Bank of America Corporation (BAC) Narrative

Qualitative summary of Bank of America's business, risks, and management's discussion, drawn from the company's SEC filings. Backbone: the FY2025 Annual Report on Form 10-K (accession 0000070858-26-000157, filed February 25, 2026). Current-period detail: the Form 10-Q for the quarter ended March 31, 2026 (accession 0000070858-26-000249, filed May 1, 2026).

---

Business

From the FY2025 10-K, accession 0000070858-26-000157.

Bank of America Corporation is a Delaware corporation, a bank holding company and a financial holding company, headquartered in Charlotte, North Carolina. It is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with banking, investing, asset management, and other financial and risk management products and services. Banking activities are conducted primarily under the Bank of America, National Association (BANA) charter.

Scale (at December 31, 2025). $3.4 trillion in total assets, approximately 213,000 employees (77 percent U.S.-based), operations across the U.S., its territories and more than 35 countries and jurisdictions. Retail footprint covers all major U.S. markets: approximately 69 million consumer and small business clients, approximately 3,600 financial centers across 38 states and the District of Columbia, approximately 15,000 ATMs, and digital platforms with approximately 49 million active users including approximately 41 million active mobile users. Roughly four million small business households are served. Wealth-management client balances stood at $4.8 trillion.

The four reportable segments

Consumer Banking, lending, deposit and investment products for consumers and small businesses (checking and savings, credit and debit cards, residential mortgage, home equity, vehicle and other consumer lending, consumer investments). FY2025 revenue $43.7 billion, net income $12.2 billion, average deposits $948.1 billion, average loans $319.3 billion, net interest yield 3.56 percent, efficiency ratio 52 percent, return on average allocated capital 28 percent. This is the deposit engine of the company: total deposit spreads (excluding noninterest costs) were 2.92 percent in 2025.

Global Wealth & Investment Management (GWIM), Merrill Wealth Management (advisory network serving clients with over $250,000 in investable assets) and Bank of America Private Bank (high and ultra-high net worth clients; wealth structuring, trust, specialty asset management). FY2025 revenue $24.9 billion, net income $4.7 billion, operating margin 25 percent, efficiency ratio 75 percent, return on average allocated capital 24 percent. Revenue splits roughly $20.7 billion Merrill / $4.2 billion Private Bank. Fee-driven: investment and brokerage services were $17.0 billion of the segment's $17.7 billion of noninterest income, with asset management fees of $15.4 billion.

Global Banking, Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking. Products span commercial loans, leases, commitment facilities, trade finance, commercial real estate and asset-based lending, plus treasury solutions (deposits, treasury management, corporate cards, merchant services, FX, short-term investments) and debt/equity underwriting and M&A advisory. FY2025 revenue $24.1 billion, net income $7.8 billion, efficiency ratio 52 percent, return on average allocated capital 15 percent. Average deposits $616.8 billion, average loans $385.4 billion.

Global Markets, sales, trading and research for institutional clients across fixed income, credit, currencies, commodities and equities; market-making, financing, securities clearing, settlement and custody. FY2025 revenue $24.1 billion, net income $6.1 billion, efficiency ratio 64 percent, return on average allocated capital 13 percent. FY2025 sales and trading revenue was $20.9 billion ($12.3 billion FICC, $8.6 billion Equities). Average total assets exceeded $1.0 trillion.

All Other, asset and liability management (ALM) activities, liquidating businesses, certain unallocated expenses, and adjustments allocating tax-related equity investment benefits. FY2025 net loss of $310 million.

The economics of certain investment banking and underwriting activities are shared between Global Banking and Global Markets under an internal revenue-sharing arrangement, so consolidated investment banking fees ($6.6 billion in FY2025, excluding self-led deals) sit across both.

How the money is made

Roughly 53 percent of FY2025 revenue came from net interest income ($60.1 billion), the spread between what the bank earns on $1.19 trillion of loans and $926 billion of debt securities and what it pays on $2.02 trillion of deposits and $318 billion of long-term debt. The remaining 47 percent ($53.0 billion) is noninterest income: investment and brokerage services $20.0 billion, investment banking fees $6.6 billion, card income $6.4 billion, service charges $6.5 billion, market making and similar activities $12.0 billion, other income $1.6 billion.

