Bank of America (BAC) investor relations material

Strategy and operating outlook

• Strategy focuses on integrated, customer-focused businesses, technology, organic growth, risk management and expense discipline; management remains on track with 2028–30 growth, earnings and returns targets set at the November 2025 Investor Day.

• Loans grew for 20 consecutive quarters and deposits for 11; YTD EPS growth was 19% excluding the $1.2B regulatory settlement charge and 14% including it, while ROTCE was 16% excluding and 15% including the charge.

• Full-year 2026 NII growth is expected at 8% YoY and 2027 growth at 8% or higher, assuming two rate hikes in the forward curve; YTD NII growth was 9%.

• Net interest yield reached 2.16% through Q3 2026; the 2.3% medium-term target is now expected in late 2027, a year ahead of the prior plan.

• Research forecast 3.4% global GDP growth in 2026 and a similar pace in 2027; U.S. growth forecasts were 2.4% in 2026 and 2.3% in 2027, with inflation above target and monetary policy expected to tighten.

Technology and AI

• Annual technology spending exceeds $13B, including >$4B for new initiatives; marketing spend exceeds $2.5B.

• Digital scale includes >50M digitally active clients, >30B annual digital interactions and >24M Erica users; Erica interactions exceeded 550M YTD.

• Enterprise AI includes >1,800 patent filings, >200,000 employee users and >130 generative AI use cases; a Business Banking test lifted client-facing activity 40%.

• AI tools support 20,000 software developers, with a reported 24% productivity gain; AI-enabled tools are planned for 37,000 advisors and 4,500 corporate and investment bankers.

• Management linked technology investment and scaled platforms to lower costs to serve and sell, and the ability to absorb more transaction volume without comparable expense growth.

Consumer and wealth businesses

• Consumer Banking YTD revenue was $34B (+5%) and net income $10B (+10%); investment assets were $664B (+14%), card loans grew 5%, deposits rose 3%, and rewards enrollment reached 18M.

• Consumer efficiency ratio was 51%, down 100 bps YoY, against a 40% target; medium-term targets include 40% ROAC, 5% card loan growth and $1T investment assets.

• Plans call for entry into six new markets through 2028 and 50 additional financial centers; 26 centers opened YTD, with further expansion planned.

• Global Wealth and Investment Management YTD revenue was $21B (+13%), net income $4B (+31%) and AUM $2.4T (+12%); total balances were $5.1T and loans $283B (+12%).

• Wealth priorities include deepening relationships with 5M high-net-worth and 1M workplace-benefits clients, advisor recruitment and alternative investments; referrals rose >25%, and 45% of new Private Bank clients came from elsewhere in the enterprise.