Slides
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Investor Day 2025
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Cautionary Note on Forward-Looking Statements Bank of America Corporation (Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “outlook,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, goals, targets, plans or forecasts of its future results, revenue, annuitized revenue, operating leverage, efficiency ratio, earnings per share, capital and liquidity positions, dividends, share count, return on tangible common equity, liquidity, net interest income, net interest yield, provision for credit losses, net charge-off rates, expenses (including noninterest expense), net income, capital measures and priorities, spending, strategy, deposits, assets (including loans, mortgages, mortgage-backed securities and U.S. Treasuries), introductions (including business, client and enterprise), expansion markets, fixed asset repricing, asset sensitivity, market opportunities, close rate, artificial intelligence (AI) engagement, data capabilities, local brand favorability, strategic partnerships and relationships, deposit growth, global access, innovation, digital platforms, digital client adoption, balances, investments in technology, profits, return on average allocated capital, client relationships, countries per client relationship, products per client relationship, client growth, subsidiary growth, strategic investments, market share, margin (including pre-tax margin), growth opportunities in Corporate Banking and Investment Banking (including internationally), client share, client count, client satisfaction, fees, fee recovery, fee rankings, fee share, deal count, data center growth, growth of private capital markets, forecasts with respect to our technology and data investments and capabilities, our use of AI to drive innovation and improve productivity, solutions per relationship, employee headcount, users, wealth balances, growth opportunities, business relationships, percentage of digital sales, loans (including mortgage, vehicle and home equity), share of client segments, consumer headcount, client experience rating, private client advisors, assets under management, endowment and foundation prospects, asset growth, advised client flows, organic growth, net new assets, program participants, and related growth metrics of any of the foregoing, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. Throughout the Investor Day materials, “near- term” refers to <3 years, “medium-term” refers to approximately 3-5 years and “long-term” refers to >5 years. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K and in any of the Corporation’s subsequent U.S. Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory inquiries, demands, requests, investigations, proceedings and enforcement actions, which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs and the processing of electronic payments, including through the Zelle network, and related fraud, which are in various stages; in connection with ongoing litigation, the impact of certain changes to Visa’s and Mastercard’s respective card payment network rules and reductions in interchange fees for U.S.-based merchants; the possibility that the Corporation’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and / or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects across industries and geographies and geopolitical instability; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of trade policies, supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and / or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations, including impacts from the 2025 budget reconciliation legislation; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of various third parties, including regulators and federal and state governments, such as from cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including AI and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental goals or the impact of any changes in the Corporation’s sustainability or human capital management strategy or goals; the impact of uncertain or changing political conditions, federal government shutdowns and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary, trade or regulatory policy; the emergence of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia / Ukraine conflict, the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), civil unrest, terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
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Bank of America Investor Day November 5, 2025 2 What would you like the power to do?® At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose, and achieve Responsible Growth.
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We believe… … in executing a customer and client-focused model leveraging industry-leading platforms across integrated world-class businesses … in the power of delivering national and global scale on a local basis … that the next decade in financial services will be defined by technology leadership, fueled by continuous investments in both high-tech and high-touch capabilities … our focus on driving organic growth while managing risk and expenses will drive industry-leading shareholder value, through strong profitability and capital management Foundational Beliefs November 5, 2025Bank of America Investor Day 3
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Brian Moynihan Chair of the Board and Chief Executive Officer 32 years at BofA Bruce Thompson Vice Chair, Head of Enterprise Credit 29 years at BofA Thong Nguyen Vice Chairman 22 years at BofA Paul Donofrio Vice Chair 26 years at BofA Led by a Strong Executive Management Team For additional information and footnotes, refer to Notes beginning on slide 19. Dean Athanasia Co-President 29 years at BofA Alastair Borthwick Executive Vice President & Chief Financial Officer 20 years at BofA Jim DeMare Co-President 17 years at BofA Raul Anaya President, Business Banking and President, Greater LA 36 years at BofA Holly O’Neill President, Consumer, Retail, and Preferred 29 years at BofA Sharon Miller President, Business Banking 29 years at BofA Lindsay Hans President, Merrill Wealth Management 11 years at BofA Katy Knox President, Bank of America Private Bank 39 years at BofA Len Botkin Chief Audit Executive 24 years at BofA Hari Gopalkrishnan Chief Technology and Information Officer 14 years at BofA Matthew Koder President, Global Corporate and Investment Banking 14 years at BofA Bernie Mensah President of International 14 years at BofA Geoff Greener Chief Risk Officer 18 years at BofA Lauren Mogensen Global General Counsel 24 years at BofA November 5, 2025Bank of America Investor Day 4 Eric Schimpf President, Merrill Wealth Management 27 years at BofA David Tyrie President, Marketing, Digital, and Specialized Consumer Client Solutions 15 years at BofA Wendy Stewart President, Global Commercial Banking 22 years at BofA Sheri Bronstein Chief People Officer 25 years at BofA Tom Scrivener Chief Operations Executive 23 years at BofA Denis Manelski President and Co- Head, Global Markets 21 years at BofA Soofian Zuberi President and Co-Head, Global Markets 30 years at BofA
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Serving Clients Across Eight Lines of Business For additional information and footnotes, refer to Notes beginning on slide 19. Retail Mass market U.S. consumer Preferred & Small Business Mass affluent U.S. consumers and small businesses Merrill High-net-worth individuals, businesses, and institutions Private Bank Ultra-high-net-worth individuals, businesses, and institutions Business Banking U.S.-domiciled mid-sized businesses Global Commercial Banking U.S.-domiciled middle-market companies and international subsidiaries Global Corporate & Investment Banking Multinational / large companies, financial institutions, and governments Global Markets Institutional investor, commercial, and corporate clients Consumer Banking Global Wealth & Investment Management Global Banking Global Markets November 5, 2025Bank of America Investor Day 5
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Consumer and Wealth Businesses For additional information and footnotes, refer to Notes beginning on slide 19. • #1 U.S. consumer deposits1 • #1 small business lender2 • 69MM consumer and small business clients • 4MM consumer investment accounts, with $580B assets3 • $949B deposits and $322B loans Consumer Banking Retail | Preferred & Small Business Global Wealth & Investment Management (GWIM) Merrill | Private Bank • #1 on Barron’s Top 1,200 Financial Advisors list • #1 in managed personal trust assets2 • 2MM wealth management clients • $4.6T client balances3 • $279B deposits and $253B loans November 5, 2025Bank of America Investor Day 6 Mass market (<$100K investable assets) Mass affluent (<$500K investable assets) Affluent ($500K - $1MM) High net worth ($1MM - $10MM) Ultra high net worth ($10MM+)
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Commercial, Corporate, and Global Markets Businesses For additional information and footnotes, refer to Notes beginning on slide 19. Global Banking Business Banking | Global Commercial Banking | Global Corporate & Investment Banking Global Markets U.S. mid-sized businesses U.S. middle-market companies Multinationals, financials, and governments Institutional investor, commercial, & corporate clients • #1 in U.S. commercial loans1 • #3 global investment banking fee ranking2 • 46K clients; operations in over 35 countries and jurisdictions • $641B deposits and $387B loans • Top 5 in 9 of 10 Markets products, globally3 • #2 global research platform,4 covering >3,500 companies • $1T balance sheet with $197B loans • 14 consecutive quarters of YoY sales & trading revenue growth November 5, 2025Bank of America Investor Day 7
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Business Positions Supported by Scaled Business Platforms For additional information and footnotes, refer to Notes beginning on slide 19. November 5, 2025Bank of America Investor Day 8 Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Retail Preferred & Small Business Merrill Private Bank Business Banking Global Commercial Banking Global Corporate & Investment Banking Global Markets Capabilities & Platforms Technology Operations Payments Digital Marketing Workplace Benefits Research Local Markets Organization International
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Delivering Global Capabilities Locally Drives strategic value for clients Note: IB stands for investment banking. For additional information and footnotes, refer to Notes beginning on slide 19. ~100 U.S. local markets Clients in >85 international markets Operations in >35 countries & jurisdictions Global Capabilities Capital Markets Innovative capital markets capabilities enabling tailored global solutions across asset classes, geographies, and client segments Payments Comprehensive set of payments solutions for financial transaction and cash management needs of individuals, companies, and institutions >45K business clients 1 in 5 U.S. middle market companies served1 96% 78% coverage of U.S. Fortune 1,000 coverage of Global Fortune 500 Best U.S. Bank for Trade Finance2 #2 Global Research Platform 6 #3 Global IB fee ranking 5 Best Global Bank for Cash Management 2 World’s Best Bank for Markets 3 Top 5 in 9 of 10 Markets Products, Globally 4 Tech & Ops Integrated global technology & operations allow secure and seamless client experiences worldwide and enable innovation, resilience, and differentiated digital solutions November 5, 2025Bank of America Investor Day 9 Delivering comprehensive client solutions through integrated businesses Global Recognition
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Core Operating, Lending & Trading Accounts InnovationIndustry expertise Core Transactional Accounts are the Foundation for Every Relationship Note: M&A stands for mergers & acquisitions. ECM and DCM stand for equity and debt capital markets. For additional information and footnotes, refer to Notes beginning on slide 19. November 5, 2025Bank of America Investor Day 10 Core Operating Accounts InnovationCredit card Core Individual Transactional Accounts Core Business & Institutional Transactional Accounts
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3Q25: Another Quarter of Organic Growth For additional information and footnotes, refer to Notes beginning on slide 19. • $4.6 trillion client balances,3 up 11% YoY, with AUM balances of ~$2.1 trillion, up 13% • Added ~5,400 net new relationships across Merrill and Private Bank • Opened ~32,000 new bank accounts; 63% of clients have banking relationship November 5, 2025Bank of America Investor Day 11 Consumer Banking Global Wealth & Investment Management • Added ~212,000 net new checking accounts; 27 consecutive quarters of net growth; 90%+ checking primacy1 • ~1 million new credit card accounts2 • Consumer investment assets of ~$580 billion,3 up 17% YoY; over 4 million accounts with $19 billion flows since 3Q24 • Grew Small Business average loans 7% YoY • #3 investment banking fee ranking; gained 136bps market share from 3Q24 6 • Grew average deposits 15% YoY to $632 billion • Treasury service charges increased 12% YoY • Grew Middle Market average loans 6% YoY7 • 14th consecutive quarter of YoY sales and trading revenue growth • Record YTD sales and trading revenue • Record 3Q Equities sales and trading revenue • 20th consecutive quarter of average loan growth • $6.4 trillion total deposits, loans, and investments balances4 • $101 billion total net wealth spectrum client flows since 3Q245 Global Banking Global Markets
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Industry-Leading Integrated High-Tech and High-Touch Across All Businesses Decades of investment in client experience – example: consumer & wealth Leading Digital Capabilities #1 U.S. Consumer Deposit Market Share2 58bps Consumer Banking Deposit Rate Paid 146bps Consumer Banking Cost of Deposits Our Competitive Advantage 69MM Consumer & Small Business Clients Efficient Financial Center Network 82% U.S. households in footprint3 $5B+ Invested in network since 2016 $278MM Retail 2 $546MM Total avg. deposits per financial center November 5, 2025Bank of America Investor Day 12 79% Households digitally active1 $1B+ Annual investment in new consumer capabilities 2.5B+ Monthly digital interactions 24 expansion markets 2014-2028E 15K ATMs 3.6K financial centers For additional information and footnotes, refer to Notes beginning on slide 19.
