 bps primarily driven by higher net credit losses, partially offset by higher net interest margin and higher net fee income. Total credit card purchase volumes increased $5.7 billion to $368.9 billion, and debit card purchase volumes increased $29.9 billion to $557.0 billion, reflecting higher levels of consumer spending.
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Key Statistics – Loan Production (1) |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Consumer Banking: | | | | | | | |
First mortgage | | | | | $ | 10,252 | | | $ | 9,145 | |
Home equity | | | | | 7,450 | | | 8,328 | |
Total (2): | | | | | | | |
First mortgage | | | | | $ | 21,104 | | | $ | 19,405 | |
Home equity | | | | | 8,884 | | | 9,814 | |
(1)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
(2)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
First mortgage loan originations for Consumer Banking and the total Corporation increased $1.1 billion and $1.7 billion primarily driven by higher demand.
Home equity production in Consumer Banking and the total Corporation decreased $878 million and $930 million primarily driven by lower demand.
Global Wealth & Investment Management
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(Dollars in millions) | | | | | | | 2024 | | 2023 | | % Change |
Net interest income | | | | | | | $ | 6,969 | | | $ | 7,147 | | | (2) | % |
Noninterest income: | | | | | | | | | | | |
Investment and brokerage services | | | | | | | 15,238 | | | 13,213 | | | 15 | |
All other income | | | | | | | 722 | | | 745 | | | (3) | |
Total noninterest income | | | | | | | 15,960 | | | 13,958 | | | 14 | |
Total revenue, net of interest expense | | | | | | | 22,929 | | | 21,105 | | | 9 | |
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Provision for credit losses | | | | | | | 4 | | | 6 | | | (33) | |
Noninterest expense | | | | | | | 17,241 | | | 15,836 | | | 9 | |
Income before income taxes | | | | | | | 5,684 | | | 5,263 | | | 8 | |
Income tax expense | | | | | | | 1,421 | | | 1,316 | | | 8 | |
Net income | | | | | | | $ | 4,263 | | | $ | 3,947 | | | 8 | |
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Effective tax rate | | | | | | | 25.0 | % | | 25.0 | % | | |
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Net interest yield | | | | | | | 2.20 | | | 2.17 | | | |
Return on average allocated capital | | | | | | | 23 | | | 21 | | | |
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Efficiency ratio | | | | | | | 75.19 | | | 75.04 | | | |
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Balance Sheet | | | | | | | | | | | | |
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Average | | | | | | | | | | | |
Total loans and leases | | | | | | | $ | 223,899 | | | $ | 219,503 | | | 2 | % |
Total earning assets | | | | | | | 317,283 | | | 329,493 | | | (4) | |
Total assets | | | | | | | 331,014 | | | 342,531 | | | (3) | |
Total deposits | | | | | | | 287,491 | | | 298,335 | | | (4) | |
Allocated capital | | | | | | | 18,500 | | | 18,500 | | | — | |
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Year end | | | | | | | | | | | |
Total loans and leases | | | | | | | $ | 231,981 | | | $ | 219,657 | | | 6 | % |
Total earning assets | | | | | | | 323,496 | | | 330,653 | | | (2) | |
Total assets | | | | | | | 338,367 | | | 344,626 | | | (2) | |
Total deposits | | | | | | | 292,278 | | | 299,657 | | | (2) | |
GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank.
Merrill Wealth Management’s advisory business provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets. Merrill Wealth Management provides tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products.
Bank of America Private Bank, together with Merrill Wealth Management’s Private Wealth Management business, provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Net income for GWIM increased $316 million to $4.3 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 25 percent, unchanged from the same period a year ago.
Net interest income decreased $178 million to $7.0 billion primarily driven by lower average deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, increased $2.0 billion to $16.0 billion. The increase was primarily driven by higher asset management fees due to higher average equity market
valuations and positive AUM flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
Noninterest expense increased $1.4 billion to $17.2 billion primarily due to higher revenue-related incentives.
The return on average allocated capital was 23 percent, up from 21 percent, due to higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 35.
Average loans increased $4.4 billion to $223.9 billion, primarily driven by custom lending and residential mortgage loans. Average deposits decreased $10.8 billion to $287.5 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms.
Merrill Wealth Management revenue of $19.1 billion increased nine percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and positive AUM flows, as well as higher brokerage fees due to increased transactional volume.
Bank of America Private Bank revenue of $3.9 billion increased six percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and client flows.
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Key Indicators and Metrics | | | | | | | |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Revenue by Business | | | | | | | |
Merrill Wealth Management | | | | | $ | 19,066 | | | $ | 17,461 | |
Bank of America Private Bank | | | | | 3,863 | | | 3,644 | |
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Total revenue, net of interest expense | | | | | $ | 22,929 | | | $ | 21,105 | |
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Client Balances by Business, at year end | | | | | | | |
Merrill Wealth Management | | | | | $ | 3,578,513 | | | $ | 3,182,735 | |
Bank of America Private Bank | | | | | 673,593 | | | 606,639 | |
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Total client balances | | | | | $ | 4,252,106 | | | $ | 3,789,374 | |
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Client Balances by Type, at year end | | | | | | | |
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Assets under management | | | | | $ | 1,882,211 | | | $ | 1,617,740 | |
Brokerage and other assets | | | | | 1,888,334 | | | 1,688,923 | |
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Deposits | | | | | 292,278 | | | 299,657 | |
Loans and leases (1) | | | | | 234,208 | | | 222,287 | |
Less: Managed deposits in assets under management | | | | | (44,925) | | | (39,233) | |
Total client balances | | | | | $ | 4,252,106 | | | $ | 3,789,374 | |
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Assets Under Management Rollforward | | | | | | | |
Assets under management, beginning of year | | | | | $ | 1,617,740 | | | $ | 1,401,474 | |
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Net client flows | | | | | 79,227 | | | 52,227 | |
Market valuation/other | | | | | 185,244 | | | 164,039 | |
Total assets under management, end of year | | | | | $ | 1,882,211 | | | $ | 1,617,740 | |
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(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances managed under advisory and/or discretion of GWIM are AUM and are typically held in diversified portfolios. Fees earned on AUM are calculated as a percentage of clients’ AUM balances. The asset management fees charged to clients per year depend on various factors but are commonly driven by the breadth of the client’s relationship. The net client AUM flows
represent the net change in clients’ AUM balances over a specified period of time, excluding market appreciation/depreciation and other adjustments.
Client balances increased $462.7 billion, or 12 percent, to $4.3 trillion at December 31, 2024 compared to December 31, 2023. The increase in client balances was primarily due to the impact of higher market valuations and positive net client flows.
Global Banking
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(Dollars in millions) | | | | | | | 2024 | | 2023 | | % Change | | | | | |
Net interest income | | | | | | | $ | 13,235 | | | $ | 14,645 | | | (10) | % | | | | | |
Noninterest income: | | | | | | | | | | | | | | | | |
Service charges | | | | | | | 3,135 | | | 2,952 | | | 6 | | | | | | |
Investment banking fees | | | | | | | 3,453 | | | 2,819 | | | 22 | | | | | | |
All other income | | | | | | | 4,135 | | | 4,380 | | | (6) | | | | | | |
Total noninterest income | | | | | | | 10,723 | | | 10,151 | | | 6 | | | | | | |
Total revenue, net of interest expense | | | | | | | 23,958 | | | 24,796 | | | (3) | | | | | | |
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Provision for credit losses | | | | | | | 883 | | | (586) | | | n/m | | | | | |
Noninterest expense | | | | | | | 11,853 | | | 11,344 | | | 4 | | | | | | |
Income before income taxes | | | | | | | 11,222 | | | 14,038 | | | (20) | | | | | | |
Income tax expense | | | | | | | 3,086 | | | 3,790 | | | (19) | | | | | | |
Net income | | | | | | | $ | 8,136 | | | $ | 10,248 | | | (21) | | | | | | |
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Effective tax rate | | | | | | | 27.5 | % | | 27.0 | % | | | | | | | |
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Net interest yield | | | | | | | 2.30 | | | 2.73 | | | | | | | | |
Return on average allocated capital | | | | | | | 17 | | | 21 | | | | | | | | |
Efficiency ratio | | | | | | | 49.47 | | | 45.75 | | | | | | | | |
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Balance Sheet | | | | | | | | | | | | | | | | |
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Average | | | | | | | | | | | | | | | | |
Total loans and leases | | | | | | | $ | 373,227 | | | $ | 378,762 | | | (1) | % | | | | | |
Total earning assets | | | | | | | 575,594 | | | 535,500 | | | 7 | | | | | | |
Total assets | | | | | | | 643,614 | | | 602,579 | | | 7 | | | | | | |
Total deposits | | | | | | | 545,769 | | | 505,627 | | | 8 | | | | | | |
Allocated capital | | | | | | | 49,250 | | | 49,250 | | | — | | | | | |
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Year end | | | | | | | | | | | | | | | | | |
Total loans and leases | | | | | | | $ | 379,473 | | | $ | 373,891 | | | 1 | % | | | | | |
Total earning assets | | | | | | | 603,481 | | | 552,453 | | | 9 | | | | | | |
Total assets | | | | | | | 670,905 | | | 621,751 | | | 8 | | | | | | |
Total deposits | | | | | | | 578,159 | | | 527,060 | | | 10 | | | | | | |
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n/m = not meaningfulGlobal Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of offices and client relationship teams. Our lending products and services include commercial loans, leases, commitment facilities, trade finance, commercial real estate lending and asset-based lending. Our treasury solutions business includes treasury management, foreign exchange, short-term investing options and merchant services. We also provide investment banking services to our clients such as debt and equity underwriting and distribution, and merger-related and other advisory services. Underwriting debt and equity issuances, fixed-income and equity research, and certain market-based activities are executed through our global broker-dealer affiliates, which are our primary dealers in several countries. Within Global Banking, Global Corporate Banking clients generally include large global corporations, financial institutions and leasing clients. Global Commercial Banking clients generally include middle-market companies, commercial real estate firms and not-for-profit companies. Business Banking clients include
mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Net income for Global Banking decreased $2.1 billion to $8.1 billion driven by higher provision for credit losses, lower revenue and higher noninterest expense.
Net interest income decreased $1.4 billion to $13.2 billion primarily due to higher deposit costs and lower average loan balances, partially offset by the benefit of higher average deposit balances.
Noninterest income increased $572 million to $10.7 billion due to higher investment banking fees and treasury service charges, partially offset by lower leasing-related revenue.
The provision for credit losses increased $1.5 billion to $883 million primarily driven by the commercial real estate office portfolio compared to a benefit in the prior year due to certain improved macroeconomic conditions.
Noninterest expense increased $509 million to $11.9 billion primarily due to continued investments in the business, including people, technology and operations.
The return on average allocated capital was 17 percent, down from 21 percent, due to lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 35.
Global Corporate, Global Commercial and Business Banking
Global Corporate, Global Commercial and Business Banking each include Business Lending and Global Transaction Services activities. Business Lending includes various lending-related products and services, and related hedging activities, including commercial loans, leases, commitment facilities, trade finance,
real estate lending and asset-based lending. Global Transaction Services includes deposits, treasury management, credit card, foreign exchange and short-term investment products. The following table and discussion present a summary of the results, which exclude certain investment banking and other activities in Global Banking.
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Global Corporate, Global Commercial and Business Banking | | | | | | | | | | |
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| | Global Corporate Banking | | Global Commercial Banking | | Business Banking | | Total |
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(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
Revenue | | | | | | | | | | | | | | | |
Business Lending | $ | 4,463 | | | $ | 4,928 | | | $ | 5,027 | | | $ | 5,016 | | | $ | 231 | | | $ | 253 | | | $ | 9,721 | | | $ | 10,197 | |
Global Transaction Services | 5,125 | | | 5,746 | | | 3,906 | | | 4,139 | | | 1,474 | | | 1,531 | | | 10,505 | | | 11,416 | |
Total revenue, net of interest expense | $ | 9,588 | | | $ | 10,674 | | | $ | 8,933 | | | $ | 9,155 | | | $ | 1,705 | | | $ | 1,784 | | | $ | 20,226 | | | $ | 21,613 | |
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Balance Sheet | | | | | | | | | | | | | | | | |
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Average | | | | | | | | | | | | | | | |
Total loans and leases | $ | 164,179 | | | $ | 171,554 | | | $ | 196,650 | | | $ | 194,725 | | | $ | 12,272 | | | $ | 12,285 | | | $ | 373,101 | | | $ | 378,564 | |
Total deposits | 300,154 | | | 272,964 | | | 193,533 | | | 181,905 | | | 52,081 | | | 50,759 | | | 545,768 | | | 505,628 | |
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Year end | | | | | | | | | | | | | | | |
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Total loans and leases | $ | 173,013 | | | $ | 167,055 | | | $ | 194,529 | | | $ | 194,565 | | | $ | 11,791 | | | $ | 12,129 | | | $ | 379,333 | | | $ | 373,749 | |
Total deposits | 316,214 | | | 289,961 | | | 209,792 | | | 188,141 | | | 52,152 | | | 48,951 | | | 578,158 | | | 527,053 | |
Business lending revenue decreased $476 million in 2024 compared to 2023 primarily driven by lower net interest income and lower leasing-related revenue, partially offset by higher tax credit activity in affordable housing.
Global Transaction Services revenue decreased $911 million in 2024 compared to 2023 primarily driven by higher deposit costs, partially offset by the benefit of higher average deposit balances and treasury service charges.
Average loans and leases of $373.1 billion decreased one percent in 2024 compared to 2023 due to lower client demand. Average deposits of $545.8 billion increased eight percent in 2024 compared to 2023 due to growth in both domestic and international balances.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by
Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.
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Investment Banking Fees | | | | | | | | | | | | | | |
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(Dollars in millions) | | | | | | | | | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | |
Products | | | | | | | | | | | | | | | | | | | | | | | |
Advisory | | | | | | | | | $ | 1,504 | | | $ | 1,392 | | | $ | 1,690 | | | $ | 1,575 | | | | | | | | | |
Debt issuance | | | | | | | | | 1,398 | | | 1,073 | | | 3,310 | | | 2,403 | | | | | | | | | |
Equity issuance | | | | | | | | | 551 | | | 354 | | | 1,354 | | | 886 | | | | | | | | | |
Gross investment banking fees | | | | | | | | | 3,453 | | | 2,819 | | | 6,354 | | | 4,864 | | | | | | | | | |
Self-led deals | | | | | | | | | (32) | | | (43) | | | (168) | | | (156) | | | | | | | | | |
Total investment banking fees | | | | | | | | | $ | 3,421 | | | $ | 2,776 | | | $ | 6,186 | | | $ | 4,708 | | | | | | | | | |
Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, increased 31 percent to $6.2 billion compared to the same period in 2023 primarily due to higher debt and equity issuance fees and higher advisory fees.
Global Markets
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(Dollars in millions) | | | | | | | 2024 | | 2023 | | % Change | |
Net interest income | | | | | | | $ | 3,375 | | | $ | 1,678 | | | 101 | % | |
Noninterest income: | | | | | | | | | | | | |
Investment and brokerage services | | | | | | | 2,128 | | | 1,993 | | | 7 | | |
Investment banking fees | | | | | | | 2,655 | | | 1,874 | | | 42 | | |
Market making and similar activities | | | | | | | 12,778 | | | 13,430 | | | (5) | | |
All other income | | | | | | | 876 | | | 552 | | | 59 | | |
Total noninterest income | | | | | | | 18,437 | | | 17,849 | | | 3 | | |
Total revenue, net of interest expense | | | | | | | 21,812 | | | 19,527 | | | 12 | | |
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Provision for credit losses | | | | | | | (32) | | | (131) | | | n/m | |
Noninterest expense | | | | | | | 13,926 | | | 13,206 | | | 5 | | |
Income before income taxes | | | | | | | 7,918 | | | 6,452 | | | 23 | | |
Income tax expense | | | | | | | 2,296 | | | 1,774 | | | 29 | | |
Net income | | | | | | | $ | 5,622 | | | $ | 4,678 | | | 20 | | |
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Effective tax rate | | | | | | | 29.0 | % | | 27.5 | % | | | |
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Return on average allocated capital | | | | | | | 12 | | | 10 | | | | |
Efficiency ratio | | | | | | | 63.84 | | | 67.63 | | | | |
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Balance Sheet | | | | | | | | | | | | | |
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Average | | | | | | | | | | | | |
Trading-related assets: | | | | | | | | | | | | |
Trading account securities | | | | | | | $ | 324,065 | | | $ | 318,443 | | | 2 | % | |
Reverse repurchases | | | | | | | 137,052 | | | 133,735 | | | 2 | | |
Securities borrowed | | | | | | | 135,108 | | | 121,547 | | | 11 | | |
Derivative assets | | | | | | | 37,795 | | | 44,303 | | | (15) | | |
Total trading-related assets | | | | | | | 634,020 | | | 618,028 | | | 3 | | |
Total loans and leases | | | | | | | 140,557 | | | 129,657 | | | 8 | | |
Total earning assets | | | | | | | 710,604 | | | 652,352 | | | 9 | | |
Total assets | | | | | | | 911,718 | | | 869,756 | | | 5 | | |
Total deposits | | | | | | | 34,120 | | | 33,278 | | | 3 | | |
Allocated capital | | | | | | | 45,500 | | | 45,500 | | | — | | |
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Year end | | | | | | | | | | | | |
Total trading-related assets | | | | | | | $ | 580,557 | | | $ | 542,544 | | | 7 | % | |
Total loans and leases | | | | | | | 157,450 | | | 136,223 | | | 16 | | |
Total earning assets | | | | | | | 687,678 | | | 637,955 | | | 8 | | |
Total assets | | | | | | | 876,605 | | | 817,588 | | | 7 | | |
Total deposits | | | | | | | 38,848 | | | 34,833 | | | 12 | | |
n/m = not meaningful
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to our institutional investor clients in support of their investing and trading activities. We also work with our commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of our market-making activities in these products, we may be required to manage risk in a broad range of financial products including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, MBS, commodities and asset-backed securities. The economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. For information on investment banking fees on a consolidated basis, see page 41.
The following explanations for year-over-year changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 30.
Net income for Global Markets increased $944 million to $5.6 billion. Net DVA losses were $113 million compared to losses of $236 million in 2023. Excluding net DVA, net income increased $851 million to $5.7 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $2.3 billion to $21.8 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $1.4 billion, and excluding net DVA, increased $1.3 billion. These increases were driven by higher revenue in both Equities and FICC. Noninterest expense increased $720 million to $13.9 billion, primarily driven by revenue-related expenses and continued investments in the business, including technology.
Average total assets increased $42.0 billion to $911.7 billion, driven by higher levels of inventory, loan growth and increased financing activity. Year-end total assets increased
$59.0 billion to $876.6 billion driven by the same factors as average assets.
The return on average allocated capital was 12 percent, up from 10 percent, reflecting higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 35.
Sales and Trading Revenue
Sales and trading revenue includes unrealized and realized gains and losses on trading and other assets that are included in market making and similar activities, net interest income, and fees primarily from commissions on equity securities. Sales and trading revenue is segregated into fixed-income (government debt obligations, investment and non-investment grade corporate debt obligations, commercial MBS, residential mortgage-backed securities, collateralized loan obligations, interest rate and credit derivative contracts), currencies (interest rate and foreign exchange contracts), commodities (primarily futures, forwards, swaps and options) and equities (equity-linked derivatives and cash equity activity). The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 30.
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Sales and Trading Revenue (1, 2, 3) |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Sales and trading revenue (2) | | | | | | | |
Fixed-income, currencies and commodities | | | | | $ | 11,371 | | | $ | 10,896 | |
Equities | | | | | 7,436 | | | 6,480 | |
Total sales and trading revenue | | | | | $ | 18,807 | | | $ | 17,376 | |
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Sales and trading revenue, excluding net DVA (4) | | | | | | | |
Fixed-income, currencies and commodities | | | | | $ | 11,468 | | | $ | 11,122 | |
Equities | | | | | 7,452 | | | 6,490 | |
Total sales and trading revenue, excluding net DVA | | | | | $ | 18,920 | | | $ | 17,612 | |
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $890 million and $546 million for 2024 and 2023.
(3)Includes Global Banking sales and trading revenue of $677 million and $654 million for 2024 and 2023.
(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $97 million and $226 million for 2024 and 2023. Equities net DVA losses were $16 million and $10 million for 2024 and 2023.
Including and excluding net DVA, FICC revenue increased $475 million and $346 million driven by improved trading performance in mortgages. Including and excluding net DVA, Equities revenue increased $956 million and $962 million driven by increased client activity and improved trading performance in cash and derivatives.
All Other
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(Dollars in millions) | | | | | | | 2024 | | 2023 | | % Change |
Net interest income | | | | | | | $ | 22 | | | $ | 339 | | | (94) | % |
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Noninterest income (loss) | | | | | | | (7,651) | | | (8,650) | | | (12) | |
Total revenue, net of interest expense | | | | | | | (7,629) | | | (8,311) | | | (8) | |
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Provision for credit losses | | | | | | | (21) | | | (53) | | | (60) | |
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Noninterest expense | | | | | | | 1,688 | | | 4,043 | | | (58) | |
Loss before income taxes | | | | | | | (9,296) | | | (12,301) | | | (24) | |
Income tax benefit | | | | | | | (7,648) | | | (8,350) | | | (8) | |
Net loss | | | | | | | $ | (1,648) | | | $ | (3,951) | | | (58) | |
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Balance Sheet | | | | | | | | | | | | |
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Average | | | | | | | | | |
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Total loans and leases | | | | | | | $ | 8,606 | | | $ | 9,644 | | | (11) | % |
Total assets (1) | | | | | | | 371,572 | | | 266,794 | | | 39 | |
Total deposits | | | | | | | 111,177 | | | 57,551 | | | 93 | |
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Year end | | | | | | | | | | | |
Total loans and leases | | | | | | | $ | 8,177 | | | $ | 8,842 | | | (8) | % |
Total assets (1) | | | | | | | | 341,272 | | | 346,356 | | | (1) | |
Total deposits | | | | | | | | 103,871 | | | 92,705 | | | 12 | |
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(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $954.6 billion and $975.9 billion for 2024 and 2023 and year-end allocated assets were $978.4 billion and $972.9 billion at December 31, 2024 and 2023.
All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 23 – Business Segment Information to the Consolidated Financial Statements.
The net loss in All Other decreased $2.3 billion to $1.6 billion primarily due to lower noninterest expense and higher revenue.
Noninterest income increased $999 million primarily due to the net $1.6 billion charge recorded in the prior year due to the
announcement of BSBY’s cessation, partially offset by a charge related to Visa’s increase in its litigation escrow account and certain negative valuation adjustments.
Noninterest expense decreased $2.4 billion to $1.7 billion primarily due to the $2.1 billion accrual recorded in the prior year for the FDIC special assessment resulting from the closure of Silicon Valley Bank and Signature Bank, and lower expenses related to a liquidating business activity.
The income tax benefit was $7.6 billion in 2024 compared to $8.4 billion in 2023. The decrease in the income tax benefit was primarily due to the benefits recorded against pretax charges in 2023 for the FDIC special assessment and the impact of BSBY’s cessation.
Managing Risk
Risk is inherent in all our business activities. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risk can result in financial loss, regulatory sanctions and penalties, litigation, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Board’s Enterprise Risk Committee (ERC) and the Board.
The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational.
● Strategic risk is the risk to current or projected financial condition arising from incorrect assumptions about external or internal factors, inappropriate business plans, ineffective business strategy execution or failure to respond in a timely manner to changes in the regulatory, macroeconomic or competitive environments in the geographic locations in which we operate.
● Credit risk is the risk of loss arising from the inability or failure of a borrower or counterparty to meet its obligations.
● Market risk is the risk that changes in market conditions adversely impact the value of assets or liabilities or otherwise negatively impact earnings. Market risk is composed of price risk and interest rate risk.
● Liquidity risk is the risk of the inability to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers under a range of economic conditions.
