Bank of America : 2025 Annual Report
BAC
Published on 04/15/2026 at 07:08 am EDT
annual report 2025
TABLE OF CONTENTS
Company Performance and Heritage
Our Eight Lines of Business
Delivering Growth and Serving All Constituents
Human Capital Management Update
Additional Company Information
BANK OF AMERICA 2025 | 1
A letter from Chair and CEO Brian Moynihan
To our shareholders,
On behalf of our Board of Directors, our Executive Management Team and my more than 213,000 Bank of America teammates, I'm proud to share this year's Annual Report, which details how we continued to successfully deliver returns and innovate for our clients, for the communities in which we operate around the world, for our teammates and for our shareholders. It also offers
an opportunity to tell you how we've been investing for the future.
In approaching everything we do, we start with a simple, but powerful, question: What would you like the power to doị This is something we ask our clients every day, because simply we need to know what they need. Our ability to help them achieve
their goals in a holistic and integrated way depends upon a deep understanding of them. Our role is to provide the tools, advice and support that empower our clients to succeed.
Continuing benefits of Responsible Growth
We had another strong year in 2025. We generated revenue of
$113.1 billion and earned $30.5 billion in net income, or $3.81 per diluted share, reflecting broad-based strength across the company.
revenue in 2025 - up 7% year over year (YoY)
net income in 2025 - up 13% YoY
per diluted share in 2025 - up 19% YoY
Our performance demonstrates the strength of our leading banking franchise and the advantages of our balanced business model and our leading market positions. It also highlights how we set ourselves apart by Delivering One Company to clients - seamlessly bringing together capabilities and expertise across our lines of business to grow and create value.
Our commitment to Responsible Growth has made this success possible. The factors that have enabled us to succeed - our platforms, our talent, our technology, our global reach and our local impact - take significant time, effort and investment to innovate, develop and maintain. By focusing on the principles that drive Responsible Growth, we've balanced risk and reward and managed costs appropriately to deliver strong earnings, capital returns and support for all who need us to ensure their success.
Everything we do is built on a set of foundational beliefs:
We believe in a client-focused business model leveraging industry-leading capabilities across integrated world-class businesses and scaled support platforms.
We believe in the power of delivering global scale on a disciplined local basis.
We believe the next decade in financial services will continue to be defined by technology leadership fueled by continuous investments in both high-tech and high-touch capabilities.
We believe our focus on driving organic growth, while managing risk and expense with discipline, will drive greater long-term shareholder value, through strong profitability and capital management.
All of my teammates know that we must continue to grow and win in the marketplace - no excuses. To do that, we have to make the right investments in people, brand and technology for the future.
As we execute on these beliefs, we will continue to be a company that grows your investment in us - our tangible book value per share - on a consistent basis, and we will continue to deliver returns and results with an understanding of risks
that permits us to withstand changing economic and regulatory landscapes, armed conflicts, pandemics and other external factors that may drive different economic outcomes.
BANK OF AMERICA 2025 | 3
COMPANY
PERFORMANCE AND HERITAGE
2 | BANK OF AMERICA 2025
Bank of America - who we are
We go to market through eight world-class lines of business: Consumer Banking (comprised of Retail Banking and Preferred Banking); Global Wealth & Investment Management (comprised of Merrill and The Private Bank); Global Banking (comprised
of Business Banking, Global Commercial Banking and Global Corporate & Investment Banking); and Global Markets.
Each line of business is built to serve a distinct client group and uses a differentiated model tailored to meet that group's specific needs. Each, on a standalone basis, is a top business in the U.S. and, where applicable, worldwide. The business lines also understand they must collaborate across business lines - sharing insights, coordinating strategies and providing a seamless client experience.
Our consumer banking and wealth management businesses serve people across the U.S. for their entire financial lives, regardless of their individual circumstances at any particular time. Our products and capabilities are designed to serve clients anywhere on the economic continuum, from mass market consumers to ultra-high-net-worth individuals. We can grow with our clients as their needs evolve, offering customized world-class solutions at every stage of their financial journeys. And through our wide range of services, we offer individuals the opportunity to increase their financial literacy, build better financial futures, make their lives more affordable and keep their goals within reach. We are a recognized market leader: No. 1 in U.S. consumer deposits;1 No. 1 small business lender;1 No. 1 on Barron's Top 1,200 Financial Advisors list; and No. 1 in managed personal trust assets.1
For our business clients, we're uniquely positioned across the full spectrum from startups to global multinationals. As the U.S.' leading small business lender, small businesses - a critical engine of the economy - borrow more from us than anyone else. We also have a top leadership position with U.S.
middle-market companies, helping them grow, manage risk and
1 Based on September 2025 Federal Financial Institutions Examination Council (FFIEC) call reports
expand into new markets both in the U.S. and in other select countries globally. And we provide many of the world's largest multinational organizations (whether headquartered inside or outside the U.S.) with comprehensive lending, treasury, strategic advisory and capital markets solutions. In 2025, we were once again a recognized market leader: No. 1 in U.S. commercial loans1 and "top 5" in nine of ten capital markets products globally.
Our Global Markets business serves investors worldwide with research, sales and trading execution, and risk management.
We also offer client support that includes some of the most scaled and sophisticated platforms in the world. Our leading research platform - ranked No. 2 - covers more than 3,500 companies and provides insight on currencies, commodities, economies and many other asset classes. They provide relevant, actionable information to clients across our lines of business.
You can read more about how we deliver research to help clients reach their investment goals on page 33. Our Global Payments Solutions business offers a comprehensive set of payments solutions for the financial transaction and cash management needs of governments, individuals, companies and institutions. We move trillions of dollars for our clients worldwide every day 24/7, real time, across most currencies.
Our Workplace Benefits™ and Employee Banking & Investing (EBI) platforms offer meaningful solutions to both our business and consumer clients. Through Workplace Benefits, we are
a leader in 401(k) plans, stock plans and pensions for our commercial clients' employees. Our EBI program delivers additional workplace benefits and solutions to our corporate and commercial clients' employees, including financial education, banking, borrowing and investing options, as well as - in most cases - access to our award-winning Bank of America Rewards® program, which provides exclusive advantages based on the ways clients save, borrow and invest with us. In 2025, we added
1.8 million eligible employees across 272 companies to the EBI program, growing participation to more than 900 companies with nearly seven million eligible employees since the program's inception. EBI is one of the many ways we connect with both business and consumer clients to meet their financial needs, no matter where on the business or personal spectrum they may be.
Ultimately, we offer clients the powerful expertise of a single team working together, as we seamlessly Deliver One
Company - an advantage that few competitors can match. We provide integrated global technology and operations capabilities that enable secure and seamless client experiences worldwide through innovative, resilient and differentiated digital solutions. Because we are built to scale, no matter how many times a client may want to interact with us, our technology enables that without substantial additional costs. Structuring our operations in this way also enhances our efficiency and responsiveness, better aligns us with client priorities and strengthens our ability to manage risk.
We offer clients the powerful expertise of a single team working together, as we seamlessly Deliver One Company.
Our Board
Everything we do also requires the leadership of a dedicated Board of Directors. I thank each of them for their efforts in helping Bank of America remain strong both today and into the future. I also want to separately acknowledge two longstanding directors who will be retiring from the Board at the 2026 annual meeting - Pierre J.P. de Weck, who joined in 2013, and Linda P. Hudson, who joined in 2012. When Pierre and Linda joined our board, the recovery from the financial crisis was in full swing and they leaned in to help us drive the company. Each has made significant contributions to the oversight of your company and helping us become the powerhouse we are today, and we wish them well in their next chapters.
A perspective on this year's results from our Lead Independent Director Lionel Nowell can be found on page 11, and information about our leadership team is available on pages 16-17.
Empowering those we serve
We continue to emphasize a business model designed to deliver what clients value most, through both integrated, world-class platforms and a balance of high-tech and high-touch capabilities. This approach reflects our belief that long-term, sustainable growth comes from deepening and expanding each client relationship. As we bring our global scale to clients at
CORE INDIVIDUAL
transactional accounts
a local level, the core relationship remains paramount - and delivering consistently excellent service is the foundation of that success.
Developing core relationships
Fundamentally, the basis of every relationship we have - across all of our businesses - is trust. Trust begins when a client chooses us to manage their core operating and transactional accounts. These are not simply a client's primary deposit or cash management account - these are the accounts that a client maintains with their primary financial service partner that
enable them to meet their principal business needs and may also address other needs (such as investments, retirement, lending, benefits or payment/transaction services). Our goal is to be
that primary partner for each of our clients - and, when a client selects us to play this role, it signals their confidence in our ability to safeguard their financial lives and operations.
Establishing these relationships creates an opportunity for deeper engagement while offering significant value for our clients. We can build on that existing foundation and provide tailored solutions, advisory services and long-term support. For consumer clients, this powers our industry-leading Preferred Rewards® program, which helps reinforce deep relationships within our consumer and wealth businesses. For our Global Banking and Global Markets businesses, being in the primary operating account position helps drive greater client profitability and enhanced capital allocation. And this is designed to benefit shareholders, as we use these core relationships to drive durable profitability, strengthen retention and create collaborative growth opportunities. Organic growth comes from long-term relationships, in part developed by leveraging the lower costs of acquisition and servicing attributable to existing clients.
CORE BUSINESS AND INSTITUTIONAL
transactional accounts
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Integrated high-tech and high-touch capabilities
We believe that one of the primary reasons consumer and business clients bring their operating accounts to Bank of America
- and stay with us - is the strength, convenience and efficiency of our delivery networks for banking and other services we offer.
We've spent considerable time and resources on innovating and building capabilities and then optimizing this combination of high-tech and high-touch services. This has enhanced our ability to attract and retain clients' core operating accounts at a low servicing cost, while delivering client satisfaction that we believe strengthens relationships and enhances our brand. We
spend nearly $13 billion a year on technology, which allows us to innovate and continuously scale our platforms in a cost-effective way, while simultaneously providing us with data that delivers insight into client needs and behaviors.
Our financial center network is among the most robust in the U.S. We provide unmatched convenience nationwide, serving more than 69 million consumer and small business clients with more than 3,600 retail financial centers and approximately 15,000 ATMs. We offer access to more than 30,000 professionals, either in person or by phone, when it matters most. In addition to opening hundreds of new financial centers in new markets in the last decade,
we've renovated more than 3,100 financial centers, with a focus on creating offices and meeting spaces for clients to talk with financial specialists, making state-of-the-art technology easier to access at the front of the centers and ensuring clients have a consistent, modern experience inside every center.
At the same time, our award-winning digital banking capabilities provide approximately 59 million verified digital users with seamless, secure and convenient access to their finances - anytime, anywhere. Nearly four out of every five client households are digitally active, and we see approximately
2.5 billion digital interactions every month.
These hugely scaled and innovative platforms also allow us to drive benefits to the clients by offering lower fees and expenses to them in their daily lives.
Approx.
2.5B
2.2B
2.0B
1.8B
1.6B
Monthly digital interactions by year
2021 2022 2023 2024 2025
Delivering One Company
One of our greatest strengths as an organization is our national footprint. Bank of America achieved the first truly nationwide banking franchise in the U.S. more than 20 years ago. Between
Our nationwide presence offers a unique competitive advantage, as we can continue to service the same clients as they move and develop over time.
If people grow up and stay and raise a family in their hometown, we are there for them.
If people go away to college or move to a new city, we are there for them.
If a company opens a new location across the country, we are there for them.
If an overseas multinational company opens a U.S. office, we are there for them.
Most importantly, however, all of this takes place using an integrated local team - the key difference being that we provide both a global and a local component. This integrated approach enables us to deliver the full breadth of our capabilities to every client locally, through a robust network of highly coordinated and global delivery teams that are embedded in each community we serve.
This same model also allows us to deliver our capabilities to local clients on a global scale across most large economies in the world. Companies whose businesses or supply chains have grown ohen require this sort of reach and are well-served by our global payments, technology and operations solutions. And our innovative capital markets capabilities provide tailored global solutions for investors across asset classes, geographies and client segments. We are a recognized leader in providing services worldwide: Global Finance's 2025 Best Global Bank for Cash Management and GlobalCapital's 2025 Global Derivatives House of the Year.
Driving growth and delivering strong results
We achieved revenues, net of interest expense, of $113.1 billion in 2025, reflecting a balance between net interest income
and fee performance across our market-facing businesses, representing approximately 53% and 47% of annual revenues, respectively. Net interest income reached $60.1 billion for 2025, including a record $15.8 billion in the fourth quarter. We drove strong organic growth across our businesses, and income was strong across all four of our business segments. Revenue growth, coupled with good expense management, ultimately drove 2.5% operating leverage (revenue growth rate minus expense growth rate) for 2025. This disciplined expense management included increased investments in our people to drive revenue alongside further investments in technology to enhance efficiency and improve client experiences in using both our physical and digital networks. At the end of 2007, we had approximately 210,000 teammates. In 2008, we made two acquisitions which brought
in approximately 76,000 teammates. Today we have more than 213,000 teammates. That is driving productivity - 20 years later, and a much larger company, with the same number of employees.
$113.1B
$105.9B
$102.8B
$95B
$89.1B
Total revenues (2021-2025)
2021 2022 2023 2024 2025
Average deposit balances increased 3% year over year to
$1.98 trillion for 2025, reaching $2.02 trillion at December 31. Through year-end, average deposits had grown for 10 consecutive quarters. Average loan and lease balances also increased 7% year over year to $1.14 trillion, reaching
$1.19 trillion at December 31, with the growth in our loan and lease balances outpacing the industry. We also saw year-over-year improvements in credit costs and related metrics.
For 2025, our return on average tangible common equity was 14.2%2 (and return on average common shareholders' equity was 10.6%). We returned approximately $30 billion to shareholders in 2025 through dividends and share repurchases, a 41% increase compared to 2024. In September, we began paying our new higher quarterly dividend of $0.28 per share.
2025 BAC stock performance vs. S&P 500
25.1%
16.4%
All of this was accomplished against the backdrop of a complex and dynamic global economic and external environment. Factors like interest rates, inflation, tariffs, geopolitical tensions and regulatory developments all helped to shape the demand for financial services and the operating landscape in which we compete.
We are well-positioned to continue navigating these dynamics in the future. As one of the world's largest consumer lenders and a trusted financial partner to companies of every size, we will keep supporting clients through evolving conditions while maintaining strong credit discipline. We have maintained strong credit discipline, and whether by actual performance in our historical results, the credit characteristics of our portfolio, or our industry-leading results for nearly every year in the Federal Reserve's annual stress tests, you can see that discipline come through.
We remain bullish on the U.S. economy and opportunities during the year ahead. Our research team believes that, based on easing fiscal and monetary policy and expectations of more growth-friendly trade policies, the U.S. economy will experience meaningful growth in 2026, and sees a constructive outlook for
the global economy as well. While uncertainties around monetary policy, geopolitical tensions and trade policies continue to shape the environment, we believe that the strength of our balance sheet and the resilience built into our risk framework ensure we are prepared for whatever may lie ahead.
The power of our integrated business model, the strength of our client relationships and the discipline with which we execute both drove our positive results in 2025 and will continue to drive us forward in 2026. Our world-class businesses have unique
and differentiated capabilities and benefit from a wide range
of competitive advantages. Ongoing investments in technology, including artificial intelligence (AI), will offer additional efficiencies and further enhance our ability to serve our clients. Through our continued investments in sports partnerships, we will have the opportunity to deepen client relationships, connect with teammates, clients and communities in authentic ways, and drive growth and lasting economic impact. In the face of economic uncertainty, we will work to help create opportunity,
our efforts over the past decade and our currently planned
expansion efforts, we will truly cover the U.S. across all eight
You can find more information about how we deliver locally and
S&P 500
BAC
to provide consumers with the means to make their lives more
affordable and enhance their financial well-being, and to deliver
lines of business.
globally on pages 28-32.