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Sustained technology investments to create and support scaled platforms $4B+ spent annually on new technology initiatives Payments Digital Data Cybersecurity Resiliency Over $100B Spent on Technology Over Past Decade For additional information and footnotes, refer to Notes beginning on slide 19. Process automation New technologies enable simplification, standardization, and automation Data and insights $1.5B+ invested in data capabilities since 2021; providing industry- leading research and client insights Artificial intelligence (AI) Resilient and scalable data required to accelerate AI adoption Digital banking ®, bill pay, virtual cards, online brokerage, CashPro®, , security, personalized insights Cybersecurity $1B spent annually to help protect systems, networks, and data Integration Connected platforms enabling scalable insights and differentiated client solutions November 5, 2025Bank of America Investor Day 13
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Investing for Clients, Communities, and Teammates • Consumer client experience at record high 89%1 • Integrated delivery of innovative solutions to meet clients’ needs • Personalized client engagement to drive acquisition, deepening, and retention • Experiences and programs that deliver unique value and access • Committed to increasing military hiring by 10K over next five years, expanding community college hiring by 8K, adding 700 jobs in new FCs in growth markets • $15B Community Homeownership Commitment® • Mobilized and deployed ~$750B of 10-year, $1.5T sustainable finance goal • Provide ~$2B loans, deposits, capital grants, and equity investments to CDFIs • Delivered over 2.5MM employee volunteer hours in 2024 • Eight sharing success awards since 2017, totaling nearly $5.8B in award values globally • Raised U.S. minimum hourly wage to $25, following steady increases since 2017 • Industry-leading sabbatical program, with 14K+ employees taking additional time away in 2025 • 12K+ teammates found new roles within the company in 2024; on average, 40% of roles were filled internally over last five years • Strong employee retention, turnover ~8% Note: FC stands for financial center. CDFI stands for community development financial institution. For additional information and footnotes, refer to Notes beginning on slide 19. November 5, 2025Bank of America Investor Day 14 Investing for communities Investing for teammatesInvesting for clients
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Bank of America Investor Day November 5, 2025 15For additional information and footnotes, refer to Notes beginning on slide 19. Managed Headcount Through Operational Excellence… While Also Growing Relationship Managers 294K 227K 204K 213K 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Full-Time Equivalent Employees Right-sized company and drove Consumer efficiency (35K) Consumer (8K) Operations Realized operational excellence and digitalization (13K) Consumer (33K) Operations Growth in relationship managers & technologists +1.5K Global Corporate & Investment Banking +1.0K Global Markets +0.8K Global Payments Solutions +0.3K Global Commercial Banking +0.2K Private Bank +4.3K Technologists 2025 YTD (85K)
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What would you like the power to do? Responsible Growth • We must grow and win in the market – no excuses • We must grow with our customer- focused strategy • We must grow within our risk framework • We must grow in a sustainable manner Our purpose To help make financial lives better, through the power of every connection Eight lines of business Serving the core financial needs of people, companies and institutional investors through eight lines of business Our values • Deliver together • Act responsibly • Realize the power of our people • Trust the team At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose, and achieve Responsible Growth. November 5, 2025Bank of America Investor Day 16
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Note: GDP stands for gross domestic product. For additional information and footnotes, refer to Notes beginning on slide 19. Operating Environment Backdrop Economic Growth Factors State of Macroeconomics and the Market 1. U.S. economic growth remains healthy; however, employment data showing signs of weakness 2. Consumer spending remains solid (+5% YTD YoY through Oct based on BofA data)1 3. Consumer credit is stable; lower end of credit spectrum a watch item especially if labor market softens 4. BofA Global Research expects 2.0% and 1.9% U.S. GDP growth in 2025 and 2026, respectively 2 5. Interest rate outlook and tariff impact also a focus Tax and Immigration Policies Trade Policy / Tariffs Geopolitical Tension Deregulation Government Deficits Corporate & Investor Confidence Inflation U.S. & Global Economy Watch List • Trade negotiations • Market conditions • U.S. debt • Federal budget stalemate November 5, 2025Bank of America Investor Day 17 Consumer Confidence
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We believe… … in executing a customer and client-focused model leveraging industry-leading platforms across integrated world-class businesses … in the power of delivering national and global scale on a local basis … that the next decade in financial services will be defined by technology leadership, fueled by continuous investments in both high-tech and high-touch capabilities … our focus on driving organic growth while managing risk and expenses will drive industry-leading shareholder value, through strong profitability and capital management Foundational Beliefs November 5, 2025Bank of America Investor Day 18
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain targets that are a composite of expected results over time. These statements are not guarantees of future results or performance and involve known and unknown risks, uncertainties, and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual performance in any given period may vary from those expectations. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. 3. Revenue, net of interest expense. 4. “E” stands for estimate. Slide 6 – Consumer and Wealth Businesses Note: Balance sheet data end of period unless otherwise noted. 1. Retail deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 2. FDIC, 2Q25. 3. End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, brokered certificates of deposit (CDs), and assets under management (AUM) in Consumer Banking. GWIM client balances include deposits, loans and leases, AUM, brokerage, and other assets. Slide 7 – Commercial, Corporate, and Global Markets Businesses Note: Balance sheet data end of period unless otherwise noted. 1. FFIEC Call Reports, 2Q25. 2. Dealogic as of September 30, 2025. 3. Coalition Greenwich Competitor Analytic FY 2024. Results are based on BofA’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, Munis. Peer group includes BofA, BARC, BNPP, Citi, DB, GS, HSBC, JPM, MS, SG, UBS, WFC. 4. Extel, 2024. Slide 9 – Delivering Global Capabilities Locally 1. Coalition Greenwich Voice of Client – 2024 U.S. Commercial Banking Study (BofA-National - $50MM - $2B – FY 2024 – Banking), based on 20% market penetration. 2. Global Finance, 2025. 3. Euromoney, 2024. 4. Coalition Greenwich Competitor Analytic FY 2024. Results are based on BofA’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, Munis. Peer group includes BofA, BARC, BNPP, Citi, DB, GS, HSBC, JPM, MS, SG, UBS, WFC. 5. Dealogic as of September 30, 2025. 6. Extel, 2024. Slide 11 – 3Q25: Another Quarter of Organic Growth Note: Balance sheet data end of period unless otherwise noted. 1. Primacy represents the percentage of Consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 2. Includes credit cards across Consumer Banking, Small Business, and Global Wealth & Investment Management (GWIM). 3. End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. GWIM client balances include deposits, loans and leases, AUM, brokerage, and other assets. 4. Investment balances include AUM, brokerage, and other assets. 5. Includes net client flows across Merrill, Private Bank, and Consumer Investments. 6. Dealogic as of September 30, 2025. 7. Includes loans to Global Commercial Banking clients, excluding commercial real estate and specialized industries. November 5, 2025Bank of America Investor Day 19
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Notes Slide 12 – Industry-Leading Integrated High-Tech and High-Touch Across All Businesses 1. Represents percentage of households with consumer bank login activities in a 90-day period. As of August 2025. 2. Retail deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 3. Based on households where BofA has a presence in county, CBSA, or within 50-miles of the county (excluding counties in states with no BofA presence). Slide 14 – Investing in Clients, Communities, and Teammates 1. Client experience represents top 2 box ratings on a 10-point scale from client surveys related to servicing and sales. Slide 17 – Operating Environment Backdrop 1. As of October 28, 2025. 2. As of October 31, 2025. November 5, 2025Bank of America Investor Day 20
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Consumer Banking November 5, 2025Bank of America Investor Day 1
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Consumer Banking Consumer Banking Retail Mass market U.S. consumers Preferred & Small Business Mass affluent U.S. consumers and small businesses Global Wealth & Investment Management Merrill High-net-worth individuals, businesses, and institutions Private Bank Ultra-high-net-worth individuals, businesses, and institutions Global Banking Business Banking U.S.-domiciled mid-sized businesses Global Commercial Banking U.S.-domiciled middle-market companies and international subsidiaries Global Corporate & Investment Banking Multinational / large companies, financial institutions, and governments Global Markets Global Markets Institutional investor, commercial, and corporate clients Payments | Technology | Operations | Digital & Marketing November 5, 2025Bank of America Investor Day 2
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Consumer Banking YTD Performance FY 2024 as of 3Q25 YoY Δ% Financials Revenue $41.4 $32.5 +5% Noninterest Expense 22.1 17.0 +3% Provision 5.0 3.6 (4%) Net Income 10.8 8.9 +13% Efficiency Ratio 53% 52% (125 bps) Return on Avg. Allocated Capital 25% 27% +200 bps 2024 BofA Segment Revenue1 Retail | Preferred | Small Business as of 3Q25 YoY Δ% Key Business Metrics2 Deposits $949B +1% Loans 322B +2% Consumer Investments 580B +17% 37% Consumer For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 3
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Who We Are Consumer Powerhouse – Scalable Growth Engine, Efficient Delivery Model November 5, 2025Bank of America Investor Day 4
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Consumer Banking Foundational Beliefs We believe… …Core operating accounts anchor our client relationships and drive financial performance. …High-Tech / High-Touch is needed to deliver seamless solutions and personalized advice. …Mass Market requires simplified solutions, high-tech delivery, and serves as pipeline for future growth. …Mass Affluent needs personalized solutions, high-touch delivery, and drives business profitability. …Targeted growth strategy and culture of excellence will drive relationship deepening and growth. …Digital innovation will drive growth, improve efficiency, and elevate client experience. November 5, 2025Bank of America Investor Day 5
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A Consumer Powerhouse – Scaled, Comprehensive, and Digitally-Empowered For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 6 Relationship Model Operating Accounts Drive Growth and Loyalty 27 Consecutive Quarters of Net Operating Account Growth 92% Primacy1 99% Retention of Consumer Rewards Clients 2 High-Tech / High-Touch Deep Digital Engagement and Local Presence Are Critical 79% Digital Adoption3 #1 Financial Center Platform Efficiency4 82% U.S. Consumers in Footprint 5 Proven Leader Responsible Growth Leads to Consistent Client & Business Outcomes #1 U.S. Consumer Deposits6 #4 U.S. Credit Card7 #1 U.S. Consumer Investments Platform8 Delivered Results Bottom-Line Performance and Long-Term Shareholder Value 50% Efficiency Ratio (3Q25) $41.4B Revenue (2024) $10.8B Net Income (2024)
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A Proven Track Record of Consistent Organic Growth Clients (MM)1 Consumer Deposits ($B)2 Total Loans ($B)3 Investment Assets ($B)4 27 Consecutive Quarters of Net Operating Account Growth $708 $947 2019 3Q25 1.39% Net Charge-Off Ratio (3Q25) $301 $320 2019 3Q25 $240 $580 2019 3Q25 58K+ Avg. Net New Brokerage Accounts per Quarter (2019-3Q25) $143K Avg. Acct Balance 410bps Client Experience Improvement5 66 69 2019 3Q25 For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 7 +4% +34% +6% +2.4x
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Mass Market U.S. Consumers Integrated Consumer Model – From Retail to Small Business Retail Preferred Small Business Mass Affluent U.S. Consumers Small Business Owners Supported by Integrated High-Tech / High-Touch Model ~3,650 Financial Centers ~16,000 Relationship Bankers ~3,750 Investment & Lending Specialists 775+ Small Business Specialists Financial Independence and Health Simple, Payment-Driven Needs Digital Interactions Financial Wealth and Accumulation Complex Needs Along Full Spectrum In-Person Advice and Guidance Small Businesses up to $1MM Revenue Complex Needs – Personal and Business In-Person Advice and Expertise November 5, 2025Bank of America Investor Day 8For additional information and footnotes, refer to Notes beginning on slide 41.
