BANK OF AMERICA CORP /DE/BAC
BANK OF AMERICA CORP /DE/ Segments Disclosure
Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. The segments are managed by the Corporation’s Management Team, with certain leaders responsible for each segment and/or the lines of business supporting the segments. On a continual basis, the Management Team assesses the performance of the segments by comparing the segments’ budgeted income and expenses to their actual results. The Chief Operating Decision Maker of the segments, which is the Corporation’s CEO, is the final approver on the amount of capital to allocate to each segment.
Consumer Banking
Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans.
Global Wealth & Investment Management
GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Global Banking
Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Global Markets
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement.
All Other
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment, and adjustments to allocate income tax benefits related to tax-related equity investments to noninterest income to present Global Banking and Global Markets on an FTE basis.
Basis of Presentation
The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations based on application usage, transaction and volume activity, time studies, and other methodologies and assumptions management believes are appropriate to reflect the results of the business.
Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities.
The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of
various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not adversely affect earnings and capital. The results of a majority of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities.
The segment noninterest expenses consist of the same expenses as those shown in the Consolidated Statement of Income and contain both direct expenses and certain expenses not directly attributable to a specific business segment, including indirect compensation and benefits expenses, that are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.
The following table presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2025, 2024 and 2023, and total assets at December 31, 2025 and 2024 for each business segment, as well as All Other.
Results of Business Segments and All Other (1) | |||||||||||||||||||||||||||||||||||
At and for the year ended December 31 | Total Corporation (2) | Consumer Banking | |||||||||||||||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Net interest income | $ | 60,705 | $ | 56,679 | $ | 57,498 | $ | 35,309 | $ | 33,078 | $ | 33,689 | |||||||||||||||||||||||
| Noninterest income | 53,001 | 49,796 | 45,838 | 8,364 | 8,358 | 8,342 | |||||||||||||||||||||||||||||
| Total revenue, net of interest expense | 113,706 | 106,475 | 103,336 | 43,673 | 41,436 | 42,031 | |||||||||||||||||||||||||||||
| Provision for credit losses | 5,675 | 5,821 | 4,394 | 4,649 | 4,987 | 5,158 | |||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation and benefits (3,4) | 42,346 | 40,182 | 38,330 | 6,063 | 5,896 | 5,983 | |||||||||||||||||||||||||||||
Other noninterest expense(4) | 27,381 | 26,630 | 27,515 | 16,634 | 16,208 | 15,433 | |||||||||||||||||||||||||||||
| Total noninterest expense | 69,727 | 66,812 | 65,845 | 22,697 | 22,104 | 21,416 | |||||||||||||||||||||||||||||
| Income before income taxes | 38,304 | 33,842 | 33,097 | 16,327 | 14,345 | 15,457 | |||||||||||||||||||||||||||||
| Income tax expense | 7,795 | 6,869 | 6,792 | 4,082 | 3,586 | 3,864 | |||||||||||||||||||||||||||||
| Net income | $ | 30,509 | $ | 26,973 | $ | 26,305 | $ | 12,245 | $ | 10,759 | $ | 11,593 | |||||||||||||||||||||||
| Year-end total assets | $ | 3,411,738 | $ | 3,261,299 | $ | 1,039,346 | $ | 1,034,370 | |||||||||||||||||||||||||||
| Global Wealth & Investment Management | Global Banking | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Net interest income | $ | 7,197 | $ | 6,969 | $ | 7,147 | $ | 12,611 | $ | 13,235 | $ | 14,645 | |||||||||||||||||||||||
| Noninterest income | 17,686 | 15,960 | 13,958 | 11,497 | 10,513 | 9,910 | |||||||||||||||||||||||||||||
| Total revenue, net of interest expense | 24,883 | 22,929 | 21,105 | 24,108 | 23,748 | 24,555 | |||||||||||||||||||||||||||||