2 Represents a non-GAAP financial measure. For more information on this ratio and a corresponding reconciliation
to the GAAP financial measure, see Supplemental Financial Data on page 70 and Non-GAAP Reconciliations on page 125 of the 2025 Financial Review section.
Responsible Growth and strong returns for shareholders.
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Investing in innovative technologies and strong business systems
We continually invest in technology, which we believe is vital to delivering the capabilities of one company across our eight lines of business and in enhancing the efficiency of our operations.
Technology, and AI in particular, will continue to transform employee productivity, strengthen Operational Excellence and drive better outcomes for our clients, while helping to improve returns. Our sustained, long-term investments are designed
to ensure our technological capabilities remain a competitive advantage. Over the past decade, we've invested more than
$100 billion in technology, and in 2025 we spent over $4 billion on new technology initiatives alone - representing just a part of our total $13 billion technology expenditure for the year.
spent on new technology initiatives
in 2025
These investments deliver value both internally and externally and help position us for the future. For clients, it translates into
unique capabilities, deeper insights and seamless experiences. For teammates, it helps us streamline processes, enhance productivity and reduce costs - all while improving risk management and operational resilience. Some of the many examples where new technologies are playing a vital role are described in this report.
Deploying artificial intelligence
I ohen get questions about AI from shareholders, teammates and others. AI is not a new concept at Bank of America, neither is "agentic" activity. We deployed an AI agent (Erica®) in 2018; 20 million people used it in the fourth quarter of 2025 nearly
200 million times. The same technology permits our strong alerts practices with our mobile app, with billions sent in the last year.
Erica is used in our Global Payments Solutions business by a strong part of our client base. We also have deployed AI capabilities to
our more than 213,000 employees globally. Our multi-billion-dollar spend on data, our deep commitment to process management and our experience with Erica are allowing us to move quickly to have our teammates be able to do more for our customers and do their jobs more easily.
A few months ago, we launched an AI catalyst program, under a respected corporate leader and with champions across the
company. They are listening to our talented teammates, learning from the best practices, engaging with experts outside our company, and driving more and more implementable ideas with real business cases. We are excited to continue to reap the benefits by our employee-led and -engaged process, as our teammates know where best to go. We have many initiatives funded and moving through implementation, in addition to the already deployed capabilities in commercial banking, audit, investment banking, markets and throughout the consumer bank, with many more to come. With the current tool set, as mentioned earlier, we have been able to run on relatively flat headcount from 2007 until today. Just think what is ahead. You can learn more on pages 36-37.
Connecting with our communities through sports
We remain deeply committed to investing in the communities in which we operate. Sport can bring people together while driving growth and lasting economic and community impact. Sport showcases excellence at its purest - driven by ambition, teamwork, resilience and community. By partnering with iconic brands, athletes and events in sports, we can strengthen connections to our communities and connect with teammates, clients and communities - sharing a vision for excellence
and a desire to help others achieve life goals. These sports partnerships help to deepen client relationships, build our brand, engage our teammates and create a long-lasting economic impact. They also help forge stronger community ties, expand participation and grow sports for the next generation. I encourage you to read more about our investment in sports partnerships on pages 34-35.
Creating economic opportunity
At the core of everything we do is our conviction that capitalism creates opportunity for our clients, teammates, communities and shareholders. Through capitalism, companies and investors have the resources to drive meaningful progress, because the private sector is uniquely positioned to deliver results at scale and to implement solutions that strengthen both our economy and our society. We can serve our customers, support our employees, strengthen our communities and drive returns for our shareholders - it's simply capitalism done right.
We continued our efforts to help create that greater opportunity worldwide in 2025 in the face of continued economic uncertainty. We're committed to expanding pathways to help our clients and our teammates build stronger financial futures. Our company has long prioritized affordability for our clients. Through offerings like our Advantage SafeBalance Banking® account or our Balance Connect® program that helps prevent overdrah fees and our Balance Assist® program that offers a low-cost solution for clients to manage their short-term liquidity needs, we offer solutions that can be tailored to assist individuals and families to build a financial foundation.
Initiatives like the Bank of America Community Homeownership Commitment® - which has assisted more than 56,000 individuals and families since 2019 - and Better Money Habits® - a free financial education platform providing resources on ways to save, plan and manage money - further that commitment to affordability into our communities. The productivity of our business allows us to do this: Drive greater value, which opens opportunity, creates loyalty for our customers and reduces attrition. It is a position unique to our company, and is why we grow in areas where others do not.
Advancing opportunity for all
Affordability and opportunity also frame how we serve our teammates. We believe that when employees have the chance to build long-term financial security for themselves and for their families, it strengthens our company. One of the most important decisions we've taken in recent years was to become a national leader in establishing a minimum rate of pay for U.S. hourly employees. Our announcement in 2025 to raise our minimum
wage in the U.S. to $25 per hour, aher steadily increasing over the last several years, reflects our strong commitment to American workers and communities. All of our full-time U.S.
employees now earn a minimum annualized salary of more than
$50,000, with savings, retirement, equity ownership, and health and wellness benefits that nearly double that amount in economic opportunity for them and their families. The payback has been low attrition and record customer service.
We've also committed to refresh our military hiring commitment, with previous goals completed a couple of years ago. We committed to hire another 10,000 individuals with military backgrounds over the next five years. We also committed to 8,000 new hires from community colleges over the next five years. This will give more people the opportunity to pursue a career at our great company.
Internationally, we announced that we would expand Global Operations to Belfast, Northern Ireland, to help build a resilient, globally integrated operations network to support our clients.
Through our workforce development strategy, we continued to drive economic opportunity in the communities we serve and help individuals improve their financial lives. We play a leading role convening organizations focused on job creation to drive economic growth and prosperity in our communities, partnering with local employers, nonprofits and community colleges across
our 97 markets in the U.S. Through these partnerships, our efforts helped support employers in meeting their hiring needs and connected individuals with pathways to livable wage jobs. In 2025, we invested nearly $40 million in over 730 workforce partners, leading to more than 90,000 individuals securing external jobs through community colleges and nonprofit training programs.
None of these efforts are separate from our business. Instead, they reflect one of the many ways we're working to grow responsibly. These initiatives support the communities where we live and work and help create long-term value for our shareholders.
Supporting our teammates
We're committed to delivering for our teammates, and we remain focused on investing in their physical, emotional and financial well-being. We offer comprehensive plans and options to our teammates, with a focus on wellness, prevention, access and affordability, including industry-leading parental leave and elder care. All this redounds for the benefit of our shareholders by our engaged and low-attrition team.
For example, as part of our commitment to supporting teammates' long-term savings and financial well-being, for the ninth consecutive year we implemented additional grants under our companywide Sharing Success stock ownership program, enabling them to share in our long-term success. We will
also ensure that teammates can maximize the benefit of the new federal child savings initiative, the Section 530A "Trump Accounts." We plan to match the government's $1,000 pilot contribution for all eligible children of U.S. teammates born from 2025 through 2028, and will also offer those teammates the ability to make pretax payroll contributions to those accounts.
Approximately
of teammates received Sharing Success
stock awards in 2025
8 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 9
We also continue to offer a wide range of other programs to help teammates achieve financial confidence and security. Those include our tuition assistance and academic support program - with more than 6,500 employees benefiting from over $21 million in support in 2025 - and counseling on financial planning and enrollment in our 401(k) plan.
We strongly believe that emotional wellness is a key driver of both overall health and workplace effectiveness. Providing access to education, benefits and resources that prioritize mental health is a vital part of ensuring that Bank of America remains a Great Place to Work.
We offer many best-in-class benefits and programs to help our teammates manage challenges in their work and personal lives. Resources include providing eligible employees with virtual access to licensed therapists and behavioral health specialists, and we help ensure that this care is accessible, confidential and responsive to individual circumstances. We also deliver
educational materials to raise awareness of, and help reduce any stigma around, mental health.
Please read more about how we invest in every aspect of teammate wellness in our Human Capital Management Update on pages 40-51.
Responding in moments that matter most
We also offer direct support to those who need it in challenging times. We help teammates care for their loved ones by offering flexible, family-based support through our Child Care Plus® program, which offers eligible employees reimbursement to help with childcare costs, and by providing up to 50 days of back-up care for children or adult dependents of eligible U.S. employees during each calendar year. And our Life Event Services (LES) team has supported nearly 735,000 employee cases since its inception in 2014. The LES team has more than 140 internal specialized consultants across more than 10 locations who support teammates in their most critical moments through personalized connections to expert resources and benefits.
Whether it is coping with the ahermath of a natural disaster or navigating a situation that demands long-term support, these events rank among the most difficult challenges that many
will ever face. We know it is critical to be there for all of our stakeholders in times of crisis. We have decades of experience responding to events around the world, and we provide
direct and immediate support, expertise, capital and ongoing connections to help respond when and where we can.
One of the biggest challenges that those in our communities may encounter is situations that require long-term assistance. In the fourth quarter of 2025, we announced a $250 million commitment over the next five years to support families
and individuals experiencing food insecurity and other basic needs in communities across the U.S. This builds on our longstanding support in this area, as we currently provide annual philanthropic funding to more than 1,000 organizations that focus on combating hunger and related needs and help with the affordability issues they feel.
The January 2025 wildfires in Greater Los Angeles were among the costliest in U.S. history, destroying more than 50,000 acres and 13,000 homes, and affecting 1,900 small businesses. We offered significant contributions to long-term recovery efforts over the course of 2025, including directing more than $4.3 million in
philanthropic relief, setting up two mobile financial centers and an ATM to restore banking access, and providing support to impacted clients and teammates. We continue to lead recovery efforts through a variety of initiatives - I encourage you to read more about these efforts in Greater Los Angeles on pages 30-31.
Another major cause of damage to life and property worldwide is flooding, where the impact can be felt for years aherward. In 2024, Hurricanes Debby, Milton and Helene caused significant
flooding on the west coast of Florida and in Western North Carolina, respectively. We continued to support disaster relief in both regions in 2025. In September 2025, we announced $12 million in zero-interest loans to Community Development Financial Institutions
to support homeowner recovery and small business assistance in Western North Carolina. This built on previous support, including a
$3 million donation to organizations providing hurricane relief for support in the immediate ahermath of the storm.
More recently, a fire in a Hong Kong residential complex last November caused tragic loss of life and brought profound hardship to many families. We committed $1 million in philanthropic support to the Tai Po fire relief effort, worked with nonprofit partners to provide shelter, clothing, food and other essentials, and are collaborating with community leaders to support families longer term.
Continuing to grow
This past November, we had the opportunity to showcase our company at our 2025 Investor Day. That was a great opportunity to tell everyone who participated - more than 100 equity and fixed-income investors, research and rating agency analysts, with thousands more participants joining virtually - about
how we've been executing against our business strategies and driving growth around the world, how we've been investing in the future, and the value that we've been working to unlock to ultimately yield greater returns for our clients, our teammates, the communities in which we operate and our shareholders. Our team is committed to the medium-term goals set forth and is making good progress here in 2026.
As we think about these goals, we also look forward to the continued fine-tuning of regulation to reduce the overreach that resulted from too much micro-regulation and a focus on immaterial risks. This should provide capital ratio relief, and a focus on materiality, both of which are good for the American economy and for our company.
The foundation that underpins everything that we discussed at Investor Day - and in this Annual Report - is Responsible Growth, which drives how we serve clients, manage risk,
and Deliver One Company for our clients, teammates and communities. Responsible Growth helps us deliver solid results in any environment and has instilled a culture of durability in our
franchise. We must continue to grow, and we can do it responsibly.
On behalf of our Board of Directors, the Executive Management Team and all of my teammates, thank you for investing in Bank of America.
Brian Moynihan
March 23, 2026
A letter from Lead Independent Director Lionel Nowell
As I reflect on my 13 years
of service as a member of the Board of Directors of Bank of America - including the past five as Lead Independent Director - I am continually impressed by the consistency and resilience of our company's performance.
Each year brings its own changes and challenges, yet year aher year, Bank of America delivers for you, our shareholders, as well as for our clients, teammates and communities. In 2025, that was once again the case.
For more than 15 years, Brian has capably guided Bank of America, providing strong, steady leadership and strategic direction.
Together with our senior Management Team, he has embedded Responsible Growth as the foundation on how we manage our businesses. Its four tenets - grow and win in the marketplace; grow with a customer-focused strategy; grow within our risk framework; and grow in a sustainable manner - remain central and guide every aspect of our work. And, the company's ability to improve the solid returns delivered over the past year reflects the discipline and emphasis that the Board, senior Management Team and our more than 213,000 Bank of America teammates bring to this approach every day. We continue that work as we focus on achieving even higher returns, as we laid out at the company's recent Investor Day.
Over the past year, the Board has maintained its ongoing focus on enterprise risk management, human capital management and long-term strategic planning. We meet
regularly with Brian and the senior Management Team
to evaluate performance and assess emerging risks and opportunities. Whether we're considering external factors, such as evolving market conditions, or internal initiatives, such as technological innovation and the continued enhancement of our AI capabilities, our goal is to ensure Bank of America remains a source of strength, stability and responsible leadership.
As independent directors, we are committed to bringing thoughtful and objective oversight to our governance of the company. We regularly engage with shareholders to
better understand your perspectives, priorities and expectations. These conversations reaffirm the importance of strong governance, disciplined execution and long-term thinking-qualities that remain hallmarks of Bank of America's approach.
We are proud of the progress the company has continued to make on behalf of all our shareholders. I encourage you to read this year's Annual Report and the 2026 Proxy Statement to learn more about the strength, discipline and consistency of the company's performance.
Thank you for your continued investment and trust. We remain committed to delivering sustainable long-term value for you, and for all those we are privileged to serve.
Sincerely,
Lionel Nowell III
March 23, 2026
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Bank of America: Reflecting on America's history at 250 and your company's role
In each of these, and many more cities around the world (throughout Europe, the United Kingdom, Hong Kong, etc.), we entered countries abroad to help America's companies and government be successful. Economies and trade were expanding, and American capitalism was helping drive that growth. And Bank of America was there.
Nowhere was our role more intertwined with the growth and
The Revolutionary War was fought with cobbled-together resources by volunteers, militia and conscripts, freed slaves and indigenous people. The new aspiring nation formed alliances with foreign governments. It was a civil war, as colonists fought for the crown as loyalists. But in the end the war was over, and America was liberated from British rule.
Yes, liberated, but at the same time, cut off from its mother
Bank of America sponsored the recent Ken Burns documentary, "The American Revolution," a careful retelling of the story
of the Revolutionary War that led to America's founding as an independent nation. Celebrating America's position as the largest, most successful economy in the world and now,
a 250-year democracy, causes me to reflect on our company's path to today, which follows the path of America's success.
Today, our Charlotte, N.C.-headquartered company is the company, your company. That entity developed from many mergers and acquisitions through the years, including one in 1998 that resulted in our current name. We are made up of literally thousands of companies, merged into our current
company or its predecessors across 240 years of history. Each of those companies had its own proud history when it joined Bank of America. In our company, we refer to "predecessor"
or "legacy" companies to delineate those many wonderful tributaries that give rise to the great river that Bank of America is today.
Before we get to the United States, one could ask how Bank of America became so active around the world. We now serve 90 global markets. Our global expansion began many years ago as America's reach and influence expanded. We grew by helping America's entrepreneurs and business
owners as they pursued their global ambitions. We followed our government when it needed us to open new markets or rebuild after global conflicts.