Competition and regulation

Competitors include banks, thrifts, credit unions, investment banks, advisory and brokerage firms, insurers, mortgage banks, card issuers, mutual funds, hedge funds, private equity firms, and internet-based and other nonfinancial companies, increasingly including firms using emerging technologies such as digital assets. Competition turns on service and convenience, pricing, product range, lending limits, technology quality, reputation and the ability to attract and retain employees while managing compensation costs. Compensation and benefits expense was $42.3 billion in 2025, 61 percent of total noninterest expense.

The company operates inside an extensive regulatory framework: Federal Reserve supervision as a bank holding company and financial holding company; OCC, FDIC and Federal Reserve supervision of the banks; SEC, FINRA, NYSE and CFTC oversight of broker-dealer, futures and swaps entities; CFPB oversight of consumer products; state insurance regulators; and non-U.S. prudential regulators. It is subject to the Bank Secrecy Act, OFAC sanctions programs, the FCPA and the U.K. Bribery Act. As a global systemically important bank it carries a G-SIB surcharge, a stress capital buffer, TLAC and long-term debt requirements, resolution planning obligations, and liquidity requirements including the Liquidity Coverage Ratio and Net Stable Funding Ratio.

---

Risk factors

Condensed from Item 1A of the FY2025 10-K, accession 0000070858-26-000157. The Q1 2026 10-Q states there are no material changes from these risk factors.

Macro, markets and rates. Results depend on general economic, political and social conditions in the U.S. and abroad, interest rate levels and volatility, GDP growth, inflation, supply chain disruptions, consumer spending, employment, energy prices, home prices and commercial property values, bankruptcies, and defaults by significant market participants. Adverse developments in the banking industry, including bank and nonbank failures and liquidity concerns, can transmit stress broadly. Increased market volatility can raise market risk, particularly where positions are large relative to available liquidity; declining asset values can produce losses and pressure capital and liquidity positions.

Liquidity and funding. Inability to access capital markets, sustained net deposit outflows, or rising borrowing costs would damage liquidity and competitive position. A downgrade of credit ratings could limit funding access, raise borrowing costs, and trigger additional collateral or funding requirements. The parent is a holding company dependent on subsidiaries for cash; laws, regulations and intercompany arrangements can restrict transfers of funds upward. In a resolution scenario, under the single-point-of-entry strategy only the parent would be resolved, and holders of parent obligations would bear losses.

Credit. Economic or market disruptions and insufficient reserves could drive a higher provision for credit losses. The bank carries acknowledged concentrations: consumer real estate and credit card, commercial real estate, finance companies, and asset managers and funds. Significant credit concentration also exists with financial services counterparties (broker-dealers, banks, insurers, funds, central counterparties), which are interlinked through trading, funding and clearing relationships, a default or loss of confidence in one can cascade. Collateral that cannot be liquidated, or is liquidated below expectations, magnifies loss. Exposure also runs to sovereigns, U.S. states and municipalities. Weakness in the U.S. housing market, elevated mortgage rates and regional dispersion in prices, could force write-downs in the residential mortgage and home equity portfolios. Derivatives businesses expose the company to unexpected market, credit and operational losses, ratings-triggered collateral calls, and CCP membership loss-sharing.

Geopolitical. Operations across many jurisdictions carry political, economic, market, reputational, operational, compliance, legal and regulatory risk, including from trade policy, tariffs, sanctions, and military conflicts.

Operational, technology and cyber. Processing a very large volume of complex transactions at high speed across many currencies and jurisdictions, with heavy reliance on third parties, creates substantial operational risk. The company and third parties it relies on have experienced cybersecurity incidents, information and security breaches and technology failures, and expect to continue to. Emerging technologies, including AI, both amplify existing threats and introduce new ones. Additional named operational risks: failure to meet mortgage servicing obligations, changes in the structure of and relationship among the GSEs, a risk management framework that may not be effective, models that fail to anticipate risk properly, and failures of data management.