● Compliance risk is the risk of legal action or regulatory sanctions, material financial loss or damage to the reputation of the Corporation arising from the failure of the Corporation to comply with the requirements of applicable laws, rules and regulations (LRRs) and our internal policies and procedures.
● Operational risk is the risk of loss resulting from inadequate or failed internal processes or systems, people or external events.
● Reputational risk is the risk that negative perception of the Corporation may adversely impact profitability or operations.
The following sections address in more detail the specific procedures, measures and analyses of the major categories of risk.
As set forth in our Risk Framework, a culture of managing risk well is fundamental to our values and our purpose, and how we drive Responsible Growth. It requires us to focus on risk in all activities and encourages the necessary mindset and behavior to enable effective risk management and promote sound risk-taking within our risk appetite. Sustaining a culture of managing risk well throughout the organization is critical to the success of the Corporation and is a clear expectation of our executive management team and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Executive management assesses, with Board oversight, the risk-adjusted returns of each business. Management reviews and approves the strategic and financial operating plans, as well as the capital plan and Risk Appetite Statement, and recommends them annually to the Board for approval. Our strategic plan takes into consideration return objectives and financial resources, which must align with risk capacity and risk appetite. Management sets financial objectives for each business by allocating capital and setting a target for return on capital for each business. Capital allocations are regularly evaluated as part of our overall governance processes as the businesses and the economic environment in which we operate continue to evolve. For more information regarding capital allocations, see Business Segment Operations on page 35.
The Corporation’s risk appetite indicates the amount of capital, earnings or liquidity we are willing to put at risk to achieve our strategic objectives and business plans, consistent with applicable regulatory requirements. It also provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporation’s risk profile across all risk types against our risk appetite and risk capacity. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative statements and quantitative limits.
Our overall capacity to take risk is limited. Accordingly, we prioritize the risks we take in order to maintain a strong and flexible financial position so we can weather challenging economic times and take advantage of organic growth opportunities while complying with all applicable regulatory requirements. Therefore, we set objectives and targets for capital and liquidity that permit us to continue to operate in a safe and sound manner at all times, including during periods of stress. We also maintain strong operational risk management and operational resiliency capabilities so we can meet the expectations of our customers and clients through a range of operating conditions.
Our lines of business operate with risk limits that align with the Corporation’s risk appetite. Management is responsible for tracking and reporting performance measurements as well as any breaches or exceptions to risk appetite limits. The Board, and its committees when appropriate, oversee financial performance, execution of the strategic and financial operating plans, adherence to risk appetite limits and the adequacy of internal controls.
For a more detailed discussion of our risk management activities, see the discussion below and pages 48 through 82.
Risk Management Governance
The Risk Framework describes delegations of authority whereby the Board and its committees may delegate authority to management-level committees or executive officers. Such delegations may authorize certain decision-making and approval functions, which may be evidenced in documents such as committee charters, job descriptions, meeting minutes and resolutions.
The chart below illustrates the interrelationship among the Board, Board committees and management committees that have the majority of risk oversight responsibilities for the Corporation.

Board of Directors and Board Committees
The Board is composed of 14 directors, all but one of whom are independent. The Board authorizes management to maintain an effective Risk Framework and oversees compliance with safe and sound banking practices. In addition, the Board or its committees conduct inquiries of, and receive reports from senior management on, risk-related matters to assess scope or resource limitations that could impede the ability of Global Risk Management (GRM) and/or Corporate Audit to execute its responsibilities. The Board committees discussed below have the principal responsibility for enterprise-wide oversight of our risk management activities. Through these activities, the Board and applicable committees are provided with information on our risk profile and oversee senior management addressing key risks we face. Other Board committees, as described below, provide additional oversight of specific risks.
Each of the committees shown on the above chart regularly reports to the Board on risk-related matters within the committee’s responsibilities, which is intended to collectively provide the Board with integrated insight about our management of enterprise-wide risks.
Audit Committee
The Audit Committee oversees the qualifications, performance and independence of the Independent Registered Public Accounting Firm, the performance of our corporate audit function, the integrity of our consolidated financial statements, our compliance with legal and regulatory requirements, and makes inquiries of senior management or the Chief Audit Executive (CAE) to determine whether there are scope or resource limitations that impede the ability of Corporate Audit to execute its responsibilities. The Audit Committee is also responsible for overseeing compliance risks pursuant to the New York Stock Exchange listing standards.
Enterprise Risk Committee
The ERC oversees the Corporation’s Risk Framework, risk appetite and senior management’s responsibilities for the identification, measurement, monitoring and control of key risks facing the Corporation. The ERC may consult with other Board committees on risk-related matters such as the Audit Committee for compliance risks.
Other Board Committees
Our Corporate Governance, ESG, and Sustainability Committee oversees corporate governance matters, including periodically reviewing and making recommendations to the Board on Board succession planning and composition matters, conducting an annual review of the Board’s performance and leading itself and the Board’s other committees in an annual assessment of their performance. The committee also oversees sustainability matters (other than human capital matters), including the Corporation’s public policy engagement, sustainability initiatives, charitable contributions, and community reinvestment activities and performance.
Our Compensation and Human Capital Committee oversees establishing, maintaining and administering our compensation programs and employee benefit plans, including approving and recommending our Chief Executive Officer’s (CEO) compensation to our Board for further approval by all independent directors; reviewing and approving our executive officers’ compensation, as well as compensation for non-management directors; and reviewing certain other human capital management topics.
Management Committees
Management committees receive their authority from the Board, a Board committee, or another management committee. Our primary management risk committee is the MRC. Subject to Board oversight, the MRC is responsible for management oversight of key risks facing the Corporation, including an integrated evaluation of risk, earnings, capital and liquidity.
Executive Officers
Executive officers lead various functions representing the functional roles. Authority for functional roles may be delegated to executive officers from the Board, Board committees or management-level committees. Executive officers, in turn, may further delegate responsibilities, as appropriate, to management-level committees, management routines or individuals. Executive officers review our activities for consistency with our Risk Framework, risk appetite, and applicable strategic, capital and financial operating plans, as well as applicable policies and standards. Executive officers and other employees make decisions individually on a day-to-day basis, consistent with the authority they have been delegated.
Executive officers and other employees may also serve on committees and participate in committee decisions.
Lines of Defense
We have clear ownership and accountability for managing risk across three lines of defense: Front Line Units (FLUs), GRM and Corporate Audit. We also have control functions outside of FLUs and GRM (e.g., Legal and Global Human Resources). The three lines of defense are integrated into our management-level governance structure. Each of these functional roles is further described in this section.
Front Line Units and Control Functions
FLUs, which include the business segments and underlying businesses, as well as the organizations that support technology and operations for the Corporation, are responsible for appropriately assessing and effectively managing all of the risks associated with their activities. Control functions provide guidance and subject matter expertise on day-to-day activities affecting the Corporation, as well as by overseeing and managing risks that emanate from their own respective activities.
Global Risk Management
GRM is part of our control functions and operates as our independent risk management function. GRM, led by the Chief Risk Officer (CRO), is responsible for independently assessing and overseeing risks within FLUs and other control functions. GRM establishes written enterprise policies and procedures outlining how aggregate risks are identified, measured, monitored and controlled.
The CRO has the stature, authority and independence needed to develop and implement a meaningful risk management framework and practices to guide the Corporation in managing risk. The CRO has unrestricted access to the Board and reports directly to both the ERC and the CEO. GRM is organized into horizontal risk teams that cover a specific risk area and vertical CRO teams that cover a particular FLU or control function. These teams work collaboratively in executing their respective duties.
Corporate Audit
Corporate Audit and the CAE maintain their independence from the FLUs, GRM and other control functions by reporting directly to the Audit Committee. The CAE administratively reports to the CEO. Corporate Audit provides independent assessment and validation through testing of key processes and controls across the Corporation. Corporate Audit includes Credit Review, which provides an independent assessment of credit lending decisions and the effectiveness of credit processes across the Corporation’s credit platform through examinations and monitoring.
Risk Management Processes
The Risk Framework requires that strong risk management practices are integrated in key strategic, capital and financial planning processes and in day-to-day business processes across the Corporation, thereby ensuring risks are appropriately considered, evaluated and responded to in a timely manner. We employ an effective risk management process, referred to as Identify, Measure, Monitor and Control, as part of our daily activities.
Identify – To be effectively managed, risks must be proactively identified and well understood. Proper risk identification focuses on recognizing and understanding key risks inherent in our business activities or key risks that may arise from
external factors. Each employee is expected to identify and escalate risks promptly. Risk identification is an ongoing process that incorporates input from FLUs and control functions. It is designed to be forward-looking and to capture relevant risk factors across all of our lines of business.
Measure – Once a risk is identified, it must be prioritized and accurately measured through a systematic process including qualitative statements and quantitative limits. Risk is measured at various levels, including, but not limited to, risk type, FLU and legal entity, and also on an aggregate basis. This risk measurement process helps to capture changes in our risk profile due to changes in strategic direction, concentrations, portfolio quality and the overall economic environment. Senior management considers how risk exposures might evolve under a variety of stress scenarios.
Monitor – We monitor risk levels regularly to track adherence to risk appetite, policies and standards. We also regularly update risk assessments and review risk exposures. Through our monitoring, we know our level of risk relative to limits and can take action in a timely manner. We also know when risk limits are breached and have processes to appropriately report and escalate exceptions. This includes timely requests for approval to managers and alerts to executive management, management-level committees or the Board (directly or through an appropriate committee).
Control – We establish and communicate risk limits and controls through policies, standards, procedures and processes. The limits and controls can be adjusted by senior management or the Board when conditions or risk tolerances warrant. These limits may be absolute (e.g., loan amount, trading volume, operational loss) or relative (e.g., percentage of loan book in higher-risk categories). Our FLUs are held accountable for performing within the established limits.
The formal processes used to manage risk represent a part of our overall risk management process. We instill a strong and comprehensive culture of managing risk well through communications, training, policies, procedures and organizational roles and responsibilities. Establishing a culture reflective of our purpose to help make our customers’ financial lives better and delivering on Responsible Growth is also critical to effective risk management. We are committed to the highest principles of ethical and professional conduct. Conduct risk is the risk of improper actions, behaviors or practices by the Corporation, its employees or representatives that are illegal, unethical and/or contrary to our core values that could result in harm to the Corporation, our shareholders or our customers, damage the integrity of the financial markets, or negatively impact our reputation. We have established protocols and structures so that conduct risk is governed and reported across the Corporation appropriately. All employees are held accountable for adhering to the Code of Conduct, operating within our risk appetite and managing risk in their daily business activities. In addition, our performance management and compensation practices encourage responsible risk-taking that is consistent with our Risk Framework and risk appetite.
Corporation-wide Stress Testing
Integral to our Capital Planning, Financial Planning and Strategic Planning processes, we conduct capital scenario management and stress forecasting on a regular basis to better understand balance sheet, earnings and capital sensitivities to a wide range of economic and business scenarios, including economic and market conditions that are more severe than anticipated. These stress forecasts provide an understanding of the potential
impacts from our risk profile on the balance sheet, earnings and capital, and serve as a key component of our capital and risk management practices. The intent of stress testing is to develop a comprehensive understanding of potential impacts of on- and off-balance sheet risks at the Corporation and certain subsidiaries and how they impact financial resiliency, which provides confidence to management, regulators and our investors.
Contingency Planning
We have developed and maintain comprehensive contingency plans that are designed to prepare us in advance to respond in the event of potential adverse economic, operational, financial or market stress conditions. These contingency plans include our Financial Contingency and Recovery Plan, which provides monitoring, escalation, actions and routines designed to enable us to increase capital and/or liquidity, access funding sources and reduce risk through consideration of potential options that include asset sales, business sales, capital or debt issuances, and other risk reducing strategies at various levels of capital or liquidity depletion during a period of stress. We also maintain a Resolution Plan to limit adverse systemic impacts that could be associated with a potential resolution of Bank of America.
Strategic Risk Management
Strategic risk is embedded in every business and is one of the major risk categories along with credit, market, liquidity, compliance, operational and reputational risks. This risk results from incorrect assumptions about external or internal factors, inappropriate business plans, ineffective business strategy execution, or failure to respond in a timely manner to changes in the regulatory, macroeconomic or competitive environments in the geographic locations in which we operate, such as competitor actions, changing customer preferences, product obsolescence and technology developments, including rapid advances in artificial intelligence (AI), such as machine learning and generative AI.
An aspect of strategic risk is the risk that the Corporation’s capital levels are not adequate to meet minimum regulatory requirements and support execution of business activities or absorb losses from risks during normal or adverse economic and market conditions. As such, capital risk is managed in parallel to strategic risk.
We manage strategic risk through the Strategic Risk Enterprise Policy and integration into the strategic planning process, among other activities. Our strategic plan is consistent with our risk appetite, capital plan and liquidity requirements, and specifically addresses strategic risks impacting each business.
On an annual basis, the Board reviews and approves the strategic plan, capital plan, financial operating plan and Risk Appetite Statement. With oversight by the Board, senior management directs the lines of business to execute our strategic plan consistent with our core operating principles and risk appetite. The executive management team monitors business performance throughout the year and provides the Board with regular progress reports on whether strategic objectives and timelines are being met, including reports on strategic risks and if additional or alternative actions need to be considered or implemented. The regular executive reviews focus on assessing forecasted earnings and returns on capital, the current risk profile, current capital and liquidity requirements, staffing levels and changes required to support the strategic plan, stress testing results, and other qualitative factors such as market growth rates and peer analysis.
Significant strategic actions, such as capital actions, material acquisitions or divestitures, and resolution plans are reviewed and approved by the Board. At the business level, processes are in place to discuss the strategic risk implications of new, expanded or modified businesses, products or services, regulatory change and other strategic initiatives, and to provide formal review and approval where required. With oversight by the Board and the ERC, executive management performs similar analyses throughout the year, and evaluates changes to the financial forecast or the risk, capital or liquidity positions as deemed appropriate to balance and optimize achieving the targeted risk appetite, shareholder returns and maintaining the targeted financial strength. Proprietary models are used to measure the capital requirements for credit, country, market, operational and strategic risks. The allocated capital assigned to each business is based on its unique risk profile. With oversight by the Board, executive management assesses the risk-adjusted returns of each business in approving strategic and financial operating plans. The businesses use allocated capital to define business strategies, and price products and transactions.
Capital Management
The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. Additionally, we seek to maintain safety and soundness at all times, even under adverse scenarios, take advantage of organic growth opportunities, meet obligations to creditors and counterparties, maintain ready access to financial markets, continue to serve as a credit intermediary, remain a source of strength for our subsidiaries, and satisfy current and future regulatory capital requirements. Capital management is integrated into our risk and governance processes, as capital is a key consideration in the development of our strategic plan, risk appetite and risk limits.
We conduct an Internal Capital Adequacy Assessment Process (ICAAP) on a periodic basis. The ICAAP is a forward-looking assessment of our projected capital needs and resources, incorporating earnings, balance sheet and risk forecasts under baseline and adverse economic and market conditions. We utilize periodic stress tests to assess the potential impacts to our balance sheet, earnings, regulatory capital and liquidity under a variety of stress scenarios. We perform qualitative risk assessments to identify and assess material risks not fully captured in our forecasts or stress tests. We assess the potential capital impacts of proposed changes to regulatory capital requirements. Management assesses ICAAP results and provides documented quarterly assessments of the adequacy of our capital guidelines and capital position to the Board or its committees.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. For more information, see Business Segment Operations on page 35.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing capital planning and the stress capital buffer (SCB) requirement, which include supervisory stress testing by the Federal Reserve. Based on 2024 Comprehensive Capital Analysis and Review (CCAR) stress test results, our SCB is 3.2 percent effective from October 1, 2024 through September 30, 2025.
On July 24, 2024, the Board authorized a $25 billion common stock repurchase program, effective August 1, 2024, which replaced the Corporation’s previous program that was initially authorized by the Board in 2021, modified in 2023 and expired on August 1, 2024.
Pursuant to Board authorizations, during 2024 we repurchased $13.1 billion of common stock. For more information, see Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and issuer Purchases of Equity Securities on page 24.
The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).
Regulatory Capital
As a BHC, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. Basel 3 established minimum capital ratios and buffer requirements and outlined two methods of calculating risk-weighted assets (RWA), the Standardized approach and the Advanced approaches. The Standardized approach relies primarily on supervisory risk weights based on exposure type, and the Advanced approaches determine risk weights based on internal models.
The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and RWA under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of December 31, 2024, the Common equity tier 1 (CET1) capital, Tier 1 capital and Total capital ratios under the Standardized approach were the binding ratios.
Minimum Capital Requirements
In order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized
approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from January 1, 2024 through September 30, 2024, the Corporation's minimum CET1 capital ratio requirements were 10.0 percent under both the Standardized approach and the Advanced approaches. Effective October 1, 2024, the Corporation’s minimum CET1 requirements were 10.7 percent under the Standardized approach and 10.0 percent under the Advanced approaches.
The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach by, among other factors, including a measure of the Corporation’s reliance on short-term wholesale funding. The Corporation’s G-SIB surcharge, which is higher under Method 2, is expected to increase to 3.5 percent from 3.0 percent on January 1, 2027, unless its surcharge calculated as of December 31, 2025 is lower than 3.5 percent. At December 31, 2024, the Corporation’s CET1 capital ratio of 11.9 percent under the Standardized approach exceeded its CET1 capital ratio requirement.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. At December 31, 2024, our insured depository institution subsidiaries exceeded their requirement to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework. The numerator of the SLR is quarter-end Basel 3 Tier 1 capital. The denominator is total leverage exposure based on the daily average of the sum of on-balance sheet exposures less permitted deductions and the simple average of certain off-balance sheet exposures, as of the end of each month in a quarter.
Capital Composition and Ratios
Table 10 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2024 and 2023. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
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Table 10 | Bank of America Corporation Regulatory Capital under Basel 3 | | | | | | |
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| | | | | | | Standardized Approach (1) | | Advanced Approaches (1) | | Regulatory Minimum (2) | | | | |
(Dollars in millions, except as noted) | | | | | | | December 31, 2024 | | |
Risk-based capital metrics: | | | | | | | | | | | | | | | |
Common equity tier 1 capital | | | | | | | $ | 201,083 | | | $ | 201,083 | | | | | | | |
Tier 1 capital | | | | | | | 223,458 | | | 223,458 | | | | | | | |
Total capital (3) | | | | | | | 255,363 | | | 244,809 | | | | | | | |
Risk-weighted assets (in billions) | | | | | | | 1,696 | | | 1,490 | | | | | | | |
Common equity tier 1 capital ratio | | | | | | | 11.9 | % | | 13.5 | % | | 10.7 | % | | | | |
Tier 1 capital ratio | | | | | | | 13.2 | | | 15.0 | | | 12.2 | | | | | |
Total capital ratio | | | | | | | 15.1 | | | 16.4 | | | 14.2 | | | | | |
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Leverage-based metrics: | | | | | | | | | | | | | | | |
Adjusted quarterly average assets (in billions) (4) | | | | | | | $ | 3,240 | | | $ | 3,240 | | | | | | | |
Tier 1 leverage ratio | | | | | | | 6.9 | % | | 6.9 | % | | 4.0 | | | | | |
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Supplementary leverage exposure (in billions) | | | | | | | | | $ | 3,818 | | | | | | | |
Supplementary leverage ratio | | | | | | | | | 5.9 | % | | 5.0 | | | | | |
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| | | | | | | | December 31, 2023 | | |
Risk-based capital metrics: | | | | | | | | | | | | | | | |
Common equity tier 1 capital | | | | | | | $ | 194,928 | | | $ | 194,928 | | | | | | | |
Tier 1 capital | | | | | | | 223,323 | | | 223,323 | | | | | | | |
Total capital (3) | | | | | | | 251,399 | | | 241,449 | | | | | | | |
Risk-weighted assets (in billions) | | | | | | | 1,651 | | | 1,459 | | | | | | | |
Common equity tier 1 capital ratio | | | | | | | 11.8 | % | | 13.4 | % | | 9.5 | % | | | | |
Tier 1 capital ratio | | | | | | | 13.5 | | | 15.3 | | | 11.0 | | | | | |
Total capital ratio | | | | | | | 15.2 | | | 16.6 | | | 13.0 | | | | | |
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Leverage-based metrics: | | | | | | | | | | | | | | | |
Adjusted quarterly average assets (in billions) (4) | | | | | | | $ | 3,135 | | | $ | 3,135 | | | | | | | |
Tier 1 leverage ratio | | | | | | | 7.1 | % | | 7.1 | % | | 4.0 | | | | | |
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Supplementary leverage exposure (in billions) | | | | | | | | | $ | 3,676 | | | | | | | |
Supplementary leverage ratio | | | | | | | | | 6.1 | % | | 5.0 | | | | | |
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(1)Capital ratios as of December 31, 2024 and 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020.
(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 3.0 percent at December 31, 2024 and 2.5 percent at December 31, 2023, and SCB (under the Standardized approach) of 3.2 percent at December 31, 2024 and 2.5 percent at December 31, 2023. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
At December 31, 2024, CET1 capital was $201.1 billion, an increase of $6.2 billion from December 31, 2023, primarily due to earnings, partially offset by capital distributions. Tier 1 capital increased $135 million primarily driven by the increase in CET1 capital, partially offset by preferred stock redemptions. Total capital under the Standardized approach increased $4.0 billion primarily due to an increase in subordinated debt, adjusted allowance for credit losses included in Tier 2 capital, and the
increase in Tier 1 capital. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at December 31, 2024, increased $44.5 billion during 2024 to $1,696 billion primarily driven by client activity in Global Markets and lending activity in GWIM, Global Banking and Consumer Banking. Supplementary leverage exposure at December 31, 2024 increased $142.0 billion primarily driven by increased activity in Global Markets and ALM activities in All Other.
Table 11 shows the capital composition at December 31, 2024 and 2023.
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Table 11 | Capital Composition under Basel 3 | | | | | | | |
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| | December 31 | | | | |
(Dollars in millions) | 2024 | | 2023 | | | | |
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Total common shareholders’ equity | $ | 272,400 | | | $ | 263,249 | | | | | |
CECL transitional amount (1) | 627 | | | 1,254 | | | | | |
Goodwill, net of related deferred tax liabilities | (68,649) | | | (68,648) | | | | | |
Deferred tax assets arising from net operating loss and tax credit carryforwards | (8,097) | | | (7,912) | | | | | |
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities | (1,440) | | | (1,496) | | | | | |
Defined benefit pension plan net assets | (786) | | | (764) | | | | | |
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax | 1,491 | | | 1,342 | | | | | |
Accumulated net (gain) loss on certain cash flow hedges (2) | 5,629 | | | 8,025 | | | | | |
Other | (92) | | | (122) | | | | | |
Common equity tier 1 capital | 201,083 | | | 194,928 | | | | | |
Qualifying preferred stock, net of issuance cost | 22,391 | | | 28,396 | | | | | |
Other | (16) | | | (1) | | | | | |
Tier 1 capital | 223,458 | | | 223,323 | | | | | |
Tier 2 capital instruments | 18,592 | | | 15,340 | | | | | |
Qualifying allowance for credit losses (3) | 13,558 | | | 12,920 | | | | | |
Other | (245) | | | (184) | | | | | |
Total capital under the Standardized approach | 255,363 | | | 251,399 | | | | | |
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3) | (10,554) | | | (9,950) | | | | | |
Total capital under the Advanced approaches | $ | 244,809 | | | $ | 241,449 | | | | | |
(1)December 31, 2024 and 2023 include 25 percent and 50 percent of the CECL transition provision’s impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income (OCI) related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)Includes the impact of transition provisions related to the CECL accounting standard.
Table 12 shows the components of RWA as measured under Basel 3 at December 31, 2024 and 2023.