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Retail Preferred Integrated Model Designed to Acquire and Deepen Consumer Relationships $3K $40K Retail Preferred ~1.5 ~3.0 Retail Preferred Retail Preferred 87% 95% Average Deposits per Account (Checking and Savings) Average Number of Products per Client Primacy1 Automate and Scale High-Tech Digital Engagement Full Suite of Affordable SafeBalance Solutions Personalize and Deepen High-Touch Specialist Model Comprehensive Solutions Across Banking and Investments For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 9 12x 2x +8pts
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Industry-Leading, Scalable Digital Capabilities For additional information and footnotes, refer to Notes beginning on slide 41. 2011 2015 2019 2024 +2.1x 2011 2015 2019 3Q25 +4.4x Revenue per Headcount Total Client Balances per Headcount7 Powered by Erica #1 Bank, U.S. Banking Mobile App Satisfaction 6 49MM Digital Active Users1 79% Digital Adoption2 14B Digital Logins (2024)3 66% Digitally-Enabled Sales4 520MM+ Erica® Interactions YTD 3Q255 November 5, 2025Bank of America Investor Day 10 …Driving Growth and Efficiency at ScaleWorld-Class Digital Capabilities…
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1.6 1.8 2.2 2.5 2.7 3.0 3.4 2.1 2.3 2.6 3.0 3.2 3.6 4.2 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Alerts Sent (B) Digital Logins (B) 19 34 105 134 170 166 175 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Total Erica Interactions (MM) 171 137 127 116 104 95 84 56 94 133 167 208 256 289 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Checks Written (MM) Zelle® Sent Transactions (MM) 81 140 202 255 323 400 459 21 39 60 77 97 121 143 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 P2P Payments (MM) Volume ($B) Expanded Digital at Scale: Elevating Engagement, Productivity, and Efficiency Zelle® Person-to-Person Payments4 38 39 41 43 46 48 49 66% 69% 70% 72% 74% 77% 79% 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Digital Users and Households1 Digitally Active Users (MM) HH Adoption % 1,027 1,074 1,367 1,855 1,503 1,809 2,026 29% 44% 43% 48% 46% 54% 66% 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Digitally-Enabled Sales2 Digital Consumer Sales (000s) Digital % of Consumer Sales 3.6Erica Users (MM) Digital Interactions (B)5 For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 11 Erica Users and Interactions3 Check vs. Zelle® Sent Transactions 6.2 12.8 16.1 18.7 19.7 20.4
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November 5, 2025Bank of America Investor Day 12For additional information and footnotes, refer to Notes beginning on slide 41. Efficient, National Coverage that is Digitally Integrated Financial Center (FC) Footprint Designed for Efficient Coverage, Client Convenience, and Innovation ~3,650 FCs Across an Optimized Network ~300 New FCs (since ’19); 100% Renovated3 82% U.S. Households in Footprint1 80%+ New-to-Bank Deposit Clients Begin in a FC 94% Client Satisfaction with FC Specialists4 35B Brand Impressions Annually2 2.3MM Digital Appointments Set YTD 3Q25 1.8MM Digitally-Assisted Accounts Opened YTD 3Q25 Newest Flagship Center 2 Bryant Park, NYC BofA FC locations Physical Network Client Engagement & Brand Impact Digital
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13Bank of America Investor Day November 5, 2025 How We Do It Core Operating Account Anchor of Growth Engine and Relationship Model Core Operating Account InnovationCredit Card
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The Core Operating Account is Our Financial Engine Industry Leadership in Consumer Deposits at a Low Rate Paid Lower Operating Costs Through Drive to Digital and FC Optimization Ability to Drive Returns in Different Rate Environments For additional information and footnotes, refer to Notes beginning on slide 41. $415 $553 $708 $947 2010 2015 2019 3Q25 Financial Center Count 5,856 4,726 4,300 3,649 % Low / Noninterest Checking 36% 46% 48% 50% Cost of Deposits1 2.70% 1.81% 1.52% 1.46% Rate Paid 0.43% 0.05% 0.10% 0.58% Fed Funds (Ending) 0.25% 0.50% 1.75% 4.25% Deposit Spread (funds transfer pricing less rate paid on deposits) 2.09% 1.62% 2.34% 2.94% Avg. Deposit Balances ($B) +2.3x (46%) (38%) November 5, 2025Bank of America Investor Day 14 Driving Low-Cost Deposit Growth and Returns Across Rate Environments
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15Bank of America Investor Day November 5, 2025 Deposits & Savings Industry Leadership, Growth, Efficiency, and Client Experience Core Operating Account InnovationCredit Card
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BofA Lead Over #2 +$289B Bank of America Investor Day November 5, 2025 16 Industry Leader in Consumer Deposits For additional information and footnotes, refer to Notes beginning on slide 41. Industry Leader and Gaining Share Growing Quality Checking Accounts & Balances Driving Efficiency and Enhanced Experience Checking Account Balances2 Avg. Retail Deposits per FC ($MM)1,4 Checking Accounts U.S. Total Retail Deposits1 #1 U.S. Retail Deposits Federal Financial Institutions Examination Council (FFIEC) Call Reports1 94%92% Client Satisfaction with Financial Center Specialists5Operating Account Primacy3 14 Years Average Tenure $91 $147 $161 $278 Industry Avg Peer A Peer B BAC 3Q19 3Q25 BofA Lead Over #2 +$226B #2 Player 2Q19 2Q25 #2 #2 3Q19 3Q25 +18% +40% ~2-3x #1 #1
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Bank of America 2Q19-2Q25 Retail Deposit Growth1 Delivering Strong Deposit Growth at a Market Level 26% 22% 29% 37% 36% 19% 36% 19% 42% 30% 26% 22% 19% 38% 42% 44% 23% 31% 33% 27% 47% 35% 24% 34% 45% 35% 39% 109% 0% 10% 20% 30% 40% 50% 60% 70% New York Los Angeles San Francisco Dallas Miami Boston Charlotte Washington Atlanta Seattle Chicago Houston San Jose Phoenix Baltimore Riverside Detroit San Diego Philadelphia Tampa Las Vegas Orlando St. Louis Minneapolis Indianapolis Denver Pittsburgh Boulder 2Q19-2Q25 Industry National Retail Deposits Growth3 Top Bank of America Deposits Markets Expansion Markets (Entered Prior to 2019) $133MM Avg. Deposits per FC in Expansion Markets (>45% vs. Total Industry Average)2 For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 17
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18Bank of America Investor Day November 5, 2025 Payments & Transactions Leader in Digital Payments, Frictionless Convenience, and Innovation Core Operating Account InnovationCredit Card
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Payment Leadership and Innovation Drives Relationship Primacy Leader in Digital Payments Delivering Payments Innovation Path Forward $470B Payment Value2 1.6B Transactions2 Mobile Wires 140+ Currencies 63% Transaction Growth5 22MM BofA Cards Provisioned3 150MM+ Total Cards Provisioned4 Bill Pay 350MM Transactions2 ~$250B Payment Volume2,6 Digital Payment Transactions1 Digital Payments $ Volume 1 96% 83% Leadership and Innovation Driving: • Primacy of Core Account • Retention and Client Engagement • Deepening Across Products • Efficiency at Scale For additional information and footnotes, refer to Notes beginning on slide 41. Erica 190MM Payments Alerts, Insights, and Interactions7 November 5, 2025Bank of America Investor Day 19 Enhance Features and Capabilities Drive Adoption Digital Wallet Integration Transform Platform Enhance Proactive Engagement
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20Bank of America Investor Day November 5, 2025 Investments & Retirement Industry-Leading Platform, and Seamless Banking Integration Core Operating Account InnovationCredit Card
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Bank of America’s Wealth Management Businesses are Positioned to Serve Clients Through All Stages of the Wealth Continuum Foundational investment tools via predominantly digital experience Goals-based advice and guidance delivered at scale Dedicated advice and customizable solutions for complex needs Sophisticated approach for managing generational wealth BofA Wealth Management Client Balances2 $0.3T $0.2T $1.7T $3.0T Our wealth management businesses at Bank of America serve 4.7MM clients and have 7% market share in the U.S.3 Market Share3 3% 3% 5% 14% $5.2T Total U.S. Market Size1 5-Year CAGR $10T 6% $7T 9% $33T 7% $17T 16% $67T 9% November 5, 2025Bank of America Investor Day 21 Mass Market (<$500K) Mass Affluent ($500K - $1MM) High Net Worth ($1MM - $10MM) Ultra High Net Worth ($10MM+) Note: CAGR stands for compound annual growth rate. For additional information and footnotes, refer to Notes beginning on slide 41.