Regulatory, compliance and legal. The company is heavily regulated and subject to evolving legislation and to settlements, orders and agreements with government authorities. Regulators have broad discretion to direct its actions. Legal exposure is significant and unpredictable: claims under FIRREA, federal securities laws, the False Claims Act, fair lending laws, the FCPA, the BSA, OFAC rules, antitrust and consumer protection laws including UDAAP prohibitions, with penalties, restitution and in some cases treble damages. Existing matters flagged in filings include a consent order regarding BSA/anti-money laundering and economic sanctions compliance programs; prior orders or settlements regarding rates paid on uninvested brokerage and advisory cash swept into bank deposits, credit card sales and marketing practices, representment fee practices, and the processing of unemployment benefits for California and certain other states; and exposure to fraud perpetrated against clients using electronic payments including Zelle. U.S. banking agencies may require higher capital and liquidity, and adverse changes to TLAC, stress capital buffer or G-SIB surcharge requirements would raise minimum requirements. Changes in accounting standards and in U.S. and non-U.S. tax law are additional named risks.

Reputation. Damage to reputation, from the conduct of employees or third parties, from products and practices, or from public controversy, could harm competitive position and business prospects.

Other. Intense and increasing competition in financial services; the risk of failing to adapt strategies, products and services; and exposure to climate-related transition and physical impacts.

---

Management's discussion and analysis, FY2025

From the FY2025 10-K, accession 0000070858-26-000157.

Consolidated results

Net income rose to $30.5 billion, or $3.81 per diluted share, from $27.0 billion, or $3.19, driven by higher net interest income and noninterest income and a lower provision, partly offset by higher expense.

Effective in the fourth quarter of 2025 the company changed its accounting methods for tax-related affordable housing, wind and solar renewable energy equity investments, applied retrospectively. The principal effect is a reclassification between income statement lines that nets income tax credits and benefits against investment expense; prior-period figures were revised accordingly. Regulatory capital as of December 31, 2024 was not revised.

Net interest income increased $4.0 billion to $60.1 billion; net interest yield on an FTE basis rose six basis points to 2.01 percent. Drivers: higher net interest income tied to Global Markets activity, fixed-asset repricing, and deposit and loan growth, partly offset by lower interest rates and one fewer day of accrual.

Noninterest income increased $3.2 billion to $53.0 billion. Investment and brokerage services rose $2.2 billion on higher asset management fees (market valuations plus positive AUM flows) and higher brokerage fees; investment banking fees rose $444 million on debt issuance and advisory, partly offset by lower equity issuance; service charges rose $402 million on treasury services; other income rose $1.0 billion on gains on leveraged finance positions. Market making and similar activities fell $953 million on lower credit-product trading revenue in FICC and lower income from FX risk-management derivatives.

Noninterest expense increased $2.9 billion to $69.7 billion, driven by continued investment in people, technology and marketing plus higher revenue-related expense, partly offset by a reduced FDIC special assessment accrual in 2025 versus an increase in 2024. Compensation and benefits was $42.3 billion.

Effective tax rate was 19.1 percent versus 18.8 percent, shaped by the mix of income and by recurring tax preference benefits, mainly credits from affordable housing and renewable energy investments.

Balance sheet

Total assets grew $150.4 billion (5 percent) to $3,411.7 billion. Loans and leases grew $89.9 billion (8 percent) to $1,185.7 billion; trading account assets grew $52.5 billion; federal funds sold and resale agreements grew $41.9 billion; cash and cash equivalents fell $58.3 billion (20 percent) to $231.8 billion. Deposits grew $53.3 billion (3 percent) to $2,018.7 billion; long-term debt grew $34.5 billion (12 percent) to $317.8 billion. Shareholders' equity rose $9.3 billion to $303.2 billion.