A few examples:
In 1917, we opened in Argentina to support the wool trade. American industrial companies created clothing, and others had goods to support its growth.
In 1931, we opened in Great Britain following the U.S. emergence as a creditor nation during World War I.
In 1947, we opened in Japan at the request of the occupying U.S. government, the first bank to do so. We were needed to lend to shipping companies to restart their postwar economy.
In 1947, we opened in Brazil during its early democratic period to help trade flow between our two countries.
In 1952, we opened in India to help the country develop its economy so it could fully expand following its prior British rule.
In 1953, we opened in France, well positioned to support the continuing reconstruction of Europe following the success of the post-war U.S. Marshall Plan.
In 1972, we established our Middle East headquarters when we entered the just-formed United Arab Emirates to help
U.S. companies develop the region's resources.
development of a nation than here in America. America was, and is, an idea, expressed by our Founding Fathers. That idea was a convening thought: it was not born of a single group of people, a single geography, a single inheritance of leadership (as in a monarchy) or of a structure (landed gentry). Our country was born, as we all learned in school, of the ideas
of freedom of speech, religion, press and, importantly, it was born of meritocracy. No longer would title or birth order
guarantee position. Popular democratic elections would define representation. Work, entrepreneurship, academic pursuit, innovation, physical might, risk-taking - all or any of those would define your success. These were radical ideas at the time. Of course, at times we fell short of those ideals - the issues of slavery, the rights of indigenous people, the lack of voting for women - and those were addressed and squared with the ideas of the founders. As I write this letter over
the Presidents' Day weekend, I think of Abraham Lincoln's reminder on the eve of the Civil War that our Constitution was established, as stated in its preamble, "to form a more perfect Union." America, since its beginning, has been an idea that we continue to perfect - it is a land where any individual has the opportunity to do and be, what, and who, they choose.
country, which had provided capital and know-how and
infrastructure for the colonies' pre-war success. And what did America needị Its businesses, its farmers, its municipalities and states needed capital to invest to rebuild and to grow our new country.
Bank of America's oldest legacy institution, The Massachusetts Bank, was formed in 1784, one year after the Treaty of Paris ended the war. The following quote from the original proposal for the capitalization of the bank stands the test of time:
Taught by the experience of many Nations that well regulated Banks are highly useful to Society, as they promote Punctuality in the Performance of Contracts, increase the Medium of Trade, facilitate the Payment of taxes, prevent the Exportation of, and furnish a safe Deposit for Cash, and in the way of Discount, render easy and expeditious the anticipation of Funds at the Expense only of common Interest; whilst by the same Means they advance the Interest of the Proprietors.
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12 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 13
The bank formed and its customers and depositors were familiar names like Hancock. They and others deposited their excess capital in the bank and your company lent that money to those who needed it to help them grow and build a new nation. From our country's earliest days, we supported those communities. We have supported the development
of American capitalism. We did what a bank does - help its customers and clients grow.
As America expanded, it needed more sources of capital in every community to grow, to prosper, to flourish.
Bank of America's legacy banks formed in communities around the new country, and were there every step of the way as those communities filled out our nation.
Our New England franchise, including Rhode Island in 1791, Connecticut, New Hampshire and Maine, all formed early on. New York, Philadelphia and New Jersey trace back to early days of our country. Our North Carolina company (again the surviving company of all the legacy banks) was formed to help provide local financing to the expanding southern industrial economy more than 150 years ago. Funds from afar were not sufficient or readily available and local banks formed to help needed factories get built in their communities. Throughout South Carolina, Florida and Georgia, our company similarly funded the change from agrarian society to industrial society. Our Washington, D.C.-based company grew quickly as the federal government expanded. Our Texas company helped the region's resource boom get funded. In St. Louis, Chicago,
Little Rock and Oklahoma City, our legacy banks helped fund the growth of the Midwest and West as America expanded. We helped river trade and the flow of goods. Similarly, as the West grew, the Pacific Northwest bank started. And generations of school children learned the story of A.P. Giannini and his Bank of Italy - later changed to Bank of America (our name today) - and the support we gave to the victims of the great San Francisco earthquake and fires of 1906.
Companies that are now Bank of America provided funding for the Erie Canal, the Golden Gate Bridge and the American government's requirements for the War of 1812, World War I and World War II, as well as many other national priorities. We helped form the national currency. As the needs of capital for our clients exceeded the banks' capacity, Merrill Lynch formed to raise capital. U.S. Trust formed to develop
access to investing and pioneered trust banking more than 170 years ago. We even funded some of America's great cultural touchpoints, including the film "Gone with the Wind" and Disneyland!
Most importantly, we have helped local citizens grow their local economies.
What is important for your company is not where our companies that formed today's Bank of America started, but why they started. They sprang up through the agreements of business leaders in local communities to help those communities and our country grow and prosper. We operate
the same way today: By taking the excess funds deposited with the bank for safekeeping and making loans to help the entrepreneurs in our communities grow.
Whether it was private citizens, governments or companies of every size, in communities across our growing country, Bank of America was there to help capitalism flourish. We were there to help foster the interdependent relationship between capitalism and democracy. For the 250 years of the American idea in action, the activities of countless individuals, families, farmers and other small businesses, large institutions, governments at every level, the opportunities provided by capitalism - a financial return on
labor through wages, and on capital and investments, interest on your idle funds, facilitating investments in bonds to build infrastructure, making loans to entrepreneurs to grow their businesses - helped build our country we have today.
Opportunity and democracy go together. There have been setbacks and obstacles at times. It is important that we always strive to ensure equal access to those opportunities for everyone. America's success, and the many ways America has helped drive the economic success of the world, is demonstrative proof of the need for both capitalism and democracy. America's growth and success were not assured when independence was declared in 1776, and were still not assured when the Treaty of Paris, which ended the war and recognized American independence, was signed in 1783. But succeed America did, and the intertwined ideas of democracy and capitalism have been the drivers.
Your company has been there from the start, and we have followed and helped America's development around the world. We continued to do so in 2025. You can see this demonstrated throughout this Annual Report.
My more than 213,000 teammates and I are mindful of the very important role we play to continue to deliver on the promise of helping America and capitalism thrive. Today we do that in 97 distinctly organized local markets across
America. We do it in the 90 global markets where we operate around the world, helping our great American companies
and America be successful. We are proud of that service to our clients and customers, to our communities, to our shareholders and to our country. We are proud to have
provided capital to help America realize the idea that America is and remains. We will be proud to help America succeed in the future.
My more than 213,000 teammates are ready.
So America, what would you like the power to doị
Brian Moynihan
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14 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 15
Board of Directors Executive Management Team
Our Board of Directors sets the tone at the top by overseeing our corporate strategy. In addition, the heads of our eight lines of business, and key leadership for International and our enterprise control functions, make up our Executive Management Team.
Brian T. Moynihan
Chair of the Board and Chief Executive Officer
Alastair M. Borthwick
Executive Vice President and Chief Financial Officer
Jeffrey Busconi
Raul A. Anaya
Head of Local Markets Strategy and President, Greater Los Angeles
Len Botkin
Chief Audit Executive
James P. DeMare
Dean C. Athanasia
Co-President, Bank of America
Sheri B. Bronstein
Chief People Officer
Paul M. Donofrio
Brian T. Moynihan
Chair of the Board and Chief Executive Officer
José (Joe) E. Almeida
Linda P. Hudson
Denise L. Ramos
Thomas D. Woods
Lionel L. Nowell III
Lead Independent Director
Pierre J.P. de Weck
Monica C. Lozano
Clayton S. Rose
Maria T. Zuber
Sharon L. Allen
Arnold W. Donald
Maria N. Martinez
Michael D. White
Head of Corporate Strategy & Operational Excellence
Hari Gopalkrishnan
Chief Technology & Information Officer
Kathleen A. Knox
President, The Private Bank
Bernard A. Mensah
President, International
Thong M. Nguyen
Vice Chair, Head of Global Strategy & Enterprise Platforms
Tom M. Scrivener
Chief Operations Executive
David C. Tyrie
President, Marketing, Digital, and Specialized Consumer Client Solutions
Co-President, Bank of America
Geoffrey S. Greener
Chief Risk Officer
Matthew M. Koder
President, Global Corporate & Investment Banking
Sharon L. Miller
President, Business Banking
Holly O'Neill
President, Consumer, Retail and Preferred
Wendy H. Stewart
President, Global Commercial Banking
Soofian J. Zuberi
President, Co-Head, Global Markets
Vice Chair
Lindsay Hans
President, Co-Head,
Merrill Wealth Management
Denis Manelski
President, Co-Head, Global Markets
Lauren A. Mogensen
Global General Counsel
Eric A. Schimpf
President, Co-Head,
Merrill Wealth Management
Bruce R. Thompson
Vice Chair, Head of Enterprise Credit
16 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 17
Delivering One Company
We go to market through our eight lines of business, each designed to serve specific client groups with tailored, differentiated models - enabling us to collaborate by sharing insights, coordinating strategies and providing an integrated experience for individuals, businesses and institutions.
RETAIL BANKING
Serves mass market consumers with a full range of financial products and services through award-winning digital banking capabilities, backed by the expertise of our financial center teams.
PREFERRED BANKING
Provides personalized solutions, valuable rewards, and advice and guidance for clients with more complex banking, borrowing and investing needs through a nationwide financial center network and award-winning digital capabilities.
MERRILL
Serves high-net-worth and ultra-high-net-worth individuals, businesses, institutions and organizations. Anchored in financial planning, our relationship-managed, digitally enabled approach helps individual investors and their families achieve their financial goals through investing, banking and lending solutions - supported
by our industry-leading online brokerage platform.
THE PRIVATE BANK
Serves ultra-high-net-worth individuals, families and institutions. Client teams deliver customized wealth management solutions through specialized expertise in wealth strategy, trust and estate planning, investment management, banking, specialty lending and philanthropy.
BUSINESS BANKING
Serves more than 3.4 million businesses with annual revenues up to $50 million, delivering advisory and banking solutions, including credit, deposits and treasury, merchant services, trade and foreign exchange through local expertise and digital leadership.
GLOBAL COMMERCIAL BANKING
Serves middle-market companies with revenues of $50 million to
$2 billion across all major industries, delivering the full breadth of the company's capabilities - treasury, lending, leasing, advisory services, debt and equity underwriting, employee banking and investments, workplace benefits and digital solutions, including the award-winning CashPro® platform.
GLOBAL CORPORATE & INVESTMENT BANKING
Provides investment banking advisory, underwriting and distribution services to companies of all sizes around the world and across all major industries. Offerings include financing, deposit and other treasury services globally to corporations with revenues of more than $2 billion in the U.S. and more than
$1 billion internationally.
GLOBAL MARKETS
Provides services across the world's debt, equity, commodity and foreign exchange markets. This includes liquidity, financing, hedging strategies, industry-leading insights, analytics and competitive pricing to clients consisting of asset managers, hedge funds, pensions and insurance, corporates, governments and other financial institutions.
GLOBAL WEALTH & INVESTMENT MANAGEMENT
CONSUMER BANKING
GLOBAL MARKETS
GLOBAL BANKING
18 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 19
Retail Banking
Led by: Holly O'Neill
Offering a wide range of products and services to mass market consumer clients.
Preferred Banking
Led by: Holly O'Neill
Delivering a full suite of banking, borrowing and investing solutions tailored to support the financial needs of mass affiuent clients.
Empowering clients to build a strong, healthy financial future
In Retail Banking, we provide mass market clients with simplified solutions and high-tech delivery, building deep relationships and fueling future growth.
Supporting clients with personalized solutions designed to meet their complex financial needs
In Preferred Banking, we offer mass affluent clients a suite of banking, borrowing
More than 60% of new clients begin their Bank of America experience in Retail Banking. Our award-winning digital capabilities,
These solutions also put critical insights at teammates' fingertips. EricaAssist seamlessly consolidates information from
and investing solutions to support every stage of their financial journey.
combined with the expertise of our financial center teammates, empower clients in every step of their financial journey as they budget, spend, save and borrow to meet their goals.
Helping clients develop their financial foundation
Whether clients are new to banking or planning for the future, we offer personalized solutions for every life stage. Among our
deposit clients, 92% choose us for their primary account, which is the anchor of our client relationships. Our product suite includes:
Bank of America Advantage SafeBalance Banking®, which helps avoid overdrah fees
Bank of America Advantage SafeBalance Banking® for Family Banking for parents to give their children hands-on money management experience with oversight
Balance Assist®, a low-cost solution to manage short-term liquidity needs
Balance Connect® for overdrah protection
Keep the Change® to build savings automatically on debit purchases
Unsecured and secured credit cards to best fit client needs, including lower interest rates and rewards
We added approximately 680,000 net new consumer checking accounts in 2025, completing 28 consecutive quarters of net growth.
Elevating the client experience through digital
Our award-winning digital capabilities - including our innovative artificial intelligence-powered tools - are designed to make banking easier and more convenient. In 2025, more than
49 million consumer and small business clients used our digital platforms, interacting with our virtual financial assistant Erica® more than 693 million times and transacting nearly 1.8 billion payments through Zelle®.
multiple systems, helping teammates anticipate client needs and deliver tailored solutions.
Making our communities stronger
Our Community Homeownership Commitment® helps homebuyers thrive through the power of affordable homeownership. Since 2019, we've funded approximately $15 billion in home loans
and more than $600 million in down payment and closing cost grants, assisting more than 56,000 individuals and families.
We also offer our free Better Money Habits® financial education platform and free financial coaching through our relationships with nonprofits, including Operation HOPE and Navicore Solutions.
Our advanced digital solutions, paired with exceptional client care and a full range of products and services, are why millions of clients trust us with their financial health and well-being.
Delivering a digital-first plus advice client experience
We help clients and small businesses thrive with tailored solutions, rewards and expert financial guidance. With award-winning digital capabilities and access to more than 30,000 professionals - in-person at more than 3,600 financial centers or by phone - we combine high-tech innovation with high-touch service. Looking ahead, we're continuing to use artificial intelligence to better serve clients and drive future growth.
Investing in financial centers to deepen client relationships
Our financial centers remain a cornerstone of client service with 9.3 million appointments each year. We're investing in modern, welcoming spaces that combine access to personal expertise with cutting-edge technology, creating destinations that strengthen relationships.
Since 2016, we've opened more than 450 new locations and renovated over 3,100 financial centers - enhancing our presence in existing markets while also entering new ones, including opening more than 210 financial centers in 12 U.S. markets. In 2025, we celebrated our expansion into Boise, Idaho, and plan to open financial centers in additional markets, including Alabama, Louisiana and Wisconsin, through 2028.
Empowering clients with end-to-end financial solutions
We deliver comprehensive financial solutions that evolve with our clients' priorities - from flexible checking and savings
options to mortgage and lending solutions for personal and small business needs.
For clients focused on building wealth, we offer innovative platforms and personalized strategies:
Merrill Edge® Self-Directed, an online platform with tools, insights and guidance for those who want to take control of their investing
Merrill Guided Investing (MGI), a goals-based advisory program with professionally managed portfolios, plus the option to work directly with one of our more than 2,600 financial advisors through MGI with Advisor
Consumer investment assets reached $599 billion in 2025-up 16% from 2024 -with client accounts growing to more than four million.
Providing financial wellness to clients and their employees
Our Employee Banking & Investing (EBI) program offers workplace benefits and solutions to help corporate and commercial clients meet their employees' financial needs. In 2025, EBI added 272 companies for a total of 905 companies and 6.9 million eligible employees.