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Meeting Relationship Client NeedsHigh Growth, High Return Leading Investments Platform – High Growth, High Return For additional information and footnotes, refer to Notes beginning on slide 41. Integrated Banking and Investing • Self-Directed, Guided, and Advisor Supported • 2,000+ Local and 1,000+ Centralized Financial Solutions Advisors Consumer Wealth 4.1MM Client Investment Accounts $17T Investable Asset Opportunity4 ~90K Enterprise Integration Annual Client Introductions Across Wealth and Consumer5 $580B $64B 2010 3Q25 +9x Consumer Investment Assets1 S&P 500 up 6x during same period #1 Bank Brokerage, 11 Consecutive Years2 #1 Bank, Best Online Broker3 November 5, 2025Bank of America Investor Day 22
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Consumer Investments Upside: Path to $1T Note: AI stands for artificial intelligence. For additional information and footnotes, refer to Notes beginning on slide 41. 0 200 400 600 800 1000 3Q25 Medium-Term Target Client Acquisition at Scale Employee Banking & Investing and Workplace Benefits Integration Platform and Experience Enhancements 100% Digital Experience Expert Advice AI-Enabled Financial Solutions Advisors Product Innovation Tools, Capabilities, Portfolios, and Personalized Insights $580B $1T Consumer Investment Balances1 Delivering Future Growth Incremental Asset Growth 25% 60% 15% Acquire New-to-Bank Prospects Retain & Grow Existing Relationships Deepen with Consumer Clients November 5, 2025Bank of America Investor Day 23 +72%
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24Bank of America Investor Day November 5, 2025 Consumer Lending Resilient Portfolio, Competitive Solutions, and Strong Growth Opportunity Core Operating Account InnovationCredit Card
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Strong Lending Capabilities and Growth Opportunity – Resilient Through the Cycle End-to-End Digital Automated Journeys and Enhanced Experience Product Innovation Conforming Loans and Dealer Financing Strategic Partnerships (e.g., Volvo) Enhanced Personalization Advanced Client Targeting and Marketing Delivering Future Growth $225B Home EquityVehicle Lending1Residential Mortgage $104 $117 $0 $20 $40 $60 $80 $100 $120 2019 3Q25 $51 $57 $0 $20 $40 $60 $80 $100 $120 2019 3Q25 $34 $22 $0 $20 $40 $60 $80 $100 $120 2019 3Q25 Avg. Loan Balances ($B) 797 Avg. Originations FICO (0.04%) Net Charge-Off Rate #1 Portfolio2 #2 Originations5 801 Avg. Originations FICO 0.40% Net Charge-Off Rate #4 Portfolio4 #5 Originations4 773 Avg. Originations FICO 0.02% Net Charge-Off Rate #2 Portfolio2 #10 Originations3 $196B Avg. 3Q25 Loans Mortgage, Vehicle, and HE Medium-Term Target 6 Consecutive Quarters of Y/Y Growth Note: HE stands for home equity. For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 25 +12% +12% (34%)
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Delivering Core Credit Card Growth – Competitive Portfolio with Strong Risk Profile Strong Consumer Core Card Offering A Card to Match Individual Needs Strong Risk Profile Credit Quality Reflecting Responsible Growth Strong Portfolio Characteristics1 1 in 5 U.S. Households Have a BofA Card2 3Q25 Avg. Originations FICO 782 Avg. Portfolio FICO 734 FICO <660 (% Originations) 3.5% FICO <660 (% Portfolio) 11.7% Net Charge-Offs 3.46% 30+ Delinquency 2.41% 3Q25 39MM Cards $101B Loan Portfolio $374B Purchase Volume (12 month) 98% Client Retention3 7.48% Risk Adjusted Margin For additional information and footnotes, refer to Notes beginning on slide 41. Divestitures / Legacy Card November 5, 2025Bank of America Investor Day 26 Balance Growth (CAGR, ‘19-3Q25)4 Cash Back +6% Travel +6% Premium +19% Cobrand +7% (6%)
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Significant Growth Opportunity in Credit Card Strategic Cobrand Investments Digital & Experience Enrichment Product & Platform Upgrades Marketing & Sponsorship 80% Penetration of Credit-Eligible Checking Clients ~5% Card Loans CAGR71% Of Credit-Eligible Checking Clients Have a BofA Card 48% Wallet Share on Spend for Preferred Rewards Clients2 $94B $85B $75B $84B $96B $100B $101B $0 $20 $40 $60 $80 $100 $120 2019 2020 2021 2022 2023 2024 3Q25 Spend1 $278B $252B $312B $357B $363B $369B $278B YTD Avg. Card Loans1 COVID 19 + Economic Stimulus Divestiture of Non-Strategic Affinity Relationships Medium-Term Targets Growth Levers 5% CAGR For additional information and footnotes, refer to Notes beginning on slide 41. 57% Of New Card Accounts Are with BofA Clients November 5, 2025Bank of America Investor Day 27
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• Expanding portfolio with premium cobrands • Enhanced and exclusive benefits and rewards • Improved cobrand client experience • Additional payment options • Expanded financial wellness tools and resources • Enhanced application to onboarding experience • Improved underwriting capabilities • Market leading introductory offers • Alternative data sources complementing credit bureaus • Sports sponsorships (FIFA, Golf with Us, Boston & Chicago Marathons, Masters) • Spend engagement – More Rewards Days and targeted offers • Enhanced personalization leveraging data and insights Credit Card – Growth Levers Strategic Cobrand Investments Digital & Experience Enrichment Product & Platform Upgrades Marketing & Sponsorship New premium Alaska card Bank of America Investor Day November 5, 2025 28 Credit monitoring and digital resources Custom pay plan options (coming soon) For additional information and footnotes, refer to Notes beginning on slide 41.
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29Bank of America Investor Day November 5, 2025 Loyalty & Rewards Industry-Leading Client Value, Driving Loyalty, Deepening, and Primacy Core Operating Account InnovationCredit Card
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30Bank of America Investor Day November 5, 2025 Rewards Platform: Strategic Differentiator and Key to Operating Account Primacy and Relationship Strategy For additional information and footnotes, refer to Notes beginning on slide 41. Drives Quality and Primacy1 Enhances Deepening & Loyalty1,4 Growth and Value Generation Engine for the Business 30% Deepen in First 30 Days 3x Higher Card Spend 25% More Likely to Hold a Card 3x Investment Assets 11.3MM Enrolled Members 94% Primacy2 $2.0T Member Relationship Assets 99% Retention3 Delivers Industry Leading Client Value 750 847 375 $1,125 $847 BofA…Unlimited Cash Rewards Card Expected Client Value5 Extending Industry Leadership Major Competitor Unlimited Cash Card Base Rewards Preferred Rewards Coming Soon Next-Gen Rewards Program Reinventing Loyalty and Engagement • Drives Quality and Primacy • Enhances Deepening and Loyalty • Industry-Leading Rewards for Consumer, Wealth, & Business Clients • Benefits Across All Products • Designed for Clients with Core Operating Accounts
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Bank of America Investor Day November 5, 2025 31 Where Do We Go Next? We Will Grow Through Strategic Investment
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Bank of America Investor Day November 5, 2025 32 Growth Strategy – Key Drivers Looking Forward Market Expansion Client Acquisition at Scale Leverage Power of Enterprise Investments in Tech and AI Capturing New Population Pools Through Strategic Market Expansion Scaling Personalized Solutions Across Life Milestones Unlocking Growth Through Corporate Partnership with Employee Banking & Investing Solution Investing in Erica to Power the Next Wave of AI-Driven Growth
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Entered since 2014 Planned through 2028 Existing Expansion Markets 18 New Markets Entered Since 2014 +10.5MM Households3 +$2.3T FDIC Deposits4 +170 New Financial Centers +$18B Incremental Deposits New Expansion Markets 6 Additional Markets Planned Through 2028 +2.4MM Households3 +$222B FDIC Deposits4 85% U.S. Households within Footprint (+3pts)2 Increased Coverage Goal1 #1 Market Leadership Goal1 Alabama Birmingham Huntsville Louisiana New Orleans Ohio Dayton Wisconsin Madison Milwaukee Maintain Retail Deposit Lead, Outpace Market Growth 6 Additional Markets Planned through 2028 For additional information and footnotes, refer to Notes beginning on slide 41. November 5, 2025Bank of America Investor Day 33 Market Expansion with Strong Growth Track Record
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Client Acquisition at Scale – Personalized Solutions at Every Critical Life Milestone For additional information and footnotes, refer to Notes beginning on slide 41. Career and Family Employee Banking & Investing (EBI) 6.6MM Employees of EBI Companies Home Ownership Wealth Accumulation Financial Planning Students and Young Adults Student Banking 4MM+ Students within ½ Mile of a BofA Financial Center Financial Independence Savings and Budgeting Credit Building Youth and Parents Family Banking 10MM BofA Parent Accounts First Account Experience Financial Education Building Good Money Habits 100MM+ U.S. Population Aged 0-251 35MM+ High Earning U.S. HHs1 November 5, 2025Bank of America Investor Day 34
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Bank of America Investor Day November 5, 2025 35 Meeting the Needs of Families with Family Banking • 100% Digital • Robust Parental Controls • No Monthly Fees or Overdraft Fees1 • Access to Digital Banking, Debit Card, and Learning Resources • Streamlined Graduation to SafeBalance For additional information and footnotes, refer to Notes beginning on slide 41. Family Banking Opportunity 10MM BofA Parent Clients 33MM U.S. Families with Children Under 182 91% BofA Parent Clients Find a BofA Youth Debit Card Appealing3 74% Find Access to Educational Content from BofA Appealing 90% Want the Ability to Monitor Transactions 9 in 10 Feel Responsible for Teaching Finances Insights from Parents3
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+1.1MM New Student and Young Adult Accounts Annually2 Bank of America Investor Day November 5, 2025 36 Student Banking – Supporting Youth and Young Adults (YYA) in Building Financial Independence Engaging Students at Scale For additional information and footnotes, refer to Notes beginning on slide 41. University, College, and Community College Campus Events1 Driving Interaction and Engagement on Campuses Financial Centers within a Half Mile of a College Campus Connecting BofA with Local Students Building Foundation for Future 32% of All New Checking Accounts (YYA) Significant Opportunity 35MM+ U.S. Population Ages 18-253 1.4MM YYA Card Accounts 5.3MM YYA Checking Accounts Student Activities Hosted at Financial Centers1 Back-to-School Events, Seminars, Specialist Support 340 500 20,000 4MM+ Students within ½ Mile of a FC
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Participating Companies Eligible Employees (MM) Leveraging the Strength of the Enterprise – Workplace Benefits with Employee Banking & Investing For additional information and footnotes, refer to Notes beginning on slide 41. Capturing Opportunity at Scale 343 834 ( 100) 100 300 500 700 900 1,100 2022 3Q25 3.1 6.6 2022 3Q25 Financial Wellness Solutions for Commercial Clients and Their Employees Enhanced Relationship Benefits for Company Employees – Both New and Existing BofA Clients November 5, 2025Bank of America Investor Day 37 Expanding Participating Companies +2.4x +2.1x Significant Opportunity Remains 600+ Designated FCs $55B Total Deposits1 1.1MM Accounts Generated1 ~85% EBI Employees Are Prospects3 1MM U.S. Companies >$1MM Revenue2 15K Commercial Clients Not Enrolled
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101K 55K 69% 89% 40 50 60 70 80 90 100 110 2011 2025 Bank of America Investor Day November 5, 2025 38 Proven Track Record of Transformation with Technology and AI Driving Growth and Efficiency Driving Growth and Efficiency For additional information and footnotes, refer to Notes beginning on slide 41. Empowered by Technology Consumer Headcount Record High ~2MM Daily Interactions2 ~60% Reduction in Service Call Volume3 ~50% Lower Fraud Loss Rate vs. 20184 Next-Gen Erica Advisors with EricaAssist AI-Enabled Processes Client Experience 1
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Bank of America Investor Day November 5, 2025 39 Continuing to Drive Growth and Efficiency Through Investments in Innovation Driving Growth and Efficiency For additional information and footnotes, refer to Notes beginning on slide 41. Next-Gen Erica Advisors with EricaAssist AI-Enabled Processes Strategic Innovation and Investments in AI Consumer Headcount Smart Assistant Empowering all Client- Supporting Employees The Trusted, Personalized Gateway for all Client Financial Needs Intelligent Automation designed to Drive Efficiency, Enhanced Security, & World-Class Experience 101K 55K 69% 89% 95%+ 40 50 60 70 80 90 100 110 2011 2025 Medium-Term Targets Client Experience1
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Consumer Banking Medium-Term Targets Consumer Banking Remains Centered on Driving Client Value and Enterprise Returns For additional information and footnotes, refer to Notes beginning on slide 41. Delivering strong deposit growth, with a focus on growing primary operating account relationships Driving balance and share growth, with an emphasis on card expansion and increased investments capture Strengthening digital leadership with enhanced personalization and intelligent automation Harnessing the power of the enterprise to drive accelerated, sustainable, scalable growth Leveraging continued investments in technology, solutions, and operational excellence to drive growth and efficiency to produce operating leverage 40% Efficiency Ratio 75MM Clients1 40% Return on Average Allocated Capital $20B Annual Net Income November 5, 2025Bank of America Investor Day 40