Segment performance

• Consumer Banking: net income up $1.5 billion to $12.2 billion. NII up $2.2 billion to $35.3 billion on higher deposit spreads and loan/deposit balances; noninterest income essentially flat at $8.4 billion; provision down $338 million to $4.6 billion on improved credit card asset quality; expense up $593 million on people and marketing. Average loans up $5.5 billion; average deposits up $2.5 billion (time deposits +$16.5 billion, checking +$7.2 billion, money market and savings −$21.1 billion). Consumer investment assets up $81.3 billion to $599.1 billion. Credit card purchase volume up $8.9 billion to $377.8 billion; debit purchase volume up $37.6 billion to $594.6 billion. Financial centers fell by 72 to 3,628 while ATMs rose by 16; active mobile users up more than one million to 41.4 million.
• GWIM: net income up $407 million to $4.7 billion; operating margin 25 percent in both years. Noninterest income up $1.7 billion to $17.7 billion, with asset management fees up 12 percent to $15.4 billion; NII up $228 million on loan growth. Expense up $1.4 billion on revenue-related incentives and investment. Average loans up $19.2 billion to $243.1 billion (custom lending, securities-based lending, residential mortgage); average deposits down $7.7 billion to $279.8 billion as clients moved cash to higher-yielding alternatives and paid taxes.
• Global Banking: net income down $191 million to $7.8 billion. NII down $624 million to $12.6 billion on lower rates, partly offset by higher deposit and loan balances; noninterest income up $984 million to $11.5 billion on leveraged finance position sales, investment banking fees and treasury service charges. Provision up $60 million to $943 million, driven by commercial and industrial, partly offset by commercial real estate improvement. Expense up $563 million on investment and higher regulatory costs. Average deposits up 13 percent to $616.8 billion. Business Lending revenue fell $698 million on lower NII while Global Transaction Services revenue rose $506 million.
• Global Markets: net income up $489 million to $6.1 billion. Revenue up $2.3 billion to $24.1 billion on higher sales and trading, leveraged finance sales and investment banking fees. Sales and trading revenue up $2.1 billion: FICC up $896 million on improved macro-product trading; Equities up $1.2 billion on increased client activity. Expense up $1.5 billion on revenue-related costs and investment. Average total assets up $99.2 billion to $1.0 trillion on loan growth, higher inventory and increased financing activity.
• All Other: net loss narrowed $1.3 billion to $310 million, mainly on lower expense (reduced FDIC special assessment accrual and lower liquidating-business expense) and a smaller noninterest income loss, partly offset by a lower tax benefit.

Credit quality

Net charge-offs were $5.6 billion in 2025 versus $6.0 billion in 2024, with the improvement driven by commercial real estate office. The net charge-off ratio fell seven basis points year over year. Provision fell $146 million to $5.7 billion, consumer provision down $299 million to $4.0 billion, commercial provision up $153 million to $1.7 billion. The allowance for credit losses was $14.4 billion at year-end, up $44 million, split $8.4 billion consumer / $4.8 billion commercial; the allowance for loan and lease losses was 1.12 percent of loans (down from 1.21 percent). Credit card carries the bulk of consumer reserves ($7.2 billion, 6.79 percent of card outstandings). Commercial reservable criticized utilized exposure improved to 3.37 percent, criticized exposure fell $1.7 billion, and nonperforming loans fell $171 million, both driven by commercial real estate. Commercial real estate net charge-offs fell $373 million to $491 million, driven by office. Management flagged trade policy uncertainty, inflationary pressure, interest rates and geopolitical tension as factors that could contribute to future deterioration.

Capital and capital return

CET1 capital was $201.4 billion at December 31, 2025, up $327 million, as earnings were largely offset by distributions and the tax-related equity investment accounting change. Standardized risk-weighted assets rose $77.2 billion to $1,773 billion on lending activity in GWIM, Global Banking and Global Markets, so the Standardized CET1 ratio fell to 11.4 percent from 11.9 percent against a 10.0 percent minimum. Advanced-approaches CET1 was 12.8 percent. The supplementary leverage ratio was 5.7 percent; Tier 1 leverage 6.8 percent. The binding constraint at year-end was the Total capital ratio under the Standardized approach (14.7 percent).

The stress capital buffer is 2.5 percent based on the 2025 CCAR test, and the Federal Reserve has said it will remain 2.5 percent through September 30, 2027. The Method 1 G-SIB surcharge is 1.5 percent and Method 2 is 3.0 percent; both rise 50 basis points on January 1, 2027 (to 2.0 percent and 3.5 percent), raising minimum capital requirements.

Capital return in 2025: $21.4 billion of common stock repurchased and $8.1 billion of common dividends paid. A $40 billion repurchase authorization took effect August 1, 2025, replacing the prior $25 billion program.