Rewarding client loyalty
Preferred Rewards® - our industry-leading loyalty program for consumer, wealth and business clients - has 11.4 million members and a 99% retention rate, and delivers an average of
$500 in annual rewards per client.
We will continue to execute on our targeted growth strategy and build on our culture of excellence to help drive relationship deepening and growth.
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Merrill
Led by: Lindsay Hans and
Eric A. Schimpf
Empowering high- and ultra-high-net-worth individuals, families and businesses to achieve their unique wealth management goals through financial planning.
The Private Bank
Led by: Katy Knox
Delivering personalized, scalable wealth management solutions - including wealth strategy, philanthropy, investments, custom lending and treasury services - to meet the evolving needs of ultra-high-net-worth clients.
Serving high- and ultra-high-net-worth individuals, families and businesses with comprehensive wealth management services and solutions
Merrill is built on the strength of enduring advisor-client relationships. We serve as trusted partners, delivering holistic advice that helps clients navigate financial complexities and achieve their wealth goals.
Delivering customized wealth management solutions for individuals, families and institutions
The Private Bank's expertise in wealth strategy, trust and estate planning, investments, banking, specialty lending and philanthropy is delivered across 73 U.S. markets by exceptional client teams and award-winning digital platforms.
Our planning-based approach begins with understanding our clients' priorities. Merrill advisors draw on insights and strategies from
the Chief Investment Office and BofA Global Research, along with access to our premier investing, banking and lending platforms. For example, we design and customize innovative investment strategies and solutions, ohen in collaboration with leading asset managers. This enables our advisors to deliver personalized, high-touch service to clients in approximately 100 U.S. markets with Merrill advisors.
Meeting client needs while driving growth
We contributed strong results in 2025 by adding approximately 18,000 net new client relationships and growing client balances to nearly $4 trillion. Clients continued to place their trust in us to
manage their assets through our Merrill Lynch Investment Advisory Program, leading to more than $1.7 trillion in fee-based assets under management (AUM). We also curated specialized investment solutions to enable customized access for our clients, resulting in 17% year-over-year revenue growth in alternative investments.
Additionally, we deepened existing relationships by delivering the full breadth of Bank of America's capabilities to Merrill clients-loan balances grew 9% year over year to $163 billion in 2025, and 54% of Merrill clients now have a Bank of America checking or savings account.
Leading the industry
In 2025, Merrill had the most advisors on 10 industry recognition lists.1 We're also proud of how our clients rated us in 2025 - 95% were satisfied with their advisors.2 And we continue to invest in the future, supporting approximately 2,400 trainees in 2025 who
represent the next generation of Merrill advisors in our comprehensive training program.
Engaging digitally
Digital innovation is transforming how we work. At year-end, 86% of Merrill households were digitally active. In addition, artificial intelligence-powered tools embedded in our platforms help us search, summarize and generate content more efficiently, to give us more time for deeper client conversations.
Combined with the power of Bank of America's full capabilities and access, Merrill is well-positioned to continue offering exceptional value to clients.
1 This material is subject to important disclosures on the last page of this report.
2 Survey results are from participating clients in the Merrill Client Satisfaction Survey through year-end.
The Private Bank serves the complex wealth management needs of its clients with industry-leading, diversified capabilities.
In 2025, we added approximately 1,600 net new client relationships,1 ending the year with $759 billion in client balances and $4.2 billion in revenue. We grew by enhancing our presence in strategic markets, deepening enterprise partnerships, attracting and developing top talent in the industry, and investing in our platform.
Expanding our presence in strategic markets
We're growing in key markets with high concentrations of wealth, including California, Texas, South Florida, Boston and New York City. In 2025, we added 145 client-facing teammates, including 55 advisors, who drove more than $1 billion in new balances each quarter. We continue to invest in these markets and others to drive new growth.
1 Represents The Private Bank clients with more than $3 million in total balances
Strengthening partnerships
A key part of our strategy is leveraging the power of enterprise partnerships to deliver the full capabilities of Bank of America to each relationship. Collaborating with other lines of business on referrals is central to our client-focused growth strategy and has led to nearly $50 billion in new client balances over the
past six years.
Building high-performing teams
We continue to attract top talent and build skilled, experienced teams ready to serve clients today and in the future. We invest in early career talent, with approximately 300 teammates participating in our analyst development program since
2018. To retain experienced talent, we provide role-specific development programs that support professional growth at every career stage.
Investing in our platform
We're enhancing the client experience and boosting team productivity through investments in modern platforms, data and artificial intelligence. This technology is designed to deepen our understanding of each client relationship and streamline daily work for our teams. In 2025, 93% of clients were digitally active, reflecting strong adoption of our digital banking tools.
Looking ahead, our client-focused strategy and continued investments in people, partnerships and technology set a strong foundation for continued growth.
22 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 23
Business Banking
Led by: Sharon Miller
Serving U.S.-based business clients with revenues up to $50 million through locally based client teams and partners.
Global Commercial Banking
Led by: Wendy Stewart
Serving middle-market companies locally and globally across all industries by delivering the company's full capabilities, including treasury, lending, leasing, advisory, underwriting and digital solutions.
Providing businesses at all stages with banking, wealth and workforce solutions
Business Banking serves more than 3.4 million businesses, ranging from startups to $50 million in revenue, across our 97 local markets.
Helping companies thrive in an ever-changing environment
Global Commercial Banking is an industry leader, delivering advice, guidance and integrated financial solutions to North American companies and international subsidiaries with revenues between $50 million and $2 billion.
Business Banking strives to deliver value to clients through holistic and high-tech, high-touch relationships. Small to mid-sized businesses are essential to the U.S. economy, and we connect clients to all Bank of America has to offer, including wealth management and workforce solutions from Merrill, The Private Bank and Workplace BenefitsTM.
Delivering Responsible Growth
Bank of America serves more than 3.4 million businesses, including more than 20,000 mid-sized businesses. We ended 2025 with $198.2 billion in average deposits, $39.9 billion in average loan balances and $8.1 billion in revenue.
24 | BANK OF AMERICA 2025
Providing access to capital for small businesses
We've been the No. 1 small business lender for 18 consecutive quarters, according to FDIC data.1 In our 2025 Business Owner Report, 83% of small and mid-sized business owners surveyed said they expect to seek funding in 2026. As the leading lender, we focus on solutions that can meet our clients' needs and evolve as their business grows. We do that through all
channels - online, on the phone and in person with bankers who are local to where our clients live and work.
Deepening client relationships with tailored solutions and digital tools
In 2025, we launched a redesigned digital experience, centered around our flagship offerings Business Advantage 360 and CashPro®, providing customized, needs-centric solutions to clients from local startups to large multinational institutions. We also redesigned bankofamerica.com to simplify self-service tools. Our clients experienced this enhancement as they engaged in a record 36% of new product sales online.
Unifying our client relationship management system helps bankers have a complete view of a client's relationship with us. These investments make it easier for clients to connect with us and share how we can help them succeed. Across Business Banking, we leverage artificial intelligence in an effort to better anticipate client needs, deliver innovative insights and provide reliable, personalized solutions that empower smarter financial decisions.
In 2025, client satisfaction reached 89% and small business client adoption of our digital tools was 92%.
Our team will continue to focus on strengthening client relationships and expanding our market presence by delivering tailored solutions and innovative tools that help businesses succeed.
1 Consecutive quarters through Q3 2025
Our tailored advice, customized solutions, exceptional service and seamless experiences help position us as trusted partners to the companies that fuel the economy. Our approach focuses on understanding client needs and delivering insights to help companies at all stages prosper and grow.
Serving more than one in five middle-market companies1 and one-third of Fortune 1000 companies, our team is organized by both geography and industry, bringing deep expertise across sectors, including aerospace and defense, auto dealerships, commercial real estate, healthcare, higher education, not for profits, restaurants and technology.
Our global footprint aligns to where our clients operate, enabling local teams to help businesses navigate across borders, scale operations and unlock growth opportunities.
Driving growth through solutions and partnerships
Designed to help companies solve challenges, increase efficiency, reduce fraud and drive growth, our suite of solutions spans cash flow optimization, risk management, growth financing, equity and debt markets, and mergers and acquisitions.
Dedicated bankers coordinate strong partnerships across our company - including Merrill, The Private Bank, Workplace BenefitsTM, Global Corporate & Investment Banking and Employee Banking & Investing - to help deliver holistic solutions and to meet the financial needs of companies as well as their workforces.
Our approach and consistent execution in 2025 resulted in year-over-year deposit growth of 11% to $215 billion, loan growth of 1% to $198 billion and total revenue of $8.8 billion.
Investing in client-focused innovation and unique expertise
Our coverage model combines the expertise of our bankers
with innovative digital solutions to enhance the client experience. By utilizing artificial intelligence-enabled meeting preparation capabilities, our bankers have the tools to deliver timely, actionable insights that strengthen advisory conversations and deepen client relationships.
Eighty-six percent of our clients are digitally active,2 and CashPro®, our digital platform, is transforming the way businesses operate. Our clients rely on CashPro to manage working capital globally, drive cash forecasting, access virtual servicing through CashPro Chat and gain strategic insights informed by real-time analytics.
Our expertise expands beyond traditional industries, and our focus on high-potential emerging companies in the technology, healthcare and sustainability-focused sectors, as well as our capabilities in family enterprises and professional sports, helps accelerate growth.
Delivering future growth
Powered by a talented team, we will continue to leverage our strong partnerships and comprehensive platform to meet our clients' needs today and help them anticipate tomorrow's opportunities, advancing our commitment to their long-term, sustainable growth.
1 As of Q3 2025
2 Percentage of clients across Global Banking, including Commercial, Corporate and Business Banking (CashPro® and BA 360 platforms), as of November 2025. Relationship clients defined as clients meeting revenue threshold for Global Commercial Banking and Business Banking, and all clients in Global Corporate & Investment Banking.
BANK OF AMERICA 2025 | 25
Global Corporate & Investment Banking
Led by: Matthew Koder
Providing integrated financial solutions, capital markets execution and transformative advice to corporations with revenues of more than $2 billion in the U.S. and $1 billion internationally.
Global Markets
Led by: Denis Manelski and
Soofian Zuberi
Providing services across fixed-income, equity, commodity and foreign exchange markets to institutional clients worldwide, and delivering access to liquidity, financing and risk management solutions.
Creating value through globally integrated solutions and innovation
Global Corporate & Investment Banking (GCIB) provides integrated, innovative financial solutions, capital markets expertise, strategic advice and top-tier liquidity, treasury and risk management services to a majority of the Fortune Global 500.
Driving growth with clients, creating global value for shareholders
Global Markets delivers diversified solutions spanning regions and asset classes, including market-making, financing, risk management and securities clearing for fixed-income, currencies, commodities and equities.
GCIB continued to be a key driver of Bank of America's strong total revenue and net income generation in 2025. As an established leader in advisory, underwriting and capital markets, supported by a top-tier foreign exchange and risk management platform, our global presence, diversified capabilities, unique ecosystem of firm-wide complementary businesses and exceptional team with deep industry expertise continue to
give us a distinct competitive edge. Our best-in-class global corporate bank - with $347 billion in average deposits and
$179 billion in loans and leases at year-end - together with our leading global investment banking franchise, which completed more than 5,800 transactions in 2025,1 continues to deliver a full spectrum of integrated financial solutions.
26 | BANK OF AMERICA 2025
Investing for global scale and innovation
Our success reflects our ongoing commitment to investing in our people, processes and technology; building and deepening client relationships; and expanding our worldwide reach, while focusing on delivering excellence in local delivery. Our clients are
increasingly able to utilize the benefits of our stability, size, strength and capabilities. The differentiating scale and breadth of our global platform empower us to bring unique speed-to-market innovation and solutions for our clients when and where they need us.
Our clients continue to leverage digital convenience and efficiency. In 2025, 86% of our clients were digitally active,2 using solutions like our award-winning CashPro® technology platform to manage transactions seamlessly and gain deeper insights. We're committed to responsibly advancing our investments in technology, including artificial intelligence, to help our teams deliver quality advice and innovative solutions, as well as to enhance deal execution.
Delivering continued strength and growth
2025 stood out as a strong year for total revenue and net income. In corporate banking, we continued to expand and strengthen client relationships, driving an increase of 16% in average deposit balances year over year, while maintaining strong momentum in loan growth throughout 2025. In investment banking, we remained among the top global investment banks in 2025, with reported fees growing by more than 7% year over year. Our broad capabilities across products, regions and sectors continued to help us grow globally.
Building on this momentum, we're well-positioned to drive continued growth and deliver even greater value to our clients in the years ahead.
1 Source: Dealogic as of Dec. 31, 2025
2 Percentage of clients across Global Banking, including Commercial, Corporate and Business Banking (CashPro® and BA 360 platforms), as of November 2025. Relationship clients defined as clients meeting revenue threshold for Global Commercial Banking and Business Banking, and all clients in Global Corporate & Investment Banking.
Building on our momentum to drive growth and create global value
In a dynamic year for global markets, we partnered with clients to help navigate volatility, uncover opportunities and manage risk. These efforts drove another record year of sales and trading revenue and strengthened returns on allocated capital.
Sales and trading revenue reached a record $20.9 billion, up 11% year over year, reflecting 15 consecutive quarters of year-over-year growth. In 2025, net income rose 9% to $6.1 billion,
driving 13% return on allocated capital. Client average loan levels grew to $181 billion, up 29% year over year, while maintaining excellent credit quality with very low net charge-offs.
Investing in our platform and capabilities
We continue to scale and advance our capabilities to deliver differentiated value. Our platform spans across markets globally, maintaining a top five position in nine of 10 market products1 and covering over 95% of the institutional client wallet.2 We focus on global coverage, resource optimization and technology investments to strengthen execution, improve efficiency and create long-term value.
Driving innovation for client success
Innovation remains central to our strategy. We're leveraging artificial intelligence to help enhance capital efficiency and the client experience, automating research, intelligence and workflows to accelerate decision-making. Ongoing investment in data and analytics helps enable real-time insights and predictive capabilities. Looking ahead, we will scale automation, expand algorithmic execution and explore solutions to streamline settlement and reduce risk.
1 Coalition Greenwich Competitor Analytics full year 2024. Results are based on Bank of America's footprint, product taxonomy and own revenue. Markets products include Equity Derivatives, Cash Equities, Prime Services, G10 Rates, FX/LCT, Global Financing and Futures, Credit, Commodities, Securitized Products and Munis.
2 Coalition Greenwich Client Analytics 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 institutional clients.
Delivering as a global business with global talent
Our global team combines deep market expertise with local insights to deliver tailored strategies for evolving client needs. We operate as one team - valuing diverse perspectives and fostering collaboration, agility and excellence across borders.
We maintained our competitive position among the top five U.S. banks in 2025 by delivering for clients worldwide, laying a strong foundation for continued growth and global leadership.
BANK OF AMERICA 2025 | 27
Winning locally, growing globally
Through our 97 local markets and 90 international markets across more than 35 countries, we deliver integrated solutions to help our clients grow.
One of the most powerful differentiators for our company is how we deliver our distinct capabilities in markets around the world to capture opportunity and grow market share. This collaborative approach across lines of business combines the strength of our global scale with the precision of local execution.
Our collaborative approach across lines of business combines the strength of our global scale with the precision of local execution.
We've organized resources around 97 major, metro and suburban
U.S. markets, covering 96% of gross domestic product and 95% of businesses and households. Internationally, we operate in more than 35 countries and serve clients in 90 markets.
A market president or country executive drives collaboration across lines of business, facilitating alignment and the deepening of local engagement. In the U.S., this model delivers measurable results, including 10 million client introductions and a 39%
close rate in 2025. Internationally, we provide integrated client solutions across Global Commercial Banking, Global Corporate & Investment Banking and Global Markets, generating $15.4 billion in international revenues in 2025.