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. 3. Revenue, net of interest expense. Slide 3 – Consumer Banking 1. Business Segment revenue excludes All Other. Business Segment revenue is on a fully taxable-equivalent (FTE) basis. 2. End of period. Slide 6 – A Consumer Powerhouse — Scaled, Comprehensive, and Digitally-Empowered 1. Primacy represents the percentage of Consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 2. Reflects annualized 6-month post-opening retention for all January to August 2024 Preferred Rewards enrollments across Consumer, Wealth, and Business clients. 3. Digital adoption represents households with Consumer bank login activities in a 90-day period. 4. Based on retail deposits per financial center; deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000; FC counts based on competitor reporting and June 2025 FDIC data. 5. Based on households where BofA has a presence in the county, Core-Based Statistical Area (CBSA), or within 50-miles of the county (excluding counties in states with no BofA presence). 6. Retail deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 7. Includes Consumer and Global Wealth & Investment Management (GWIM), based on ending loans reported by competitors. 8. Based on reported investment balances of retail bank self-directed platforms. Slide 7 – A Proven Track Record of Consistent Organic Growth 1. Includes all individual Consumer, Small Business, Merrill, and Private Bank clients with a banking relationship. 2. Represents average deposits. 3. Represents average loans. 4. End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. 5. Client experience represents top 2 box scores on a 10-point scale from client surveys related to servicing and sales. Improvement from 2019 to 3Q25. Slide 9 – Integrated Model Designed to Acquire and Deepen Consumer Relationships 1. Primacy represents the percentage of Consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). Slide 10 – Industry-Leading, Scalable Digital Capabilities 1. Digital active users represents mobile and / or online 90-day active users on the Consumer and Merrill banking platforms. 2. Digital adoption represents households with Consumer bank login activities in a 90-day period. 3. Total online and mobile banking logins on the Consumer Banking platform. 4. Digitally-enabled sales represent sales initiated and / or booked via digital platforms. 5. Erica engagement represents mobile and online activity across client facing platforms powered by Erica. 6. Based on J.D. Power 2025 U.S. Banking Mobile App Satisfaction Study. 7. Client balances represents the sum of average deposits, average loans and leases including margin receivables, and ending Consumer investment assets excluding deposits sweep balances. November 5, 2025Bank of America Investor Day 41
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Notes Slide 11 – Expanded Digital at Scale: Elevating Engagement, Productivity, and Efficiency Note: Includes all households / relationships with Consumer platform activity, except where otherwise noted. 1. Digitally-active users represents mobile and / or online 90-day active users on the Consumer and Merrill banking platforms. Household adoption represents households with Consumer bank login activities in a 90-day period, as of August for each quarter. 2. Digitally-enabled sales represent sales initiated and / or booked via digital platforms. 3. Erica engagement represents mobile and online activity across client facing platforms powered by Erica. 4. Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users. 5. Digital logins represents the total number of desktop and mobile banking sessions on the Consumer Banking platform. Alerts are digital communications sent to clients via SMS, push, and email notifications. Slide 12 – Efficient, National Coverage that is Digitally Integrated 1. Based on households where BofA has a presence in the county, CBSA, or within 50-miles of the county (excluding counties in states with no BofA presence). 2. Estimated based on equivalent out-of-home media value. 3. Since 2016. 4. Represents top 2 box scores on a 10-point scale from client surveys on product and / or sales related FC visits (excludes service and teller transactions). Slide 14 – The Core Operating Account is Our Financial Engine 1. Operating cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. Slide 16 – Industry Leader in Consumer Deposits 1. U.S. retail deposits based on FFIEC Call Report data as of 2Q25 reflecting deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 2. Represents average balances. 3. Primacy represents the percentage of Consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 4. Deposits based on FFIEC Call Report data (refer to footnote 1) as of 2Q25. FC counts based on competitor reporting and June 2025 FDIC data. 5. Represents top 2 box scores on a 10-point scale from client surveys on product and / or sales related FC visits (excludes service and teller transactions). Slide 17 – Delivering Strong Deposit Growth at a Market Level 1. Represents June 30, 2025, vs. June 30, 2019, Bank of America Consumer and GWIM deposits by market. 2. Average deposits per financial center in the pre-2019 expansion markets vs. industry average presented on prior page. 3. National growth rate between 2Q25 and 2Q19 FFIEC Call Report data, based on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. Slide 19 – Payment Leadership and Innovation Drives Relationship Primacy 1. Represents YTD as of 3Q25. 2. Represents full-year 2024. 3. As of July 2025. 4. Total credit and debit cards added to the Paze checkout solution, as of September 2025. 5. Represents year-over-year change as of September 2025. 6. Bill Pay excludes payments sourced from non-BofA accounts. 7. Total Erica interactions related to money movement and wires since Erica launch in 2018. Slide 21 – Bank of America’s Wealth Management Businesses are Positioned to Serve Clients Through All Stages of the Wealth Continuum 1. Market size based on IXI Network data from Equifax, represents total investable assets in the U.S. as of YE24. 2. BofA Wealth Management client balances are end of period as of 3Q25, includes Merrill, Private Bank and Consumer Investments. Balances include GWIM client assets and loans, Consumer Investments investment platform assets only. Segments do not add up to total due to rounding. 3. Market share calculated as YE24 BofA Wealth Management client assets (excluding loans) over total YE24 market size from IXI Network data from Equifax. November 5, 2025Bank of America Investor Day 42
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Notes Slide 22 – Leading Investments Platform – High Growth, High Return 1. End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. 2. Based on StockBrokers.com 2025 #1 Bank Brokerage. 3. Based on Investor’s Business Daily 2025 #1 Best Online Brokers. 4. Based on IXI Network data from Equifax, represents total investable assets of U.S. Mass Market and Mass Affluent households (less than $1MM in investible assets) as of YE24. 5. Represents full-year 2024. Slide 23 – Consumer Investments Upside: Path to $1T 1. End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. Slide 25 – Strong Lending Capabilities and Growth Opportunity – Resilient Through the Cycle 1. Vehicle lending balances include loans and leases. 2. As of June 2025, based on EOP total corporate balances for BofA and peer banks, per call reports. 3. Retail channel for YTD June 2025; #3 bank originator. 4. As reported by peer banks for 3Q25; excludes captive finance companies. 5. Originations per MarkeTrac for 1Q25. Slide 26 – Delivering Core Credit Card Growth – Competitive Portfolio with Strong Risk Profile 1. Includes consumer credit card portfolios in Consumer Banking and GWIM. 2. Based on Consumer households with a BofA credit card and total U.S. households based on 2024 U.S. Census data. 3. Retention represents the % of accounts remaining open with accounts on book >12 months, excluding accounts which were charged-off or closed for inactivity. 4. Represents loan volume growth of selected cards. Slide 27 – Significant Growth Opportunity in Credit Card 1. Includes consumer credit card portfolios in Consumer Banking and GWIM. 2. As of August 2025, per credit bureau reporting. Slide 30 – Rewards Platform: Strategic Differentiator and Key to Operating Account Primacy and Relationship Strategy 1. All metrics reflect Preferred Rewards enrollments across Consumer, Wealth, and Business clients as of August 2025, except for investment assets, which reflects Consumer clients only. 2. Primacy represents the percentage of Consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 3. Retention reflects annualized 6-month post-opening retention for January to August 2024 enrollments. 4. Reflects Preferred Rewards enrolled clients vs. unenrolled clients; card references reflect credit card only. 5. Expected client value for Unlimited Cash Rewards Card vs. major competitor based on $50K card spend over 5 years based on competitor offer disclosures. Slide 33 – Market Expansion with Strong Growth Track Record 1. Medium-term. 2. Represents coverage post entry of new markets. 3. Based on 2023 U.S. Census CBSA data. 4. Total FDIC market-level deposits as of June 2025. Slide 34 – Client Acquisition at Scale – Personalized Solutions at Every Critical Life Milestone 1. Based on 2024 U.S. Census data. High earning households defined as those with incomes of $150,000 and higher. November 5, 2025Bank of America Investor Day 43
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Notes Slide 35 – Meeting the Needs of Families with Family Banking 1. Monthly fee waived while child is under age 25. 2. Based on 2024 U.S. Census data. 3. Based on BofA parent survey, July 2021. Slide 36 – Student Banking – Supporting Youth and Young Adults (YYA) in Building Financial Independence 1. Represents YTD 3Q25. 2. Represents full-year 2024. 3. Based on 2024 U.S. Census data. Slide 37 – Leveraging the Strength of the Enterprise – Workplace Benefits with Employee Banking & Investing 1. Program to date. 2. Based on NAICS Association businesses in U.S. with over $1MM in annual sales, 2024. 3. Represents percentage of EBI company employees that do not currently have a banking relationship with BofA. Slide 38 – Proven Track Record of Transformation with Technology and AI Driving Growth and Efficiency 1. Client experience represents top 2 box scores on a 10-point scale from client surveys related to servicing and sales. 2. Represents YTD 3Q25. 3. Represents 2025 run rate vs. 2010. 4. Represents 2025 run rate vs. 2018. Slide 39 – Continuing to Drive Growth and Efficiency Through Investments in Innovation 1. Client experience represents top 2 box scores on a 10-point scale from client surveys related to servicing and sales. Slide 40 – Consumer Banking Remains Centered on Driving Client Value and Enterprise Returns 1. Includes all individual Consumer, Small Business, Merrill, and Private Bank clients with a banking relationship. November 5, 2025Bank of America Investor Day 44
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Global Wealth & Investment Management November 5, 2025Bank of America Investor Day 1
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Global Wealth & Investment Management Bank of America Investor Day November 5, 2025 2 Consumer Banking Retail Mass market U.S. consumer Preferred & Small Business Mass affluent U.S. consumers and small businesses Global Wealth & Investment Management Merrill High-net-worth individuals, businesses, and institutions Private Bank Ultra-high-net-worth individuals, businesses, and institutions Global Banking Business Banking U.S.-domiciled mid-sized businesses Global Commercial Banking U.S.-domiciled middle-market companies and international subsidiaries Global Corporate & Investment Banking Multinational / large companies, financial institutions, and governments Global Markets Global Markets Institutional investor, commercial, and corporate clients Payments | Technology | Operations | Digital & Marketing
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Global Wealth & Investment Management Foundational Beliefs We believe… …growth of our fully advised client relationships drives financial outcomes …the Wealth Continuum allows us to deliver as one company and is our engine for lasting growth …having the best advisors enables us to deliver exceptional client outcomes …we have the capabilities to deliver for every client in the way they want to be served …the resilience of our business model creates enduring shareholder value November 5, 2025Bank of America Investor Day 3
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Bank of America Investor Day November 5, 2025 4For additional information and footnotes, refer to Notes beginning on slide 25. Global Wealth & Investment Management Merrill | Private Bank 2MM Client Relationships Serving the wealth continuum of clients $4.6T Client Balances 2nd largest traditional wealth manager2 >15K Wealth Advisors Industry leading advisor force $23B Revenue1 Highly diversified revenue streams
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Global Wealth & Investment Management Global Wealth & Investment Management Merrill | Private Bank as of 3Q25 YoY Δ% Key Business Metrics 2 Total Client Balances $4.6T +11% AUM Balances $2.1T +13% Deposits $279B (2%) Loans $253B +11% 2024 BofA Segment Revenue1 21% GWIM FY 2024 YTD Performance as of 3Q25 YoY Δ% Financials Revenue $22.9B $18.3B +8% Noninterest Expense $17.2B $13.9B +8% Provision $0.0B $0.0B N/M Net Income $4.3B $3.3B +6% Pretax Margin 25% 24% (53bps) Return on Avg. Allocated Capital 23% 22% – November 5, 2025Bank of America Investor Day 5 For additional information and footnotes, refer to Notes beginning on slide 25.