Regulatory developments. On November 25, 2025 the federal banking agencies finalized modified enhanced SLR requirements, replacing static buffers with a dynamic buffer equal to 50 percent of the Method 1 G-SIB surcharge. The company early-adopted as of January 1, 2026, cutting its minimum SLR to 3.75 percent from 5.0 percent, and BANA's to 3.75 percent from 6.0 percent. The Federal Reserve has proposed changes to its stress-test models and disclosure process, and (April 17, 2025) proposed averaging the two most recent supervisory stress tests to set the SCB and shifting the effective date from October 1 to the following January 1.

Liquidity and funding

Average Global Liquidity Sources were $975 billion in Q4 2025 ($789 billion at bank entities, $186 billion at nonbank and other entities), versus $953 billion a year earlier. Composition: $227 billion cash on deposit, $371 billion U.S. Treasuries, $336 billion agency/MBS/other investment grade, $41 billion non-U.S. government securities. Average consolidated HQLA was $667 billion and the average LCR 112 percent (113 percent a year earlier). Average consolidated NSFR was 120 percent. An additional $343 billion could have been raised by borrowing against specifically identified unencumbered loans and securities pledged to FHLBs and the Federal Reserve Discount Window.

Interest rate positioning

The company remains asset sensitive to a parallel move in rates, with most of the sensitivity at the short end of the curve. Higher rates reduce the fair value of available-for-sale debt securities and thus accumulated OCI and Basel 3 capital, though that near-term drag would be offset over time by higher banking-book net interest income.

---

Current quarter, Q1 2026

From the Form 10-Q for the quarter ended March 31, 2026, accession 0000070858-26-000249.

Net income of $8.6 billion, or $1.11 per diluted share, was up from $7.4 billion, or $0.89, higher net interest income and noninterest income plus a lower provision, partly offset by higher expense.

Scale update. At March 31, 2026 the company held $3.5 trillion in assets with approximately 212,000 employees, approximately 69 million consumer and small business clients, approximately 3,500 financial centers, approximately 15,000 ATMs, and approximately 50 million active digital users including approximately 42 million mobile. GWIM client balances reached $4.6 trillion, up $415.2 billion or 10 percent year over year.

Net interest income rose $1.3 billion to $15.7 billion; FTE net interest yield rose eight basis points to 2.07 percent, on Global Markets activity, deposit and loan growth and fixed-asset repricing, partly offset by lower rates.

Noninterest income rose $723 million to $14.5 billion: investment and brokerage services +$728 million (asset management fees on higher valuations and strong AUM flows, plus higher brokerage volumes, partly offset by lower AUM pricing); investment banking fees +$318 million across advisory, equity and debt issuance; service charges +$113 million; market making +$53 million on Equities. Other income fell $464 million against prior-year leveraged finance gains.

Noninterest expense rose $761 million to $18.5 billion on revenue-related costs and investment in people and technology. The effective tax rate fell to 17.5 percent from 18.2 percent on higher benefits from vesting share-based awards.

Balance sheet. Total assets rose $84.4 billion from year-end to $3.5 trillion, driven by securities borrowed/resale agreements and derivative assets supporting Global Markets client activity, commercial loan growth, and higher cash from deposit inflows, partly offset by lower debt securities. Loans and leases reached $1,205.0 billion and deposits $2,037.7 billion. Shareholders' equity fell $2.6 billion to $300.7 billion as buybacks, dividends, a preferred redemption and lower accumulated OCI outweighed net income.

Segments (Q1 2026 vs. Q1 2025 net income). Consumer Banking $3.06 billion (up $529 million, revenue $11.0 billion, provision down 12 percent, return on allocated capital 27 percent); GWIM $1.33 billion (up $322 million, revenue $6.7 billion up 12 percent, asset management fees up 15 percent to $4.2 billion, operating margin 26 percent versus 22 percent, return on allocated capital 24 percent); Global Banking $2.09 billion (up $163 million, revenue $6.3 billion, provision up $31 million to $185 million including a qualitative reserve build for Middle East conflict uncertainty, return on allocated capital 16 percent); Global Markets $2.01 billion (up $57 million, revenue $7.1 billion, sales and trading revenue up $722 million driven by Equities on client activity and derivatives trading, return on allocated capital 15 percent versus 16 percent on higher allocated capital); All Other net income $101 million versus a $52 million loss.