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Table 12 | Risk-weighted Assets under Basel 3 | | | | | | | |
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| Standardized Approach | | Advanced Approaches | | Standardized Approach | | Advanced Approaches |
| December 31 |
(Dollars in billions) | 2024 | | 2023 |
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Credit risk | $ | 1,623 | | | $ | 1,015 | | | $ | 1,580 | | | $ | 983 | |
Market risk | 73 | | | 73 | | | 71 | | | 71 | |
Operational risk | n/a | | 359 | | | n/a | | 361 | |
Risks related to credit valuation adjustments | n/a | | 43 | | | n/a | | 44 | |
Total risk-weighted assets | $ | 1,696 | | | $ | 1,490 | | | $ | 1,651 | | | $ | 1,459 | |
n/a = not applicable
Bank of America, N.A. Regulatory Capital
Table 13 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2024 and 2023. BANA met the definition of well capitalized under the PCA framework for both periods.
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Table 13 | Bank of America, N.A. Regulatory Capital under Basel 3 | | |
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| | Standardized Approach (1) | | | | Advanced Approaches (1) | | Regulatory Minimum (2) |
(Dollars in millions, except as noted) | December 31, 2024 |
Risk-based capital metrics: | | | | | | | |
Common equity tier 1 capital | $ | 194,341 | | | | | $ | 194,341 | | | |
Tier 1 capital | 194,341 | | | | | 194,341 | | | |
Total capital (3) | 209,256 | | | | | 198,923 | | | |
Risk-weighted assets (in billions) | 1,444 | | | | | 1,151 | | | |
Common equity tier 1 capital ratio | 13.5 | % | | | | 16.9 | % | | 7.0 | % |
Tier 1 capital ratio | 13.5 | | | | | 16.9 | | | 8.5 | |
Total capital ratio | 14.5 | | | | | 17.3 | | | 10.5 | |
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Leverage-based metrics: | | | | | | | |
Adjusted quarterly average assets (in billions) (4) | $ | 2,546 | | | | | $ | 2,546 | | | |
Tier 1 leverage ratio | 7.6 | % | | | | 7.6 | % | | 5.0 | |
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Supplementary leverage exposure (in billions) | | | | | $ | 3,015 | | | |
Supplementary leverage ratio | | | | | 6.4 | % | | 6.0 | |
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| December 31, 2023 |
Risk-based capital metrics: | | | | | | | |
Common equity tier 1 capital | $ | 187,621 | | | | | $ | 187,621 | | | |
Tier 1 capital | 187,621 | | | | | 187,621 | | | |
Total capital (3) | 201,932 | | | | | 192,175 | | | |
Risk-weighted assets (in billions) | 1,395 | | | | | 1,114 | | | |
Common equity tier 1 capital ratio | 13.5 | % | | | | 16.8 | % | | 7.0 | % |
Tier 1 capital ratio | 13.5 | | | | | 16.8 | | | 8.5 | |
Total capital ratio | 14.5 | | | | | 17.2 | | | 10.5 | |
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Leverage-based metrics: | | | | | | | |
Adjusted quarterly average assets (in billions) (4) | $ | 2,471 | | | | | $ | 2,471 | | | |
Tier 1 leverage ratio | 7.6 | % | | | | 7.6 | % | | 5.0 | |
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Supplementary leverage exposure (in billions) | | | | | $ | 2,910 | | | |
Supplementary leverage ratio | | | | | 6.4 | % | | 6.0 | |
(1)Capital ratios as of December 31, 2024 and 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)Risk-based capital regulatory minimums at both December 31, 2024 and 2023 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the
risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments to executive officers. Table 14 presents the Corporation's TLAC and long-term debt ratios and related information as of December 31, 2024 and 2023.
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Table 14 | Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt |
| | | | | | | | | | |
|
TLAC (1) | | Regulatory Minimum (2) | | | | Long-term Debt | | Regulatory Minimum (3) |
(Dollars in millions) | December 31, 2024 |
Total eligible balance | $ | 459,857 | | | | | | | $ | 220,666 | | | |
Percentage of risk-weighted assets (4) | 27.1 | % | | 22.0 | % | | | | 13.0 | % | | 9.0 | % |
Percentage of supplementary leverage exposure | 12.0 | | | 9.5 | | | | | 5.8 | | | 4.5 | |
| | | | | | | | | |
| December 31, 2023 |
Total eligible balance | $ | 479,156 | | | | | | | $ | 239,892 | | | |
Percentage of risk-weighted assets (4) | 29.0 | % | | 22.0 | % | | | | 14.5 | % | | 8.5 | % |
Percentage of supplementary leverage exposure | 13.0 | | | 9.5 | | | | | 6.5 | | | 4.5 | |
(1)As of December 31, 2024 and 2023, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus the Corporation’s G-SIB surcharge of 3.0 percent at December 31, 2024 and 2.5 percent at December 31, 2023. The long-term debt leverage exposure regulatory minimum is 4.5 percent. Effective January 1, 2024, the Corporation’s G-SIB surcharge, which is higher under Method 2, increased 50 bps, resulting in an increase in our long-term debt RWA regulatory minimum requirement to 9.0 percent from 8.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of December 31, 2024 and 2023.
Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European subsidiaries undertaking broker-dealer activities are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its capital requirements as an alternative net capital broker-dealer under Rule 15c3-1e, and MLPF&S computes its capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS is registered as a futures commission merchant and is subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At December 31, 2024, BofAS had tentative net capital of $23.6 billion. BofAS also had regulatory net capital of $21.0 billion, which exceeded the minimum requirement of $4.5 billion.
MLPF&S provides retail services. At December 31, 2024, MLPF&S' regulatory net capital was $7.2 billion, which exceeded the minimum requirement of $155 million.
Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory capital requirements. At December 31, 2024, MLI’s capital resources were $33.8 billion, which exceeded the minimum Pillar 1 requirement of $11.0 billion.
BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle
Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At December 31, 2024, BofASE's capital resources were $10.9 billion, which exceeded the minimum Pillar 1 requirement of $3.3 billion.
In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at December 31, 2024 that exceeded the applicable minimum requirements under the Exchange Act. The entities are also registered as swap dealers with the CFTC and met applicable capital requirements at December 31, 2024.
Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage market fluctuations from the elevated interest rate environment, inflationary pressures and changes in the macroeconomic environment.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as they arise. We manage our liquidity position through line-of-business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events.
We provide centralized funding and liquidity management through a variety of activities, including monitoring of
established limits and liquidity risk appetites, reviews of liquidity risk management controls and production, and reviews of regulatory and internally defined liquidity risk metrics. In addition, GRM provides oversight of centralized liquidity and funding management as well as oversight of liquidity management across FLUs and legal entities. GRM oversees the liquidity risk management governance structure, establishes liquidity risk policies, reports and monitors liquidity risk limits and provides review and challenge of the Corporation's liquidity risk management processes.
The Board, its risk committee and various management committees oversee the Corporation’s liquidity activities and risk governance. The Board and/or ERC approve our liquidity risk policy, Financial Contingency and Recovery Plan and liquidity risk appetite limits. Management committees responsible for liquidity governance include the Corporation’s Management Risk Committee, Asset and Liability Governance Committee, Liquidity Risk Committee and Asset and Liability Management Investment Committee. For more information, see Managing Risk on page 45. Under this governance framework, we developed certain funding and liquidity risk management practices which include: maintaining liquidity at Bank of America Corporation (Parent) and selected subsidiaries, including our bank subsidiaries and other regulated entities; determining what amounts of liquidity are appropriate for these entities based on analysis of debt maturities and other potential cash outflows, including those that we may experience during stressed market conditions; diversifying funding sources, considering our asset profile and legal entity structure; and performing contingency planning.
NB Holdings Corporation
Bank of America Corporation, as the parent company (Parent), which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional Parent assets not required to satisfy anticipated near-term expenditures to NB Holdings. The Parent is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had it not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code.
In consideration for the transfer of assets, NB Holdings issued a subordinated note to the Parent in a principal amount equal to the value of the transferred assets. The aggregate principal amount of the note will increase by the amount of any future asset transfers. NB Holdings also provided the Parent with a committed line of credit that allows the Parent to draw funds necessary to service near-term cash needs. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code. These arrangements include provisions to terminate the line of credit, forgive the subordinated note and require the Parent to transfer its remaining financial assets to NB Holdings if our projected liquidity resources deteriorate so severely that resolution of the Parent becomes imminent.
Global Liquidity Sources and Other Unencumbered Assets
We maintain liquidity available to the Corporation, including the Parent and selected subsidiaries, in the form of cash and high- quality, liquid, unencumbered securities. Our liquidity buffer,
referred to as Global Liquidity Sources (GLS), is comprised of assets that are readily available to the Parent and selected subsidiaries, including holding company, bank and broker-dealer subsidiaries, even during stressed market conditions. Our cash is primarily on deposit with the Federal Reserve Bank and, to a lesser extent, central banks outside of the U.S. We limit the composition of high-quality, liquid, unencumbered securities to U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities and other investment-grade securities, and a select group of non-U.S. government securities. We can obtain cash for these securities, even in stressed conditions, through repurchase agreements or outright sales. We hold our GLS in legal entities that allow us to meet the liquidity requirements of our global businesses, and we consider the impact of potential regulatory, tax, legal and other restrictions that could limit the transferability of funds among entities.
Table 15 presents average GLS for the three months ended December 31, 2024 and 2023.
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| | | | |
Table 15 | Average Global Liquidity Sources |
| | | | |
| | Three Months Ended December 31 |
| | |
(Dollars in billions) | 2024 | | 2023 |
| | | |
Bank entities | $ | 777 | | | $ | 735 | |
Nonbank and other entities (1) | 176 | | | 162 | |
Total Average Global Liquidity Sources | $ | 953 | | | $ | 897 | |
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain FHLBs and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $328 billion and $312 billion at December 31, 2024 and 2023. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the Parent or nonbank subsidiaries may be subject to prior regulatory approval.
Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. The Parent and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the Parent or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
Table 16 presents the composition of average GLS for the three months ended December 31, 2024 and 2023.
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Table 16 | Average Global Liquidity Sources Composition |
| | | | |
| | Three Months Ended December 31 |
| | |
| | | |
(Dollars in billions) | 2024 | | 2023 |
Cash on deposit | $ | 315 | | | $ | 380 | |
U.S. Treasury securities | 313 | | | 197 | |
U.S. agency securities, mortgage-backed securities, and other investment-grade securities | 296 | | | 299 | |
Non-U.S. government securities | 29 | | | 21 | |
Total Average Global Liquidity Sources | $ | 953 | | | $ | 897 | |
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $623 billion and $590 billion for the three months ended December 31, 2024 and 2023. For the same periods, the average consolidated LCR was 113 percent and 115 percent. Our LCR fluctuates due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the Parent and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. The scenarios we consider and utilize incorporate market-wide and Corporation-specific events, including potential credit rating downgrades for the Parent and our subsidiaries, and more severe events including potential resolution scenarios. The scenarios are based on our historical experience, experience of distressed and failed financial institutions, regulatory guidance, and both expected and unexpected future events.
The types of potential contractual and contingent cash outflows we consider in our scenarios may include, but are not limited to, upcoming contractual maturities of unsecured debt and reductions in new debt issuances; diminished access to secured financing markets; potential deposit withdrawals; increased draws on loan commitments, liquidity facilities and letters of credit; additional collateral that counterparties could call if our credit ratings were downgraded; collateral and margin requirements arising from market value changes; and potential liquidity required to maintain businesses and finance customer activities. Changes in certain market factors, including, but not limited to, credit rating downgrades, could negatively impact potential contractual and contingent outflows and the related financial instruments, and in some cases these impacts could be material to our financial results.
We consider all sources of funds that we could access during each stress scenario and focus particularly on matching available sources with corresponding liquidity requirements by legal entity. We also use the stress modeling results to manage our asset and liability profile and establish limits and guidelines on certain funding sources and businesses.
Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding
over a one-year period. The requirement is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR, which focuses on short-term liquidity risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. For the three months ended September 30, 2024 and December 31, 2024, the average consolidated NSFR was 121 percent and 119 percent.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups.
The primary benefits of our centralized funding approach include greater control, reduced funding costs, wider name recognition by investors and greater flexibility to meet the variable funding requirements of subsidiaries. Where regulations, time zone differences or other business considerations make Parent funding impractical, certain other subsidiaries may issue their own debt.
We fund a substantial portion of our lending activities through our deposits, which were $1.97 trillion and $1.92 trillion at December 31, 2024 and 2023. Deposits are primarily generated by our Consumer Banking, GWIM and Global Banking segments. These deposits are diversified by clients, product type and geography, and the majority of our U.S. deposits are insured by the FDIC.
At December 31, 2024, 48 percent of our deposits were in Consumer Banking, 15 percent in GWIM and 29 percent in Global Banking. As of the same period, approximately 68 percent of consumer and small business deposits and 79 percent of U.S. deposits in Global Banking were held by clients who have had accounts with us for 10 or more years. In addition, at December 31, 2024 and 2023, 27 percent and 28 percent of our deposits were noninterest bearing and included operating accounts of our consumer and commercial clients. During the three months ended December 31, 2024 and 2023, rates paid on deposits were 64 bps and 47 bps in Consumer Banking, 275 bps and 287 bps in GWIM, and 297 bps and 296 bps in Global Banking. For information on annual rates paid on consolidated deposit balances, see Table 8 on page 33.
We consider a substantial portion of our deposit base to be a stable, low-cost and consistent source of funding. We believe this deposit funding is generally less sensitive to interest rate changes, market volatility or changes in our credit ratings than wholesale funding sources. Our lending activities may also be financed through secured borrowings, including credit card securitizations and securitizations with government-sponsored enterprises (GSE), the Federal Housing Administration (FHA) and private-label investors, as well as FHLB loans.
Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions. We believe funding these activities in the secured financing markets is more cost-efficient and less sensitive to changes in our credit ratings than unsecured financing. Repurchase agreements are generally short-term and often overnight. Disruptions in secured financing markets for financial institutions have occurred in prior market cycles which resulted in adverse changes in terms or significant reductions in the availability of such financing. We manage the liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a
range of securities collateral and pursuing longer durations, when appropriate. For more information on secured financing agreements, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements.
Total long-term debt decreased $18.9 billion to $283.3 billion during 2024, primarily due to maturities and redemptions, partially offset by debt issuances and valuation adjustments. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors.
At December 31, 2024, Bank of America Corporation's senior notes of $180.3 billion included $167.5 billion of outstanding notes, substantially all of which are both TLAC eligible and callable at least one year before their stated maturities. Of these senior notes, $22.1 billion will be callable and become TLAC ineligible during 2025, and $21.6 billion, $24.9 billion, $19.5 billion and $8.0 billion will do so during each of 2026 through 2029, respectively, and $71.4 billion thereafter.
We issue long-term unsecured debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. While the cost and availability of unsecured funding may be negatively impacted by general market conditions or by matters specific to the financial services industry or the Corporation, we seek to mitigate refinancing risk by actively managing the amount of our borrowings that we anticipate will mature within any month or quarter. We may issue unsecured debt in the form of structured notes for client purposes, certain of which qualify as TLAC-eligible debt. During 2024, we issued $28.2 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/or investments in the underlying instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements.
We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 78.
Uninsured Deposits
The FDIC insures the Corporation’s U.S. deposits up to $250,000 per depositor, per insured bank for each account ownership category, and various country-specific funds insure non-U.S. deposits up to specified limits. Deposits that exceed
insurance limits are uninsured. At December 31, 2024, the Corporation’s deposits totaled $1.97 trillion, of which total estimated uninsured U.S. and non-U.S. deposits were $646.2 billion and $124.9 billion. At December 31, 2023, the Corporation’s deposits totaled $1.92 trillion, of which total estimated uninsured U.S. and non-U.S. deposits were $606.8 billion and $116.6 billion. Deposit balances exclude $16.9 billion and $14.8 billion of collateral received on certain derivative contracts that are netted against the derivative asset in the Consolidated Balance Sheet at December 31, 2024 and 2023. Estimated uninsured deposits presented in this section reflect amounts disclosed in our regulatory reports, adjusted to exclude related accrued interest and intercompany deposit balances.
Table 17 presents information about the Corporation’s total estimated uninsured time deposits. For more information on our liquidity sources, see Global Liquidity Sources and Other Unencumbered Assets, and for more information on deposits, see Diversified Funding Sources in this section. For more information on contractual time deposit maturities, see Note 9 – Deposits to the Consolidated Financial Statements.
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Table 17 | Uninsured Time Deposits (1) |
| | | | | | | |
| December 31, 2024 |
(Dollars in millions) | U.S. | | Non-U.S. | | Total | |
| | | | | | |
| | | | | | | |
Uninsured time deposits with a maturity of: | | | | | | |
3 months or less | $ | 11,726 | | | $ | 7,891 | | | $ | 19,617 | | |
Over 3 months through 6 months | 8,513 | | | 1,795 | | | 10,308 | | |
Over 6 months through 12 months | 7,909 | | | 180 | | | 8,089 | | |
Over 12 months | 762 | | | 3,182 | | | 3,944 | | |
Total | $ | 28,910 | | | $ | 13,048 | | | $ | 41,958 | | |
(1)Amounts are estimated based on the regulatory methodologies defined by each local jurisdiction.
Contingency Planning
We maintain contingency funding plans that outline our potential responses to liquidity stress events at various levels of severity. These policies and plans are based on stress scenarios and include potential funding strategies and communication and notification procedures that we would implement in the event we experienced stressed liquidity conditions. We periodically review and test the contingency funding plans to validate efficacy and assess readiness.
Our U.S. bank subsidiaries can access contingency funding through the Federal Reserve Discount Window. Certain non-U.S. subsidiaries have access to central bank facilities in the jurisdictions in which they operate. While we do not rely on these sources in our liquidity modeling, we maintain the policies, procedures and governance processes that would enable us to access these sources if necessary.
Credit Ratings
Our borrowing costs and ability to raise funds are impacted by our credit ratings. In addition, credit ratings may be important to customers or counterparties when we compete in certain markets and when we seek to engage in certain transactions,
including over-the-counter (OTC) derivatives. Thus, it is our objective to maintain high-quality credit ratings, and management maintains an active dialogue with the major rating agencies.
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Our credit ratings are subject to ongoing review by the rating agencies, and they consider a number of factors, including our own financial strength, performance, prospects and operations as well as factors not under our control. The rating agencies could make adjustments to our ratings at any time, and they provide no assurances that they will maintain our ratings at current levels.
Other factors that influence our credit ratings include changes to the rating agencies’ methodologies for our industry or certain security types; the rating agencies’ assessment of the
general operating environment for financial services companies; our relative positions in the markets in which we compete; our various risk exposures and risk management policies and activities; pending litigation and other contingencies or potential tail risks; our reputation; our liquidity position, diversity of funding sources and funding costs; the current and expected level and volatility of our earnings; our capital position and capital management practices; our corporate governance; the sovereign credit ratings of the U.S. government; current or future regulatory and legislative initiatives; and the agencies’ views on whether the U.S. government would provide meaningful support to the Corporation or its subsidiaries in a crisis.
The ratings and outlooks from Moody's Investors Service, Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation and its subsidiaries did not change during 2024.
Table 18 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
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Table 18 | Senior Debt Ratings |
| | |
| | Moody’s Investors Service | | Standard & Poor’s Global Ratings | | Fitch Ratings |
| Long-term | | Short-term | | Outlook | | Long-term | | Short-term | | Outlook | | Long-term | | Short-term | | Outlook |
Bank of America Corporation | A1 | | P-1 | | Stable | | A- | | A-2 | | Stable | | AA- | | F1+ | | Stable |
Bank of America, N.A. | Aa1 | | P-1 | | Negative | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
Bank of America Europe Designated Activity Company | NR | | NR | | NR | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
Merrill Lynch, Pierce, Fenner & Smith Incorporated | NR | | NR | | NR | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
BofA Securities, Inc. | NR | | NR | | NR | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
Merrill Lynch International | NR | | NR | | NR | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
BofA Securities Europe SA | NR | | NR | | NR | | A+ | | A-1 | | Stable | | AA | | F1+ | | Stable |
NR = not ratedA reduction in certain of our credit ratings or the ratings of certain asset-backed securitizations may have a material adverse effect on our liquidity, potential loss of access to credit markets, the related cost of funds, our businesses and on certain revenues, particularly in those businesses where counterparty creditworthiness is critical. In addition, under the terms of certain OTC derivative contracts and other trading agreements, in the event of downgrades of our or our rated subsidiaries’ credit ratings, the counterparties to those agreements may require us to provide additional collateral, or to terminate these contracts or agreements, which could cause us to sustain losses and/or adversely impact our liquidity. If the short-term credit ratings of our Parent, bank or broker-dealer subsidiaries were downgraded by one or more levels, the potential loss of access to short-term funding sources such as repo financing and the effect on our incremental cost of funds could be material.
While certain potential impacts are contractual and quantifiable, the full scope of the consequences of a credit rating downgrade to a financial institution is inherently uncertain, as it depends upon numerous dynamic, complex and inter-related factors and assumptions, including whether any downgrade of a company’s long-term credit ratings precipitates downgrades to its short-term credit ratings, and assumptions about the potential behaviors of various customers, investors and counterparties. For more information on potential impacts of credit rating downgrades, see Liquidity Risk – Liquidity Stress Analysis on page 55.
For more information on additional collateral and termination payments that could be required in connection with certain over-
the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements and Item 1A. Risk Factors.
Common Stock Dividends
For a summary of our declared quarterly cash dividends on common stock during 2024 and through February 25, 2025, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements.
Finance Subsidiary Issuers and Parent Guarantor
BofA Finance LLC, a Delaware limited liability company (BofA Finance), is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts) is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred Securities, the Guaranteed Securities), as applicable, that remained outstanding at December 31, 2024. The Corporation guarantees the payment of amounts and distributions with respect to the Trust Preferred Securities and Capital Securities
if not paid by the Trusts, to the extent of funds held by the Trusts. This guarantee, together with the Corporation’s other obligations with respect to the Trust Preferred Securities and Capital Securities, effectively constitutes a full and unconditional guarantee of the Trusts’ payment obligations on the Trust Preferred Securities or Capital Securities, as applicable. No other subsidiary of the Corporation guarantees the Guaranteed Securities.
BofA Finance and each of the Trusts are finance subsidiaries, have no independent assets, revenues or operations and are dependent upon the Corporation and/or the Corporation’s other subsidiaries to meet their respective obligations under the Guaranteed Securities in the ordinary course. If holders of the Guaranteed Securities make claims on their Guaranteed Securities in a bankruptcy, resolution or similar proceeding, any recoveries on those claims will be limited to those available under the applicable guarantee by the Corporation, as described above.
The Corporation is a holding company and depends upon its subsidiaries for liquidity. Applicable laws and regulations and intercompany arrangements entered into in connection with the Corporation’s resolution plan could restrict the availability of funds from subsidiaries to the Corporation, which could adversely affect the Corporation’s ability to make payments under its guarantees. In addition, the obligations of the Corporation under the guarantees of the Guaranteed Securities will be structurally subordinated to all existing and future liabilities of its subsidiaries, and claimants should look only to assets of the Corporation for payments. If the Corporation, as guarantor of the Guaranteed Notes, transfers all or substantially all of its assets to one or more direct or indirect majority-owned subsidiaries, under the indenture governing the Guaranteed Notes, the subsidiary or subsidiaries will not be required to assume the Corporation’s obligations under its guarantee of the Guaranteed Notes.
For more information on factors that may affect payments to holders of the Guaranteed Securities, see Liquidity Risk – NB Holdings Corporation in this section, Item 1. Business – Insolvency and the Orderly Liquidation Authority on page 6 and Item 1A. Risk Factors – Liquidity on page 9.