| Provision for credit losses | 35 | 4 | 6 | 943 | 883 | (586) | |||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation and benefits (3,4) | 12,064 | 11,126 | 10,120 | 4,670 | 4,521 | 4,345 | |||||||||||||||||||||||||||||
Other noninterest expense(4) | 6,557 | 6,115 | 5,716 | 7,746 | 7,332 | 6,999 | |||||||||||||||||||||||||||||
| Total noninterest expense | 18,621 | 17,241 | 15,836 | 12,416 | 11,853 | 11,344 | |||||||||||||||||||||||||||||
| Income before income taxes | 6,227 | 5,684 | 5,263 | 10,749 | 11,012 | 13,797 | |||||||||||||||||||||||||||||
| Income tax expense | 1,557 | 1,421 | 1,316 | 2,956 | 3,028 | 3,725 | |||||||||||||||||||||||||||||
| Net income | $ | 4,670 | $ | 4,263 | $ | 3,947 | $ | 7,793 | $ | 7,984 | $ | 10,072 | |||||||||||||||||||||||
| Year-end total assets | $ | 335,495 | $ | 338,367 | $ | 734,710 | $ | 670,505 | |||||||||||||||||||||||||||
| Global Markets | All Other | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Net interest income | $ | 5,690 | $ | 3,375 | $ | 1,678 | $ | (102) | $ | 22 | $ | 339 | |||||||||||||||||||||||
| Noninterest income | 18,406 | 18,437 | 17,855 | (2,952) | (3,472) | (4,227) | |||||||||||||||||||||||||||||
| Total revenue, net of interest expense | 24,096 | 21,812 | 19,533 | (3,054) | (3,450) | (3,888) | |||||||||||||||||||||||||||||
| Provision for credit losses | 71 | (32) | (131) | (23) | (21) | (53) | |||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation and benefits (3) | 3,923 | 3,553 | 3,430 | — | — | — | |||||||||||||||||||||||||||||
| Other noninterest expense | 11,495 | 10,373 | 9,776 | 575 | 1,688 | 4,043 | |||||||||||||||||||||||||||||
| Total noninterest expense | 15,418 | 13,926 | 13,206 | 575 | 1,688 | 4,043 | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 8,607 | 7,918 | 6,458 | (3,606) | (5,117) | (7,878) | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | 2,496 | 2,296 | 1,776 | (3,296) | (3,462) | (3,889) | |||||||||||||||||||||||||||||
| Net income (loss) | $ | 6,111 | $ | 5,622 | $ | 4,682 | $ | (310) | $ | (1,655) | $ | (3,989) | |||||||||||||||||||||||
| Year-end total assets | $ | 1,032,858 | $ | 876,548 | $ | 269,329 | $ | 341,509 | |||||||||||||||||||||||||||
(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $609 million, $619 million and $567 million in 2025, 2024 and 2023, respectively, as compared to the Consolidated Statement of Income.
(2)There were no material intersegment revenues.
(3)Represents the compensation and benefits directly incurred by each segment. Corporate overhead compensation and benefits are allocated to the segments through other noninterest expense.
(4)Prior periods have been revised to reflect realignment of certain headcount between segments.
The table below presents noninterest income and the associated components for 2025, 2024 and 2023, for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
| Noninterest Income by Business Segment and All Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Corporation | Consumer Banking | Global Wealth & Investment Management | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Fees and commissions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Card income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interchange fees | $ | 3,876 | $ | 4,013 | $ | 3,983 | $ | 3,047 | $ | 3,194 | $ | 3,157 | $ | (36) | $ | (20) | $ | (12) | |||||||||||||||||||||||||||||||||||
| Other card income | 2,483 | 2,271 | 2,071 | 2,409 | 2,238 | 2,107 | 69 | 61 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
| Total card income | 6,359 | 6,284 | 6,054 | 5,456 | 5,432 | 5,264 | 33 | 41 | 45 | ||||||||||||||||||||||||||||||||||||||||||||
| Service charges | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposit-related fees | 5,044 | 4,708 | 4,382 | 2,528 | 2,445 | 2,317 | 50 | 44 | 41 | ||||||||||||||||||||||||||||||||||||||||||||
| Lending-related fees | 1,413 | 1,347 | 1,302 | — | — | — | 64 | 53 | 37 | ||||||||||||||||||||||||||||||||||||||||||||
| Total service charges | 6,457 | 6,055 | 5,684 | 2,528 | 2,445 | 2,317 | 114 | 97 | 78 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment and brokerage services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset management fees | 15,601 | 13,875 | 12,002 | 245 | 207 | 197 | 15,369 | 13,668 | 11,805 | ||||||||||||||||||||||||||||||||||||||||||||