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Bank of America’s Wealth Management Businesses are Positioned to Serve Clients Through All Stages of the Wealth Continuum Foundational investment tools via predominantly digital experience Goals-based advice and guidance delivered at scale Dedicated advice and customizable solutions for complex needs Sophisticated approach for managing generational wealth BofA Wealth Management Client Balances2 $0.3T $0.2T $1.7T $3.0T Our wealth management businesses at Bank of America serve 4.7MM clients and have 7% market share in the U.S. Market Share3 3% 3% 5% 14% $5.2T Total U.S. Market Size1 5-Year CAGR $10T 6% $7T 9% $33T 7% $17T 16% $67T 9% November 5, 2025Bank of America Investor Day 6 Note: CAGR stands for compound annual growth rate. For additional information and footnotes, refer to Notes beginning on slide 25. Mass Market (<$500K) Mass Affluent ($500K - $1MM) High Net Worth ($1MM - $10MM) Ultra High Net Worth ($10MM+)
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GWIM Advisor Teams Cultivate Client Relationships and Deliver the Platform’s Solutions Wealth Continuum Delivering Platform Solutions Based on Client Needs Multiple Entry Points into GWIM Advisor Teams Deepen and Grow Client Relationships Advisor Teams Self-sourcing Enterprise Introductions Digital Acquisition Workplace Benefits November 5, 2025Bank of America Investor Day 7For additional information and footnotes, refer to Notes beginning on slide 25. Merrill Wealth Management | Private Bank >15K Wealth Advisors >6K Supporting Client Team Members >1K Product and Solution Specialists 2MM Total Clients 65K $10MM+ Clients >30K Net New Clients Added Annually1 Mass Affluent ($500K - $1MM) High Net Worth ($1MM - $10MM) Ultra High Net Worth ($10MM+) Investment Management Wealth Structuring Credit & Banking Wealth Management Platforms
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Investment Management Credit & Banking Wealth Structuring Portfolio Management Investment Solutions Complex Banking Specialty Lending Real Estate Lending Financial Planning Trust & Estates Philanthropic Solutions Centralized, Scaled Platform Delivers Value to Clients & Advisors While Driving Efficiency GWIM Offering November 5, 2025Bank of America Investor Day 8 Note: UHNW stands for ultra high net worth. For additional information and footnotes, refer to Notes beginning on slide 25. Chief Investment Office #1 In managed personal trust assets2 1 in 6 UHNW GWIM clients has a trust1 $4.6T GWIM client balances 75% GWIM clients have managed investments 1 1 in 2 GWIM clients banks with BofA 1 1 in 3 GWIM clients has a lending solution1
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Wirehouse Peer 1 Wirehouse Peer 2 Wirehouse Peer 3 Leading Bank Provider Leading Direct Provider Leading Independent Provider Individuals Consumer Investments Consumer Banking1 Workplace 401(k) Equity Plan Admin. Employee Banking & Investing 2 Businesses Business Banking Commercial Banking Corporate & Investment Banking Global Markets Bank of America’s Client Base of Individuals & Companies is an Unparalleled Source of Growth November 5, 2025Bank of America Investor Day 9For additional information and footnotes, refer to Notes beginning on slide 25.
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Driving Growth and Efficiency to Expand GWIM’s Pre-Tax Margin YTD 3Q25 Medium-Term Target 24% >30% • Deepening relationships • Investing in client teams • Client acquisition accelerated by Enterprise collaboration Platform Scale & Efficiency Businesses Drive Growth • Fixed cost leverage from platform • Expense discipline • Leverage tech and AI to drive efficiency Targeting growing revenue nearly 2X as fast as expenses Generating positive operating leverage and margin expansion Improving return on average allocated capital to 30% in the medium-term November 5, 2025Bank of America Investor Day 10 Note: AI stands for artificial intelligence. For additional information and footnotes, refer to Notes beginning on slide 25.
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Merrill Wealth Management November 5, 2025Bank of America Investor Day 11
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Merrill Wealth Management Over a century at the forefront of the industry Expansive reach with national footprint Leading advisor force recognized by clients and industry November 5, 2025Bank of America Investor Day 12For additional information and footnotes, refer to Notes beginning on slide 25. 95% client satisfaction with advisor6 #1 most advisors ranked across 9 industry recognition lists in 2025 7 546 offices 98 markets 90% of U.S. population lives within 50 miles of a Merrill office Tremendous scale in wealth management business $3.9T in client balances Second largest traditional wealth manager in the U.S.1 $1.7T in AUM Largest firm-managed investment platform in the industry2 $212B in deposits3 #14 standalone bank in the U.S. by deposits 4 $19B+ in revenue5 750K $500K+ households 54K $10MM+ households $158B in loans3
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Continued Actions Position Us for Organic Growth and Profitability Expansion Reframing Strategic Growth Focused client acquisition upmarket • Centered on strategic asset flows • Established organizations dedicated to WM Banking and Lending • Launched UHNW advisory group Strengthening our Investment Offering & Functions Introduced capabilities to target the AUM opportunity • Expanded alternative investments offering • Strengthened capital markets offering for UHNW / family office clients through partnership with Global Markets • Making processes cleaner, simpler, better Investing in our Advisor Force Restarted experienced advisor recruiting • Enhanced advisor retention and recognition programs • Scaled industry’s largest training program • Conducted coaching and development programs for experienced advisors 2019-2021 2022-2024 Net New $1MM+ HHs Recruited Assets 2019-2021 2022-2024 2019-2021 2022-2024 Fee-based (AUM) Flows November 5, 2025Bank of America Investor Day 13 Note: WM stands for wealth management. HH stands for household. For additional information and footnotes, refer to Notes beginning on slide 25. +16% +100% +25%
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$135-150B Annual Fee-based Client Flows (AUM) Our Growth Playbook Medium-term targets November 5, 2025Bank of America Investor Day 14 Note: ROA stands for return on average assets. For additional information and footnotes, refer to Notes beginning on slide 25. Scale Organic Growth Unlocking net new asset growth to win market share 4-5% Annual Organic Growth Expand Investments Platform Generating annuitized income that improves ROA Elevate Lending & Banking Increasing profitable revenue to expand margin +4-6% pts. Increase in Pretax Margin 1. 2. 3.
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1. Scale Organic Growth 3% 3% 3%3% 2% 2% 2022 2023 2024 4-5% WM Industry2 BofA WM3 Organic Growth Net New Assets as a % of Client Balances1 Medium-Term Target For additional information and footnotes, refer to Notes beginning on slide 25. Looking Ahead Growing Net New Assets to Win Market Share Client Acquisition at Scale Generate new business opportunities at scale through our various Enterprise channels Best-in-Class Advisors Accelerate advisor-driven asset growth through retention, recruiting, and development Technology Enabled Productivity Increase Invest in technology to increase advisor capacity and deliver a modern client experience November 5, 2025Bank of America Investor Day 15
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1. Scale Organic Growth Client acquisition at scale: leveraging enterprise sources to generate NNA Existing BofA Clients Of Which WM Clients Key Accelerants • Advanced data analytics to identify key ‘money in motion’ stages • Digital outreach / marketing to amplify outreach • High touch referral hand off to drive strong client experience • Conversion accountability framework to measure and monitor process quality and results Organic growth impact p.a. +2% Incremental NNA p.a. (assumes 1% incremental capture of opportunity)$100B+ Capturing the Opportunity Medium-Term Targets Consumer Workplace Benefits Business Banking 5.7MM HNW Individuals1 1MM 3.3MM On-Platform Plan Participants2 230K 1.8MM Small Business Owners3 270K 11MM 1.5MM November 5, 2025Bank of America Investor Day 16 Note: p.a. stands for per annum. NNA stands for Net New Assets. HNW stands for high net worth. For additional information and footnotes, refer to Notes beginning on slide 25. Total Off-us Asset Opportunity4 $10T+Estimated Wealth Management Opportunity
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1. Scale Organic Growth Merrill Client Satisfaction with Advisor2 92% 93% 95% 95% 2022 2023 2024 3Q25 Best-in-class advisors: experienced advisors supported by next generation talent to drive further NNA growth Merrill Advisors Delivering Exceptional Outcomes for Clients Developing the Next Generation of Talent Investing in Experienced Advisors Lower outflows from advisor attrition year over year326% 19% Increase in advisor recruits year over year Of advisors participating in training & coaching sessions >70% Advisor trainees2.4K Of total net new households come from trainees 30% Specialized advisor practice roles 1.6K 75% 74% 72% 72% Merrill Peer 1 Peer 2 Peer 3 Share of Wallet Among Primary Clients1 November 5, 2025Bank of America Investor Day 17For additional information and footnotes, refer to Notes beginning on slide 25.