Representations and Warranties Obligations
For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Credit Risk Management
Credit risk is the risk of loss arising from the inability or failure of a borrower or counterparty to meet its obligations. Credit risk can also arise from operational failures that result in an erroneous advance, commitment or investment of funds. We define the credit exposure to a borrower or counterparty as the loss potential arising from all product classifications including loans and leases, deposit overdrafts, derivatives, assets held-for-sale and unfunded lending commitments, which include loan commitments, letters of credit and financial guarantees. Derivative positions are recorded at fair value, and assets held-for-sale are recorded at either fair value or the lower of cost or
fair value. Certain loans and unfunded commitments are accounted for under the fair value option. Credit risk for categories of assets carried at fair value is not accounted for as part of the allowance for credit losses but as part of the fair value adjustments recorded in earnings. For derivative positions, our credit risk is measured as the net cost in the event the counterparties with contracts in which we are in a gain position fail to perform under the terms of those contracts. We use the current fair value to represent credit exposure without giving consideration to future mark-to-market changes. The credit risk amounts take into consideration the effects of legally enforceable master netting agreements and cash collateral. Our consumer and commercial credit extension and review procedures encompass funded and unfunded credit exposures. For more information on derivatives and credit extension commitments, see Note 3 – Derivatives and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
We manage credit risk based on the risk profile of the borrower or counterparty, repayment sources, the nature of underlying collateral and other support given current events, conditions and expectations. We classify our portfolios as either consumer or commercial and monitor credit risk in each as discussed below.
We refine our underwriting and credit risk management practices as well as credit standards to meet the changing economic environment. To mitigate losses and enhance customer support in our consumer businesses, we have in place collection programs and loan modification and customer assistance infrastructures. We utilize a number of actions to mitigate losses in the commercial businesses including increasing the frequency and intensity of portfolio monitoring, hedging activity and our practice of transferring management of deteriorating commercial exposures to independent special asset officers as credits enter criticized categories.
For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management on page 59, Commercial Portfolio Credit Risk Management on page 63, Non-U.S. Portfolio on page 69, Allowance for Credit Losses on page 72 and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For information on the Corporation’s loan modification programs, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of this Annual Report on Form 10-K.
During 2024, our net charge-off ratio increased primarily driven by credit card loans and the commercial real estate office portfolio. Commercial reservable criticized exposure increased compared to December 31, 2023 driven by an increase across a broad range of industries. Nonperforming loans also increased compared to December 31, 2023 primarily driven by the U.S. commercial portfolio. Uncertainty remains regarding broader economic impacts due to higher costs associated with inflationary pressures experienced over the past several years, elevated rates as well as the current geopolitical environment, and could lead to adverse impacts to credit quality metrics in future periods.
Consumer Portfolio Credit Risk Management
Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources, such as credit bureaus, and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
Consumer Credit Portfolio
During 2024, the U.S. unemployment rate remained relatively stable, and home prices increased steadily throughout most of 2024. Net charge-offs increased $1.1 billion to $4.2 billion in 2024 primarily due to higher credit card loan charge-offs.
The consumer allowance for loan and lease losses was $8.6 billion, relatively unchanged from 2023. For more information, see Allowance for Credit Losses on page 72.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and loan modifications for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Table 19 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
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Table 19 | Consumer Credit Quality | | | | | | | | | | | |
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| Outstandings | | Nonperforming | | Accruing Past Due 90 Days or More |
| December 31 |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | |
Residential mortgage (1) | $ | 228,199 | | | $ | 228,403 | | | $ | 2,052 | | | $ | 2,114 | | | $ | 229 | | | $ | 252 | |
Home equity | 25,737 | | | 25,527 | | | 409 | | | 450 | | | — | | | — | |
Credit card | 103,566 | | | 102,200 | | | n/a | | n/a | | 1,401 | | | 1,224 | |
Direct/Indirect consumer (2) | 107,122 | | | 103,468 | | | 186 | | | 148 | | | 1 | | | 2 | |
Other consumer | 151 | | | 124 | | | — | | | — | | | — | | | — | |
Consumer loans excluding loans accounted for under the fair value option | $ | 464,775 | | | $ | 459,722 | | | $ | 2,647 | | | $ | 2,712 | | | $ | 1,631 | | | $ | 1,478 | |
Loans accounted for under the fair value option (3) | 221 | | | 243 | | | | | | | | | |
Total consumer loans and leases | $ | 464,996 | | | $ | 459,965 | | | | | | | | | |
Percentage of outstanding consumer loans and leases (4) | n/a | | n/a | | 0.57 | % | | 0.59 | % | | 0.35 | % | | 0.32 | % |
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4) | n/a | | n/a | | 0.58 | | | 0.60 | | | 0.31 | | | 0.27 | |
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At December 31, 2024 and 2023, residential mortgage included $119 million and $156 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $110 million and $96 million of loans on which interest was still accruing.
(2)Outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion and $53.9 billion, U.S. securities-based lending loans of $48.7 billion and $46.0 billion at December 31, 2024 and 2023, and non-U.S. consumer loans of $2.8 billion at both December 31, 2024 and 2023.
(3)For more information on the fair value option, see Note 21 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At December 31, 2024 and 2023, loans accounted for under the fair value option past due 90 days or more and not accruing interest were insignificant.
n/a= not applicable
Table 20 presents net charge-offs and related ratios for consumer loans and leases.
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Table 20 | Consumer Net Charge-offs and Related Ratios | | | | | | | | | | |
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| | | | | | Net Charge-offs | | | | | | Net Charge-off Ratios (1) |
| | | | | | | | |
| | | | | | | | |
(Dollars in millions) | | | | | 2024 | | 2023 | | | | | | 2024 | | 2023 |
Residential mortgage | | | | | $ | — | | | $ | 16 | | | | | | | — | % | | 0.01 | % |
Home equity | | | | | (41) | | | (59) | | | | | | | (0.16) | | | (0.23) | |
Credit card | | | | | 3,745 | | | 2,561 | | | | | | | 3.75 | | | 2.66 | |
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Direct/Indirect consumer | | | | | 239 | | | 92 | | | | | | | 0.23 | | | 0.09 | |
Other consumer | | | | | 295 | | | 480 | | | | | | | n/m | | n/m |
Total | | | | | $ | 4,238 | | | $ | 3,090 | | | | | | | 0.93 | | | 0.68 | |
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(1)Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.
n/m = not meaningful
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 49 percent of consumer loans and leases in 2024. Approximately 50 percent of the residential mortgage portfolio was in Consumer Banking, 47 percent was in GWIM and the remaining portion was in All Other.
Outstanding balances in the residential mortgage portfolio decreased $204 million in 2024, as paydowns and payoffs outpaced new originations.
At December 31, 2024 and 2023, the residential mortgage portfolio included $9.9 billion and $11.0 billion of outstanding fully-insured loans, of which $2.0 billion and $2.2 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.
Table 21 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
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Table 21 | Residential Mortgage – Key Credit Statistics | | | | | | | | |
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| | | | | | | | | | Reported Basis (1) | | Excluding Fully-insured Loans (1) |
| | | | | | | | | | December 31 |
(Dollars in millions) | | | | | | | | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
Outstandings | | | | | | | | $ | 228,199 | | | $ | 228,403 | | | $ | 218,287 | | | $ | 217,439 | |
Accruing past due 30 days or more | | | | | | | | 1,494 | | | 1,513 | | | 1,007 | | | 986 | |
Accruing past due 90 days or more | | | | | | | | 229 | | | 252 | | | — | | | — | |
Nonperforming loans (2) | | | | | | | | 2,052 | | | 2,114 | | | 2,052 | | | 2,114 | |
Percent of portfolio | | | | | | | | | | | | | | |
Refreshed LTV greater than 90 but less than or equal to 100 | | | | 1 | % | | 1 | % | | 1 | % | | 1 | % |
Refreshed LTV greater than 100 | | | | | | | | — | | | — | | | — | | | — | |
Refreshed FICO below 620 | | | | | | | | 1 | | | 1 | | | 1 | | | 1 | |
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(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the residential mortgage portfolio remained relatively unchanged in 2024. Of the nonperforming residential mortgage loans at December 31, 2024, $1.2 billion, or 61 percent, were current on contractual payments. Excluding fully-insured loans, loans accruing past due 30 days or more of $1.0 billion also remained relatively unchanged.
Of the $218.3 billion in total residential mortgage loans outstanding at December 31, 2024, $64.0 billion, or 29 percent, of loans were originated as interest-only. The outstanding balance of interest-only residential mortgage loans that had entered the amortization period was $3.6 billion, or six percent, at December 31, 2024. Residential mortgage loans that have entered the amortization period generally experience a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At December 31, 2024, $65 million, or two percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $1.0 billion, or less than one percent, for the
entire residential mortgage portfolio. In addition, at December 31, 2024, $209 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $56 million were contractually current. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three years to 10 years. Substantially all of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2026 or later.
Table 22 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. In the New York area, the New York-Northern New Jersey-Long Island Metropolitan Statistical Area (MSA) made up 15 percent of outstandings at both December 31, 2024 and 2023. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both December 31, 2024 and 2023.
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Table 22 | Residential Mortgage State Concentrations | | | | | | | | |
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| Outstandings (1) | | Nonperforming (1) | | | | | | | | | | |
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| | December 31 | | | | | | Net Charge-offs | | | | |
(Dollars in millions) | December 31 2024 | | December 31 2023 | | December 31 2024 | | December 31 2023 | | | | | | 2024 | | 2023 | | | | |
California | $ | 81,729 | | | $ | 81,085 | | | $ | 602 | | | $ | 641 | | | | | | | $ | 1 | | | $ | 3 | | | | | |
New York | 25,827 | | | 25,975 | | | 318 | | | 320 | | | | | | | 2 | | | 4 | | | | | |
Florida | 15,715 | | | 15,450 | | | 142 | | | 131 | | | | | | | (4) | | | (2) | | | | | |
Texas | 9,369 | | | 9,361 | | | 89 | | | 88 | | | | | | | 1 | | | 1 | | | | | |
New Jersey | 8,568 | | | 8,671 | | | 88 | | | 97 | | | | | | | (2) | | | — | | | | | |
Other | 77,079 | | | 76,897 | | | 813 | | | 837 | | | | | | | 2 | | | 10 | | | | | |
Residential mortgage loans | $ | 218,287 | | | $ | 217,439 | | | $ | 2,052 | | | $ | 2,114 | | | | | | | $ | — | | | $ | 16 | | | | | |
Fully-insured loan portfolio | 9,912 | | | 10,964 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total residential mortgage loan portfolio | $ | 228,199 | | | $ | 228,403 | | | | | | | | | | | | | | | | | |
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At December 31, 2024, the home equity portfolio made up six percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.
At December 31, 2024, 85 percent of the home equity portfolio was in Consumer Banking, 10 percent was in GWIM and the remainder of the portfolio was in All Other. Outstanding balances in the home equity portfolio increased $210 million in 2024 primarily due to draws on existing lines and new
originations outpacing paydowns. Of the total home equity portfolio at December 31, 2024 and 2023, $9.2 billion and $10.1 billion, or 36 percent and 39 percent, were in first-lien positions. At December 31, 2024, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.5 billion, or 18 percent, of our total home equity portfolio.
Unused HELOCs totaled $44.3 billion and $45.1 billion at December 31, 2024 and 2023. The HELOC utilization rate was 36 percent and 35 percent at December 31, 2024 and 2023.
Table 23 presents certain home equity portfolio key credit statistics.
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Table 23 | Home Equity – Key Credit Statistics (1) |
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| | | | | | | | | | December 31 | | | | |
| | | | | | | | | | | | | | | |
(Dollars in millions) | | | | | | | | | 2024 | | 2023 | | | | |
Outstandings | | | | | | | | | $ | 25,737 | | | $ | 25,527 | | | | | |
Accruing past due 30 days or more | | | | | | 84 | | | 95 | | | | | |
Nonperforming loans (2) | | | | | | | | | 409 | | | 450 | | | | | |
Percent of portfolio | | | | | | | | | | | | | | | |
Refreshed CLTV greater than 90 but less than or equal to 100 | | | | — | % | | — | % | | | | |
Refreshed CLTV greater than 100 | | | | | | — | | | — | | | | | |
Refreshed FICO below 620 | | | | | | | | | 2 | | | 3 | | | | | |
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(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the home equity portfolio decreased $41 million to $409 million at December 31, 2024, primarily driven by returns to performing status and paydowns and payoffs outpacing new additions. Of the nonperforming home equity loans at December 31, 2024, $246 million, or 60 percent, were current on contractual payments. In addition, $83 million, or 20 percent, were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due remained relatively unchanged in 2024 compared to 2023.
Of the $25.7 billion in total home equity portfolio outstandings at December 31, 2024, as shown in Table 23, nine percent require interest-only payments. The outstanding balance of HELOCs that had reached the end of their draw period and entered the amortization period was $3.4 billion at December 31, 2024. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At December 31,
2024, $30 million, or one percent, of outstanding HELOCs that had entered the amortization period were accruing past due 30 days or more. In addition, at December 31, 2024, $244 million, or seven percent, were nonperforming.
For our interest-only HELOC portfolio, we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During 2024, 15 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 24 presents outstandings, nonperforming balances and net recoveries by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 11 percent of the outstanding home equity portfolio at both December 31, 2024 and 2023. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent and 10 percent of the outstanding home equity portfolio at December 31, 2024 and 2023.
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Table 24 | Home Equity State Concentrations | | | | |
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| | Outstandings (1) | | Nonperforming (1) | | | | | | |
| | December 31 | | | | | | Net Charge-offs |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | | | |
| | | | | | | | | | | |
California | $ | 7,038 | | | $ | 6,966 | | | $ | 102 | | | $ | 109 | | | | | | | $ | (8) | | | $ | (6) | |
Florida | 2,542 | | | 2,576 | | | 47 | | | 53 | | | | | | | (7) | | | (12) | |
New Jersey | 1,817 | | | 1,870 | | | 34 | | | 46 | | | | | | | (5) | | | (5) | |
Texas | 1,521 | | | 1,410 | | | 17 | | | 16 | | | | | | | 1 | | | — | |
New York | 1,447 | | | 1,590 | | | 62 | | | 71 | | | | | | | (4) | | | (10) | |
Other | 11,372 | | | 11,115 | | | 147 | | | 155 | | | | | | | (18) | | | (26) | |
Total home equity loan portfolio | $ | 25,737 | | | $ | 25,527 | | | $ | 409 | | | $ | 450 | | | | | | | $ | (41) | | | $ | (59) | |
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(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At December 31, 2024, 96 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio increased $1.4 billion during 2024 to $103.6 billion, primarily driven by higher purchase volumes. Net charge-offs increased $1.2 billion to $3.7 billion in 2024 compared to 2023. Credit card loans 30
days or more past due increased $219 million, and 90 days or more past due increased $177 million at December 31, 2024.
Unused lines of credit for credit card increased to $398.7 billion at December 31, 2024 from $390.2 billion at December 31, 2023.
Table 25 presents certain state concentrations for the credit card portfolio.
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Table 25 | Credit Card State Concentrations | | | | | | | | |
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| | Outstandings | | Past Due 90 Days or More | | | | | | | | | | |
| | December 31 | | | | | | Net Charge-offs | | | | |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
California | $ | 17,289 | | | $ | 16,952 | | | $ | 253 | | | $ | 216 | | | | | | | $ | 694 | | | $ | 457 | | | | | |
Florida | 10,794 | | | 10,521 | | | 199 | | | 168 | | | | | | | 518 | | | 343 | | | | | |
Texas | 9,121 | | | 8,978 | | | 142 | | | 125 | | | | | | | 369 | | | 245 | | | | | |
New York | 5,765 | | | 5,788 | | | 84 | | | 84 | | | | | | | 238 | | | 197 | | | | | |
Washington | 5,586 | | | 5,352 | | | 46 | | | 41 | | | | | | | 121 | | | 77 | | | | | |
Other | 55,011 | | | 54,609 | | | 677 | | | 590 | | | | | | | 1,805 | | | 1,242 | | | | | |
Total credit card portfolio | $ | 103,566 | | | $ | 102,200 | | | $ | 1,401 | | | $ | 1,224 | | | | | | | $ | 3,745 | | | $ | 2,561 | | | | | |
Direct/Indirect Consumer
At December 31, 2024, 51 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 49 percent was included in GWIM (principally securities-based lending loans). Outstandings
in the direct/indirect portfolio increased $3.7 billion in 2024 to $107.1 billion driven by increases in securities-based lending and consumer auto.
Table 26 presents certain state concentrations for the direct/indirect consumer loan portfolio.
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Table 26 | Direct/Indirect State Concentrations | | | | | | | | |
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| | Outstandings | | Nonperforming | | | | | | | | | | |
| | December 31 | | | | Net Charge-offs |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | 2024 | | 2023 | | | | |
| | | | | | | | | | | | | | | | |
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California | $ | 16,017 | | | $ | 15,416 | | | $ | 38 | | | $ | 27 | | | | | | | $ | 58 | | | $ | 21 | | | | | |
Florida | 14,573 | | | 13,550 | | | 23 | | | 18 | | | | | | | 33 | | | 14 | | | | | |
Texas | 10,164 | | | 9,668 | | | 18 | | | 14 | | | | | | | 33 | | | 12 | | | | | |
New York | 7,820 | | | 7,335 | | | 15 | | | 11 | | | | | | | 15 | | | 6 | | | | | |
New Jersey | 4,429 | | | 4,376 | | | 7 | | | 5 | | | | | | | 8 | | | 2 | | | | | |
Other | 54,119 | | | 53,123 | | | 85 | | | 73 | | | | | | | 92 | | | 37 | | | | | |
Total direct/indirect loan portfolio | $ | 107,122 | | | $ | 103,468 | | | $ | 186 | | | $ | 148 | | | | | | | $ | 239 | | | $ | 92 | | | | | |
Other Consumer
Other consumer primarily consists of deposit overdraft balances. Net charge-offs decreased $185 million to $295 million in 2024 compared to 2023, primarily driven by lower overdraft losses from fraud activity.
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 27 presents nonperforming consumer loans, leases and foreclosed properties activity during 2024 and 2023. During 2024, nonperforming consumer loans of $2.6 billion remained relatively unchanged.
At December 31, 2024, $459 million, or 17 percent, of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs to sell. In addition, at December 31, 2024, $1.5 billion, or 58 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.
Foreclosed properties decreased $14 million in 2024 to $89 million.
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Table 27 | Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity | | | | |
| | | | | | | | |
| | | | |
(Dollars in millions) | | | | | 2024 | | 2023 |
Nonperforming loans and leases, January 1 | | | | | $ | 2,712 | | | $ | 2,754 | |
Additions | | | | | 969 | | | 1,055 | |
Reductions: | | | | | | | |
Paydowns and payoffs | | | | | (479) | | | (480) | |
Sales | | | | | (5) | | | (63) | |
Returns to performing status (1) | | | | | (489) | | | (475) | |
Charge-offs | | | | | (32) | | | (53) | |
Transfers to foreclosed properties | | | | | (29) | | | (26) | |
| | | | | | | |
Total net reductions to nonperforming loans and leases | | | | | (65) | | | (42) | |
Total nonperforming loans and leases, December 31 | | | | | 2,647 | | | 2,712 | |
Foreclosed properties, December 31 | | | | | 89 | | | 103 | |
Nonperforming consumer loans, leases and foreclosed properties, December 31 (2) | | | | | $ | 2,736 | | | $ | 2,815 | |
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3) | | | | | 0.58 | % | | 0.59 | % |
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3) | | | | | 0.60 | | | 0.61 | |
(1)Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
(2)Includes repossessed non-real estate assets of $29 million and $20 million at December 31, 2024 and 2023.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
Commercial Portfolio Credit Risk Management
Credit risk management for the commercial portfolio begins with an assessment of the credit risk profile of the borrower or counterparty based on an analysis of its financial position. As part of the overall credit risk assessment, our commercial credit exposures are assigned a risk rating and are subject to approval based on defined credit approval standards. Subsequent to loan origination, risk ratings are monitored on an ongoing basis, and if necessary, adjusted to reflect changes in the financial condition, cash flow, risk profile or outlook of a borrower or counterparty. In making credit decisions, we consider risk rating, collateral, country, industry and single-name concentration limits while also balancing these considerations with the total borrower or counterparty relationship. We use a variety of tools to continuously monitor the ability of a borrower or counterparty to perform under its obligations. We use risk rating aggregations to measure and evaluate concentrations within portfolios. In addition, risk ratings are a factor in determining the level of allocated capital and the allowance for credit losses.
As part of our ongoing risk mitigation initiatives, we attempt to work with clients experiencing financial difficulty to modify their loans to terms that better align with their current ability to pay. For more information on our accounting policies regarding delinquencies, nonperforming status and net charge-offs for the commercial portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Management of Commercial Credit Risk Concentrations
Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 32, 34 and 37 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 34 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 67.
We account for certain large corporate loans and loan commitments, including issued but unfunded letters of credit which are considered utilized for credit risk management purposes, that exceed our single-name credit risk concentration guidelines under the fair value option. Lending commitments, both funded and unfunded, are actively managed and monitored, and as appropriate, credit risk for these lending relationships may be mitigated through the use of credit derivatives, with our credit view and market perspectives determining the size and timing of the hedging activity. In addition, we purchase credit protection to cover the funded portion as well as the unfunded portion of certain other credit exposures. To lessen the cost of obtaining our desired credit protection levels, credit exposure may be added within an industry, borrower or counterparty group by selling protection. These credit derivatives do not meet the requirements for treatment as accounting hedges. They are carried at fair value with changes in fair value recorded in other income.
In addition, we are a member of various securities and derivative exchanges and clearinghouses, both in the U.S. and other countries. As a member, we may be required to pay a pro-rata share of the losses incurred by some of these organizations as a result of another member default and under other loss scenarios. For more information, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Commercial Credit Portfolio
Outstanding commercial loans and leases increased $37.1 billion during 2024 due to growth in U.S. and Non-U.S. commercial, primarily in Global Markets and Global Banking. During 2024, commercial credit quality deteriorated as reservable criticized utilized exposure increased across a broad range of industries, and nonperforming commercial loans increased primarily driven by U.S. commercial. Commercial net charge-offs increased $1.1 billion to $1.8 billion during 2024 primarily due to higher losses in the commercial real estate office portfolio and U.S. commercial portfolio.
With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial real estate borrowers has remained relatively stable since December 31, 2023; however, we are closely monitoring emerging trends and borrower performance in a higher interest rate environment. Recent demand for office
space continues to be stagnant, and future demand for office space continues to be uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.
The commercial allowance for loan and lease losses decreased $152 million during 2024 to $4.7 billion. For more information, see Allowance for Credit Losses on page 72.
Total commercial utilized credit exposure increased $43.2 billion during 2024 to $739.5 billion primarily driven by higher loans and leases. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 55 percent at both December 31, 2024 and 2023.
Table 28 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
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Table 28 | Commercial Credit Exposure by Type |
| | | | | | | | | | | | |
| | Commercial Utilized (1) | | Commercial Unfunded (2, 3, 4) | | Total Commercial Committed |
| | December 31 |
| | | | | | | | | | | | |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
Loans and leases | $ | 630,839 | | | $ | 593,767 | | | $ | 535,675 | | | $ | 507,641 | | | $ | 1,166,514 | | | $ | 1,101,408 | |
Derivative assets (5) | 40,948 | | | 39,323 | | | — | | | — | | | 40,948 | | | 39,323 | |
Standby letters of credit and financial guarantees | 33,147 | | | 31,348 | | | 1,889 | | | 1,953 | | | 35,036 | | | 33,301 | |
Debt securities and other investments | 19,133 | | | 20,422 | | | 4,407 | | | 3,083 | | | 23,540 | | | 23,505 | |
Loans held-for-sale | 7,985 | | | 4,338 | | | 5,003 | | | 4,904 | | | 12,988 | | | 9,242 | |
Operating leases | 5,608 | | | 5,312 | | | — | | | — | | | 5,608 | | | 5,312 | |
Commercial letters of credit | 839 | | | 943 | | | 111 | | | 232 | | | 950 | | | 1,175 | |
Other | 1,004 | | | 846 | | | — | | | — | | | 1,004 | | | 846 | |
Total | $ | 739,503 | | | $ | 696,299 | | | $ | 547,085 | | | $ | 517,813 | | | $ | 1,286,588 | | | $ | 1,214,112 | |
(1)Commercial utilized exposure includes loans of $4.0 billion and $3.3 billion accounted for under the fair value option at December 31, 2024 and 2023.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $2.2 billion and $2.6 billion at December 31, 2024 and 2023.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.4 billion and $10.3 billion at December 31, 2024 and 2023.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $30.1 billion and $29.4 billion at December 31, 2024 and 2023. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $59.7 billion and $56.1 billion at December 31, 2024 and 2023, which consists primarily of other marketable securities.
