Bank of America Corporation, incorporated in Delaware, is a bank holding company (BHC) and a financial holding company. 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 a full range of banking, investing, asset management, and other financial and risk management products and services. The principal executive offices are located in Charlotte, North Carolina.

Competitive Advantages:

• Large scale and global presence
• Diversified range of products and services
• Strong customer base
• Leading digital banking platforms

Key Markets and Geographic Presence: Operates across the U.S., its territories, and over 35 countries.

Competitive Landscape: Operates in a highly competitive environment, competing with banks, thrifts, credit unions, investment firms, insurance companies, and other financial and technology companies, both globally and on a regional or product-specific basis.

• Employees: 213,000 (as of December 31, 2023)
• Geographic Footprint: Operates in the U.S. and over 35 countries
• Number of locations/facilities: Over 20,000 facilities and ATMs globally
• Revenue: $98.58 billion (FY2023)
• Market capitalization: $265.84 billion (as of December 31, 2023)
• Key subsidiaries or brands: Bank of America, N.A., Merrill Lynch, BofA Securities
• Year founded: 1958 (as auditor of the company)
• Headquarters location: Charlotte, North Carolina

• CEO: Brian T. Moynihan
• CFO: Alastair M. Borthwick
• Board Chairman: Brian T. Moynihan
• Other Key Executives:
  • Dean C. Athanasia (President, Regional Banking)
  • Aditya Bhasin (Chief Technology & Information Officer)
  • Darrin Steve Boland (Chief Administrative Officer)
  • Sheri Bronstein (Chief Human Resources Officer)
  • James P. DeMare (President, Global Markets)
  • Paul M. Donofrio (Vice Chair)
  • Geoffrey S. Greener (Chief Risk Officer)
  • Lindsay D. Hans (President, Co-Head Merrill Wealth Management)
  • Kathleen A. Knox (President, The Private Bank)
  • Matthew M. Koder (President, Global Corporate & Investment Banking)
  • Bernard A. Mensah (President, International, CEO of Merrill Lynch International)
  • Lauren A. Mogensen (Global General Counsel)
  • Thong M. Nguyen (Vice Chair, Head of Global Strategy & Enterprise Platforms)
  • Eric A. Schimpf (President, Co-Head Merrill Wealth Management)
  • Thomas M. Scrivener (Chief Operations Executive)
  • Bruce R. Thompson (Vice Chair, Head of Enterprise Credit)

• Annual Revenue: $98.58 billion (FY2023)
• Net Income: $26.5 billion (FY2023)
• Market Cap: $265.84 billion (as of December 31, 2023)
• Total Assets: $3.18 trillion (as of December 31, 2023)
• Number of Employees: 213,000 (as of December 31, 2023)
• Key Financial Highlights (FY2023):
  • Net interest income increased $4.5 billion to $56.9 billion
  • Noninterest income decreased $838 million to $41.7 billion
  • Provision for credit losses increased $1.9 billion to $4.4 billion
  • Noninterest expense increased $4.4 billion to $65.8 billion

Bank of America offers a diversified range of financial products and services through four business segments:

• Consumer Banking:
  • Credit, banking, and investment products and services to consumers and small businesses
  • Deposit products: checking, savings, CDs, IRAs, investment accounts
  • Lending products: credit and debit cards, mortgages, home equity loans, auto loans, personal loans
  • Investment advice and guidance through Merrill Edge
• Global Wealth & Investment Management (GWIM):
  • Wealth management solutions for high-net-worth and ultra-high-net-worth clients
  • Investment management, brokerage, banking, and trust services
  • Specialty asset management services
• Global Banking:
  • Lending products and services: commercial loans, leases, trade finance, real estate lending, asset-based lending
  • Treasury solutions: treasury management, foreign exchange, short-term investments, merchant services
  • Investment banking services: debt and equity underwriting, M&A advisory
• Global Markets:
  • Sales, trading, and research services to institutional clients
  • Fixed income, credit, currency, commodity, and equity products
  • Market-making, financing, clearing, settlement, and custody services
  • Risk management products for commercial and corporate clients

Bank of America Corporation reports its financial results through four business segments:

• Consumer Banking: Net income of $11.6 billion (FY2023), representing 48.5% of total net income.
• Global Wealth & Investment Management (GWIM): Net income of $3.9 billion (FY2023), representing 15.7% of total net income.
• Global Banking: Net income of $10.2 billion (FY2023), representing 41.0% of total net income.
• Global Markets: Net income of $4.7 billion (FY2023), representing 18.9% of total net income.

The remaining operations are recorded in All Other, which had a net loss of $4.0 billion in FY2023.

Bank of America's strategy is centered around Responsible Growth, which emphasizes responsible risk-taking, customer focus, and long-term value creation. The company prioritizes serving clients' financial needs, investing in technology and innovation, and maintaining a strong capital and liquidity position. The company aims to deliver sustainable growth by balancing risk and return, adapting to evolving market conditions, and leveraging its global presence and diversified product offerings. The company also focuses on attracting, developing, and retaining qualified employees, and promoting diversity and inclusion within its workforce.

Growth Strategies and Focus Areas:

• Expanding digital capabilities and enhancing customer experience
• Growing market share in key products and services
• Investing in technology and innovation
• Maintaining a strong capital and liquidity position
• Attracting and retaining talent
• Promoting diversity and inclusion

Innovation and Future Outlook: The company recognizes the importance of adapting to technological advancements and evolving customer preferences. It continues to invest in emerging technologies, such as AI and digital banking, to enhance customer experience and improve operational efficiency.

Bank of America operates in the highly competitive financial services industry. Its main competitors include other global banks, regional banks, credit unions, investment firms, and fintech companies. The industry is subject to extensive regulation and oversight, and is influenced by macroeconomic factors, market conditions, and technological advancements.

Key Market Trends:

• Increasing adoption of digital banking
• Growing demand for personalized financial advice
• Heightened regulatory scrutiny
• Rapid technological advancements
• Focus on ESG and sustainability

• Market Risk: Changes in market conditions, interest rates, currency exchange rates, and other economic factors can adversely impact the company's financial performance and condition.
• Credit Risk: Deterioration in the financial condition of borrowers or counterparties can lead to increased credit losses and negatively affect the company's financial results.
• Liquidity Risk: Inability to access funding or increased borrowing costs can adversely affect the company's liquidity and competitive position.
• Operational Risk: Failures or disruptions in the company's operations or information systems can cause significant financial and reputational harm.
• Regulatory and Legal Risk: Changes in laws, regulations, and regulatory interpretations, as well as litigation and regulatory actions, can increase compliance costs and adversely affect the company's business operations.