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1. Scale Organic Growth Leveraging AI and technology to increase productivity and efficiency along entire client journey November 5, 2025Bank of America Investor Day 18For additional information and footnotes, refer to Notes beginning on slide 25. Client needs are proactively surfaced to advisors through integrated data sources and AI- powered systems Clients use digital tools to select pre-configured availability windows • Aggregates data from internal and external sources • Creates a client dossier within seconds • Summarizes meeting notes and follow-ups • Creates records automatically • Identifies “client recommendations” • Proprietary digital account onboarding solution • Allows advisor and client collaboration in real time digitally • Clients initiate and complete wire transfers digitally • Clients access Zelle® through mobile self-service AI-Generated “Client Insights” 90% Estimated time reduction Identify Client Need Digital Appointments Meeting Prep Tool Meeting Summarization 50% Estimated time reduction 90% Estimated time reduction 90% Estimated time reduction 90-100% Estimated time reduction 25% Estimated time reduction Digital Account Opening Digital Money Transfers Schedule Client Meeting Prepare for Client Meeting Client Meeting Follow Up Onboarding New Solution Money Movement
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Capturing the Opportunity Medium-Term Targets 2. Expand Investments Platform Launched Merrill One & CIO Portfolios Shifted to Centralized Investment Execution Scaled Delivery Across the Continuum Brokerage Fee-based (AUM) Merrill Client Investment Assets Key Accelerants • Investing in transition tools that optimize for client outcomes • Deploying personalization capabilities based on client preferences • Increasing specialists supporting advisors in identifying opportunities • Expanding availability of UHNW and CIO portfolio management solutions Annuitized revenue added p.a. $1B+ Annual fee-based client flows (AUM)$135-150B Growing our fee-based platform to deliver greater client value November 5, 2025Bank of America Investor Day 19 2013 63% 37% 2015 58% 42% 2017 56% 44% 2019 54% 46% 2021 55% 45% 2023 54% 67% 2024 53% $1.9T 47% $1.7T 3Q25 55% Medium- Term Target 33% $1.7T $1.7T $2.0T $2.3T $2.8T $2.8T 46% +7% CAGR $3.6T $3.2T Note: CIO stands for Chief Investment Office. For additional information and footnotes, refer to Notes beginning on slide 25. 45%
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2. Expand Investments Platform Alternative investments platform positioned to serve all HNW segments For additional information and footnotes, refer to Notes beginning on slide 25. 350+ Solutions Offered Through Our High Conviction Platform $5-10MM$1-5MM High-Net-Worth Ultra-High-Net-Worth $50MM+$10-50MM Private Market Opportunities • Partnering with Investment Banking & Sponsors to offer company transactions and co-investments to qualified clients • Providing access to secondary market transactions Hedge Funds Traditional Private Equity Funds Perpetual Private Equity Funds Registered / Interval Funds 1031 Exchange Funds Co-investments Custom Tax Solutions Single Investor / Advisor Funds Business Development Companies (BDCs) / Private Credit Non-Traded Real Estate Investment Trusts (REITs) Strong Momentum • 50% YoY increase in client flows • 12% YoY increase in advisor adoption • 9 consecutive quarters of >$2B in gross sales Opportunity Ahead Progress Underway • Expanded Access Program offering 10-15 exclusive deals annually • Investing in additional specialist resources and platform enhancements • CIO producing investment guidance around Alternatives for all client segments $90B $560B 3Q25 CIO Guidance1 Merrill Client Assets Allocated to Alternatives 20November 5, 2025Bank of America Investor Day
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3. Elevate Lending & Banking Merrill Balance Sheet (Deposits & Loan Balances2) 3Q25 YTD Net Interest Income as a % of Total Revenue Merrill Peer Avg.1 25% 22% (1) Merrill Advisors with >50% of their Clients Banking with BofA 2019 3Q25 39% 65% Expanding on a strong foundation 2019 3Q25 $332B $370B November 5, 2025Bank of America Investor Day 21For additional information and footnotes, refer to Notes beginning on slide 25.
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3. Elevate Lending & Banking Significantly increase lending & deposit balances+1.5X In incremental net interest income (NII) $1.5-2B Capturing the Opportunity Medium-Term Targets Of loan and deposit NII hits the bottom line 3 (compared to 40% for non-interest income) 70-80% Incremental percentage points in pretax margin3-4% November 5, 2025Bank of America Investor Day 22For additional information and footnotes, refer to Notes beginning on slide 25. Merrill Balance Sheet2 Loans Deposits 3Q25 Opportunity $370B $500-525B Medium-Term Target Key Opportunities Client Penetration Current Target +200-250K Incremental clients 52% 70% Core Banking is client’s everyday operating cash Custom Lending allows clients to borrow against complex or non- standard collateral +3-5K $10MM+ clients 2% 8% of next-gen clients seek to transfer investment assets to a bank in the next year 1 60% of HNW clients prefer to consolidate banking / lending and investments relationships 1 70% Client Demand for Comprehensive Providers
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2% Avg. ’22-’242 Medium-Term Target 4-5% Three Drivers Will Accelerate Organic Growth Organic Growth Net New Assets as a % of Client Balances1 Client Acquisition at Scale Best-in-class Advisors Expanding Banking, Lending, & Investments Collectively our actions are expected to drive an incremental 2-3% in organic growth November 5, 2025Bank of America Investor Day 23For additional information and footnotes, refer to Notes beginning on slide 25. Investments in technology accelerate acquisition, advisor productivity, and client deepening
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$135-150B Annual Fee-based Client Flows (AUM) Our Growth Playbook Medium-term targets November 5, 2025Bank of America Investor Day 24 Note: ROA stands for return on average assets. For additional information and footnotes, refer to Notes beginning on slide 25. Scale Organic Growth Unlocking net new asset growth to win market share 4-5% Annual Organic Growth Expand Investments Platform Generating annuitized income that improves ROA Elevate Lending & Banking Increasing profitable revenue to expand margin +4-6% pts. Increase in Pretax Margin
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. 3. Revenue, net of interest expense. Slide 4 — Global Wealth & Investment Management 1. Full year 2024. 2. Ranking by total client assets versus other U.S. wirehouse peers. Public company disclosures, as of 3Q25. Slide 5 — Global Wealth & Investment Management 1. Business Segment revenue excludes All Other. Business Segment revenue is on a fully taxable-equivalent (FTE) basis. 2. End of period. AUM stands for assets under management. Loan balances exclude margin. Slide 6 — Bank of America’s Wealth Management Businesses are Positioned to Serve Clients Through All Stages of Wealth 1. Market Size based on IXI Network data from Equifax, represents total investable assets in the U.S. as of YE24. 2. BofA WM Client Balances are end of period as of 3Q25, includes Merrill, Private Bank, and Consumer Investments. Balances include GWIM client assets and loans, Consumer Investments investment platform assets only. Segments do not add up to total due to rounding. 3. Market share calculated as YE24 BofA WM client assets (excluding loans) over total YE24 Market Size from IXI Network data from Equifax. Slide 7 — GWIM Advisor Teams Cultivate Client Relationships and Deliver the Platform’s Solutions 1. 2022-2024 average of annual net new $250K+ households for Merrill and net new $3MM relationships for Private Bank. Slide 8 — Centralized, Scaled Platform Delivers Value to Clients & Advisors While Driving Efficiency 1. Managed Investments, Banking, and Lending penetration based on $250K+ households for Merrill and $3MM+ relationships for Private Bank. Trust penetration based on $10MM+ households / relationships only. 2. #1 in personal trust assets per FDIC 2Q25 managed personal trust industry rankings. Slide 9 — Bank of America’s Client Base of Individuals & Companies is an Unparalleled Source of Growth 1. Consumer Banking defined as an institution with standalone retail bank branches. 2. Employee Banking & Investing defined as institutional offering of banking services to employees of corporate clients. Slide 12 — Merrill Wealth Management Note: As of 3Q25, unless noted otherwise. 1. Ranking by total client assets versus other U.S. wirehouse peers. Public company disclosures. 2. Largest Unified Managed Account program in the U.S. by total client asses. Cerulli, 2025. 3. End of Period. Loan balances exclude margin. 4. Based on ranking U.S. financial institutions by total deposits as of 3Q25. 5. As of FY2024. 6. Merrill internal client survey. Satisfaction scores represent top 2 box scores on 10-point scale. 7. Merrill is the firm with the most advisors out of any other firm on the following industry advisor rankings as of 2025: Barron's Top 100 Women, Barron's Top 1200, Financial Planning Top 40 under 40, Forbes Best in State, Forbes Best in State Teams, Forbes Top Women - Best in State, Forbes Top Women - Top 100, Forbes Top Next Gen - Top 100, Forbes Top Next Gen - Best in State. Bank of America Investor Day November 5, 2025 25
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Notes Slide 13 — Continued Actions Position Us for Organic Growth and Profitability Expansion Note: Metrics calculated on a cumulative basis. Slide 15 — Scale Organic Growth 1. Net New Assets includes all client investment assets, deposits, and loans. 2. McKinsey, 2025. 3. BofA WM includes Merrill, Private Bank, and Consumer Investments. Slide 16 — Scale Organic Growth; Client Acquisition at Scale 1. Consumer Bank clients with $1MM+ in investable assets according to estimates of IXI Network data from Equifax. 2. Plan participants on our proprietary 401(k) plan and Equity plan administration platforms. WM Client count rounded to nearest ten thousand. 3. Small business owner clients of which the business owner has at least $250K+ in investable assets according to estimates of IXI Network data from Equifax. WM Client count rounded to nearest ten thousand. 4. Off-us investment assets of consumer or business banking clients based on estimates of IXI Network data from Equifax. Slide 17 — Scale Organic Growth; Best-in-Class Advisors 1. McKinsey, 2025. 2. Merrill internal client survey as of 3Q25. Satisfaction scores represent top 2 box scores on 10-point scale. 3. Percentage of outflows in 3Q25 YTD from advisors that left the firm versus 3Q24 YTD. Slide 18 — Scale Organic Growth; Leveraging AI and technology Note: Time savings are internal estimates based on activity analysis with client service teams. Slide 20 — Expand Investments Platform; Alternative Investments platform positioned to serve all HNW segments 1. CIO Guidance as of 3Q25. Slide 21 — Elevate Lending & Banking, Expanding on a Strong Foundation 1. NII Peer average comparison includes 3 wirehouse competitors as of 3Q25. Public company disclosures. 2. End of Period. Loan balances exclude margin. Slide 22 — Elevate Lending & Banking 1. McKinsey, 2024. 60% of $5-25MM investors aged 45-64 prefer to consolidate investments and banking relationships. 70% of $250K+ investors aged 25-44 are looking to transfer investment assets to a bank within the next 12 months. 2. Loan balances exclude margin. 3. On an incremental direct contribution basis. Slide 23 — Three Drivers Will Accelerate Organic Growth 1. Net New Assets includes all client investment assets, deposits, and loans. 2. Excludes institutional flows (e.g., Venture Service Group). Bank of America Investor Day November 5, 2025 26
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Private Bank November 5, 2025Bank of America Investor Day 1