Nonperforming commercial loans increased $555 million during 2024, primarily in U.S. commercial. Table 29 presents our commercial loans and leases portfolio and related credit quality information at December 31, 2024 and 2023.
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Table 29 | Commercial Credit Quality |
| | |
| | Outstandings | | Nonperforming | | Accruing Past Due 90 Days or More |
| | December 31 |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
Commercial and industrial: | | | | | | | | | | | |
U.S. commercial | $ | 386,990 | | | $ | 358,931 | | | $ | 1,204 | | | $ | 636 | | | $ | 90 | | | $ | 51 | |
Non-U.S. commercial | 137,518 | | | 124,581 | | | 8 | | | 175 | | | 4 | | | 4 | |
Total commercial and industrial | 524,508 | | | 483,512 | | | 1,212 | | | 811 | | | 94 | | | 55 | |
Commercial real estate | 65,730 | | | 72,878 | | | 2,068 | | | 1,927 | | | 6 | | | 32 | |
Commercial lease financing | 15,708 | | | 14,854 | | | 20 | | | 19 | | | 3 | | | 7 | |
| 605,946 | | | 571,244 | | | 3,300 | | | 2,757 | | | 103 | | | 94 | |
U.S. small business commercial (1) | 20,865 | | | 19,197 | | | 28 | | | 16 | | | 197 | | | 184 | |
Commercial loans excluding loans accounted for under the fair value option | $ | 626,811 | | | $ | 590,441 | | | $ | 3,328 | | | $ | 2,773 | | | $ | 300 | | | $ | 278 | |
Loans accounted for under the fair value option (2) | 4,028 | | | 3,326 | | | | | | | | | |
Total commercial loans and leases | $ | 630,839 | | | $ | 593,767 | | | | | | | | | |
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.8 billion and $2.2 billion and non-U.S. commercial of $1.3 billion and $1.2 billion at December 31, 2024 and 2023. For more information on the fair value option, see Note 21 – Fair Value Option to the Consolidated Financial Statements.
Table 30 presents net charge-offs and related ratios for our commercial loans and leases for 2024 and 2023.
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Table 30 | Commercial Net Charge-offs and Related Ratios |
| | | | | | | | | | | | | | | | |
| | | | | | Net Charge-offs | | | | | | Net Charge-off Ratios (1) |
| | | | | | | | |
| | | | | | | | |
(Dollars in millions) | | | | | 2024 | | 2023 | | | | | | 2024 | | 2023 |
Commercial and industrial: | | | | | | | | | | | | | | | |
U.S. commercial | | | | | $ | 388 | | | $ | 124 | | | | | | | 0.11 | % | | 0.03 | % |
Non-U.S. commercial | | | | | 67 | | | 19 | | | | | | | 0.05 | | | 0.02 | |
Total commercial and industrial | | | | | 455 | | | 143 | | | | | | | 0.09 | | | 0.03 | |
Commercial real estate | | | | | 864 | | | 245 | | | | | | | 1.24 | | | 0.34 | |
Commercial lease financing | | | | | 1 | | | 2 | | | | | | | 0.01 | | | 0.02 | |
| | | | | 1,320 | | | 390 | | | | | | | 0.23 | | | 0.07 | |
U.S. small business commercial | | | | | 473 | | | 319 | | | | | | | 2.34 | | | 1.71 | |
Total commercial | | | | | $ | 1,793 | | | $ | 709 | | | | | | | 0.30 | | | 0.12 | |
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.
Table 31 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable
criticized utilized exposure increased $3.2 billion during 2024 primarily driven by commercial real estate and U.S. commercial. At December 31, 2024 and 2023, 91 percent and 89 percent of commercial reservable criticized utilized exposure was secured.
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Table 31 | Commercial Reservable Criticized Utilized Exposure (1, 2) |
| | | | | | | | |
| | |
| | | | | | | | |
| | December 31 |
(Dollars in millions) | 2024 | | 2023 |
Commercial and industrial: |
U.S. commercial | $ | 13,387 | | | 3.23 | % | | $ | 12,006 | | | 3.12 | % |
Non-U.S. commercial | 1,955 | | | 1.37 | | | 1,787 | | | 1.37 | |
Total commercial and industrial | 15,342 | | | 2.75 | | | 13,793 | | | 2.68 | |
Commercial real estate | 10,168 | | | 15.17 | | | 8,749 | | | 11.80 | |
Commercial lease financing | 291 | | | 1.85 | | | 166 | | | 1.12 | |
| | 25,801 | | | 4.03 | | | 22,708 | | | 3.76 | |
U.S. small business commercial | 694 | | | 3.33 | | | 592 | | | 3.08 | |
Total commercial reservable criticized utilized exposure | $ | 26,495 | | | 4.01 | | | $ | 23,300 | | | 3.74 | |
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $25.5 billion and $22.5 billion and commercial letters of credit of $977 million and $795 million at December 31, 2024 and 2023.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At December 31, 2024, 60 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 23 percent in Global Markets, 15 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $28.1 billion, or eight percent, during 2024 primarily driven by Global Markets and Global Banking. Reservable criticized utilized exposure increased $1.4 billion, or 12 percent, driven by a broad range of industries.
Non-U.S. Commercial
At December 31, 2024, 56 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 43 percent in Global Markets and the remainder primarily in GWIM. Non-U.S. commercial loans increased $12.9 billion, or 10 percent, during 2024 primarily driven by Global Markets. Reservable criticized utilized exposure increased $168 million, or nine percent. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 69.
Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of
repayment. Outstanding loans decreased $7.1 billion, or 10 percent, during 2024 to $65.7 billion driven by multiple property types, including office. The commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 21 percent and 20 percent of commercial real estate at December 31, 2024 and 2023.
Reservable criticized utilized exposure increased $1.4 billion, or 16 percent, during 2024 primarily driven by industrial/warehouse and multi-family rental loans. Office loans represented the largest property type concentration at 23 percent of the commercial real estate portfolio at December 31, 2024, and approximately one percent of total loans for the Corporation. This property type is roughly 75 percent Class A and had an origination loan-to-value of approximately 55 percent.
Reservable criticized exposure for the office property type was $5.1 billion at December 31, 2024, representing a decrease of $398 million, or seven percent, from December 31, 2023, with an aggregate loan-to-value of approximately 85 percent based on property appraisals completed in the last twelve months. Approximately $5.1 billion of office loans are scheduled to mature by the end of 2025.
During 2024, net charge-offs increased $619 million to $864 million driven by office loans. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan
restructurings or asset sales to achieve the best results for our customers and the Corporation.
Table 32 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
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Table 32 | Outstanding Commercial Real Estate Loans | |
| | | | | |
| | December 31 | |
(Dollars in millions) | 2024 | | 2023 | |
By Geographic Region | | | | |
Northeast | $ | 14,708 | | | $ | 15,920 | | |
California | 13,712 | | | 14,551 | | |
Southwest | 7,719 | | | 9,318 | | |
Southeast | 6,914 | | | 8,368 | | |
Florida | 4,410 | | | 4,986 | | |
Illinois | 2,996 | | | 3,361 | | |
Midsouth | 2,487 | | | 2,785 | | |
Midwest | 2,468 | | | 3,149 | | |
Northwest | 1,979 | | | 2,095 | | |
Non-U.S. | 6,109 | | | 6,052 | | |
Other | 2,228 | | | 2,293 | | |
Total outstanding commercial real estate loans | $ | 65,730 | | | $ | 72,878 | | |
By Property Type | | | | |
Non-residential | | | | |
Office | $ | 15,061 | | | $ | 17,976 | | |
Industrial / Warehouse | 13,166 | | | 14,746 | | |
Multi-family rental | 11,022 | | | 10,606 | | |
Shopping centers / Retail | 5,603 | | | 5,756 | | |
Hotel / Motels | 4,680 | | | 5,665 | | |
| | | | |
Multi-use | 2,162 | | | 2,681 | | |
| | | | |
Other | 13,179 | | | 14,201 | | |
Total non-residential | 64,873 | | | 71,631 | | |
Residential | 857 | | | 1,247 | | |
Total outstanding commercial real estate loans | $ | 65,730 | | | $ | 72,878 | | |
U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking. Credit card-related products were 53 percent and 54 percent of the U.S. small business commercial portfolio at December 31, 2024 and 2023 and represented 99 percent of net charge-offs for both 2024 and 2023. Accruing past due 90 days or more increased $13 million in 2024 to $197 million.
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 33 presents the nonperforming commercial loans, leases and foreclosed properties activity during 2024 and 2023. Nonperforming loans do not include loans accounted for under the fair value option. During 2024, nonperforming commercial loans and leases increased $555 million to $3.3 billion. At December 31, 2024, nearly 100 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 41 percent were contractually current. Commercial nonperforming loans were carried at 88 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
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Table 33 | Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2) |
| | | | | | |
| | | | |
(Dollars in millions) | | | | | 2024 | | 2023 |
Nonperforming loans and leases, January 1 | | | | | $ | 2,773 | | | $ | 1,054 | |
Additions | | | | | 3,914 | | | 2,863 | |
| | | | | | | |
| | | | | | | |
Reductions: | | | | | | | |
Paydowns | | | | | (1,669) | | | (517) | |
Sales | | | | | (32) | | | (4) | |
Returns to performing status (3) | | | | | (182) | | | (106) | |
Charge-offs | | | | | (1,361) | | | (428) | |
Transfers to foreclosed properties | | | | | (115) | | | (23) | |
Transfers to loans held-for-sale | | | | | — | | | (66) | |
Total net additions to nonperforming loans and leases | | | | | 555 | | | 1,719 | |
Total nonperforming loans and leases, December 31 | | | | | 3,328 | | | 2,773 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Foreclosed properties, December 31 | | | | | 56 | | | 42 | |
Nonperforming commercial loans, leases and foreclosed properties, December 31 | | | | | $ | 3,384 | | | $ | 2,815 | |
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4) | | | | | 0.53 | % | | 0.47 | % |
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4) | | | | | 0.54 | | | 0.48 | |
(1)Balances do not include nonperforming loans held-for-sale of $731 million and $161 million at December 31, 2024 and 2023.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, when the loan otherwise becomes well-secured and is in the process of collection, or when a modified loan demonstrates a sustained period of payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Industry Concentrations
Table 34 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure increased $72.5 billion during 2024 to $1.3 trillion. The increase in commercial committed exposure was concentrated in Asset managers and funds, Finance companies and Individuals and trusts.
Industry limits are used internally to manage industry concentrations and are based on committed exposure that is determined on an industry-by-industry basis. A risk management framework is in place to set and approve industry limits as well as to provide ongoing monitoring.
Asset managers and funds, our largest industry concentration with committed exposure of $193.9 billion, increased $24.6 billion, or 15 percent, during 2024, which was primarily driven by investment-grade exposures.
Finance companies, our second largest industry concentration with committed exposure of $101.8 billion, increased $12.7 billion, or 14 percent, during 2024. The increase in committed exposure was primarily driven by increases in Consumer finance, Thrifts and mortgage finance and Diversified financials.
Capital goods, our third largest industry concentration with committed exposure of $98.8 billion, increased $1.7 billion, or two percent, during 2024. The increase in committed exposure was driven by increases in Trading companies and distributors, Machinery, and Construction and engineering, partially offset by a decrease in Industrial conglomerates.
Various macroeconomic challenges, including geopolitical tensions, higher costs associated with inflationary pressures experienced over the past several years and elevated interest rates, have led to uncertainty in the U.S. and global economies and have adversely impacted, and may continue to adversely impact, a number of industries. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition.
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Table 34 | Commercial Credit Exposure by Industry (1) | | | | | | |
| | | | | | | | |
| | Commercial Utilized | | Total Commercial Committed (2) |
| | December 31 |
(Dollars in millions) | 2024 | | 2023 | | 2024 | | 2023 |
Asset managers and funds | $ | 118,123 | | | $ | 103,138 | | | $ | 193,947 | | | $ | 169,318 | |
Finance companies | 74,975 | | | 62,906 | | | 101,828 | | | 89,119 | |
Capital goods | 51,367 | | | 49,698 | | | 98,780 | | | 97,044 | |
Real estate (3) | 69,841 | | | 73,150 | | | 95,981 | | | 100,269 | |
Healthcare equipment and services | 35,964 | | | 35,037 | | | 65,819 | | | 61,766 | |
Materials | 26,797 | | | 25,223 | | | 58,128 | | | 55,296 | |
Food, beverage and tobacco | 25,763 | | | 23,865 | | | 54,370 | | | 49,426 | |
Retailing | 24,449 | | | 24,561 | | | 53,471 | | | 54,523 | |
Consumer services | 28,391 | | | 27,355 | | | 53,054 | | | 49,105 | |
Individuals and trusts | 35,457 | | | 32,481 | | | 50,353 | | | 43,938 | |
Government and public education | 32,682 | | | 31,051 | | | 48,204 | | | 45,873 | |
Commercial services and supplies | 24,409 | | | 22,642 | | | 43,451 | | | 41,473 | |
Utilities | 18,186 | | | 18,610 | | | 42,107 | | | 39,481 | |
Transportation | 24,135 | | | 24,200 | | | 35,743 | | | 36,267 | |
Energy | 13,857 | | | 12,450 | | | 35,510 | | | 36,996 | |
Technology hardware and equipment | 11,526 | | | 11,951 | | | 30,093 | | | 29,160 | |
Software and services | 11,158 | | | 9,830 | | | 27,383 | | | 22,381 | |
Global commercial banks | 22,641 | | | 22,749 | | | 25,220 | | | 25,684 | |
Media | 12,130 | | | 13,033 | | | 24,023 | | | 24,908 | |
Vehicle dealers | 18,194 | | | 16,283 | | | 23,855 | | | 22,570 | |
Insurance | 12,640 | | | 9,371 | | | 23,445 | | | 19,322 | |
Consumer durables and apparel | 8,987 | | | 9,184 | | | 21,823 | | | 20,732 | |
Pharmaceuticals and biotechnology | 7,378 | | | 6,852 | | | 21,717 | | | 22,169 | |
Telecommunication services | 8,571 | | | 9,224 | | | 18,759 | | | 17,269 | |
Automobiles and components | 8,172 | | | 7,049 | | | 16,268 | | | 16,459 | |
Food and staples retailing | 7,206 | | | 7,423 | | | 12,777 | | | 12,496 | |
Financial markets infrastructure (clearinghouses) | 4,219 | | | 4,229 | | | 6,413 | | | 6,503 | |
Religious and social organizations | 2,285 | | | 2,754 | | | 4,066 | | | 4,565 | |
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Total commercial credit exposure by industry | $ | 739,503 | | | $ | 696,299 | | | $ | 1,286,588 | | | $ | 1,214,112 | |
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(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.4 billion and $10.3 billion at both December 31, 2024 and 2023.
(3)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At December 31, 2024 and 2023, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $10.4 billion and $10.9 billion. We recorded net losses of $87 million in 2024 compared to net losses $185 million in 2023. The gains and losses on these instruments were largely offset by gains and losses on the related exposures. The Value-at-Risk (VaR) results for these exposures are included in the fair value option portfolio information in Table 41. For more information, see Trading Risk Management on page 75.
Tables 35 and 36 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at December 31, 2024 and 2023.
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Table 35 | Net Credit Default Protection by Maturity | |
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| | December 31 | |
| | 2024 | | 2023 | |
Less than or equal to one year | 24 | % | | 36 | % | |
Greater than one year and less than or equal to five years | 76 | | | 64 | | |
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Total net credit default protection | 100 | % | | 100 | % | |
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Table 36 | Net Credit Default Protection by Credit Exposure Debt Rating |
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| | Net Notional (1) | | Percent of Total | | Net Notional (1) | | Percent of Total |
| | December 31 |
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(Dollars in millions) | 2024 | | 2023 |
Ratings (2, 3) | | | | | | | |
AAA | $ | (120) | | | 1.1 | % | | $ | (479) | | | 4.4 | % |
AA | (960) | | | 9.2 | | | (1,080) | | | 9.9 | |
A | (4,978) | | | 47.7 | | | (5,237) | | | 48.2 | |
BBB | (3,385) | | | 32.4 | | | (2,912) | | | 26.8 | |
BB | (526) | | | 5.0 | | | (698) | | | 6.4 | |
B | (385) | | | 3.7 | | | (419) | | | 3.9 | |
CCC and below | (82) | | | 0.8 | | | (52) | | | 0.5 | |
NR (4) | — | | | 0.1 | | | 2 | | | (0.1) | |
Total net credit default protection | $ | (10,436) | | | 100.0 | % | | $ | (10,875) | | | 100.0 | % |
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
In addition to our net notional credit default protection purchased to cover the funded and unfunded portion of certain credit exposures, credit derivatives are used for market-making activities for clients and establishing positions intended to profit from directional or relative value changes. We execute the majority of our credit derivative trades in the OTC market with large, multinational financial institutions, including broker-dealers and, to a lesser degree, with a variety of other investors. Because these transactions are executed in the OTC market, we are subject to settlement risk. We are also subject to credit risk in the event that these counterparties fail to perform under the terms of these contracts. In order to properly reflect counterparty credit risk, we record counterparty credit risk valuation adjustments on certain derivative assets, including our purchased credit default protection. In most cases, credit derivative transactions are executed on a daily margin basis. Therefore, events such as a credit downgrade, depending on the ultimate rating level, or a breach of credit covenants would typically require an increase in the amount of collateral required by the counterparty, where applicable, and/or allow us to take additional protective measures such as early termination of all
trades. For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements.
Non-U.S. Portfolio
Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal course of business through credit, market and operational risk governance rather than through country risk governance.
Table 37 presents our 20 largest non-U.S. country exposures at December 31, 2024. These exposures accounted for 89 percent of our total non-U.S. exposure at both December 31, 2024 and 2023. Net country exposure for these 20 countries increased $21.5 billion in 2024 primarily driven by increases in the United Kingdom and Canada.
Non-U.S. exposure is presented on an internal risk management basis and includes sovereign and non-sovereign credit exposure, securities and other investments issued by or domiciled in countries other than the U.S.
Funded loans and loan equivalents include loans, leases, and other extensions of credit and funds, including letters of credit and due from placements. Unfunded commitments are the undrawn portion of legally binding commitments related to loans and loan equivalents. Net counterparty exposure includes the fair value of derivatives, including the counterparty risk associated with credit default swaps (CDS), and secured financing transactions. Securities and other investments are carried at fair value and long securities exposures are netted against short exposures with the same underlying issuer to, but not below, zero. Net country exposure represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.
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Table 37 | Top 20 Non-U.S. Countries Exposure |
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(Dollars in millions) | Funded Loans and Loan Equivalents | | Unfunded Loan Commitments | | Net Counterparty Exposure | | Securities/ Other Investments | | Country Exposure at December 31 2024 | | Hedges and Credit Default Protection | | Net Country Exposure at December 31 2024 | | Increase (Decrease) from December 31 2023 |
United Kingdom | $ | 35,704 | | | $ | 18,100 | | | $ | 3,757 | | | $ | 5,534 | | | $ | 63,095 | | | $ | (1,050) | | | $ | 62,045 | | | $ | 6,110 | |
Germany | 25,504 | | | 10,348 | | | 1,329 | | | 2,194 | | | 39,375 | | | (2,337) | | | 37,038 | | | 1,383 | |
Canada | 15,522 | | | 11,672 | | | 1,475 | | | 3,209 | | | 31,878 | | | (406) | | | 31,472 | | | 3,457 | |
France | 14,184 | | | 8,894 | | | 1,318 | | | 2,789 | | | 27,185 | | | (1,031) | | | 26,154 | | | 1,296 | |
Australia | 14,587 | | | 4,357 | | | 1,381 | | | 2,207 | | | 22,532 | | | (396) | | | 22,136 | | | 814 | |
Japan | 12,063 | | | 1,852 | | | 1,460 | | | 4,361 | | | 19,736 | | | (495) | | | 19,241 | | | 2,267 | |
Brazil | 9,753 | | | 1,367 | | | 1,022 | | | 4,666 | | | 16,808 | | | (70) | | | 16,738 | | | 1,455 | |
India | 7,940 | | | 301 | | | 567 | | | 5,038 | | | 13,846 | | | (60) | | | 13,786 | | | 1,861 | |
Switzerland | 5,595 | | | 4,524 | | | 160 | | | 435 | | | 10,714 | | | (113) | | | 10,601 | | | 1,372 | |
Singapore | 3,914 | | | 576 | | | 290 | | | 5,134 | | | 9,914 | | | (27) | | | 9,887 | | | (930) | |
China | 4,765 | | | 310 | | | 935 | | | 3,428 | | | 9,438 | | | (216) | | | 9,222 | | | 710 | |
South Korea | 4,628 | | | 1,304 | | | 735 | | | 1,979 | | | 8,646 | | | (203) | | | 8,443 | | | (17) | |
Ireland | 6,161 | | | 1,777 | | | 84 | | | 398 | | | 8,420 | | | (159) | | | 8,261 | | | (2,072) | |
Netherlands | 3,239 | | | 3,471 | | | 485 | | | 1,232 | | | 8,427 | | | (298) | | | 8,129 | | | 980 | |
Mexico | 4,880 | | | 2,107 | | | 454 | | | 778 | | | 8,219 | | | (177) | | | 8,042 | | | (877) | |
Italy | 4,999 | | | 2,426 | | | 232 | | | 604 | | | 8,261 | | | (372) | | | 7,889 | | | 1,274 | |
Spain | 3,364 | | | 1,903 | | | 136 | | | 1,216 | | | 6,619 | | | (516) | | | 6,103 | | | 507 | |
Hong Kong | 2,785 | | | 585 | | | 635 | | | 1,128 | | | 5,133 | | | (43) | | | 5,090 | | | (762) | |
Indonesia | 1,051 | | | — | | | 77 | | | 3,322 | | | 4,450 | | | (29) | | | 4,421 | | | 2,186 | |
Sweden | 1,390 | | | 1,792 | | | 103 | | | 364 | | | 3,649 | | | (199) | | | 3,450 | | | 436 | |
Total top 20 non-U.S. countries exposure | $ | 182,028 | | | $ | 77,666 | | | $ | 16,635 | | | $ | 50,016 | | | $ | 326,345 | | | $ | (8,197) | | | $ | 318,148 | | | $ | 21,450 | |
Our largest non-U.S. country exposure at December 31, 2024 was the United Kingdom with net exposure of $62.0 billion, which increased $6.1 billion from December 31, 2023 primarily due to higher deposits with the central bank. Our second largest non-U.S. country exposure was Germany with net exposure of $37.0 billion at December 31, 2024, which increased $1.4 billion from December 31, 2023 primarily due to higher deposits with the central bank.
Loan and Lease Contractual Maturities
Table 38 disaggregates total outstanding loans and leases by remaining scheduled principal due dates and interest rates. The amounts provided do not reflect prepayment assumptions or hedging activities related to the loan portfolio. For information on the asset sensitivity of our total banking book balance sheet, see Interest Rate Risk Management for the Banking Book on page 78.