Every market executes a clear plan to expand market share. Examples include:
Los Angeles (Major market): Retail Banking, Preferred Banking and Global Commercial Banking held more than 50% client share in 2025. Local teams are focused on deepening relationships and helping Merrill attract new clients. See more information about how we deliver in Los Angeles on pages 30-31.
Denver (Metro market): Building on strong ties for Merrill and The Private Bank, we're adding financial centers to accelerate growth and enhance the client experience.
Charleston-Hilton Head, S.C. (Suburban market): In 2025, Retail Banking, Merrill and The Private Bank achieved positive share growth by expanding teams and deepening relationships.
Brazil (International market): Global Corporate & Investment Banking is ranked No. 1 in investment banking fees1 across Brazil, delivering world-class solutions to leading Brazilian and multinational corporations and institutional investors, which exemplifies our commitment to supporting clients across their global footprint. See page 32 for details on how we deliver in this key market.
By combining top-tier products, a trusted brand, community engagement and a culture of collaboration, we believe our integrated strategy is a competitive advantage - positioning us to win today and for the long term.
1 Source: Dealogic, excluding local debt markets, as of Dec. 31, 2025
BANK OF AMERICA 2025 | 29
DELIVERING GROWTH AND SERVING ALL
CONSTITUENTS
28 | BANK OF AMERICA 2025
Helping rebuild and create
opportunities in Los Angeles
We're leveraging our expertise, resources and partnerships to restore communities and build pathways for future success.
Our Local Markets Organization partners with business and civic leaders across our communities to execute our strategy locally, driving growth and delivering for clients, teammates and communities.
Spotlighting our Greater Los Angeles market
The January 2025 Los Angeles wildfires destroyed more than 50,000 acres and 13,000 homes, as well as affected 1,900 small businesses. Our company was directly impacted, losing two financial centers and seeing thousands of clients and hundreds of teammates affected. Nearly half of the impacted households have a relationship with us.
With more than 110 years serving Los Angeles and experience responding to disasters nationwide, we have the expertise, capital and connections to help our clients, teammates and communities rebuild. Raul Anaya, head of Local Markets Strategy and president of Bank of America Greater Los Angeles, leads our comprehensive response and a team focused on long-term recovery.
years serving Los Angeles
30 | BANK OF AMERICA 2025
Leading recovery and rebuilding efforts
In 2025, we supported clients, teammates and communities in Greater Los Angeles by:
Opening two mobile financial centers and committing to rebuild new financial centers in Altadena and the Pacific Palisades
Reuniting thousands of safe deposit box clients with their valuables
Providing one-on-one support to impacted clients and teammates
Directing more than $4.3 million in relief, including $1 million for small businesses
Launching bankofamerica.com/LArebuild with tailored resources
directed in philanthropic relief
in 2025
provided to support small business
recovery in 2025
Maintaining our long-term commitment
We remain dedicated to helping clients rebuild with innovative financial solutions. Our Bank of America Rebuild Solution offers extended mortgage forbearance, a Rebuild Line of Credit to cover costs beyond insurance and rate preservation for qualifying mortgage accounts, helping preserve clients' current lower first mortgage interest rate.
Beyond financial support, we're convening civic, nonprofit and business leaders, advising community organizations and leveraging our philanthropic expertise to make an impact. As the nation's largest private capital community development
financial institution (CDFI) investor, we've directed $10 million in zero-interest loans, helping families, small businesses and neighborhoods recover and thrive.
BANK OF AMERICA 2025 | 31
Combining global resources with
local expertise to help companies and institutions thrive
With operations in more than 35 countries, we offer comprehensive advisory and financial solutions that help clients streamline business across borders. Our international platform, powered by country executives and local
market leaders, connects clients to the full breadth of Bank of America's capabilities and positions us as trusted advisors to leading companies and institutions.
Creating award-winning research and providing data-driven insights
By delivering evidence-based perspectives and expert market analysis, both BofA Global Research and
Bank of America Institute help clients and other key stakeholders make informed decisions.
Spotlighting our presence in Brazil
Bank of America has been part of Brazil's financial landscape since 1947, leveraging local knowledge and global expertise to deliver tailored solutions. Headquartered in São Paulo, we operate as a fully licensed bank and broker-dealer.
Our Global Banking and Global Markets platform delivers distinct capabilities to global multinationals, leading Brazilian corporates and institutional investors, connecting the world to Brazil and reinforcing our commitment to support our clients across their global footprint.
From Investment Banking - ranked No. 1 in fees1 - and our leadership in swaps and derivatives, to innovative Global
Payments Solutions (GPS) offerings and our award-winning BofA Global Research team, Brazil exemplifies how we can deliver the breadth of our platform to our global client base.
Brazil has emerged as a leader in digital banking and real-time payments. Since launching GPS in 2010, we've built a robust infrastructure enabling corporate clients to manage collections and payments 24/7, and we offer a comprehensive suite of foreign exchange, liquidity and working-capital solutions to support multinational clients operating in Brazil.
Our commitment to Brazil extends beyond business, which contributes to a stronger and more resilient landscape for our clients and our teammates. We partner with nonprofits to advance economic mobility, including the growing need for
financial education. In partnership with Instituto Brasil Solidário, an instructional resource for teachers and community leaders, we supported a financial education program that reached two million students from low-income backgrounds and more than 123,000 teachers across approximately 7,400 schools in 2025.
We also support Brazil's low-carbon transition by financing renewable energy, sustainable infrastructure and innovation. For example, our collaboration with The Nature Conservancy on its cattle traceability initiative is designed to help reduce deforestation and modernize rural economies with a pilot of more than 3,000 producers.
Additionally, we have supported the conservation of Latin American heritage through our Art Conservation Project. As an example, in 2025, we sponsored and lent 52 works of art from our collection to the "Ancestral: Afro-Americas" exhibition in Brazil. Since 2010, we have provided grants for the restoration of nearly 170 artworks and 370 photographs at leading museums across Latin America.
Brazil remains our largest market in Latin America, and we continue to invest in strengthening our franchise and driving overall growth by delivering integrated, tailored products and solutions that help our clients achieve their goals.
1 Source: Dealogic, excluding local debt markets, as of Dec. 31, 2025
Providing deep analytical research across global markets
BofA Global Research delivers original anticipatory investment insights for institutional and private clients across our company. With the consistent goal of telling a client something they don't already know, more than 650 analysts across 21 countries generate innovative analysis spanning multiple asset classes and regions. Focus areas include equity, fixed income, commodities and foreign exchange research, as well as macro and microeconomic analysis, sector-specific reports and company-level coverage. We provide comprehensive coverage on approximately 3,500 stocks and 1,300 credits, economic forecasts for 59 countries and 39 commodities, and recommendations on 46 currencies.
BofA Global Research analysts
across 21 countries
In 2025, our leadership was recognized by Extel (formerly Institutional Investor) with top rankings, including No. 2 Global Research Leader, No. 2 All-America Equity Research and No. 2 Global Fixed Income Research. We also achieved No. 1 positions in Developed Europe and Emerging EMEA Equity Research.
Unlocking real-time insights powered by companywide proprietary data
Bank of America Institute shares its unique perspectives on
the economy, sustainability and transformation with businesses, community leaders, policymakers, regulators and consumers.
These insights are derived by analyzing data from Bank of America's more than 69 million clients globally, $1.25 trillion in consumer and wealth management deposits and $4.52 trillion in total payments in 2025.
Bank of America Institute insights are derived by analyzing data from
our more than 69 million clients globally.
The Institute's monthly flagship publications include Consumer Checkpoint and Small Business Checkpoint. Bank of America Institute also amplifies and simplifies complex BofA Global Research reports to help make them accessible to a much wider population.
In 2025, we introduced Institute Daily Insights, a data-driven snapshot of the trends shaping the world today. From consumer habits and housing trends to technology advancements redefining business, Daily Insights focuses on what's moving and why it matters - and it's delivered to subscribers' inboxes each day.
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Amplifying the power of sports to drive growth
Our sports partnerships deepen client relationships, strengthen our brand and drive lasting impact in the communities we serve.
Rooted in our belief in the power of sport to bring people together and broaden opportunity, our partnerships help us build stronger client connections, support local economies and inspire future generations.
Deepening client relationships
In 2025, we continued to partner with some of the world's most iconic brands, athletes and events in sports - including global soccer, two Abbott World Marathon Majors, the Masters Tournament and Augusta National Women's Amateur, along with leading professional football and baseball teams across the U.S.
As the Official Bank of the FIFA Club World Cup 2025™, we reached global audiences through tailored client experiences, marketing and tournament content, and presented the Top Goal Scorer award. Across both the FIFA Club World Cup 2025™ and the upcoming FIFA World Cup 2026™, Bank of America clients and prospects received exclusive benefits, including discounted
tickets, limited-edition credit card designs for new Customized Cash Rewards and Unlimited Cash Rewards Visa® applicants, and opportunities to purchase tickets to 2026 matches. These offerings help us connect with clients to deepen loyalty, drive acquisition and extend our brand presence.
34 | BANK OF AMERICA 2025
Strengthening communities
Our partnerships are structured to make a meaningful difference across the more than 35 countries and 97 U.S. markets where we operate. Through collaboration with local partners, nonprofits and business leaders, we help stimulate economic activity, support small businesses and increase youth access to sport.
The Boston Marathon presented by Bank of America generates an estimated $500 million-plus in annual economic activity for the Greater Boston region, while the 2025 race raised an event record $50.4 million in philanthropic impact. The 2025 Bank of America Chicago Marathon contributed $756 million in economic impact for the city of Chicago and broader region and $47.1 million in philanthropic benefits.
Beginning in 2026, we will be presenting partner of the Great Ethiopian Run International 10km and its associated Children's Races, with support expanding in 2027 to include the Women First 5km. These events celebrate Ethiopia's running culture and show how sport can drive economic growth, community health and youth development. Growing our endurance platform in East Africa also aligns with our broader regional strategy across Europe, the Middle East and Africa.
As the Official Bank Partner of the U.S. Soccer Federation, we're proud to support the sport at every level. In partnership with Visa and Street Soccer USA, we opened the first Bank of America Fields at Visa Street Soccer Parks in Denver; Kansas City, Mo.; New York City and San Francisco. Equipped with professional-grade surfaces, lighting and learning centers, these fields increase access to the game, with more locations planned for 2026.
We expanded access to golf through Golf with Us, launched during the 89th Masters Tournament in partnership with Youth on Course. Young people ages 6-18 can now play rounds for $5 or less at participating courses nationwide. More than 86,000 youth have enrolled, logging over 100,000 rounds in 2025.
Sports with Us clinics further enhance youth engagement by providing hands-on instruction and life-skills coaching from former and current athletes. In 2025, we hosted 35 clinics, including a unique Dallas-area program delivered with the Dallas Cowboys, FIFA World Cup 2026™ and U.S. Soccer.
Expanding global impact
In 2025, we launched a multiyear partnership with global sports leader, entrepreneur and philanthropist Sir David Beckham, who now serves as ambassador for our Sports with Us program. His leadership helps amplify the positive influence of sport and strengthen our community impact worldwide.
We also advanced our nearly 50-year partnership with Special Olympics. Our Platinum sponsorship of the 2026 Special Olympics USA Games, along with a three-year, $5 million global grant, will expand leadership and workforce training for athletes with intellectual and developmental disabilities.
Across all these partnerships, our commitment remains the same: using the power of sport to drive business growth, strengthen communities, and increase access and opportunity.
BANK OF AMERICA 2025 | 35
Approximately
1.9B
proactive, personalized insights delivered by Erica® since launch
in 2018
Accelerating improvements with
our use of artificial intelligence and human insight
Artificial intelligence (AI) is one of the most significant tools we can leverage to help increase returns and fuel growth. By leveraging AI at scale across our global operations, we are focused on expanding capabilities, optimizing performance and driving exceptional client service.
We are a long-time leader in AI, including through the deployment of Erica® - the world's first widely adopted AI-driven virtual financial assistant - demonstrating our commitment to using AI responsibly to meet client and employee needs.
Launched in 2018, Erica has had more than 3.2 billion interactions since launch, and today, Erica helps more than 20 million clients manage their financial lives. For instance,
more than 40% of CashPro® Chat inquiries are handled directly through Erica and approximately 23 million ask MERRILL® and ask PRIVATE BANK® interactions occur annually on Erica.
Since 2020, Erica for Employees has provided our teammates with technology support and reduced IT service desk calls
by more than 55%. Its functionality has broadened from technology to human resources and other requests, such as where employees can review their health benefits. Erica technology also helps resolve a wide range of business and client inquiries and is a tool for wealth management teammates to source and curate information and deliver exceptional client experiences.
1.5M+
prompts generated by teammates
per week
Erica has laid a strong foundation for our company's broader use of AI.
Across the company, teams are using AI to transform productivity, strengthen Operational Excellence, enhance decision making and drive better outcomes for clients:
General adoption: Nearly 200,000 teammates are enabled with AI tools on their desktops; approximately 150,000 active users generate more than 1.5 million prompts per week.
40%+
CashPro® Chat inquiries handled directly through our virtual assistant Erica®
Computer coding: Approximately 18,000 Global Technology teammates use AI to code, saving more than 20% of
the core work.
Client meeting preparation: Merrill, The Private Bank, Business Banking and Global Corporate & Investment Banking use AI for client research and preparation.
Improving client experience: Call center teammates use AI to automate routine tasks, saving time and improving client experience.
Automating insights: Global Markets leverages AI for research, including automated daily news and market summaries, and to help streamline end-to-end trade lifecycle management.
Approximately
23M
ask MERRILL® and
ask PRIVATE BANK®
interactions
annually
Removing manual data entry: Global Operations uses AI to extract and structure data from documents and convert into usable formats for estate servicing.
Supporting legal research: Legal teammates use AI to support research, analysis and preparation of contracts and documents.
AI is central to the future of work at Bank of America. Our teammates are embracing the technology to succeed in their roles, help drive innovation and better support our clients.
20%+
efficiency gain in code development for approximately 18K Global Technology software engineers
36 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 37
Driving opportunity through skills-based hiring and workforce development
By focusing on skills-first hiring and workforce development, we create opportunities for individuals to thrive, support their families and strengthen their communities.
Expanding our commitment to skills-first hiring
Our broad-based hiring practices, which encompass candidates without a bachelor's degree, military veterans and individuals from community colleges, reflect our deep commitment to workforce development.
Our skills-first approach to hiring values the knowledge and abilities our teammates bring to our company. Through The Academy, our onboarding, education and professional development organization, we provide continuous learning,
reskilling and development opportunities to help teammates develop the skills needed to build long-term careers and succeed in an evolving workplace.
Across the U.S., we partner with local and national nonprofits, employer coalitions and community colleges to expand access to training, upskilling, internships and hiring for individuals from all backgrounds.
In 2025, we committed to hire 10,000 more individuals with military backgrounds and 8,000 individuals from community colleges over the next five years, recognizing the critical role these institutions play in preparing skilled talent. We also committed to create 700 financial center jobs through 2028 in new growth markets. Combined with our increased U.S. minimum hourly wage of $25, these efforts underscore our commitment to expanding economic opportunity.
Creating jobs for thriving communities
Our workforce development initiatives extend beyond our own hiring practices to support job placements across multiple industries. We leverage labor market data to identify employer needs, invest in partners driving successful outcomes, and provide career readiness training and company leaders "loaned" to nonprofit and community partners to strengthen local workforce programs.