Consumer detail: average deposits $950.8 billion (checking inflows $9.1 billion, time deposits $7.9 billion, money market and savings outflows $13.8 billion); credit card purchase volumes up $4.8 billion to $93.0 billion and debit up $11.7 billion to $151.9 billion; a net decrease of 141 financial centers and increase of 36 ATMs year over year. Global Banking average deposits of $647.6 billion were up 13 percent and average loans of $396.9 billion up 5 percent; total Corporation investment banking fees rose 21 percent to $1.8 billion.

Credit quality. Net charge-offs were $1.41 billion, down $43 million year over year, a 0.48 percent annualized ratio versus 0.54 percent, consumer charge-offs down $60 million on credit card improvement, commercial up $17 million on corporate and commercial lending. Credit card outstandings fell $3.2 billion to $102.8 billion on seasonal purchase-volume decline, with card net charge-offs down $77 million to $924 million. The allowance for credit losses eased $71 million to $14.3 billion. Commercial reservable criticized exposure fell $409 million on commercial real estate; nonperforming loans were roughly unchanged at $5.8 billion. Management again flagged geopolitical tension, particularly Middle East conflicts, and persistent inflationary pressure as risks to the outlook. U.S. unemployment and home prices were relatively stable in the quarter.

Capital. Standardized CET1 was 11.2 percent at March 31, 2026 against a 10.0 percent minimum; the SLR was 5.5 percent for the Corporation and 5.9 percent for BANA, against a 3.75 percent minimum after early adoption of the modified enhanced SLR rule effective January 1, 2026. The company repurchased $7.2 billion of common stock in the quarter under the $40 billion authorization. In February 2026 the Federal Reserve confirmed SCB requirements would not change until 2027, holding the company's SCB at 2.5 percent through September 30, 2027; the 2026 CCAR capital plan was submitted in April 2026, with supervisory stress test results indicated for disclosure by June 30, 2026.

Liquidity. Average Global Liquidity Sources were $960 billion for the quarter ($778 billion bank, $182 billion nonbank), versus $975 billion in Q4 2025. Composition: $241 billion cash, $341 billion Treasuries, $334 billion agency/MBS/other investment grade, $44 billion non-U.S. government. Contingent borrowing capacity against pledged unencumbered assets was $342 billion.

Interest rate sensitivity. A +100 basis point instantaneous parallel shift was estimated to add $0.4 billion to forecast net interest income over the following 12 months (versus $0.7 billion at December 31, 2025); a −100 basis point parallel shift would subtract $2.0 billion. A short-end-only −100 basis point move would cost $1.5 billion, confirming that the asset sensitivity is concentrated at the short end.

Litigation and contingencies. Litigation and regulatory investigation expense (excluding internal and external legal service providers) was $196 million in Q1 2026 versus $156 million a year earlier. The estimated range of reasonably possible loss in excess of accrued liability was $0 to $0.25 billion at March 31, 2026. The company paid its final scheduled quarterly FDIC special assessment of $244 million during the quarter; the FDIC retains authority to impose a supplemental assessment or provide an offset if actual Deposit Insurance Fund losses differ from amounts collected. Named matters carried forward include Fair Access to Banking, LIBOR, and Unemployment Insurance Prepaid Cards.

---

Subsequent events

The Q1 2026 10-Q (accession 0000070858-26-000249) contains no separate subsequent-events note; the notes run from Note 1 through Note 17 and the accounting policy note states only that the company evaluates subsequent events through the date of filing with the SEC. Likewise, the FY2025 10-K (accession 0000070858-26-000157) has no subsequent-events note (Notes 1 through 25). Neither filing discloses any acquisition or divestiture, pending or completed. The material post-period items disclosed in the Q1 2026 10-Q itself, and in subsequent current reports, are:

Disclosed in the Q1 2026 10-Q:

• On April 23, 2026 the Board declared a quarterly common stock dividend of $0.28 per share, payable June 26, 2026 to holders of record June 5, 2026.
• In April 2026 the company submitted its 2026 CCAR capital plan and related supervisory stress tests; the Federal Reserve indicated it would disclose results by June 30, 2026.
• On March 31, 2026 the U.S. District Court for the District of Columbia ruled that BANA did not owe additional interest to the FDIC in the deposit insurance assessment matter. BANA continues to pledge security satisfactory to the FDIC for the disputed amount pending a possible FDIC appeal.
• 7,096,590,651 common shares were outstanding at April 30, 2026.