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Table 38 | Loan and Lease Contractual Maturities (1) | | | | | | | | |
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| | December 31, 2024 |
(Dollars in millions) | Due in One Year or Less | | Due After One Year Through Five Years | | Due After Five Years Through 15 Years | | Due After 15 Years | | Total |
Residential mortgage | $ | 5,802 | | | $ | 33,962 | | | $ | 97,133 | | | $ | 91,361 | | | $ | 228,258 | |
Home equity | | 671 | | | 454 | | | 2,925 | | | 21,849 | | | 25,899 | |
Credit card | | 103,566 | | | — | | | — | | | — | | | 103,566 | |
Direct/Indirect consumer | 65,115 | | | 36,376 | | | 4,837 | | | 794 | | | 107,122 | |
Other consumer | 151 | | | — | | | — | | | — | | | 151 | |
Total consumer loans | 175,305 | | | 70,792 | | | 104,895 | | | 114,004 | | | 464,996 | |
U.S. commercial | 123,161 | | | 245,135 | | | 19,112 | | | 2,352 | | | 389,760 | |
Non-U.S. commercial | 49,233 | | | 56,511 | | | 29,282 | | | 3,750 | | | 138,776 | |
Commercial real estate | 27,212 | | | 37,097 | | | 1,415 | | | 6 | | | 65,730 | |
Commercial lease financing | 3,305 | | | 9,905 | | | 1,190 | | | 1,308 | | | 15,708 | |
U.S. small business commercial | 12,628 | | | 4,751 | | | 3,364 | | | 122 | | | 20,865 | |
Total commercial loans | 215,539 | | | 353,399 | | | 54,363 | | | 7,538 | | | 630,839 | |
Total loans and leases | $ | 390,844 | | | $ | 424,191 | | | $ | 159,258 | | | $ | 121,542 | | | $ | 1,095,835 | |
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| | Amount due in one year or less at: | | Amount due after one year at: | | |
(Dollars in millions) | Variable Interest Rates | | Fixed Interest Rates | | Variable Interest Rates | | Fixed Interest Rates | | Total |
Residential mortgage | $ | 1,059 | | | $ | 4,743 | | | $ | 85,035 | | | $ | 137,421 | | | $ | 228,258 | |
Home equity | | 150 | | | 521 | | | 22,666 | | | 2,562 | | | 25,899 | |
Credit card | | 98,168 | | | 5,398 | | | — | | | — | | | 103,566 | |
Direct/Indirect consumer | 45,945 | | | 19,170 | | | 2,327 | | | 39,680 | | | 107,122 | |
Other consumer | 22 | | | 129 | | | — | | | — | | | 151 | |
Total consumer loans | 145,344 | | | 29,961 | | | 110,028 | | | 179,663 | | | 464,996 | |
U.S. commercial | 95,052 | | | 28,109 | | | 217,109 | | | 49,490 | | | 389,760 | |
Non-U.S. commercial | 37,073 | | | 12,160 | | | 85,896 | | | 3,647 | | | 138,776 | |
Commercial real estate | 24,460 | | | 2,752 | | | 37,251 | | | 1,267 | | | 65,730 | |
Commercial lease financing | 320 | | | 2,985 | | | 2,201 | | | 10,202 | | | 15,708 | |
U.S. small business commercial | 7,684 | | | 4,944 | | | 122 | | | 8,115 | | | 20,865 | |
Total commercial loans | 164,589 | | | 50,950 | | | 342,579 | | | 72,721 | | | 630,839 | |
Total loans and leases | $ | 309,933 | | | $ | 80,911 | | | $ | 452,607 | | | $ | 252,384 | | | $ | 1,095,835 | |
(1)Includes loans accounted for under the fair value option.
Allowance for Credit Losses
The allowance for credit losses decreased $215 million from December 31, 2023 to $14.3 billion at December 31, 2024, which included a $25 million reserve increase and a
$240 million reserve decrease related to the consumer and commercial portfolios, respectively.
Table 39 presents an allocation of the allowance for credit losses by product type at December 31, 2024 and 2023.
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Table 39 | Allocation of the Allowance for Credit Losses by Product Type | | | | |
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| Amount | | Percent of Total | | Percent of Loans and Leases Outstanding (1) | | | | | | | | Amount | | Percent of Total | | Percent of Loans and Leases Outstanding (1) |
(Dollars in millions) | December 31, 2024 | | | | December 31, 2023 |
Allowance for loan and lease losses | | | | | | | | | | | | | | | | | |
Residential mortgage | $ | 264 | | | 1.99 | % | | 0.12 | % | | | | | | | | $ | 339 | | | 2.54 | % | | 0.15 | % |
Home equity | 29 | | | 0.22 | | | 0.11 | | | | | | | | | 47 | | | 0.35 | | | 0.19 | |
Credit card | 7,515 | | | 56.76 | | | 7.26 | | | | | | | | | 7,346 | | | 55.06 | | | 7.19 | |
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Direct/Indirect consumer | 700 | | | 5.29 | | | 0.65 | | | | | | | | | 715 | | | 5.36 | | | 0.69 | |
Other consumer | 62 | | | 0.47 | | | n/m | | | | | | | | 73 | | | 0.55 | | | n/m |
Total consumer | 8,570 | | | 64.73 | | | 1.84 | | | | | | | | | 8,520 | | | 63.86 | | | 1.85 | |
U.S. commercial (2) | 2,637 | | | 19.91 | | | 0.65 | | | | | | | | | 2,600 | | | 19.49 | | | 0.69 | |
Non-U.S. commercial | 778 | | | 5.88 | | | 0.57 | | | | | | | | | 842 | | | 6.31 | | | 0.68 | |
Commercial real estate | 1,219 | | | 9.21 | | | 1.85 | | | | | | | | | 1,342 | | | 10.06 | | | 1.84 | |
Commercial lease financing | 36 | | | 0.27 | | | 0.23 | | | | | | | | | 38 | | | 0.28 | | | 0.26 | |
Total commercial | 4,670 | | | 35.27 | | | 0.75 | | | | | | | | | 4,822 | | | 36.14 | | | 0.82 | |
Allowance for loan and lease losses | 13,240 | | | 100.00 | % | | 1.21 | | | | | | | | | 13,342 | | | 100.00 | % | | 1.27 | |
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Reserve for unfunded lending commitments | 1,096 | | | | | | | | | | | | | 1,209 | | | | | |
Allowance for credit losses | $ | 14,336 | | | | | | | | | | | | | $ | 14,551 | | | | | |
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(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.2 billion and $1.0 billion at December 31, 2024 and 2023.
n/m = not meaningful
Net charge-offs for 2024 were $6.0 billion compared to $3.8 billion in 2023 primarily due to credit card loans and the commercial real estate office portfolio. The provision for credit losses increased $1.4 billion to $5.8 billion during 2024 compared to 2023. The provision for credit losses in 2024 was primarily driven by credit card as well as small business loan growth, and asset quality deterioration in the commercial real estate office and credit card portfolios. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, decreased $267 million to $4.3 billion during 2024 compared to 2023. The provision for credit losses for the
commercial portfolio, including unfunded lending commitments, increased $1.7 billion to $1.6 billion during 2024 compared to 2023.
Table 40 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for 2024 and 2023. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
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Table 40 | Allowance for Credit Losses | | | | | | | |
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(Dollars in millions) | | | | | 2024 | | 2023 |
Allowance for loan and lease losses, December 31 | | | | | $ | 13,342 | | | $ | 12,682 | |
January 1, 2023 adoption of credit loss standard | | | | | n/a | | (243) | |
Allowance for loan and lease losses, January 1 | | | | | $ | 13,342 | | | $ | 12,439 | |
Loans and leases charged off | | | | | | | |
Residential mortgage | | | | | (21) | | | (67) | |
Home equity | | | | | (21) | | | (36) | |
Credit card | | | | | (4,365) | | | (3,133) | |
Direct/Indirect consumer | | | | | (399) | | | (233) | |
Other consumer | | | | | (313) | | | (504) | |
Total consumer charge-offs | | | | | (5,119) | | | (3,973) | |
U.S. commercial (1) | | | | | (958) | | | (551) | |
Non-U.S. commercial | | | | | (81) | | | (37) | |
Commercial real estate | | | | | (894) | | | (254) | |
Commercial lease financing | | | | | (2) | | | (2) | |
Total commercial charge-offs | | | | | (1,935) | | | (844) | |
Total loans and leases charged off | | | | | (7,054) | | | (4,817) | |
Recoveries of loans and leases previously charged off | | | | | | | |
Residential mortgage | | | | | 21 | | | 51 | |
Home equity | | | | | 62 | | | 95 | |
Credit card | | | | | 620 | | | 572 | |
Direct/Indirect consumer | | | | | 160 | | | 141 | |
Other consumer | | | | | 18 | | | 24 | |
Total consumer recoveries | | | | | 881 | | | 883 | |
U.S. commercial (2) | | | | | 97 | | | 108 | |
Non-U.S. commercial | | | | | 14 | | | 18 | |
Commercial real estate | | | | | 30 | | | 9 | |
Commercial lease financing | | | | | 1 | | | — | |
Total commercial recoveries | | | | | 142 | | | 135 | |
Total recoveries of loans and leases previously charged off | | | | | 1,023 | | | 1,018 | |
Net charge-offs | | | | | (6,031) | | | (3,799) | |
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Provision for loan and lease losses | | | | | 5,935 | | | 4,725 | |
Other | | | | | (6) | | | (23) | |
Allowance for loan and lease losses, December 31 | | | | | 13,240 | | | 13,342 | |
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Reserve for unfunded lending commitments, January 1 | | | | | 1,209 | | | 1,540 | |
Provision for unfunded lending commitments | | | | | (114) | | | (331) | |
Other | | | | | 1 | | | — | |
Reserve for unfunded lending commitments, December 31 | | | | | 1,096 | | | 1,209 | |
Allowance for credit losses, December 31 | | | | | $ | 14,336 | | | $ | 14,551 | |
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Loan and allowance ratios (3): | | | | | | | |
Loans and leases outstanding at December 31 | | | | | $ | 1,091,586 | | | $ | 1,050,163 | |
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31 | | | | | 1.21 | % | | 1.27 | % |
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at December 31 | | | | | 1.84 | | | 1.85 | |
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31 | | | | | 0.75 | | | 0.82 | |
Average loans and leases outstanding | | | | | $ | 1,056,507 | | | $ | 1,041,824 | |
Net charge-offs as a percentage of average loans and leases outstanding | | | | | 0.57 | % | | 0.36 | % |
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Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31 | | | | | 222 | | | 243 | |
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs | | | | | 2.20 | | | 3.51 | |
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Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at December 31 (4) | | | | | $ | 8,689 | | | $ | 8,357 | |
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at December 31 (4) | | | | | 76 | % | | 91 | % |
(1)Includes U.S. small business commercial charge-offs of $519 million in 2024 compared to $360 million in 2023.
(2)Includes U.S. small business commercial recoveries of $46 million in 2024 compared to $41 million in 2023.
(3)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.
n/a = not applicable
Market Risk Management
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results. For more information, see Interest Rate Risk Management for the Banking Book on page 78.
Our traditional banking loan and deposit products are non-trading positions and are generally reported at amortized cost for assets or the amount owed for liabilities (historical cost). However, these positions are still subject to changes in economic value based on varying market conditions, with one of the primary risks being changes in the levels of interest rates. The risk of adverse changes in the economic value of our non-trading positions arising from changes in interest rates is managed through our ALM activities. We have elected to account for certain assets and liabilities under the fair value option.
Our trading positions are reported at fair value with changes reflected in income. Trading positions are subject to various changes in market-based risk factors. The majority of this risk is generated by our activities in the interest rate, foreign exchange, credit, equity and commodities markets. In addition, the values of assets and liabilities could change due to market liquidity, correlations across markets and expectations of market volatility. We seek to manage these risk exposures by using a variety of techniques that encompass a broad range of financial instruments. The key risk management techniques are discussed in more detail in the Trading Risk Management section.
GRM is responsible for providing senior management with a clear and comprehensive understanding of the trading risks to which we are exposed. These responsibilities include ownership of market risk policy, developing and maintaining quantitative risk models, calculating aggregated risk measures, establishing and monitoring position limits consistent with risk appetite, conducting daily reviews and analysis of trading inventory, approving material risk exposures and fulfilling regulatory requirements. Market risks that impact businesses outside of Global Markets are monitored and governed by their respective governance functions.
Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. Given that models are used across the Corporation, model risk impacts all risk types including credit, market and operational risks. The Enterprise Model Risk Policy defines model risk standards, consistent with our Risk Framework and risk appetite, prevailing regulatory guidance and industry best practice. All models, including risk management, valuation and regulatory capital models, must meet certain validation criteria, including effective challenge of the conceptual soundness of the model, independent model testing and ongoing monitoring through outcomes analysis and benchmarking. The Enterprise Model Risk Committee, a subcommittee of the MRC, oversees that model standards are consistent with model risk requirements and monitors the effective challenge in the model validation process across the Corporation.
Interest Rate Risk
Interest rate risk represents exposures to instruments whose values vary with the level or volatility of interest rates. These instruments include, but are not limited to, loans, debt securities, certain trading-related assets and liabilities, deposits, borrowings and derivatives. Hedging instruments used to mitigate these risks include derivatives such as options, futures, forwards and swaps.
Foreign Exchange Risk
Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in currencies other than the U.S. dollar. The types of instruments exposed to this risk include investments in non-U.S. subsidiaries, foreign currency-denominated loans and securities, future cash flows in foreign currencies arising from foreign exchange transactions, foreign currency-denominated debt and various foreign exchange derivatives whose values fluctuate with changes in the level or volatility of currency exchange rates or non-U.S. interest rates. Hedging instruments used to mitigate this risk include foreign exchange options, currency swaps, futures, forwards, and foreign currency-denominated debt and deposits.
Mortgage Risk
Mortgage risk represents exposures to changes in the values of mortgage-related instruments. The values of these instruments are sensitive to prepayment rates, mortgage rates, agency debt ratings, default, market liquidity, government participation and interest rate volatility. Our exposure to these instruments takes several forms. For example, we trade and engage in market-making activities in a variety of mortgage securities including whole loans, pass-through certificates, commercial mortgages and collateralized mortgage obligations including collateralized debt obligations using mortgages as underlying collateral. In addition, we originate a variety of MBS, which involves the accumulation of mortgage-related loans in anticipation of eventual securitization, and we may hold positions in mortgage securities and residential mortgage loans as part of the ALM portfolio. We also record MSRs as part of our mortgage origination activities. Hedging instruments used to mitigate this risk include derivatives such as options, swaps, futures and forwards as well as securities including MBS and U.S. Treasury securities. For more information, see Mortgage Banking Risk Management on page 80.
Equity Market Risk
Equity market risk represents exposures to securities that represent an ownership interest in a corporation in the form of domestic and foreign common stock or other equity-linked instruments. Instruments that would lead to this exposure include, but are not limited to, the following: common stock, exchange-traded funds, American Depositary Receipts, convertible bonds, listed equity options (puts and calls), OTC equity options, equity total return swaps, equity index futures and other equity derivative products. Hedging instruments used to mitigate this risk include options, futures, swaps, convertible bonds and cash positions.
Commodity Risk
Commodity risk represents exposures to instruments traded in the petroleum, natural gas, power and metals markets. These instruments consist primarily of futures, forwards, swaps and options. Hedging instruments used to mitigate this risk include
options, futures and swaps in the same or similar commodity product, as well as cash positions.
Issuer Credit Risk
Issuer credit risk represents exposures to changes in the creditworthiness of individual issuers or groups of issuers. Our portfolio is exposed to issuer credit risk where the value of an asset may be adversely impacted by changes in the levels of credit spreads, by credit migration or by defaults. Hedging instruments used to mitigate this risk include bonds, CDS and other credit fixed-income instruments.
Market Liquidity Risk
Market liquidity risk represents the risk that the level of expected market activity changes dramatically and, in certain cases, may even cease. This exposes us to the risk that we will not be able to transact business and execute trades in an orderly manner which may impact our results. This impact could be further exacerbated if expected hedging or pricing correlations are compromised by disproportionate demand or lack of demand for certain instruments. We utilize various risk mitigating techniques as discussed in more detail in Trading Risk Management.
Trading Risk Management
To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. Various techniques and procedures are utilized to enable the most complete understanding of these risks. Quantitative measures of market risk are evaluated on a daily basis from a single position to the portfolio of the Corporation. These measures include sensitivities of positions to various market risk factors, such as the potential impact on revenue from a one basis point change in interest rates, and statistical measures utilizing both actual and hypothetical market moves, such as VaR and stress testing. Periods of extreme market stress influence the reliability of these techniques to varying degrees. Qualitative evaluations of market risk utilize the suite of quantitative risk measures while understanding each of their respective limitations. Additionally, risk managers independently evaluate the risk of the portfolios under the current market environment and potential future environments.
VaR is a common statistic used to measure market risk as it allows the aggregation of market risk factors, including the effects of portfolio diversification. A VaR model simulates the value of a portfolio under a range of scenarios in order to generate a distribution of potential gains and losses. VaR represents the loss a portfolio is not expected to exceed more than a certain number of times per period, based on a specified holding period, confidence level and window of historical data. We use one VaR model consistently across the trading portfolios and it uses a historical simulation approach based on a three-year window of historical data. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Within any VaR model, there are significant and numerous assumptions that will differ from company to company. The accuracy of a VaR model depends on the availability and quality of historical data for each of the risk factors in the portfolio. A VaR model may require additional modeling assumptions for new products that do not have the necessary historical market data or for less liquid positions for which accurate daily prices
are not consistently available. For positions with insufficient historical data for the VaR calculation, the process for establishing an appropriate proxy is based on fundamental and statistical analysis of the new product or less liquid position. This analysis identifies reasonable alternatives that replicate both the expected volatility and correlation to other market risk factors that the missing data would be expected to experience.
VaR may not be indicative of realized revenue volatility as changes in market conditions or in the composition of the portfolio can have a material impact on the results. In particular, the historical data used for the VaR calculation might indicate higher or lower levels of portfolio diversification than will be experienced. In order for the VaR model to reflect current market conditions, we update the historical data underlying our VaR model on a weekly basis, or more frequently during periods of market stress, and regularly review the assumptions underlying the model. A minor portion of risks related to our trading positions is not included in VaR. These risks are reviewed as part of our ICAAP. For more information regarding ICAAP, see Capital Management on page 48.
GRM continually reviews, evaluates and enhances our VaR model so that it reflects the material risks in our trading portfolio. Changes to the VaR model are reviewed and approved prior to implementation and any material changes are reported to management through the appropriate management committees.
Trading limits on quantitative risk measures, including VaR, are independently set by Global Markets Risk Management and reviewed on a regular basis so that trading limits remain relevant and within our overall risk appetite for market risks. Trading limits are reviewed in the context of market liquidity, volatility and strategic business priorities. Trading limits are set at both a granular level to allow for extensive coverage of risks as well as at aggregated portfolios to account for correlations among risk factors. All trading limits are approved at least annually. Approved trading limits are stored and tracked in a centralized limits management system. Trading limit excesses are communicated to management for review. Certain quantitative market risk measures and corresponding limits have been identified as critical in the Corporation’s Risk Appetite Statement. These risk appetite limits are reported on a daily basis and are approved at least annually by the ERC and the Board.
In periods of market stress, Global Markets senior leadership communicates daily to discuss losses, key risk positions and any limit excesses. As a result of this process, the businesses may selectively reduce risk.
Table 41 presents the total market-based portfolio VaR, which is the combination of the total covered positions (and less liquid trading positions) portfolio and the fair value option portfolio. Covered positions are defined by regulatory standards as trading assets and liabilities, both on- and off-balance sheet, that meet a defined set of specifications. These specifications identify the most liquid trading positions which are intended to be held for a short-term horizon and where we are able to hedge the material risk elements in a two-way market. Positions in less liquid markets, or where there are restrictions on the ability to trade the positions, typically do not qualify as covered positions. Foreign exchange and commodity positions are always considered covered positions, except for structural foreign currency positions that are excluded with prior regulatory approval.
In addition, Table 41 presents our fair value option portfolio, which includes substantially all of the funded and unfunded exposures for which we elect the fair value option, and their
corresponding hedges. Additionally, market risk VaR for trading activities, as presented in Table 41, differs from VaR used for regulatory capital calculations due to the holding period used. The holding period for VaR used for regulatory capital calculations is 10 days, while for the market risk VaR presented below, it is one day. Both measures utilize the same process and methodology.
The total market-based portfolio VaR results in Table 41 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.
Table 41 presents year-end, average, high and low daily trading VaR for 2024 and 2023 using a 99 percent confidence level. The amounts disclosed in Table 41 and Table 42 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.
The annual average of total covered positions and less liquid trading positions portfolio VaR marginally decreased for 2024 compared to 2023, with modest changes across asset classes.
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Table 41 | Market Risk VaR for Trading Activities | | | | | |
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| | | | | | |
| | | | | | |
| | 2024 | | | | 2023 | | |
(Dollars in millions) | Year End | | Average | | High (1) | | Low (1) | | | | | | | | | | Year End | | Average | | High (1) | | Low (1) | | | | |
Foreign exchange | $ | 21 | | | $ | 29 | | | $ | 42 | | | $ | 10 | | | | | | | | | | | $ | 29 | | | $ | 29 | | | $ | 43 | | | $ | 12 | | | | | |
Interest rate | 58 | | | 57 | | | 91 | | | 30 | | | | | | | | | | | 51 | | | 48 | | | 86 | | | 32 | | | | | |
Credit | 53 | | | 54 | | | 72 | | | 42 | | | | | | | | | | | 53 | | | 60 | | | 108 | | | 43 | | | | | |
Equity | 32 | | | 21 | | | 34 | | | 13 | | | | | | | | | | | 9 | | | 18 | | | 56 | | | 9 | | | | | |
Commodities | 9 | | | 9 | | | 16 | | | 7 | | | | | | | | | | | 9 | | | 9 | | | 14 | | | 6 | | | | | |
Portfolio diversification | (94) | | | (100) | | | n/a | | n/a | | | | | | | | | | (90) | | | (100) | | | n/a | | n/a | | | | |
Total covered positions portfolio | 79 | | | 70 | | | 99 | | | 50 | | | | | | | | | | | 61 | | | 64 | | | 92 | | | 41 | | | | | |
Impact from less liquid exposures (2) | 16 | | | 11 | | | n/a | | n/a | | | | | | | | | | 12 | | | 20 | | | n/a | | n/a | | | | |
Total covered positions and less liquid trading positions portfolio | 95 | | | 81 | | | 110 | | | 61 | | | | | | | | | | | 73 | | | 84 | | | 149 | | | 52 | | | | | |
Fair value option loans | 31 | | | 18 | | | 45 | | | 11 | | | | | | | | | | | 16 | | | 25 | | | 49 | | | 14 | | | | | |
Fair value option hedges | 23 | | | 12 | | | 27 | | | 6 | | | | | | | | | | | 11 | | | 14 | | | 20 | | | 9 | | | | | |
Fair value option portfolio diversification | (34) | | | (16) | | | n/a | | n/a | | | | | | | | | | (12) | | | (23) | | | n/a | | n/a | | | | |
Total fair value option portfolio | 20 | | | 14 | | | 24 | | | 9 | | | | | | | | | | | 15 | | | 16 | | | 30 | | | 10 | | | | | |
Portfolio diversification | (10) | | | (9) | | | n/a | | n/a | | | | | | | | | | (9) | | | (8) | | | n/a | | n/a | | | | |
Total market-based portfolio | $ | 105 | | | $ | 86 | | | 117 | | | 65 | | | | | | | | | | | $ | 79 | | | $ | 92 | | | 173 | | | 58 | | | | | |
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
(2)Impact is net of diversification effects between the covered positions and less liquid trading positions portfolios.
n/a = not applicable
The following graph presents the daily covered positions and less liquid trading positions portfolio VaR for 2024, corresponding to the data in Table 41.
Additional VaR statistics produced within our single VaR model are provided in Table 42 at the same level of detail as in Table 41. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 42 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for 2024 and 2023.