Across our markets, we play a leading role with organizations focused on livable wage job creation: Leaders in many of
our markets serve on the boards of local jobs councils, CEO forums and employer coalitions. Bringing together business, education and community partners is central to how we help drive jobs growth, strengthen local economies and advance economic opportunity.
In 2025, we invested nearly $40 million in over 730 workforce partners, including community colleges and training providers. Our partners estimate that these investments helped more than 90,000 individuals secure livable-wage jobs and provided more than 290,000 people with access to training, education and career-readiness programs designed to support long-term career success.
Through these efforts, we are helping people gain high-value credentials, work experience and opportunities in high-demand industries - strengthening communities and building a more resilient workforce.
"Our commitment to hiring individuals with diverse skills and experiences is central to how we recruit talent to best serve our clients. It also creates economic growth in our communities and opens doors for teammates to advance in their careers."
Sheri Bronstein
Chief People Officer
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Supporting our teammates' wellness and career growth
At Bank of America, we're committed to creating long-term value for our shareholders, delivering exceptional service to our clients and customers, and driving positive impact in the
communities we serve. Central to this mission is our investment in the people who make it all possible - our teammates.
With a workforce of more than 213,000 individuals representing different backgrounds, experiences, skills and perspectives, we are intentional about fostering an inclusive culture where everyone has the opportunity to succeed and help drive Responsible Growth.
Our focus on being a Great Place to Work and providing a culture of caring is key to driving Responsible Growth. That is why we continue to build a workplace where every teammate can build a career, knowing that we are committed to supporting teammates through affordable, competitive and flexible benefits, and investing in their physical, emotional and financial wellness.
We apply our own insights and experience generated by our Workplace Benefits™ and Employee Banking & Investing platforms to help inform how benefits are designed and refined for our teammates. By leveraging the same data, tools and learnings we deliver to clients, we can bring an evidence-based approach to shaping world-class benefits for our own teammates. Through investments in our people, and accessible, affordable benefits and programs, we strengthen our ability
to serve customers and clients, innovate for the future, help drive long-term shareholder value and deliver results for all our stakeholders.
Physical wellness
Supporting good health
We promote physical wellness by focusing on access, affordability and prevention. Affordability remains a core part of how we support teammates, as we provide essential health and wellness resources that are within reach for them and their families. From comprehensive health insurance options to
wellness programs that support broader health needs, we invest in solutions that help teammates.
Prioritizing preventive care
Preventive care supports long-term wellness. In 2025,
Bank of America provided access to more than 425 onsite wellness clinics across the U.S., including free health screenings for teammates enrolled in our national medical plans. These screenings help employees understand their health status, build personalized wellness plans and earn up to $1,000 in wellness credits toward their annual medical premium.
BANK OF AMERICA 2025 | 41
HUMAN CAPITAL MANAGEMENT UPDATE
40 | BANK OF AMERICA 2025
Expanding access to virtual care
In 2025, approximately 132,000 U.S. employees, plus their covered family members, enrolled in our national medical plans and had access to no-cost virtual care through Teladoc Health, with new services like dermatology offered in 2025. With 24/7 access to physicians for diagnosis, treatment and prescriptions, more than 26,000 teammates and family members used Teladoc in 2025. We also introduced no-cost virtual physical therapy
to U.S. employees and their dependents enrolled in one of our national medical plans. In 2025, approximately 3,200 employees and dependents received a tailored physical therapy care plan.
Health benefits to meet evolving needs
We listen to our teammates and continuously evolve our health benefits to reflect their needs and priorities. Our approach is rooted in innovation, inclusivity and support for well-being across every stage of life.
MSK Direct offers expert cancer care and support through Memorial Sloan Kettering, one of the world's leading cancer centers, providing timely access to specialized treatment and guidance.
Menopause & Midlife Health, offered through Maven, provides holistic and specialized support for healthy aging. Teammates and covered family members enrolled in a U.S. national medical plan can connect with providers across more than
30 specialties, join peer communities and access educational resources and live classes - all at no cost through Maven.
In 2025, we also expanded our relationship with Well to deliver, among other things, our Annual Wellness Program. That includes Well Rewards, onsite flu vaccines and health screenings, wellness questionnaires and primary care provider attestations for employees to qualify for an annual credit on their medical premium. Approximately 122,000 employees, spouses and partners have enrolled with Well, which provides streamlined access to health metrics, educational resources and benefit programs, and reinforces our commitment to holistic well-being.
Well strives to understand each member's needs and goals, provides them with support easily available with an app, offers personalized coaching and rewards healthy behaviors with points to redeem for gih cards, reinforcing the value of proactive care.
Approximately
employees, spouses and partners
were enrolled in Well in 2025
Our Family Support program offers expert guidance for every path to parenthood - from preconception and pregnancy to adoption, surrogacy and pediatric care. Teammates enrolled in one of our U.S. national medical plans are eligible to receive up to $20,000 in reimbursement for adoption, surrogacy or fertility treatments.
Physical activity
Our Global Get Active! challenge encourages teammates to connect and focus on their physical activity. In 2025, more than 54,000 employees in 36 countries chose to participate in the six-week challenge, collectively taking more than 14.5 billion steps. Through our discount program, employees also have access to Wellhub, which connects them to local gyms and studios, virtual live and on-demand classes, personal training, and a variety of emotional and physical wellness apps.
teammates participated in our Global Get
Active! challenge in 2025
Emotional wellness
Emotional wellness is essential to overall health and workplace effectiveness. We provide teammates with education, benefits and resources that make mental health a priority.
Eligible employees and covered family members aged 13 and older have virtual access through Teladoc Health to licensed therapists and behavioral health specialists. Support is available for a wide range of needs, including stress, anxiety, depression, family and relationship challenges, substance use and eating disorders - providing accessible, confidential and responsive care that is tailored to individual circumstances.
Driving awareness and education around emotional wellness
We deliver educational content and programming that raises awareness, encourages resource utilization and helps reduce stigma around mental health.
We spotlight topics such as sleep management, life balance, self-care and how to navigate mental health conversations with
children or aging parents. Ongoing and special initiatives, including Mental Health Awareness Month, reinforce our year-round focus.
Supporting families through child and adult care programs
Accessible and affordable family care is critical to our employees. We help teammates care for their loved ones by offering flexible, family-focused support. Through our Child Care Plus® program, eligible U.S. employees receive reimbursement to help offset childcare costs.
When regular care arrangements are unavailable, we provide up to 50 days of back-up care annually for children and adult dependents. Similar programs are available globally, supporting
employees and their families across all life stages and locations. In addition:
Employees in the U.S. earning less than $100,000 receive up to $275 per child per month for both formal and informal care, with eligibility extending to children up to age 12 (higher age eligibility in certain instances).
We provide employees with guidance to identify childcare centers, aher-school programs and other care options tailored to their needs, administered through LifeCare.
Enhancing access to emotional support
Our Employee Assistance Program (EAP) offers employees and their household members up to 12 free in-person counseling sessions per issue, per year, plus unlimited phone consultations. Support covers topics like relationships, grief, anxiety and caregiving.
To make support more accessible, onsite EAP specialists are available at 32 U.S. locations.
Supporting teammates through life's most critical moments
Bank of America's Life Event Services (LES) team offers personalized support during major life challenges - from domestic violence and natural disasters to retirement and loss. LES connects teammates with expert resources to guide them through difficult times. In 2025, over 140 specialists across more than 10 locations supported nearly 49,000 cases - reflecting our commitment to being there during significant life moments.
Investing in renewal through sabbaticals
Our sabbatical program supports long-term career development and employee well-being. Eligible teammates with 15 or more years of service can take four to six paid weeks away from work to recharge, reconnect and pursue personal interests.
Since its launch in 2023, more than 36,000 employees have enjoyed the advantages of this benefit - choosing to volunteer, travel, spend time with family, explore new hobbies or simply rest. The program helps teammates return refreshed and reenergized, ready to continue building their careers with us.
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Financial wellness
Empowering financial wellness across life stages
Our teammates seek to build strong financial foundations and plans for their futures. We support the development of healthy financial habits - from managing everyday expenses to saving for long-term goals.
Key offerings include:
Tuition assistance and academic support: U.S. teammates can receive up to $7,500 annually for eligible education expenses, along with access to academic specialists and discounted tuition at partner institutions. In 2025, more than 6,500 employees benefited from over $21 million in support. Our partnership with Bright Horizons College Coach® also helps employees navigate college planning and financial aid for their children.
Up to
offered annually in tuition assistance
for employees to return to school or pursue eligible job-related courses and certifications
for full-time employees to $52,000 - an increase of more than
$20,000 since 2017. Thousands of employees in the U.S. have benefited, helping to fuel the growth of the American economy and create job opportunities that strengthen the communities we serve.
Increase to
minimum hourly wage for full-time
U.S. employees in 2025
In recognition of our strong 2025 financial performance, we awarded Sharing Success compensation awards to teammates for the ninth time since 2017. Approximately 96% of employees received awards, totaling nearly $6.8 billion, enabling teammates across compensation levels to share in the company's
long-term success.
We are committed to equal pay for equal work, supported by rigorous policies and third-party reviews overseen by our Board of Directors and senior management. We are dedicated to compensation fairness, transparency and rewarding performance in a way that aligns with our values and continuing growth strategy.
401(k) and financial counseling: Employees can tailor their investment strategy and access free financial planning tools through Workplace Benefits to support both short- and longterm financial goals. Participating employees can receive up to 5% matching 401(k) plan contributions, plus 2%-3% annual company contribution.
Up to
matching 401(k) plan
contributions, plus 2%-3% annual company contribution
These and other programs are part of how we help teammates achieve financial confidence and security - an essential part of overall well-being and long-term career success.
Rewarding performance with competitive compensation
Our compensation philosophy is rooted in recognizing and rewarding performance. We offer pay that aligns with market standards, individual experience and each teammate's unique contributions.
We regularly benchmark against peers within and beyond the financial services industry to affirm our compensation remains competitive. This supports our ability to attract, retain and motivate top talent, while aligning employee rewards with business performance and value creation.
In October 2025, we achieved our goal of raising our minimum
U.S. hourly wage to $25, bringing the minimum annualized salary
Investing in career growth and development
Attracting and retaining world-class talent
Serving more than 69 million clients globally requires a workforce with different skills, experiences and perspectives.
A key focus of our recruitment strategy is our highly competitive campus program. In 2025, students joined us in entry-level roles from more than 440 universities worldwide. Among those are a range of colleges and universities - including public and private institutions, Hispanic-Serving Institutions, Historically Black Colleges and Universities, women's and men's colleges, military academies and religious institutions - with which we partner, providing us with access to talent. Additionally, we collaborate with community colleges across the U.S. to deliver career readiness programs. In 2025, we announced our intention to increase hiring from community colleges, committing to 8,000 new hires over the next five years.
Once onboard, teammates have access to a wide range of resources to support their professional development and career growth, through The Academy, and our internal mobility teams. U.S. teammates can also join a talent community to unlock tailored career development resources, personalized role
recommendations, learning workshops and events, and confidential guidance from a dedicated team of internal mobility advisors. This team coaches teammates through the internal mobility process and provides them with support on, among other things, internal job searches, reskilling, resume building and interview coaching.
In 2025 alone, more than 14,000 employees transitioned into new roles within the company and 44% of roles were filled internally, underscoring the opportunities our teammates have for career mobility and advancement.
2025 HIRING STATISTICS
18K+
new hires
1.7K+
full-time campus hires
645+
military and veteran hires
3.3K+
Pathways hires from low-and moderate-income communities
580+
hires through nonprofit partnerships
44 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 45
BROAD ENGAGEMENT IN OUR PROGRAMS IN 2025
66K+
Academy program enrollments
7.6M+
hours of teammate training
20K+
enrollments new to their roles received core training
46K+
enrollments supported with new skills development
882K+
high-tech simulations delivered through immersive technology
Supporting career development through learning and innovation
Continuous learning and development help teammates grow their careers. At the heart of this effort is The Academy at Bank of America, which offers structured programs, on-demand education and a wide range of tools to help employees build skills and pursue new opportunities. Beginning on day one, our onboarding experience connects teammates to our purpose, values and the pillars of Responsible Growth-giving them the opportunity to begin their career journey with clarity and confidence. As their careers progress, employees have access to high-quality skills training, job coaching and opportunities to explore new roles across the company.
In 2025, The Academy played a key role in supporting the companywide rollout of new artificial intelligence (AI) capabilities, helping teammates adopt new work tools that enhance productivity and efficiency. The Academy is helping to equip employees with the tools and expertise in AI they need to succeed in a rapidly evolving workplace.
Building a strong leadership pipeline
We invest in leadership through targeted assessments, coaching and a consistent manager development curriculum that builds core capabilities and supports career growth.
Our Manager Excellence program helps managers succeed through a curriculum based on eight key expectations, followed by a capstone experience, which allows participants to put their learning to work. Most managers have completed the program and managers regularly engage in live broadcasts and an online community to share best practices. This investment has
helped raise satisfaction with immediate managers to 87% - 7% above industry benchmarks.
We continuously evolve our curriculum to meet changing needs. Recent additions include Emotional Wellness for Managers and a workshop co-created with UNITE using The Dignity Index®, focused on fostering trust and respect within teams.
Providing opportunities to those who have served
Bank of America proudly supports teammates, clients and communities with military backgrounds, including three members of our company's Executive Management Team who are former service members. In 2025, we committed to hiring 10,000 individuals with military backgrounds over the next five years, building on previous military hiring commitments we had made over the last decade.
This advances our company's broader workforce development strategy, which emphasizes skills-first hiring both within the company and across the communities we serve.
Our Veteran Onboarding Initiative pairs newly hired veterans with a tenured teammate within the first 90 days and helps ease them into civilian life. Our Military Support & Assistance Group (MSAG) has 43 chapters and more than 22,000 members worldwide, providing opportunities for military employees
and their families and friends through networking, mentoring, volunteer events and information forums.
employees are members of our
Military Support & Assistance Group
We also work with organizations to address the needs of military veterans and their families. In 2025, we announced a partnership with American Corporate Partners that will support 250 mentorships for veterans and military spouses, in honor of
America's 250th birthday. We also partner with K9s for Warriors and Cohen Veterans Network, and have donated over 6,500 homes - more than 2,700 to military-serving nonprofits. Our Better Money Habits® program includes tailored financial resources for service members.
Championing neuroinclusion and universal accessibility
At Bank of America, we are committed to leading the financial services industry in accessibility. Our Enterprise Technology Accessibility Team coordinates efforts across our company
to make sure universal design and access are embedded into every part of our business. We work to consider the needs of neurodiverse teammates and provide tools that support their internal mobility and career growth. We partner with organizations like Neurodiversity in the Workplace to help create training programs, with more than 840 teammates completing sessions.
Our medical accommodations team tailors inclusive practices to help teammates thrive. Community and allyship are fostered
through our Disability Action Network (DAN), with 30 chapters and more than 23,700 members offering development, forums and volunteer opportunities. We also have longstanding partnerships with Disability:IN, National Disability Institute, ArtLihing and Special Olympics that further enhance our inclusion work.
United in combating hate
Bank of America stands firmly against all forms of hate directed toward any group. In 2025, we continued to advance
our $20 million multiyear commitment to support the Blue Square Alliance Against Hate (formerly the Foundation to Combat Antisemitism) to help raise awareness and promote unity across communities.
46 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 47
Fostering inclusion through Employee Networks
Our Employee Networks include:
Asian Leadership Network
Black Professional Group
Employee engagement and retention at Bank of America
Our 11 Employee Networks play a central role in supporting our culture of opportunity and inclusion. Supported by senior leaders and open to all teammates on a voluntary basis, these networks offer optional opportunities for connection, cross-business collaboration, personal growth and skill building.