| Brokerage fees | 4,355 | 3,891 | 3,561 | 115 | 113 | 111 | 1,650 | 1,570 | 1,408 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment and brokerage services | 19,956 | 17,766 | 15,563 | 360 | 320 | 308 | 17,019 | 15,238 | 13,213 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment banking fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriting income | 3,320 | 3,275 | 2,235 | — | — | — | 265 | 246 | 171 | ||||||||||||||||||||||||||||||||||||||||||||
| Syndication fees | 1,420 | 1,221 | 898 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Financial advisory services | 1,890 | 1,690 | 1,575 | — | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total investment banking fees | 6,630 | 6,186 | 4,708 | — | — | — | 268 | 246 | 171 | ||||||||||||||||||||||||||||||||||||||||||||
| Total fees and commissions | 39,402 | 36,291 | 32,009 | 8,344 | 8,197 | 7,889 | 17,434 | 15,622 | 13,507 | ||||||||||||||||||||||||||||||||||||||||||||
| Market making and similar activities | 12,014 | 12,967 | 12,732 | 26 | 21 | 20 | 127 | 143 | 137 | ||||||||||||||||||||||||||||||||||||||||||||
| Other income (loss) | 1,585 | 538 | 1,097 | (6) | 140 | 433 | 125 | 195 | 314 | ||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest income | $ | 53,001 | $ | 49,796 | $ | 45,838 | $ | 8,364 | $ | 8,358 | $ | 8,342 | $ | 17,686 | $ | 15,960 | $ | 13,958 | |||||||||||||||||||||||||||||||||||
| Global Banking | Global Markets | All Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||
| Fees and commissions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Card income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interchange fees | $ | 800 | $ | 773 | $ | 772 | $ | 65 | $ | 66 | $ | 66 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
| Other card income | 16 | 13 | 9 | — | — | — | (11) | (41) | (102) | ||||||||||||||||||||||||||||||||||||||||||||
| Total card income | 816 | 786 | 781 | 65 | 66 | 66 | (11) | (41) | (102) | ||||||||||||||||||||||||||||||||||||||||||||
| Service charges | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposit-related fees | 2,403 | 2,128 | 1,943 | 59 | 88 | 79 | 4 | 3 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
| Lending-related fees | 1,035 | 1,007 | 1,009 | 314 | 287 | 256 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total service charges | 3,438 | 3,135 | 2,952 | 373 | 375 | 335 | 4 | 3 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment and brokerage services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset management fees | — | — | — | — | — | — | (13) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Brokerage fees | 79 | 91 | 57 | 2,511 | 2,128 | 1,993 | — | (11) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Total investment and brokerage services | 79 | 91 | 57 | 2,511 | 2,128 | 1,993 | (13) | (11) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
| Investment banking fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriting income | 1,303 | 1,305 | 922 | 1,968 | 1,892 | 1,298 | (216) | (168) | (156) | ||||||||||||||||||||||||||||||||||||||||||||
| Syndication fees | 732 | 644 | 505 | 688 | 577 | 393 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Financial advisory services | 1,707 | 1,504 | 1,392 | 181 | 186 | 183 | (1) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total investment banking fees | 3,742 | 3,453 | 2,819 | 2,837 | 2,655 | 1,874 | (217) | (168) | (156) | ||||||||||||||||||||||||||||||||||||||||||||
| Total fees and commissions | 8,075 | 7,465 | 6,609 | 5,786 | 5,224 | 4,268 | (237) | (217) | (264) | ||||||||||||||||||||||||||||||||||||||||||||
| Market making and similar activities | 274 | 275 | 190 | 12,064 | 12,778 | 13,430 | (477) | (250) | (1,045) | ||||||||||||||||||||||||||||||||||||||||||||
| Other income (loss) | 3,148 | 2,773 | 3,111 | 556 | 435 | 157 | (2,238) | (3,005) | (2,918) | ||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest income | $ | 11,497 | $ | 10,513 | $ | 9,910 | $ | 18,406 | $ | 18,437 | $ | 17,855 | $ | (2,952) | $ | (3,472) | $ | (4,227) | |||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.