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Table 42 | Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics |
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| | | |
| | | |
| | | December 31, 2024 | | | | December 31, 2023 |
(Dollars in millions) | | 99 percent | | 95 percent | | | | | | 99 percent | | 95 percent |
Foreign exchange | | $ | 29 | | | $ | 18 | | | | | | | $ | 29 | | | $ | 19 | |
Interest rate | | 57 | | | 30 | | | | | | | 48 | | | 26 | |
Credit | | 54 | | | 30 | | | | | | | 60 | | | 30 | |
Equity | | 21 | | | 10 | | | | | | | 18 | | | 8 | |
Commodities | | 9 | | | 5 | | | | | | | 9 | | | 5 | |
Portfolio diversification | | (100) | | | (58) | | | | | | | (100) | | | (54) | |
Total covered positions portfolio | | 70 | | | 35 | | | | | | | 64 | | | 34 | |
Impact from less liquid exposures | | 11 | | | 7 | | | | | | | 20 | | | 7 | |
Total covered positions and less liquid trading positions portfolio | | 81 | | | 42 | | | | | | | 84 | | | 41 | |
Fair value option loans | | 18 | | | 11 | | | | | | | 25 | | | 12 | |
Fair value option hedges | | 12 | | | 7 | | | | | | | 14 | | | 9 | |
Fair value option portfolio diversification | | (16) | | | (10) | | | | | | | (23) | | | (13) | |
Total fair value option portfolio | | 14 | | | 8 | | | | | | | 16 | | | 8 | |
Portfolio diversification | | (9) | | | (5) | | | | | | | (8) | | | (5) | |
Total market-based portfolio | | $ | 86 | | | $ | 45 | | | | | | | $ | 92 | | | $ | 44 | |
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. A backtesting excess occurs when a trading loss exceeds the VaR for the corresponding day. These excesses are evaluated to understand the positions and market moves that produced the trading loss with a goal to help confirm that the VaR methodology accurately represents those losses. We expect the frequency of trading losses in excess of VaR to be in line with the confidence level of the VaR statistic being tested. For example, with a 99 percent confidence level, we expect one trading loss in excess of VaR every 100 days or between two to three trading losses in excess of VaR over the course of a year. The number of backtesting excesses observed can differ from the statistically expected number of excesses if the current level of market volatility is materially different than the level of market volatility that existed during the three years of historical data used in the VaR calculation.
The trading revenue used for backtesting is defined by regulatory agencies in order to most closely align with the VaR component of the regulatory capital calculation. This revenue differs from total trading-related revenue in that it excludes revenue from trading activities that either do not generate market risk or for which the market risk cannot be included in VaR. Some examples of the types of revenue excluded for backtesting are fees, commissions, reserves, net interest income and intra-day trading revenues.
We conduct daily backtesting on the VaR results used for regulatory capital calculations as well as at the level of key legal entities. These results are reported to senior management, who regularly review and evaluate the results of these tests.
During 2024, there was one day where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.
Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions, including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more information on fair value, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements. Trading-related revenue can be volatile and is largely driven by general market conditions and customer demand. Also, trading-related revenue is dependent on the volume and type of transactions, the level of risk assumed, and the volatility of price and rate movements at any given time within the ever-changing market environment. Significant daily revenue by business is monitored and the primary drivers of these are reviewed.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for 2024 and 2023. During 2024, positive trading-related revenue was recorded for more than 99 percent of the trading days, of which 94 percent were daily trading gains of over $25 million, and the largest loss was $12 million. This compares to 2023 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 93 percent were daily trading gains of over $25 million.

Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements.
A set of scenarios, categorized as either historical or hypothetical, are computed daily for the overall trading portfolio and individual businesses. These scenarios include shocks to underlying market risk factors that may be well beyond the shocks found in the historical data used to calculate VaR. Historical scenarios simulate the impact of the market moves that occurred during a period of extended historical market stress. Generally, a multi-week period representing the most severe point during a crisis is selected for each historical scenario. Hypothetical scenarios provide estimated portfolio impacts from potential future market stress events. Scenarios are reviewed and updated in response to changing positions and new economic or political information. In addition, new or ad hoc scenarios are developed to address specific potential market events or particular vulnerabilities in the portfolio. The stress tests are reviewed on a regular basis and the results are presented to senior management.
Stress testing for the trading portfolio is integrated with enterprise-wide stress testing and incorporated into the limits framework. The macroeconomic scenarios used for enterprise-wide stress testing purposes differ from the typical trading portfolio scenarios in that they have a longer time horizon and the results are forecasted over multiple periods for use in consolidated capital and liquidity planning. For more information, see Managing Risk on page 45.
Interest Rate Risk Management for the Banking Book
The following discussion presents net interest income for banking book activities.
Interest rate risk represents the most significant market risk exposure to our banking book balance sheet. Interest rate risk is measured as the potential change in net interest income caused by movements in market interest rates. Client-facing activities, primarily lending and deposit-taking, create interest rate sensitive positions on our balance sheet.
We prepare forward-looking forecasts of net interest income. The baseline forecast takes into consideration expected future business growth, ALM positioning and the future direction of interest rate movements as implied by market-based forward curves.
We then measure and evaluate the impact that alternative interest rate scenarios have on the baseline forecast in order to assess interest rate sensitivity under varied conditions. The net interest income forecast is frequently updated for changing assumptions and differing outlooks based on economic trends, market conditions and business strategies. Thus, we continually monitor our banking book balance sheet position in order to maintain an acceptable level of exposure to interest rate changes.
The interest rate scenarios that we analyze incorporate balance sheet assumptions such as loan and deposit growth and pricing, changes in funding mix, product repricing, maturity characteristics and investment securities premium amortization. Our overall goal is to manage interest rate risk so that movements in interest rates do not significantly adversely affect earnings and capital.
Table 43 presents the spot and 12-month forward rates used in developing the forward curve used in our baseline forecasts at December 31, 2024 and 2023.
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Table 43 | Forward Rates |
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| | December 31, 2024 |
| | Federal Funds | | SOFR | | 10-Year SOFR |
| | |
Spot rates | 4.50 | % | | 4.49 | % | | 4.07 | % |
12-month forward rates | 4.00 | | | 3.94 | | | 4.07 | |
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| | December 31, 2023 |
| | | | | | |
Spot rates | 5.50 | % | | 5.38 | % | | 3.47 | % |
12-month forward rates | 3.89 | | | 3.93 | | | 3.32 | |
Table 44 shows the potential pretax impact to forecasted net interest income over the next 12 months from December 31, 2024 and 2023 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment.
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Table 44 | Estimated Banking Book Net Interest Income Sensitivity to Curve Changes |
| | Short Rate (bps) | | Long Rate (bps) | | | | | | |
| | | | Dynamic Deposits (1) | | Static Deposits (1) | | Static Deposits (1) |
| | | |
(Dollars in billions) | | | December 31 2024 | | December 31 2024 | | December 31 2023 |
| | | | | | | | | |
Parallel Shifts | | | | | | | | | |
+100 bps instantaneous shift | +100 | | +100 | | $ | 1.1 | | | $ | 3.1 | | | $ | 3.5 | |
| | | | | | | | | |
-100 bps instantaneous shift | -100 | | -100 | | (2.3) | | | (3.3) | | | (3.1) | |
+200 bps instantaneous shift | +200 | | +200 | | 2.0 | | | 6.2 | | | n/a |
-200 bps instantaneous shift | -200 | | -200 | | (5.4) | | | (6.9) | | | n/a |
Flatteners | | | | | | | | | |
Short-end instantaneous change | +100 | | — | | | 1.1 | | | 2.8 | | | 3.2 | |
| | | | | | | | | |
Long-end instantaneous change | — | | | -100 | | (0.1) | | | (0.4) | | | (0.3) | |
Steepeners | | | | | | | | | |
| | | | | | | | | |
Short-end instantaneous change | -100 | | | — | | | (2.1) | | | (2.9) | | | (2.8) | |
Long-end instantaneous change | — | | | +100 | | 0.1 | | | 0.3 | | | 0.3 | |
(1)Dynamic Deposit sensitivity reflects behavioral customer deposit balance changes that could occur under various scenarios while Static Deposits assumes no deposit balance change.
n/a=not applicable
We continue to be asset sensitive to a parallel upward move in interest rates with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates negatively impact the fair value of our debt securities classified as available for sale and adversely affect accumulated OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital would be reduced over time by offsetting positive impacts to net interest income generated from banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 49.
As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The sensitivity analysis in Table 44 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. Beginning in the second quarter of 2024, the sensitivity analysis incorporates potential movements in customer behavior that could result in changes in both total customer deposit balances and deposit balance mix, (e.g., interest bearing versus noninterest bearing), under the various interest rate scenarios. In higher rate scenarios, the analysis assumes that a portion of low-cost or noninterest-bearing deposits are replaced with higher yielding deposits or market-based funding. Conversely, in lower rate scenarios, the analysis assumes that a portion of higher yielding deposits or market-based funding are replaced with low-cost or noninterest-bearing deposits.
For larger interest rate scenarios, the interest rate sensitivity may behave in a non-linear manner as there are numerous estimates and assumptions, which require a high degree of judgment and are often interrelated, that could impact the outcome. Pertaining to the mortgage-backed securities and residential mortgage portfolio, if long-end interest rates were to significantly decrease over the next twelve months, for example over 200 bps, there would generally be an increase in customer prepayment behaviors with an incremental reduction to net interest income, noting that the extent of changes in customer prepayment activity can be impacted by multiple factors and is not necessarily limited to long-end interest rates. Conversely, if long-end interest rates were to significantly increase over the next twelve months, for example, over 200 bps, customer prepayments would likely modestly decrease and result in an incremental increase to net interest income. In addition, deposit pricing is rate sensitive in nature. This sensitivity is assumed to have non-linear impacts to larger short-end rate movements. In
decreasing interest rate scenarios, and particularly where interest rates have decreased to small amounts, the ability to further reduce rates paid is reduced as customer rates near zero. In higher short-end rate scenarios, deposit pricing will likely increase at a faster rate, leading to incremental interest expense and reducing asset sensitivity. While the impact related to the above assumptions used in the asset sensitivity analysis can provide directional analysis on how net interest income will be impacted in changing environments, the ultimate impact is dependent upon the interrelationship of the assumptions and factors, which vary in different macroeconomic scenarios.
Economic Value of Equity
In addition to interest rate sensitivity described above, the Corporation’s management of its interest rate exposures in the banking book also considers a long-term view of interest rate sensitivity through the measurement of Economic Value of Equity (EVE). EVE captures changes in the net present value of banking book assets and liabilities under various interest rate scenarios and its impact to Tier 1 capital. Similar to net interest income, the Corporation establishes limits for EVE. EVE is largely driven by the Corporation’s longer duration fixed-rate products, such as investment securities, residential mortgages and deposits. For assets or liabilities that have no stated maturity, such as deposits, the Corporation estimates the duration for measurement purposes.
Interest Rate and Foreign Exchange Derivative Contracts
We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.
The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 44. The Corporation also uses foreign currency derivatives
in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.
Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is not significant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.
Mortgage Banking Risk Management
We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Interest rate risk and market risk can be substantial in the mortgage business. Changes in interest rates and other market factors impact the volume of mortgage originations. Changes in interest rates also impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage LHFS between the date of the IRLC and the date the loans are sold to the secondary market. An increase in mortgage interest rates typically leads to a decrease in the value of these instruments. Conversely, when there is an increase in interest rates, the value of the MSRs will increase driven by lower prepayment expectations. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities.
Compliance and Operational Risk Management
Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the Corporation arising from the failure of the Corporation to comply with the requirements of applicable LRRs and our internal policies and procedures (collectively, applicable LRRs). We are subject to comprehensive and evolving regulation under federal and state laws, rules and regulations in the U.S. and the laws of the various jurisdictions in which we operate, including those related to financial crimes and anti-money laundering, market conduct, trading activities, fair lending, privacy, data protection, development and use of AI, and unfair, deceptive or abusive acts or practices.
Operational risk is the risk of loss resulting from inadequate or failed internal processes or systems, people or external events, and includes legal risk. Operational risk may occur anywhere in the Corporation, including third-party business processes, and is not limited to operations functions. The Corporation faces a number of key operational risks including third-party risk, model risk, conduct risk, technology risk, information security risk and data risk. The pace of technological change, including in the field of AI, may heighten risks in those areas. Operational risk can result in financial losses and reputational impacts and is a component in
the calculation of total RWA used in the Basel 3 capital calculation. For more information on Basel 3 calculations, see Capital Management on page 48.
FLUs and control functions are first and foremost responsible for managing all aspects of their businesses, including their compliance and operational risk. FLUs and control functions are required to understand their business processes and related risks and controls, including third-party dependencies and the related regulatory requirements, and monitor and report on the effectiveness of the control environment. In order to actively monitor and assess the performance of their processes and controls, they must conduct comprehensive quality assurance activities and identify issues and risks to remediate control gaps and weaknesses. FLUs and control functions must also adhere to compliance and operational risk appetite limits to meet strategic, capital and financial planning objectives. Finally, FLUs and control functions are responsible for the proactive identification, management and escalation of compliance and operational risks across the Corporation. Collectively, these efforts are important to strengthen their compliance and operational resiliency, which is the ability to deliver critical operations through disruption. To address AI-related risks, we have implemented internal processes and governance frameworks. These measures help with regulatory compliance and responsible use of AI across our operations.
Global Compliance and Operational Risk teams independently assess compliance and operational risk, monitor business activities and processes and evaluate FLUs and control functions for adherence to applicable LRRs, including identifying issues and risks, and reporting on the state of the control environment. Corporate Audit provides an independent assessment and validation through testing of key compliance and operational risk processes and controls across the Corporation.
The Corporation's Global Compliance – Enterprise Policy and Operational Risk Management – Enterprise Policy set the requirements for reporting compliance and operational risk information to executive management as well as the Board or appropriate Board-level committees and reflect Global Compliance and Operational Risk’s responsibilities for conducting independent oversight of the Corporation’s compliance and operational risk management activities. The Board provides oversight of compliance risk through its Audit Committee and the ERC, and operational risk through its ERC.
Cybersecurity
Risk Management and Strategy
Cybersecurity is a key operational risk facing the Corporation. We, our employees, customers, regulators and third parties are ongoing targets of an increasing number of cybersecurity threats and cyberattacks and, accordingly, the Corporation devotes considerable resources to the establishment and maintenance of processes for assessing, identifying and managing cybersecurity risk through its global workforce and 24/7 cyber operations centers around the world. The Corporation takes a cross-functional approach to addressing cybersecurity risk, with our Global Technology, Global Risk Management, Legal and Corporate Audit functions playing key roles. In addition, the Corporation’s processes related to cybersecurity risk are an element of and integrated with the Corporation’s comprehensive risk program, including our risk framework. For more information on the Corporation’s Cybersecurity risk, see Item 1A. Risk Factors – Business Operations beginning on page 14. For more
information on our approach to risk management, including our risk management governance framework, see Managing Risk on page 45.
As part of the Corporation’s overall risk management program, the Corporation’s Global Information Security (GIS) Program is supported by three lines of defense. As the first line of defense, the GIS team is responsible for the day-to-day management of the GIS Program, which includes defining policies and procedures designed to safeguard the Corporation’s information systems and the information those systems collect, process, maintain, use, share, disseminate and dispose of. As the second line of defense, Global Compliance and Operational Risk independently assesses, monitors and tests cybersecurity risk across the Corporation, as well as the effectiveness of the GIS Program. As the third line of defense, Corporate Audit conducts additional independent review and validation of the first-line and second-line processes and functions.
The Corporation seeks to mitigate cybersecurity risk and associated legal, financial, reputational, operational and/or regulatory risks by employing a multi-faceted GIS Program, through various policies and procedures, that are focused on governing, preparing for, identifying, preventing, detecting, mitigating, responding to and recovering from cybersecurity threats and incidents suffered by the Corporation and its third-party service providers, as well as effectively operating the Corporation’s processes. Our business continuity policies and procedures are designed to maintain the availability of business functions and enable impacted units within the Corporation and its third-party service providers to achieve strategic objectives in the event of a cybersecurity incident. In accordance with the Corporation’s cyber incident response framework, GIS, including its incident response team, tracks, documents, responds to and analyzes cybersecurity threats and cybersecurity incidents, including those experienced by the Corporation’s third-party service providers that may impact the Corporation. Additionally, the Corporation has a process for assembling multi-stakeholder executive response teams to monitor and coordinate cross-functional responses to certain cybersecurity incidents.
As part of the GIS Program, the Corporation leverages both internal and external assessments and industry partnerships. The Corporation engages third-party assessors, consultants, auditors and other third-party professionals to evaluate and test its cybersecurity program and provide guidance on operating and improving the GIS Program, including the design and operational effectiveness of the security and resiliency of our information systems.
The Corporation focuses on and has processes to oversee cybersecurity risk associated with its third-party service providers. As part of its cybersecurity risk management processes, the Corporation maintains an enterprise-wide program that defines standards for the planning, sourcing, management, and oversight of third-party relationships and third-party access to its information system, facilities, and/or confidential or proprietary data. The Corporation has established security requirements applicable to third-party service providers, and where permitted by contract, cybersecurity diligence is conducted to assess the alignment of third-party service providers’ cybersecurity programs with the Corporation’s cybersecurity requirements.
While we and our third parties have experienced cybersecurity incidents, as well as adverse impacts from such incidents, we have not experienced material losses or other material consequences relating to cybersecurity incidents experienced by us or our third parties. However, we expect to
continue to experience cybersecurity incidents resulting in adverse impacts with increased frequency and severity due to the evolving threat environment including the increasing use of AI, such as generative AI and machine learning, for cybersecurity threat and cyberattack purposes, and there can be no assurance that future cybersecurity incidents, including incidents experienced by our third parties, will not have a material adverse impact on the Corporation, including its business strategy, results of operations and/or financial condition.
Governance
Through established governance structures, the Corporation has policies and procedures to help facilitate oversight of cybersecurity risk. In accordance with these policies and procedures, the Corporation’s three lines of defense, and management, strive to prepare for, identify, prevent, detect, mitigate, respond to and recover from cybersecurity threats and incidents, monitor performance, and escalate to executive management, the committees of the Corporation’s Board and/or to the Board, as appropriate. Additionally, GIS reports cybersecurity incidents that meet certain criteria to the Legal Department for evaluation of materiality and potential escalation and disclosure, which includes the consideration of relevant quantitative and qualitative factors.
The Board is actively engaged in the oversight of the GIS Program and devotes time and attention to the oversight and mitigation of cybersecurity risk. The Board, which includes members with technology and cybersecurity experience, oversees management’s approach to staffing and the policies and procedures to address cybersecurity risk. The Board and its ERC, which is responsible for reviewing cybersecurity risk, each receive regular presentations, memoranda and reports from our Chief Technology and Information Officer (CTIO) and our Chief Information Security Officer (CISO) on internal and external cybersecurity developments, threats and risks.
The Board receives prompt and timely information from management on cybersecurity incidents, including cybersecurity incidents experienced by the Corporation’s third-party service providers, that may pose significant risk to the Corporation, and continues to receive regular reports on any such incidents until their conclusion. Additionally, the Board receives quarterly reports on the performance metrics for the GIS Program and the performance of the Corporation’s cybersecurity risk appetite metrics, including metrics on vulnerabilities and third-party cybersecurity risks and incidents, and is notified promptly if a Board-level cybersecurity risk limit is breached.
Our ERC also annually reviews and approves our GIS Program and our Information Security Policy, which establish administrative, technical, and physical safeguards designed to protect the security, confidentiality, availability and integrity of customer records and information in accordance with the Gramm-Leach-Bliley Act and the interagency guidelines issued thereunder, and applicable laws globally.
Under the Board’s oversight, management works closely with key stakeholders, including regulators, government agencies, law enforcement, peer institutions and industry groups, and develops and invests in talent and innovative technology in order to better manage cybersecurity risk.
Our most senior cybersecurity employees are the CTIO and CISO, who are primarily responsible for managing and assessing cybersecurity risk. The CISO oversees a team of more than 3,400 information security professionals spanning the globe. The CISO and the GIS senior leadership team have deep cybersecurity expertise, with over 200 years of collective
experience working in the cybersecurity field, at the Corporation, in government, and other companies in various industries. Additionally, certain members of the GIS leadership team hold leadership roles in sector-specific information and infrastructure security organizations, including the Financial Services Information Sharing and Analysis Center and the Financial Services Sector Coordinating Council. Employees across the Corporation also play a role in protecting the Corporation from cybersecurity threats and receive periodic training and education on cybersecurity-related topics.
Reputational Risk Management
Reputational risk is the risk that negative perception of the Corporation may adversely impact profitability or operations. Reputational risk may result from many of the Corporation’s activities, including those related to the management of strategic, operational, compliance, liquidity, market (price and interest rate) and credit risks.
The Corporation manages reputational risk through established policies and controls embedded throughout its business and risk management processes. We proactively monitor and identify potential reputational risk events and have processes established to mitigate reputational risks in a timely manner. If reputational risk events occur, we focus on remediating the underlying issue and taking action to minimize damage to the Corporation’s reputation. The Corporation has processes in place to respond to events that give rise to reputational risk, including educating, using policy influencers and implementing communication strategies, as applicable, to mitigate the impact. The Corporation’s organization and governance structure provides oversight of reputational risks through management and Board or Board committees. Each FLU has a MRC that is responsible for the oversight of reputational risk, including approval for business activities that present elevated levels of reputational risks. Additionally, reputational risk reporting is provided to senior management and the Board regularly.
Climate Risk Management
Climate risk is divided into two major categories, both of which span the seven key risk types discussed in Managing Risk on page 45: (1) Physical Risk: risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) Transition Risk: risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes.
Physical risks of climate change, such as more frequent and severe extreme weather events, can increase the Corporation’s risks, including credit risk by diminishing borrowers’ repayment capacity or collateral values, and operational risk by negatively impacting the Corporation’s facilities, employees, or third parties. Transition risks of climate change may amplify credit risks through the financial impacts of changes in policy, technology or the market on the Corporation or our counterparties. Unanticipated market changes can lead to sudden price adjustments and give rise to heightened market risk.
Our approach to managing climate risk is consistent with our risk management governance structure, from senior management to our Board and its committees, including the ERC and the Corporate Governance, ESG and Sustainability Committee (CGESC) of the Board, which regularly discuss climate-related topics. The ERC oversees climate risk as set
forth in our Risk Framework and Risk Appetite Statement. The CGESC is responsible for overseeing the Corporation’s environmental and sustainability-related activities and practices, and regularly reviews the Corporation’s climate-related policies and practices.
Our Climate Risk Council consists of leaders across risk, FLU and control functions, and meets routinely to discuss our approach to managing climate-related risks. Our climate risk management efforts are overseen by an officer who reports to the CRO. The Corporation has a Climate and Environmental Risk Management function that is responsible for overseeing climate risk management. They are responsible for establishing the Climate Risk Framework (described below) and governance structure, and providing an independent assessment of enterprise-wide climate risks.
Based on the Corporation’s Risk Framework, we created our internal Climate Risk Framework, which addresses various global climate-related laws, rules, regulations and guidance. The framework describes how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes, includes examples of how climate risk manifests across the seven risk types, and details the roles and responsibilities for climate risk management across our three lines of defense (i.e., FLUs, Global Risk Management and Corporate Audit).
For more information on our governance framework, see Managing Risk on page 45. For more information on climate risk, see Item 1A. Risk Factors on page 8. For more information on climate- and sustainability-related matters and their importance in supporting our customers and clients, see the Corporation’s website, including its 2024 Sustainability at Bank of America document. The contents of the Corporation’s website, including the 2024 Sustainability at Bank of America document, are not incorporated by reference into this Annual Report on Form 10-K.
Complex Accounting Estimates
Our significant accounting principles, as described in Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements, are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments.
The more judgmental estimates are summarized in the following discussion. We have identified and described the development of the variables most important in the estimation processes that involve mathematical models to derive the estimates. In many cases, there are numerous alternative judgments that could be used in the process of determining the inputs to the models. Where alternatives exist, we have used the factors that we believe represent the most reasonable value in developing the inputs. Actual performance that differs from our estimates of the key variables could materially impact our results of operations. Separate from the possible future impact to our results of operations from input and model variables, the value of our lending portfolio and market-sensitive assets and liabilities may change subsequent to the balance sheet date, often significantly, due to the nature and magnitude of future credit and market conditions. Such credit and market conditions may change quickly and in unforeseen ways and the resulting volatility could have a significant, negative effect on future operating results. These fluctuations would not be indicative of deficiencies in our models or inputs.