Reported in subsequent current reports on Form 8-K:

• Annual meeting (8-K dated May 6, 2026, accession 0000070858-26-000273). At the May 4, 2026 annual meeting shareholders elected all director nominees, approved the advisory vote on executive compensation, and ratified PricewaterhouseCoopers LLP as independent registered public accounting firm for 2026. Shareholder proposals on the ballot were not approved.
• Second quarter 2026 results (8-K dated July 14, 2026, accession 0000070858-26-000353). Net income of $9.1 billion, or $1.21 per diluted share, on revenue of $31.6 billion; provision for credit losses $1.4 billion; noninterest expense $18.6 billion; return on average assets 1.03 percent, return on average common equity 12.7 percent, return on tangible common equity 17.0 percent, efficiency ratio 59 percent. Segment net income: Consumer Banking $3.28 billion, GWIM $1.41 billion, Global Banking $2.05 billion, Global Markets $2.63 billion, All Other −$292 million. Global Markets revenue rose 34 percent to $8.0 billion on sales and trading (up 33 percent to $7.1 billion) and investment banking fees; total Corporation investment banking fees excluding self-led deals rose 50 percent to $2.1 billion. GWIM client balances reached $4.93 trillion and AUM $2.3 trillion. Net charge-offs were $1.41 billion, a 0.47 percent ratio, with the credit card charge-off rate at 3.55 percent versus 3.82 percent a year earlier and both early- and late-stage card delinquency rates improving year over year for a fifth consecutive quarter. Nonperforming loans were $5.75 billion and the allowance for credit losses $14.26 billion. Total assets $3,499.0 billion, loans $1,217.6 billion, deposits $2,025.1 billion, long-term debt $339.9 billion, average Global Liquidity Sources $947 billion. CET1 capital $201.6 billion, Standardized CET1 ratio 11.2 percent, Advanced 12.5 percent, SLR 5.5 percent. Book value per common share $39.34 and tangible book value per common share $29.37, on 7.02 billion shares outstanding. Headcount 211,304 and 3,530 U.S. financial centers.
• Dividend increase (8-K dated July 24, 2026, accession 0000070858-26-000364). The Board declared a quarterly common stock dividend of $0.32 per share, up $0.04 from the prior quarter, a 14 percent increase, payable September 25, 2026 to holders of record September 4, 2026. The same release disclosed $13.2 billion of common stock repurchased and $4 billion of dividends paid in the first half of 2026, with approximately $17 billion remaining under the $40 billion repurchase authorization as of June 30, 2026. A quarterly dividend of $1.75 per share was also declared on the 7% Cumulative Redeemable Preferred Stock, Series B, payable October 23, 2026.

Executive compensation (8-K dated February 13, 2026, accession 0000070858-26-000088). The Board approved 2025 total compensation for Chair and CEO Brian T. Moynihan of $41.0 million, versus $35.0 million for 2024, base salary unchanged at $1.5 million, no cash bonus, and $39.5 million of equity incentive (30 percent cash-settled RSUs vesting over 12 months, 20 percent stock-settled RSUs vesting annually over four years, 50 percent performance RSUs). The performance RSUs must be re-earned on 2026–2028 results against a 3-year average adjusted tangible book value growth standard of 10.5 percent (target) / 12.5 percent (maximum) and a 3-year average return on assets standard of 90 basis points (target) / 110 basis points (maximum), with payout ranging to 150 percent. The company noted that, holding 2025 average assets of $3.4 trillion constant, the target standard implies roughly $92 billion of aggregate 2026–2028 net income and the maximum implies roughly $112 billion, approximately $31 billion and $37 billion annualized, the latter above any net income in the company's history.