Employee Network chapters
at year-end 2025
Employee Network memberships
worldwide - up 4% year over year
of our workforce is a member of at
least one Employee Network
Culture & Heritage Network (including Arab Heritage, Culture
& Heritage and Jewish Heritage chapters)
Disability Action Network
Hispanic/Latino Organization for Leadership & Advancement
Inter-Generational Employee Network
LEAD (Leadership, Education, Advocacy and Development) for Women
Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ+) Pride
Military Support & Assistance Group
Native American Professional Network
Parents and Caregivers Network
All Employee Networks promote inclusion of all employees. For example, our Inter-Generational Employee Network serves all five generations in our workforce globally. From early career to late career, this network provides an environment for teammates to build connection, continue learning and help the organization evolve by bringing together digital natives and experienced leaders at any age and stage of their career.
Each year, we conduct a comprehensive Employee Engagement
Survey to gather feedback from across the organization. In 2025, 86% of our teammates participated, reflecting a strong culture of engagement and trust.
Our Employee Engagement Index Score continues to exceed industry benchmarks. Following the survey, leaders and managers facilitated 1,200 listening sessions with nearly 20,000 teammates in addition to ongoing dialogue within teams. These sessions surfaced more than 6,100 insights on opportunities for Operational Excellence, helping us translate feedback into meaningful action.
91%
88%
87%
80%
82%
85%
85%
84%
86%
75%
14%
12%
12%
13%
11%
12%
8%
8%
7%
90%
Employee Engagement Index Score
80%
70%
60%
50%
40%
30%
20%
10%
0
Insights from the survey and subsequent engagement activities
are reviewed annually with our Board of Directors, reinforcing continuous improvement and accountability at the highest levels of leadership.
We believe our consistently low employee turnover is a direct result of these efforts and reflects how our teammates view Bank of America as an employer of choice.
20%
15%
Turnover
10%
8%
5%
0
48 | BANK OF AMERICA 2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2025 workforce metrics1
Global employees
Total employees
Top three management levels
Managers at all levels
Campus
Women
50%
42%
43%
46%
Men
50%
58%
57%
54%
U.S.-based employees
White
46%
72%
53%
35%
Asian
15%
12%
15%
26%
Black
15%
7%
11%
13%
Hispanic
20%
6%
17%
17%
American Indian/Alaskan Native
0.4%
0.1%
0.3%
0.5%
Native Hawaiian/Other Pacific Islander
0.3%
0.1%
0.3%
0.3%
Two or more races
3%
1%
2%
4%
LGBTQ+
3%
-
-
-
Military
5%
-
-
-
People with disabilities
6%
-
-
-
1 Based on employee self-identification
BANK OF AMERICA 2025 | 49
Equal Employment Opportunity (EEO) statistics
U.S. Employee Demographics in 2025
Job category
Gender description
White
Black/ African American
Hispanic/
Latino
Asian
American Indian/ Alaska Native
Native Hawaiian/
Other Pacific Islander
Two or more races
Total by gender
Executive/Senior
Female
1,571
183
150
256
2
2
38
2,202
level officials and
Male
2,445
166
202
457
5
5
47
3,327
managers
Total
4,016
349
352
713
7
7
85
5,529
First/Mid-level
Female
5,577
1,490
2,035
1,198
47
27
214
10,588
officials and
Male
5,571
838
1,471
1,631
34
36
203
9,784
managers
Total
11,148
2,328
3,506
2,829
81
63
417
20,372
Professionals
Female
14,183
4,197
3,303
5,902
102
80
692
28,459
Male
24,981
3,573
4,345
7,693
123
76
995
41,786
Total
39,164
7,770
7,648
13,595
225
156
1,687
70,245
Technicians
Female
177
171
85
548
2
2
22
1,007
Male
422
305
228
431
3
5
49
1,443
Total
599
476
313
979
5
7
71
2,450
Sales workers
Female
385
44
75
106
3
3
18
634
Male
769
56
101
131
2
2
30
1,091
Total
1,154
100
176
237
5
5
48
1,725
Administrative
Female
14,717
10,031
13,641
3,851
240
182
1,252
43,914
support
Male
7,409
3,718
6,548
1,756
83
78
690
20,282
Total
22,126
13,749
20,189
5,607
323
260
1,942
64,196
Operatives
Female
9
12
7
6
-
-
-
34
Male
16
33
14
19
-
1
2
85
Total
25
45
21
25
-
1
2
119
Service workers
Female
7
-
3
-
-
-
-
10
Male
16
3
3
-
-
-
-
22
Total
23
3
6
-
-
-
-
32
Total
Female
36,626
16,128
19,299
11,867
396
296
2,236
86,848
Male
41,629
8,692
12,912
12,118
250
203
2,016
77,820
Total
78,255
24,820
32,211
23,985
646
499
4,252
164,668
2025 EEO (by number of teammates)1, 2
1 EEO table does not include job categories in which the company does not have employees (craft workers, and laborers & helpers).
2 Based on employee self-identification
2025 EEO (by percentage of teammates)1, 2
U.S. Employee Demographics in 2025
Job category
Gender description
White
Black/ African American
Hispanic/
Latino
Asian
American Indian/ Alaska Native
Native Hawaiian/
Other Pacific Islander
Two or more races
Total by gender
Executive/Senior
Female
28.4%
3.3%
2.7%
4.6%
0.0%
0.0%
0.7%
39.8%
level officials and
Male
44.2%
3.0%
3.7%
8.3%
0.1%
0.1%
0.9%
60.2%
managers
Total
72.6%
6.3%
6.4%
12.9%
0.1%
0.1%
1.5%
First/Mid-level
Female
27.4%
7.3%
10.0%
5.9%
0.2%
0.1%
1.1%
52.0%
officials and
Male
27.3%
4.1%
7.2%
8.0%
0.2%
0.2%
1.0%
48.0%
managers
Total
54.7%
11.4%
17.2%
13.9%
0.4%
0.3%
2.0%
Professionals
Female
20.2%
6.0%
4.7%
8.4%
0.1%
0.1%
1.0%
40.5%
Male
35.6%
5.1%
6.2%
11.0%
0.2%
0.1%
1.4%
59.5%
Total
55.8%
11.1%
10.9%
19.4%
0.3%
0.2%
2.4%
Technicians
Female
7.2%
7.0%
3.5%
22.4%
0.1%
0.1%
0.9%
41.1%
Male
17.2%
12.4%
9.3%
17.6%
0.1%
0.2%
2.0%
58.9%
Total
24.4%
19.4%
12.8%
40.0%
0.2%
0.3%
2.9%
Sales workers
Female
22.3%
2.6%
4.3%
6.1%
0.2%
0.2%
1.0%
36.8%
Male
44.6%
3.2%
5.9%
7.6%
0.1%
0.1%
1.7%
63.2%
Total
66.9%
5.8%
10.2%
13.7%
0.3%
0.3%
2.8%
Administrative
Female
22.9%
15.6%
21.2%
6.0%
0.4%
0.3%
2.0%
68.4%
support
Male
11.5%
5.8%
10.2%
2.7%
0.1%
0.1%
1.1%
31.6%
Total
34.5%
21.4%
31.4%
8.7%
0.5%
0.4%
3.0%
Operatives
Female
7.6%
10.1%
5.9%
5.0%
0.0%
0.0%
0.0%
28.6%
Male
13.4%
27.7%
11.8%
16.0%
0.0%
0.8%
1.7%
71.4%
Total
21.0%
37.8%
17.6%
21.0%
0.0%
0.8%
1.7%
Service workers
Female
21.9%
0.0%
9.4%
0.0%
0.0%
0.0%
0.0%
31.3%
Male
50.0%
9.4%
9.4%
0.0%
0.0%
0.0%
0.0%
68.8%
Total
71.9%
9.4%
18.8%
0.0%
0.0%
0.0%
0.0%
Total
Female
22.2%
9.8%
11.7%
7.2%
0.2%
0.2%
1.4%
52.7%
Male
25.3%
5.3%
7.8%
7.4%
0.2%
0.1%
1.2%
47.3%
Total
47.5%
15.1%
19.6%
14.6%
0.4%
0.3%
2.6%
1 EEO table does not include job categories in which the company does not have employees (craft workers, and laborers & helpers).
2 Based on employee self-identification
50 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 51
Bank of America Corporation (NYSE: BAC) is headquartered in Charlotte, North Carolina. As of December 31, 2025, we operated across the United States, its territories and more than 35 countries and/or jurisdictions. Through our bank and various nonbank subsidiaries throughout the United States and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments comprising eight lines of business: Consumer Banking (includes Retail and Preferred Banking), Global Wealth & Investment Management (includes Merrill and Private Bank), Global Banking (includes Business Banking, Global Commercial Banking and Global Corporate & Investment Banking) and Global Markets.
Financial Highlights ($ in millions, except per share information)
For the year
2025
2024
2023
Revenue, net of interest expense
$ 113,097
$ 105,856
$ 102,769
Net income
30,509
26,973
26,305
Earnings per common share
3.86
3.23
3.07
Diluted earnings per common share
3.81
3.19
3.05
Dividends paid per common share
1.08
1.00
0.92
Return on average assets
0.89%
0.82%
0.83%
Return on average common equity
10.59
9.53
9.73
STAKEHOLDER CAPITALISM METRICS
This index presents our disclosures aligned to the Stakeholder Capitalism Metrics developed by the International Business Council (IBC) of the World Economic Forum (WEF) and the Sustainability Accounting Standards Board (SASB, now part of the International Sustainability Standards Board - ISSB). To streamline reporting and limit duplication, we reference our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com) where applicable. We believe this disclosure helps to demonstrate
how our work to drive Responsible Growth helps deliver for all our stakeholders - our teammates, clients, communities and shareholders - to create opportunity and growth for our clients and shareholders while empowering the communities in which we live and serve. In this index, we either reference existing disclosures or respond directly. We evaluate and select the metrics we believe are most relevant to our business model. We will continue to review the applicability of these metrics as reporting practices evolve. All reported data is for year-end December 31, 2025, unless otherwise noted. See page 62 for Cautionary Information and Forward-Looking Statements regarding Stakeholder Capitalism metrics.
INDICATES CORE IBC METRIC
Principles of Governance
FRAMEWORK
Return on average tangible common shareholders' equity1
14.22
12.94
13.45
Efficiency ratio
61.65
63.12
64.07
expression of the means by which a business proposes
Statement articulate how we drive Responsible Growth. Our 2025
Average diluted common shares issued and outstanding
7,681
7,936
8,081
solutions to economic, environmental, and social issues.
Corporate purpose should create value for all stakeholders,
Sustainability at Bank of America document also outlines how our
purpose and sustainability leadership help create stakeholder value
At year-end
2025
2024
2023
including shareholders.
(refer to our corporate website at https://www.bankofamerica.com).
THEME WEF/SASB INDICATOR RESPONSE/FRAMEWORK ALIGNMENT
Governing purpose Setting Purpose: The company's stated purpose, as the This 2025 Annual Report to Shareholders and our 2026 Proxy
Total loans and leases
$ 1,185,700
$ 1,095,835
$ 1,053,732
Total assets
3,411,738
3,261,299
3,180,515
Total deposits
2,018,729
1,965,467
1,923,827
Total shareholders' equity
303,243
293,963
290,209
Book value per common share
38.44
35.58
33.16
Tangible book value per common share1
28.73
26.37
24.28
Market capitalization
396,686
334,497
265,840
Market price per common share
55.00
43.95
33.67
Common shares issued and outstanding
7,212
7,611
7,895
Purpose-led management: How the company's stated purpose is embedded in company strategies, policies, and goals.
Description of proxy voting and investee engagement policies and procedures.
IBC
Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill) clients enrolled in Merrill's investment advisory programs directly determine how to vote their proxies. Through investment advisory agreements, clients can elect to vote proxies themselves or, for certain programs and in certain situations, can elect to delegate proxy voting authority directly to the proxy voting service provider that Merrill makes available. As part of delegating to the proxy voting service provider, clients choose their proxy voting policy from among the provider's benchmark guidelines, socially responsible investing guidelines and Catholic faith-based
Total Cumulative Shareholder Return2 BAC Five-Year Stock Performance
Five-Year Period Ending December 31, 2025 $60
$50
$250 $40
$30
$20
$10
advisory programs, clients generally delegate proxy voting authority to the investment managers for their investment strategies. Merrill and its investment adviser affiliate Managed Account Advisors LLC do not accept or assume proxy voting authority from clients. Bank of America
Common equity ratio
8.1%
8.3%
8.2%
guidelines. If the proxy voting service provider declines to exercise its
proxy voting authority in respect of an issuer's meeting, the proxy voting
Tangible common equity ratio1
6.2
6.3
6.2
authority reverts directly to clients. For Merrill's dual contract investment
N.A. (BANA) Private Bank clients with fiduciary accounts generally delegate proxy voting authority to BANA. BANA votes proxies in accordance with its Proxy Voting Policy and Fiduciary Proxy Guidelines. An independent third party provides research and ballot execution support to BANA. BANA Private Bank clients may also choose to retain proxy voting authority and vote themselves.
SASB: FN-AC-410a.3
$200
$150
$100
$0
Quality of governing body
Governing Body Composition: Composition of the highest governance body and its committees by: competencies relating to economic, environmental, and social topics; executive or non-executive; independence; tenure on the governance body; number of each individual's other significant positions and commitments, and the nature of the commitments; gender; membership of under-represented social groups; stakeholder representation.
Refer to the Proposal 1: Electing directors and the Committees and membership sections of our 2026 Proxy Statement on the investor section of our website (investor.bankofamerica.com).
IBC
SASB: FN-AC-330a.1; SASB: FN-IB-330a.1
2021
2022
2023
2024
2025
HIGH
$48.37
$49.38
$36.77
$47.77
$56.25
LOW
29.65
29.77
25.17
31.73
34.39
CLOSE
44.49
33.12
33.67
43.95
55.00
Book Value Per Share/Tangible Book Value Per Share1
$38.44
$50
2020 2021 2022 2023 2024 2025
$33.16 $35.58
$30.37 $30.61 $28.73
$26.37
$24.28
December 31
2020
2021
2022
2023
2024
2025
Bank of America Corporation
$100
$150
$114
$119
$160
$205
S&P 500
100
129
105
133
166
196
KBW Bank Sector Index
100
138
109
108
148
196
$21.68 $21.83
2021 2022 2023 2024 2025
1 Represents a non-GAAP financial measure. For more information on these measures and ratios, and a corresponding reconciliation to GAAP financial measures, see Supplemental Financial Data on page 70 and Non-GAAP Reconciliations on page 125 of the 2025 Financial Review section.
2 This graph compares the yearly change in the Corporation's total cumulative shareholder return on its common stock with (i) the Standard & Poor's 500 Index and (ii) the KBW Bank Index from December 31, 2020, through December 31, 2025. The graph assumes an initial investment of $100 at the end of 2020 and the reinvestment of all dividends during the years indicated.
52 | BANK OF AMERICA 2025 BANK OF AMERICA 2025 | 53
FRAMEWORK
THEME WEF/SASB INDICATOR
Quality of governing body Progress against strategic milestones: Disclosure of the material
(continued) strategic economic, environmental, and social milestones expected to be achieved in the following year, such milestones achieved from the previous year, and how those milestones are
FRAMEWORK
RESPONSE/FRAMEWORK ALIGNMENT THEME WEF/SASB INDICATOR
Refer to our 2025 Sustainability at Bank of America document located Ethical behavior Alignment of strategy and policies to lobbying: The significant on our corporate website (https://www.bankofamerica.com) for our Greenhouse (continued) issues that are the focus of the company's participation in
Gas (GHG) emissions and other environmental data and targets. Other public policy development and lobbying; the company's strategy
milestone progress includes: relevant to these areas of focus; and any differences between
RESPONSE/FRAMEWORK ALIGNMENT
Refer to our Political Activities disclosure available on the investor section of our website (investor.bankofamerica.com). Additional information about Bank of America's public policy activities and related entities are listed in our 2025 Sustainability at Bank of America document on our corporate
expected to or have contributed to long-term value.