Allowance for Credit Losses
The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. Our process for determining the allowance for credit losses is discussed in Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
The determination of the allowance for credit losses is based on numerous estimates and assumptions, which require a high degree of judgment and are often interrelated. A critical judgment in the process is the weighting of our forward-looking macroeconomic scenarios that are incorporated into our quantitative models. As any one economic outlook is inherently uncertain, the Corporation uses multiple macroeconomic scenarios in its expected credit losses (ECL) calculation, which have included a baseline scenario derived from consensus estimates, an adverse scenario reflecting a moderate recession, a downside scenario reflecting continued inflation and interest rates above the baseline scenario, a tail risk scenario similar to the severely adverse scenario used in stress testing and an upside scenario that considers the potential for improvement above the baseline scenario. The overall economic outlook is weighted to reflect a moderate growth environment, with lower gross domestic product (GDP) growth and higher unemployment rate expectations as compared to what we experienced in 2024. Generally, as the consensus estimates improve or deteriorate, the allowance for credit losses will change in a similar direction.
There are multiple variables that drive the macroeconomic scenarios with the key variables including, but not limited to, U.S. real GDP and unemployment rates. As of December 31, 2024, the latest consensus estimate for the U.S. average unemployment rate for the fourth quarter of 2024 was 4.2 percent, and U.S. real GDP was forecasted to grow 2.4 percent year-over-year in the fourth quarter of 2024, reflecting a strong labor market and steady growth compared to our macroeconomic outlook as of December 31, 2023, and were factored into our allowance for credit losses estimate as of December 31, 2024. In addition, the table below presents the weighted macroeconomic outlook for U.S. average unemployment rate and U.S. real GDP.
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Table 45 | Key Allowance Variables |
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| | Quarterly Average |
| | 4Q Year 1 (1) | 4Q Year 2 (1) |
U.S. Unemployment | | |
December 31, 2023 forecast | 4.9 | % | 4.9 | % |
December 31, 2024 forecast | 4.8 | | 4.7 | |
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| | Year-Over-Year |
| | 4Q Year 1 (1) | 4Q Year 2 (1) |
U.S. Real GDP Growth | | |
December 31, 2023 forecast | 0.3 | % | 1.4 | % |
December 31, 2024 forecast | 1.4 | | 1.8 | |
(1)Represents the forecasted weighted economic outlook one and two years out from the reporting date.
In addition to the above judgments and estimates, the allowance for credit losses can also be impacted by unanticipated changes in asset quality of the portfolio, such as increases or decreases in credit and/or internal risk ratings in our commercial portfolio, improvement or deterioration in borrower delinquencies or credit scores in our credit card portfolio and increases or decreases in home prices, which is a primary driver of LTVs, in our consumer real estate portfolio, all
of which have some degree of uncertainty. The allowance for credit losses decreased $215 million from $14.6 billion at December 31, 2023 to $14.3 billion at December 31, 2024, primarily due to a reserve release in our commercial portfolio due to a favorable macroeconomic environment and reduced exposure in our commercial real estate portfolio.
To provide an illustration of the sensitivity of the macroeconomic scenarios and other assumptions on the estimate of our allowance for credit losses, the Corporation compared the December 31, 2024 modeled ECL from the baseline scenario to our adverse scenario. Relative to the baseline scenario, the adverse scenario assumed a peak U.S. unemployment rate of over two percentage points higher than the baseline scenario, a decline in U.S. real GDP followed by a prolonged recovery and a lower home price outlook with a difference of approximately 19 percent at the trough. This sensitivity analysis resulted in a hypothetical increase in the allowance for credit losses of approximately $4.8 billion.
While the sensitivity analysis may be useful to consider how changes in certain macroeconomic assumptions could impact our baseline ECLs, it should not be relied upon as a forecast of how our allowance for credit losses is expected to change in a different macroeconomic outlook. Ultimately, the estimate of the allowance for credit losses is dependent upon a variety of potential factors including, but not limited to, qualitative assessments, weighting of alternate macroeconomic scenarios and changes in portfolio mix that would need to be considered comprehensively in determining the allowance for credit losses. Due to the uncertainty in predicting these factors, they are not incorporated into the sensitivity analysis.
Fair Value of Financial Instruments
Under applicable accounting standards, we are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. We classify fair value measurements of financial instruments and MSRs based on the three-level fair value hierarchy in the accounting standards.
The fair values of assets and liabilities may include adjustments, such as market liquidity and credit quality, where appropriate. Valuations of products using models or other techniques are sensitive to assumptions used for the significant inputs. Where market data is available, the inputs used for valuation reflect that information as of our valuation date. Inputs to valuation models are considered unobservable if they are supported by little or no market activity. In periods of extreme volatility, lessened liquidity or in illiquid markets, there may be more variability in market pricing or a lack of market data to use in the valuation process. In keeping with the prudent application of estimates and management judgment in determining the fair value of assets and liabilities, we have in place various processes and controls that include: a model validation policy that requires review and approval of quantitative models used for deal pricing, financial statement fair value determination and risk quantification; a trading product valuation policy that requires verification of all traded product valuations; and a periodic review and substantiation of daily profit and loss reporting for all traded products. Primarily through validation controls, we utilize both broker and pricing service inputs which can and do include both market-observable and internally-modeled values and/or valuation inputs. Our reliance on this information is affected by our understanding of how the broker and/or pricing service develops its data with a higher degree of reliance applied to those that are more directly observable and lesser reliance applied to those developed through their own
internal modeling. For example, broker quotes in less active markets may only be indicative and therefore less reliable. These processes and controls are performed independently of the business. For more information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option to the Consolidated Financial Statements.
Level 3 Assets and Liabilities
Financial assets and liabilities, and MSRs, where values are based on valuation techniques that require inputs that are both unobservable and are significant to the overall fair value measurement are classified as Level 3 under the fair value hierarchy established in applicable accounting standards. The fair value of these Level 3 financial assets and liabilities and MSRs is determined using pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value requires significant management judgment or estimation.
Level 3 financial instruments may be hedged with derivatives classified as Level 1 or 2; therefore, gains or losses associated with Level 3 financial instruments may be offset by gains or losses associated with financial instruments classified in other levels of the fair value hierarchy. The Level 3 gains and losses recorded in earnings did not have a significant impact on our liquidity or capital. We conduct a review of our fair value hierarchy classifications on a quarterly basis. Transfers into or out of Level 3 are made if the significant inputs used in financial models measuring the fair values of the assets and liabilities became unobservable or observable, respectively, in the current marketplace, or when previously insignificant unobservable and observable inputs become significant, respectively. For more information on transfers into and out of Level 3 during 2024, 2023 and 2022, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements.
Accrued Income Taxes and Deferred Tax Assets
Accrued income taxes, reported as a component of either other assets or accrued expenses and other liabilities on the Consolidated Balance Sheet, represent the net amount of current income taxes we expect to pay to or receive from various taxing jurisdictions attributable to our operations to date. We currently file income tax returns in more than 100 jurisdictions and consider many factors, including statutory, judicial and regulatory guidance, in estimating the appropriate accrued income taxes for each jurisdiction.
Net deferred tax assets, reported as a component of other assets on the Consolidated Balance Sheet, represent the net decrease in taxes expected to be paid in the future because of net operating loss (NOL) and tax credit carryforwards and because of future reversals of temporary differences in the
bases of assets and liabilities as measured by tax laws and their bases as reported in the financial statements. NOL and tax credit carryforwards result in reductions to future tax liabilities, and many of these attributes can expire if not utilized within certain periods. We consider the need for valuation allowances to reduce net deferred tax assets to the amounts that we estimate are more likely than not to be realized.
Consistent with the applicable accounting guidance, we monitor relevant tax authorities and change our estimates of accrued income taxes and/or net deferred tax assets due to changes in income tax laws and their interpretation by the courts and regulatory authorities. These revisions of our estimates, which also may result from our income tax planning and from the resolution of income tax audit matters, may be material to our operating results for any given period.
See Note 19 – Income Taxes to the Consolidated Financial Statements for a table of significant tax attributes and additional information. For more information, see Item 1A. Risk Factors – Regulatory, Compliance and Legal.
Goodwill and Intangible Assets
The nature of and accounting for goodwill and intangible assets are discussed in Note 1 – Summary of Significant Accounting Principles and Note 7 – Goodwill and Intangible Assets.
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Table 46 | Goodwill by Reporting Segment | | |
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| | December 31 |
(Dollars in millions) | 2024 | | 2023 |
Consumer Banking | $ | 30,137 | | | $ | 30,137 | |
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Global Wealth and Investment Management | 9,677 | | | 9,677 | |
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Global Banking | 24,026 | | | 24,026 | |
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Global Markets | 5,181 | | | 5,181 | |
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Total | $ | 69,021 | | | $ | 69,021 | |
We completed our annual goodwill impairment test as of June 30, 2024 by using a qualitative assessment. Factors considered in the qualitative assessment include, among others, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity and reporting-unit specific considerations. Based on our assessment, we have concluded that none of our reporting units are at risk of impairment, as each of the reporting units’ fair values are substantially in excess of their carrying values.
Certain Contingent Liabilities
For more information on the complex judgments associated with certain contingent liabilities, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Non-GAAP Reconciliations
Tables 47 and 48 provide reconciliations of certain non-GAAP financial measures to GAAP financial measures.
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Table 47 | Annual Reconciliations to GAAP Financial Measures (1) | | |
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(Dollars in millions, shares in thousands) | 2024 | | 2023 | | 2022 | | | | |
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Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity | | | | | | | | | |
Shareholders’ equity | $ | 294,014 | | | $ | 283,353 | | | $ | 270,299 | | | | | |
Goodwill | (69,021) | | | (69,022) | | | (69,022) | | | | | |
Intangible assets (excluding MSRs) | (1,961) | | | (2,039) | | | (2,117) | | | | | |
Related deferred tax liabilities | 866 | | | 893 | | | 922 | | | | | |
Tangible shareholders’ equity | $ | 223,898 | | | $ | 213,185 | | | $ | 200,082 | | | | | |
Preferred stock | (26,487) | | | (28,397) | | | (28,318) | | | | | |
Tangible common shareholders’ equity | $ | 197,411 | | | $ | 184,788 | | | $ | 171,764 | | | | | |
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Reconciliation of year-end shareholders’ equity to year-end tangible shareholders’ equity and year-end tangible common shareholders’ equity | | | | | | | | | |
Shareholders’ equity | $ | 295,559 | | | $ | 291,646 | | | $ | 273,197 | | | | | |
Goodwill | (69,021) | | | (69,021) | | | (69,022) | | | | | |
Intangible assets (excluding MSRs) | (1,919) | | | (1,997) | | | (2,075) | | | | | |
Related deferred tax liabilities | 851 | | | 874 | | | 899 | | | | | |
Tangible shareholders’ equity | $ | 225,470 | | | $ | 221,502 | | | $ | 202,999 | | | | | |
Preferred stock | (23,159) | | | (28,397) | | | (28,397) | | | | | |
Tangible common shareholders’ equity | $ | 202,311 | | | $ | 193,105 | | | $ | 174,602 | | | | | |
Reconciliation of year-end assets to year-end tangible assets | | | | | | | | | |
Assets | $ | 3,261,519 | | | $ | 3,180,151 | | | $ | 3,051,375 | | | | | |
Goodwill | (69,021) | | | (69,021) | | | (69,022) | | | | | |
Intangible assets (excluding MSRs) | (1,919) | | | (1,997) | | | (2,075) | | | | | |
Related deferred tax liabilities | 851 | | | 874 | | | 899 | | | | | |
Tangible assets | $ | 3,191,430 | | | $ | 3,110,007 | | | $ | 2,981,177 | | | | | |
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(1)Presents reconciliations of non-GAAP financial measures to GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 30.
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Table 48 | Quarterly Reconciliations to GAAP Financial Measures (1) |
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| | 2024 Quarters | | 2023 Quarters |
(Dollars in millions) | Fourth | | Third | | Second | | First | | Fourth | | Third | | Second | | First |
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Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity | | | | | | | | | | | | | | | |
Shareholders’ equity | $ | 295,134 | | | $ | 294,985 | | | $ | 293,403 | | | $ | 292,511 | | | $ | 288,618 | | | $ | 284,975 | | | $ | 282,425 | | | $ | 277,252 | |
Goodwill | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,022) | | | (69,022) | |
Intangible assets (excluding MSRs) | (1,932) | | | (1,951) | | | (1,971) | | | (1,990) | | | (2,010) | | | (2,029) | | | (2,049) | | | (2,068) | |
Related deferred tax liabilities | 859 | | | 864 | | | 869 | | | 874 | | | 886 | | | 890 | | | 895 | | | 899 | |
Tangible shareholders’ equity | $ | 225,040 | | | $ | 224,877 | | | $ | 223,280 | | | $ | 222,374 | | | $ | 218,473 | | | $ | 214,815 | | | $ | 212,249 | | | $ | 207,061 | |
Preferred stock | (23,493) | | | (25,984) | | | (28,113) | | | (28,397) | | | (28,397) | | | (28,397) | | | (28,397) | | | (28,397) | |
Tangible common shareholders’ equity | $ | 201,547 | | | $ | 198,893 | | | $ | 195,167 | | | $ | 193,977 | | | $ | 190,076 | | | $ | 186,418 | | | $ | 183,852 | | | $ | 178,664 | |
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Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity | | | | | | | | | | | | | | | |
Shareholders’ equity | $ | 295,559 | | | $ | 296,512 | | | $ | 293,892 | | | $ | 293,552 | | | $ | 291,646 | | | $ | 287,064 | | | $ | 283,319 | | | $ | 280,196 | |
Goodwill | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,022) | |
Intangible assets (excluding MSRs) | (1,919) | | | (1,938) | | | (1,958) | | | (1,977) | | | (1,997) | | | (2,016) | | | (2,036) | | | (2,055) | |
Related deferred tax liabilities | 851 | | | 859 | | | 864 | | | 869 | | | 874 | | | 886 | | | 890 | | | 895 | |
Tangible shareholders’ equity | $ | 225,470 | | | $ | 226,412 | | | $ | 223,777 | | | $ | 223,423 | | | $ | 221,502 | | | $ | 216,913 | | | $ | 213,152 | | | $ | 210,014 | |
Preferred stock | (23,159) | | | (24,554) | | | (26,548) | | | (28,397) | | | (28,397) | | | (28,397) | | | (28,397) | | | (28,397) | |
Tangible common shareholders’ equity | $ | 202,311 | | | $ | 201,858 | | | $ | 197,229 | | | $ | 195,026 | | | $ | 193,105 | | | $ | 188,516 | | | $ | 184,755 | | | $ | 181,617 | |
Reconciliation of period-end assets to period-end tangible assets | | | | | | | | | | | | | | | |
Assets | $ | 3,261,519 | | | $ | 3,324,293 | | | $ | 3,257,996 | | | $ | 3,273,803 | | | $ | 3,180,151 | | | $ | 3,153,090 | | | $ | 3,123,198 | | | $ | 3,194,657 | |
Goodwill | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,021) | | | (69,022) | |
Intangible assets (excluding MSRs) | (1,919) | | | (1,938) | | | (1,958) | | | (1,977) | | | (1,997) | | | (2,016) | | | (2,036) | | | (2,055) | |
Related deferred tax liabilities | 851 | | | 859 | | | 864 | | | 869 | | | 874 | | | 886 | | | 890 | | | 895 | |
Tangible assets | $ | 3,191,430 | | | $ | 3,254,193 | | | $ | 3,187,881 | | | $ | 3,203,674 | | | $ | 3,110,007 | | | $ | 3,082,939 | | | $ | 3,053,031 | | | $ | 3,124,475 | |
(1)Presents reconciliations of non-GAAP financial measures to GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 30.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 74 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.
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Item 8. Financial Statements and Supplementary Data |
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Table of Contents |
Report of Management on Internal Control Over Financial Reporting
The management of Bank of America Corporation is responsible for establishing and maintaining adequate internal control over financial reporting.
The Corporation’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Corporation’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Corporation’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2024 based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013). Based on that assessment, management concluded that, as of December 31, 2024, the Corporation’s internal control over financial reporting is effective.
The Corporation’s internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers, LLP, an independent registered public accounting firm, as stated in their accompanying report which expresses an unqualified opinion on the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2024.
Brian T. Moynihan
Chair, Chief Executive Officer and President
Alastair M. Borthwick
Chief Financial Officer
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Bank of America Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Bank of America Corporation and its subsidiaries (the “Corporation”) as of December 31, 2024 and 2023, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Corporation's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Corporation’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Corporation’s consolidated financial statements and on the Corporation's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Allowance for Loan and Lease Losses - Commercial and Consumer Card Loans
As described in Notes 1 and 5 to the consolidated financial statements, the allowance for loan and lease losses represents management’s estimate of the expected credit losses in the Corporation’s loan and lease portfolio, excluding loans and unfunded lending commitments accounted for under the fair value option. As of December 31, 2024, the allowance for loan and lease losses was $13.2 billion on total loans and leases of $1,091.6 billion, which excludes loans accounted for under the fair value option. For commercial and consumer card loans, the expected credit loss is typically estimated using quantitative methods that consider a variety of factors such as historical
loss experience, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. In its loss forecasting framework, the Corporation incorporates forward looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads. The scenarios that are chosen and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. Also included in the allowance for loan and lease losses are qualitative reserves to cover losses that are expected but, in the Corporation's assessment, may not be adequately reflected in the quantitative methods or the economic assumptions. Factors that the Corporation considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, the Corporation considers the inherent uncertainty in quantitative models that are built on historical data.
The principal considerations for our determination that performing procedures relating to the allowance for loan and lease losses for the commercial and consumer card portfolios is a critical audit matter are (i) the significant judgment and estimation by management in developing lifetime economic forecast scenarios and related weightings to each scenario, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and in evaluating audit evidence obtained, and (ii) the audit effort involved professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the allowance for loan and lease losses, including controls over the evaluation and approval of models, forecast scenarios and related weightings, and qualitative reserves. These procedures also included, among others, testing management’s process for estimating the allowance for loan and lease losses, including (i) evaluating the appropriateness of the loss forecast models and methodology, (ii) evaluating the reasonableness of certain macroeconomic variables, (iii) evaluating the reasonableness of management’s development, selection and weighting of lifetime economic forecast scenarios used in the loss forecast models, (iv) testing the completeness and accuracy of data used in the estimate, and (v) evaluating the reasonableness of certain qualitative reserves made to the model output results to determine the overall allowance for loan and lease losses. The procedures also included the involvement of professionals with specialized skill and knowledge to assist in evaluating the appropriateness of certain loss forecast models, the reasonableness of economic forecast scenarios
and related weightings and the reasonableness of certain qualitative reserves.
Valuation of Certain Level 3 Financial Instruments
As described in Notes 1 and 20 to the consolidated financial statements, the Corporation carries certain financial instruments at fair value, which includes $10.0 billion of assets and $6.3 billion of liabilities classified as Level 3 fair value measurements that are valued on a recurring basis and $3.1 billion of assets classified as Level 3 fair value measurements that are valued on a nonrecurring basis, for which the determination of fair value requires significant management judgment or estimation. The Corporation determines the fair value of Level 3 financial instruments using pricing models, discounted cash flow methodologies, or similar techniques that require inputs that are both unobservable and are significant to the overall fair value measurement. Unobservable inputs, such as volatility or implied yield, may be determined using quantitative-based extrapolations, pricing models or other internal methodologies which incorporate management estimates and available market information.
The principal considerations for our determination that performing procedures relating to the valuation of certain Level 3 financial instruments is a critical audit matter are the significant judgment and estimation used by management to determine the fair value of these financial instruments, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and in evaluating audit evidence obtained, including the involvement of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of financial instruments, including controls related to valuation models, significant unobservable inputs, and data. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent estimate of fair value for a sample of these certain financial instruments and comparison of management’s estimate to the independently developed estimate of fair value. Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating the reasonableness of management’s significant unobservable inputs.
Charlotte, North Carolina
February 25, 2025
We have served as the Corporation’s auditor since 1958.
Bank of America Corporation and Subsidiaries
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Consolidated Statement of Income |
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(In millions, except per share information) | | | | | 2024 | | 2023 | | 2022 |
Net interest income | | | | | | | | | |
Interest income | | | | | $ | 146,607 | | | $ | 130,262 | | | $ | 72,565 | |
Interest expense | | | | | 90,547 | | | 73,331 | | | 20,103 | |
Net interest income | | | | | 56,060 | | | 56,931 | | | 52,462 | |
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Noninterest income | | | | | | | | | |
Fees and commissions | | | | | 36,291 | | | 32,009 | | | 33,212 | |
Market making and similar activities | | | | | 12,967 | | | 12,732 | | | 12,075 | |
Other income (loss) | | | | | (3,431) | | | (3,091) | | | (2,799) | |
Total noninterest income | | | | | 45,827 | | | 41,650 | | | 42,488 | |
Total revenue, net of interest expense | | | | | 101,887 | | | 98,581 | | | 94,950 | |
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Provision for credit losses | | | | | 5,821 | | | 4,394 | | | 2,543 | |
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Noninterest expense | | | | | | | | | |
Compensation and benefits | | | | | 40,182 | | | 38,330 | | | 36,447 | |
Occupancy and equipment | | | | | 7,289 | | | 7,164 | | | 7,071 | |
Information processing and communications | | | | | 7,231 | | | 6,707 | | | 6,279 | |
Product delivery and transaction related | | | | | 3,494 | | | 3,608 | | | 3,653 | |
Professional fees | | | | | 2,669 | | | 2,159 | | | 2,142 | |
Marketing | | | | | 1,956 | | | 1,927 | | | 1,825 | |
Other general operating | | | | | 3,991 | | | 5,950 | | | 4,021 | |
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Total noninterest expense | | | | | 66,812 | | | 65,845 | | | 61,438 | |
Income before income taxes | | | | | 29,254 | | | 28,342 | | | 30,969 | |
Income tax expense | | | | | 2,122 | | | 1,827 | | | 3,441 | |
Net income | | | | | $ | 27,132 | | | $ | 26,515 | | | $ | 27,528 | |
Preferred stock dividends | | | | | 1,629 | | | 1,649 | | | 1,513 | |
Net income applicable to common shareholders | | | | | $ | 25,503 | | | $ | 24,866 | | | $ | 26,015 | |
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Per common share information | | | | | | | | | |
Earnings | | | | | $ | 3.25 | | | $ | 3.10 | | | $ | 3.21 | |
Diluted earnings | | | | | 3.21 | | | 3.08 | | | 3.19 | |
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Average common shares issued and outstanding | | | | | 7,855.5 | | | 8,028.6 | | | 8,113.7 | |
Average diluted common shares issued and outstanding | | | | | 7,935.8 | | | 8,080.5 | | | 8,167.5 | |
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Consolidated Statement of Comprehensive Income | | |
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(Dollars in millions) | | | | | 2024 | | 2023 | | 2022 |
Net income | | | | | $ | 27,132 | | | $ | 26,515 | | | $ | 27,528 | |
Other comprehensive income (loss), net-of-tax: | | | | | | | | | |
Net change in debt securities | | | | | 158 | | | 573 | | | (6,028) | |
Net change in debit valuation adjustments | | | | | (127) | | | (686) | | | 755 | |
Net change in derivatives | | | | | 2,428 | | | 3,919 | | | (10,055) | |
Employee benefit plan adjustments | | | | | 131 | | | (439) | | | (667) | |
Net change in foreign currency translation adjustments | | | | | (87) | | | 1 | | | (57) | |
Other comprehensive income (loss) | | | | | 2,503 | | | 3,368 | | | (16,052) | |
Comprehensive income (loss) | | | | | $ | 29,635 | | | $ | 29,883 | | | $ | 11,476 | |
See accompanying Notes to Consolidated Financial Statements.
Bank of America Corporation and Subsidiaries
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Consolidated Balance Sheet |
| | December 31 |
(Dollars in millions) | December 31 2024 | | December 31 2023 |
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Assets | | | |
Cash and due from banks | $ | 26,003 | | | |