Since setting our 10-year goal in 2021 to mobilize and deploy
$1.5 trillion in sustainable finance by 2030, we have, as of December 31, 2025, cumulatively delivered nearly $924 billion,
its lobbying positions, purpose, and any stated policies, goals, or other public positions.
website (https://www.bankofamerica.com).
IBC
including approximately $497 billion directed toward the Description of whistleblower policies and procedures. environmental transition.
Our Community Homeownership Commitment® helps homebuyers thrive through the power of homeownership. We've
Refer to pages 10-11 of our Code of Conduct on our Bank of America Investor Relations website (investor.bankofamerica.com) for policies and procedures related to reporting ethical misconduct.
SASB: FN-CB-510A.2, FN-IB-510A.2, FN-AC-510A.2
funded approximately $15 billion, and assisted more than 56,000
individuals and families with affordable home lending and provided more than $600 million in down payment and closing cost grants since 2019.
From 2013 to December 31, 2025 we have issued $14.93 billion (USD and Euros) in sustainability bonds which focus on areas such as clean energy, energy efficiency, affordable housing and economic opportunity. More information on our bond activity can be found on the investor section of our website (investor.bankofamerica.com).
Customer treatment Transparent Information & Fair Advice for Customers: Description
of approach to informing customers about products and services.
Refer to the What we offer page within the Our company section of the Bank of America website (https://www.bankofamerica.com) for the Corporation's approach to serving its clients. Further, refer to the Responsible Growth section of the Bank of America website for information about how Bank of America operates globally.
SASB: FN-AC-270a.3
In 2025 we provided more than $23 billion in sustainability- Risk and opportunity Integrating risk and opportunity into business process: Company themed bond underwriting, globally. oversight risk factor and opportunity disclosures that clearly identify
IBC the principal material risks and opportunities facing the
company specifically (as opposed to generic sector risks), the
Refer to the Risk Management section of the 2025 Sustainability at
Bank of America document on our corporate website (https://www.bankofamerica.com).
IBC
Remuneration:
How performance criteria in the remuneration policies relate to the highest governance body's and senior executives' objectives for economic, environmental and social topics, as connected to the company's stated purpose, strategy, and long-term value.
Remuneration policies for the highest governance body and senior executives for the following types of remuneration: Fixed pay and variable pay, including performance-based pay, equity-based pay, bonuses, and deferred or vested shares, Sign-on bonuses or recruitment incentive payments, termination payments, clawback and retirement benefits.
Refer to the Compensation discussion and analysis section of our 2026 Proxy Statement on the investor section of our website (investor.bankofamerica.com).
IBC
company appetite in respect of these risks, how these risks
and opportunities have moved over time and the response to those changes. These opportunities and risks should integrate material economic, environmental, and social issues, including climate change and data stewardship.
Ethical behavior
Anti-corruption:
Total percentage of governance body members, employees and business partners who have received training on the organization's anti-corruption policies and procedures, broken down by region.
(a) Total number and nature of incidents of corruption confirmed during the current year but related to previous years.
(b) Total number and nature of incidents of corruption confirmed during the current year, related to this year.
Discussion of initiatives and stakeholder engagement to improve the broader operating environment and culture, in order to combat corruption.
100% of Bank of America employees are required to take training on anti-bribery and anti-corruption policies as part of Bank of America's Code of Conduct training.
There have been no suspected incidents of corruption confirmed in 2025.
Employees and suppliers are engaged through training courses that cover gifts and entertainment, political contributions, hiring practices and third party considerations. Bank of America takes a zero-tolerance approach to bribery and corruption and seeks to comply with all relevant and applicable Anti-Bribery Anti-Corruption (ABAC) laws, rules and regulations. Understanding the ABAC policies is critical to avoid violations of law or policy, or even the perception of improper behavior. Refer to our Code of Conduct and Supplier Expectations on the investor section of our website (investor.bankofamerica.com).
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Protected ethics advice and reporting mechanisms: A description of internal and external mechanisms for:
Seeking advice about ethical and lawful behavior and organizational integrity.
Reporting concerns about unethical or lawful behavior and organizational integrity.
SASB: Description of approach to ensuring professional integrity, including duty of care.
Our Code of Conduct guides employees to behave with the highest level of integrity, honoring Bank of America's commitments to honest and ethical behavior and complying with applicable laws, rules, regulations and policies. Employees are each required annually to review and acknowledge our Code of Conduct.
Refer to pages 8-12 of our Code of Conduct on the investor section of our website (investor.bankofamerica.com).
Our Code of Conduct also includes further details on our professional integrity approach and policy. Additionally, refer to the Our company section of the Bank of America website (https://www.bankofamerica.com), in particular the Responsible Growth and Our Business Practices sections.
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SASB: FN-AC-270a.1; FN-AC-510a.2; FN-CB-510a.2; FN-CF-270a.1; FN-IB-510a.2; FN-IB-510b.4
Economic, environmental, and social topics in capital allocation framework: How the highest governance body considers economic, environmental, and social issues when overseeing major capital allocation decisions, such as expenditures, acquisitions and divestitures.
Data security Description of approach to identifying and addressing data security risks.
SASB: FN-CB-230a.1; FN-CB-230a.2; FN-CB-550a.1; FN-CB-550a.2;
FN-CF-230a.1; FN-CF-230a.3; FN-IB-550a.1; FN-IB-550a.2; FN-MF-450a.1; FN-MF-450a.2; FN-MF-450a.3
Our company's Board of Directors (the Board) oversees the development and execution of our strategy. The Board engages with management on product and service offerings, economic opportunity, sustainable finance, sustainability topics, human capital management and efforts to be a Great Place to Work. Refer to the Governance section of our 2025 Sustainability at Bank of America document and the Managing Risk section of the 2025 Financial Review (starting on page 84).
IBC
Refer to our Information Security and Privacy Policies available on https://www.bankofamerica.com/security and https://www.bankofamerica.com/privacy, in addition to the Compliance and Operational Risk Management section on page 120 of the 2025 Financial Review for detail on our approach to data security risks and compliance with applicable laws and regulations.
SASB: FN-CB-230a.2; FN-CF-230a.3
Systemic risk management
Global Systemically Important Bank (G-SIB) score, by category.
Description of approach to incorporation of results of mandatory and voluntary stress tests into capital adequacy planning, long-term corporate strategy, and other business activities.
Our G-SIB surcharge is 3.0% (Method 2) as of 4Q 2025, and the Method 1 surcharge is 1.5%. Refer to page 88 of the 2025 Financial Review for further details. Additionally, refer to our Banking Organization Systematic Risk Report FR Y-15 filing for further information that factors into our calculation.
SASB: FN-CB-550a.1; FN-IB-550a.1
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. Refer to the Corporation-wide Stress Testing section on pages 87-88 and the Capital Management section on page 87 of the 2025 Financial Review.
Stakeholder engagement
Material issues impacting stakeholders: A list of the topics that are material to key stakeholders and the company, how the topics were identified, and how the stakeholders were engaged.
Refer to our 2025 Sustainability at Bank of America document for a list of these topics (https://www.bankofamerica.com). Topics are based on stakeholder engagement, in part through our National Community Advisory Council, a forum of senior leaders representing a wide range of policy perspectives from research institutes, think tanks and other organizations focused on economic opportunity, consumer advocacy, community development, civil rights and environmental matters.
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SASB: FN-CB-550a.2; FN-IB-550a.2
Monetary losses from unethical behavior: Total amount of monetary losses as a result of legal proceedings associated with: fraud, insider trading, anti-trust, anti-competitive behavior, market manipulation, malpractice, or violations of other related industry laws or regulations.
54 | BANK OF AMERICA 2025
For disclosure of certain legal proceedings, see Note 12, Commitments and Contingencies on page 176 of the 2025 Financial Review section.
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BANK OF AMERICA 2025 | 55
FRAMEWORK
THEME WEF/SASB INDICATOR
Incorporation of (1) Number and (2) total value of investments and loans environmental, social incorporating integration of environmental, social, and and governance factors governance (ESG) factors, by industry.
in credit analysis
FRAMEWORK
Nature loss
Land use and ecological sensitivity: Report the number and area (in hectares) of sites owned, leased or managed in or adjacent to protected areas and/or key biodiversity areas (KBA).
Refer to the Metrics and Targets section of our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com).
IBC
RESPONSE/FRAMEWORK ALIGNMENT THEME WEF/SASB INDICATOR RESPONSE/FRAMEWORK ALIGNMENT
Refer to the Sustainable Financing section of our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com) for information on our Sustainable Finance commitment and progress to goal.
SASB: FN-IB-410a.2
Description of approach to incorporation of environmental,
Air pollution Air pollution: Report wherever material along the value chain: Refer to the Metrics and Targets section of our 2025 Sustainability at
Refer to the Environmental and Social Areas of Heightened Nitrogen oxides (NOx), sulphur oxides (SOx), particulate matter Bank of America document (https://www.bankofamerica.com).
social, and governance (ESG) factors in credit analysis, in investment banking and brokerage activities and in wealth
Sensitivity section in our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com) for information on our approach
and other significant air emissions. Wherever possible, estimate the proportion of specified emissions that occur in or adjacent
IBC
management processes and strategies.
to incorporating these factors into our risk management activities. to urban/densely populated areas.
SASB: FN-CB-410a.2; FN-IB-410a.3; FN-AC-410a.2 Impact of air pollution: Report wherever material along the value Refer to the Metrics and Targets section of our 2025 Sustainability at
Amount of assets under management, by asset class, that employ (1) integration of environmental, social, and governance (ESG) issues, (2) sustainability themed investing, and (3)
As of December 31, 2025, Bank of America had approximately
$64.2 billion of client balances in Sustainable and Impact Investments.
SASB: FN-AC-410a.1
chain, the valued impact of air pollution, including nitrogen oxides (NOx), sulfur oxides (SOx), particulate matter and other significant air emissions.
Bank of America document (https://www.bankofamerica.com).
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screening.
Customer privacy Number of account holders whose information is used for
secondary purposes.
Bank of America is committed to collecting, using and sharing personal information responsibly across all channels-online, in
Environmental risk to (1) Number and (2) value of mortgage loans in 100-year flood As of December 31, 2025, the Corporation had 38,606 loans with a
mortgaged properties zones. book value of $17.7 billion in 100-year flood zones according to the Federal Emergency Management Agency (FEMA) definition.
our financial centers, and through other interactions. Refer to SASB: FN-MF-450a.1
https://www.bankofamerica.com/privacy for details on how we process
personal information, and the choices customers have to control its (1) Total expected loss and (2) Loss Given Default (LGD) The Corporation regularly monitors natural disasters and given our
use and sharing. Our employees across the Corporation play a role in attributable to mortgage loan default and delinquency due to robust insurance requirements, client selection process and portfolio
protecting customer information and are required to complete annual weather related natural catastrophes, by geographic region. asset quality (borrower's equity), we have experienced no significant
training on data privacy topics to help reinforce safe practices and losses. However, there is no assurance that this may not change based
regulatory compliance. on the severity and location of weather-related natural catastrophes.
SASB: FN-CF-220a.1 Refer to the Managing Climate Risk section of our 2025 Sustainability
at Bank of America document (https://www.bankofamerica.com) for
Planet*
FRAMEWORK
information on scenario analysis and stress testing.
SASB: FN-MF-450a.2
Climate change
Greenhouse Gas (GHG) emissions: For all relevant greenhouse gases (e.g. carbon dioxide, methane, nitrous oxide, F-gases etc.), report in metric tonnes of carbon dioxide equivalent (tCO2e) GHG Protocol Scope 1 and Scope 2 emissions.
Estimate and report material upstream and downstream (GHG Protocol Scope 3) emissions where appropriate.
Refer to the Metrics and Targets section of our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com) for our 2024 GHG emissions* (tCO2e).
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TCFD implementation: Fully implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). If necessary, disclose a timeline of at most three years
for full implementation. Disclose whether you have set, or have committed to set GHG emissions targets that are in line with the goals of the Paris Agreement - to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C - and to achieve net-zero emissions before 2050.
Financed emissions: Absolute gross financed emissions disaggregated by Scope 1, Scope 2 and Scope 3; Total amount of assets under management (AUM) included in the financed emissions disclosure; Gross exposure for each industry by asset class; Percentage of gross exposure included in the financed emissions calculation; Description of the methodology used to calculate financed emissions.
Our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com) is aligned to the ISSB framework. The ISSB framework incorporates the recommendations of the Task Force on Climate-Related Financial Disclosures, which has now disbanded
and under which Bank of America previously reported in 2020, and 2022-2024. Our 2025 Sustainability at Bank of America document provides financed emissions baseline data and methodology for applicable industry sectors (Metrics and Targets section).
IBC
SASB: FN-AC-410b.1; FN-CB-410b.1; FN-AC-410b.2, FN-CB-410b.2; FN-AC-410b.3, FN-CB-410b.3; FN-AC-410b.4; FN-CB-410b.4
Description of how climate change and other environmental Recognizing that certain sectors and geographies are more sensitive
THEME WEF/SASB INDICATOR
RESPONSE/FRAMEWORK ALIGNMENT risks are incorporated into mortgage origination and underwriting.
to climate-related and environmental risks, we undertake enhanced due diligence to analyze lending activities in these sectors and geographies to evaluate the associated credit risks. Evaluation of environmental matters may include land and water use impacts, a remediation/reclamation track record (if applicable), climate risk reporting, community and stakeholder engagement and overall transparency. For acute physical risks, which are event-driven extreme weather events such as cyclones, hurricanes, or floods, the Corporation follows Federal flood insurance regulations and the industry's mortgage hazard insurance (including fire/wind coverage) during underwriting. Flood insurance requirements are based on flood zones determined by FEMA. Insurance coverage amounts require replacement value of property with policy parameters following industry standards for minimum/maximum.
SASB: FN-MF-450a.3
Paris-aligned GHG emissions targets: Define and report progress against time-bound science-based GHG emissions targets that are in line with the goals of the Paris Agreement - to limit global warming to well-below 2°C above pre-industrial
levels and pursue efforts to limit warming to 1.5°C. This should include defining a date before 2050 by which you will achieve net-zero greenhouse gas emissions and interim reduction targets based on the methodologies provided by the Science Based Targets initiative if applicable.
Bank of America has a goal to achieve net zero GHG emissions across its financing activity, operations and supply chain before 2050. Refer to Our Net Zero Goals and Metrics and Targets sections of our 2025 Sustainability at Bank of America document located on our corporate website (https://www.bankofamerica.com) for our 2024 GHG emissions.*
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Fresh water availability
Water consumption and withdrawal in water-stressed areas: Report for operations where material, mega litres of water withdrawn, mega litres of water consumed and the percentage of each
in regions with high or extremely high baseline water stress according to WRI Aqueduct water risk atlas tool. Estimate and report the same information for the full value chain (upstream and downstream) where appropriate.
Refer to the Metrics and Targets section of our 2025 Sustainability at Bank of America document (https://www.bankofamerica.com).
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*2025 environmental data is expected to be published later in 2026.
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Disclaimer
Bank of America Corporation published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 11:07 UTC.