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$745B Total Client Balances $4B Annual Revenue (2025E) 25K Clients1 $30MM Average Client Size1 20K Enterprise Introductions (2025E) Bank of America Investor Day November 5, 2025 2For additional information and footnotes, refer to Notes beginning on slide 13. The Bank of America Private Bank Today Leader in the industry given size, scale, and profitability Leading capabilities to serve complex UHNW client needs Talented client teams with specialized expertise Power of Enterprise connectivity to drive growth
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Bank of America Investor Day November 5, 2025 3For additional information and footnotes, refer to Notes beginning on slide 13. Leveraging Our Position of Strength to Drive Growth 2019 3Q25 482 545 Private Client Advisors 1. Best Talent in the Industry Cultivate industry-leading talent to deliver excellence and impact Enhance our presence and add experienced talent in strategic markets Enable a seamless digital experience that complements our high-touch model Empower teams with advanced digital tools to drive growth and productivity 2. Comprehensive Products & Solutions Invest continuously in our capabilities to advance our leadership position Serve complex client needs with leading credit and treasury solutions $62B $94B Total Loan Balances 1 3. Strategic Enterprise Partnerships Leverage our strong enterprise partnerships to unlock new opportunities Deliver enterprise capabilities at scale through our local markets Medium-Term Targets 700 13,000 20,000 Enterprise Client Introductions 30,000 $125B - +300 bps (vs. 2019) Pre-Tax Margin Improvement +500bps (vs. 3Q25) 4. Continuous Technology Investment (2025E)
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4Bank of America Investor Day November 5, 2025 Note: PCA stands for Private Client Advisor. For additional information and footnotes, refer to Notes beginning on slide 13. 1. Developing Best-in-Class Talent to Serve the Next Generation 98% retention of analyst program participants Industry leader in developing talent to represent the next generation of clients 100% graduation rate for advisor Pathway Program participants 65 internal hires from other lines of business have become advisors through our pathway $11B pipeline of new opportunities generated by external hires vs. $3B in 2024 Adding 250 new clients and $1B in balances per quarter Invested in Early Career Talent Analyst Program Participants1 Defined Career Pathways Pathway Program Participants2 Increased External Hiring External Client Team Hires Best Talent in the Industry PCAs3 80 300 2021 2025E 60 400 2021 2025E 31 55 2021 2025E 85 140
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Bank of America Investor Day November 5, 2025 5 1. Expanding Our Presence in Key Strategic Markets For additional information and footnotes, refer to Notes beginning on slide 13. Top Markets (50% of PCAs) 70% Revenue Growth (YTD 20251) 30% $9T $10MM+ Wealth Opportunity 340K $10MM+ Households Our Top Markets Represent a Large Opportunity 2 We are Investing to Drive Growth (Top Markets) $10B Increase in Deposit Balances YoY (3Q25) $13B Increase in Loan Balances YoY (3Q25) Private Bank Office Existing Markets Top Markets No Presence Best Talent in the Industry $2.1T Wealth Opportunity 18% in PB Client Balance Growth 2023 - 2025 Bay Area $1.8T Wealth Opportunity New York City 37% in PB Client Balance Growth 2023 - 2025 $800B Wealth Opportunity Boston 43% in PB Client Balance Growth 2023 - 2025 $1.4T Wealth Opportunity South Florida 29% in PB Client Balance Growth 2023 - 2025 $1.6T Wealth Opportunity Greater Texas 26% in PB Client Balance Growth 2023 - 2025 $1.5T Wealth Opportunity SoCal 41% in PB Client Balance Growth 2023 - 2025
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Bank of America Investor Day November 5, 2025 6 2. We Have Invested in Best-in-Class, Comprehensive Products and Solutions Investment Management $445B in AUM, #1 for endowments & foundations1 Unique access to 350+ alternative investments Access to specialty assets – farm, ranch, timber, and energy Wealth Structuring Credit and Banking Leading treasury management and payment solutions via CashPro® Customized specialty lending solutions, #1 in art lending3 #1 for loan growth among peers for six consecutive quarters4 #1 in U.S. managed personal trust assets2 Comprehensive, multi-generational trust and estate planning Dedicated team of 100 Wealth Strategists for complex planning Investment Management Credit and Banking Wealth Structuring Portfolio Management Alternative Investments Specialty Asset Management Complex Banking Specialty Lending Real Estate Lending Financial Planning Trust & Estates Philanthropic Giving + Consumer Investments Business Banking Global Commercial Banking Global Corporate & Investment Banking Global Markets Comprehensive Capabilities Delivered Through Enterprise Partnerships For additional information and footnotes, refer to Notes beginning on slide 13. Comprehensive Products & Solutions
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Bank of America Investor Day November 5, 2025 7 2. Executing Our Outsourced CIO Model at Scale Note: CIO stands for Chief Investment Officer. OCIO stands for outsourced CIO. For additional information and footnotes, refer to Notes beginning on slide 13. Assets Under Management (AUM) #1 OCIO for endowments and foundations1 6 industry awards YTD2 $20B in total flows (2022 – 2024) On track to reach $120B $46B $83B $120B 2019 3Q25 Medium- Term Target Our Distinct AdvantagesNon-profit Insights Best-in-class strategic guidance on governance, fundraising, and operational efficiency of outsourced CIO clients expect advice on governance6 59% Institutional portfolio managers backed by CIO and Global Research of non-profits cite investment returns as a rationale for outsourcing 5 68% Award-winning industry research and proprietary insights of non-profits cite specialized expertise as a rationale for outsourcing 4 72% Dedicated advisors who provide strategic and administrative support of non-profits cite lack of internal resources as a rationale for outsourcing3 73% We Are Leading Across the Industry We Have Key Competitive Advantages Capturing the Opportunity Comprehensive Products & Solutions Enterprise Relationships Scale & Brand Strength Boston $90B Investable Asset Opportunity7 60% of Local Market Opportunity Accessible via Enterprise Relationships Local Market Engagement Los Angeles $115B Investable Asset Opportunity7
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Bank of America Investor Day November 5, 2025 8For additional information and footnotes, refer to Notes beginning on slide 13. # of U.S. Family Offices1 Our Distinct AdvantagesFamily Office Insights2 Specialty lending is our unique strength, given our end-to-end credit structuring, origination, and fulfillment Use credit to strategically build wealth 30% Integrated, secure banking solutions through treasury management and payments platform (CashPro®) Concerned w/ tech integration & cybersecurity 44% Leading Global Markets business provides institutional capabilities to serve complex needs Use trading desk, mainly for trade execution 30% #1 for small and mid-sized businesses via Business Banking and Global Commercial Bank 3 Connected to family- owned businesses 85% Family Offices Expanding Rapidly We Have Key Competitive Advantages Capturing the Opportunity Expected to Transition within 10 Years2 60% We Continue to Invest to Grow $275MM+ Average Client Size Product & Technology Enterprise Connectivity Specialized Expertise 2019 2030 2K 4K+ 2. Grow and Strengthen Our Family Office Solutions Comprehensive Products & Solutions
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Client-centric structuring for complex asset profiles / wealth strategies Integrated platform aligned with investment and banking capabilities Strong risk acumen to balance discipline and commercial judgement Leading banking solutions with 90% Private Bank client adoption Sophisticated treasury management and payments platform (CashPro®) Growth engine with 20K new bank accounts annually ($575K average size) Bank of America Investor Day November 5, 2025 9For additional information and footnotes, refer to Notes beginning on slide 13. 2. Leading with Specialty Credit and Treasury Management Solutions 32 42 53 70 2019 3Q24 3Q25 Medium- Term Target $62B $80B $94B $125B Specialty Lending $45B $54B $67B $90B 2019 3Q24 3Q25 Medium- Term Target Home Loans & Securities 2 $14B (18%) increase in total loan balances YoY $7B (8%) increase in total loan balances QoQ Private Bank Total Loan Balances1 Private Bank Total Deposit Balances1 $13B (24%) increase in total deposit balances YoY $8B (14%) increase in total deposit balances QoQ Comprehensive Products & Solutions
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Business Banking GCIB / Global Markets Bank of America Investor Day November 5, 2025 10 3. Leveraging Our Strong Partnerships to Drive Growth Note: GCIB stands for Global Corporate & Investment Banking. For additional information and footnotes, refer to Notes beginning on slide 13. Opportunity: $25B in new Edge assets from Private Bank clients 15,000 total introductions and $7B in combined new assets annually 60% close rate for introductions from the Private Bank 4,800 total introductions annually to/from Private Bank $6B of asset growth from partnership introductions over 5 years Opportunity: $35B in new assets from GCIB / GM wealth creation / liquidity events 650 total introductions annually to / from Private Bank $14B of asset growth from partnership introductions over 5 years 35% increase in introductions to Private Bank driven by our dedicated team $75MM average client size of new Wealth Management relationships3 100,000 Client Introductions1 $50B in Private Bank balances from partner introductions2 45% of new Private Bank relationships from partner introductions2 Consumer Investments Global Commercial Banking Consumer Investments Business Banking Global Commercial Banking GCIB / Global Markets Strategic Enterprise Partnerships Opportunity: $135MM new BB / GCB revenue from Private Bank business owners
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Bank of America Investor Day November 5, 2025 11 Continuous Technology and AI Investments Support: Client Experience Team Productivity Tools and Platforms Balance / Revenue Growth Reduced Risk For additional information and footnotes, refer to Notes beginning on slide 13. • Intuitive, AI-enabled client and prospect insights • Integrating AI agents into core client team sales activities • Enhanced wealth & estate planning tools • Simplified and consolidated client servicing platform • Key processes centralized with specialized teams • Best-in-class, secure digital banking and money movement • Digital onboarding experience (100% paperless) • Unified mobile app with industry-leading innovation • AI-powered digital assistant for teammates • 100% of Private Bank teammates with access to AI tools 800 1,625 2019 2025E Net New Clients2 Client Service Portals Client Balances per PCA3 4.5MM 9.1MM 2022 2025E Digital Money Movement Transactions4 2019 2025 5 Portals 1 Portal Client Digital Adoption1 2019 2025E 75% Adoption 94% Adoption 4. Investing in Technology and AI to Improve Client Experience and Team Productivity Continuous Technology Investment $1.0B $1.4B 2019 2025E
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12Bank of America Investor Day November 5, 2025 Serving complex client needs with industry-leading, diversified capabilities, at scale Winning in strategic markets by leveraging the power of the enterprise Highly skilled, experienced client teams that build multi-generational relationships with clients Driving growth and reinvesting in the business to maintain our position as a dominant franchise Uniquely Positioned to Win +500bps Pre-Tax Margin Improvement (vs. 3Q25) $1T Client Balances $5.5B Revenue Delivering consistent, client-focused growth… …and industry-leading profitability Medium-Term Targets For additional information and footnotes, refer to Notes beginning on slide 13.
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Bank of America Investor Day November 5, 2025 13 Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. 3. Revenue, net of interest expense. 4. “E” stands for estimate. Slide 2 — The Bank of America Private Bank Today 1. Includes Private Bank clients with $3MM+ in investable assets only. Slide 3 — Leveraging Our Position of Strength to Drive Growth 1. Represents total Private Bank EOP loan balances. Slide 4 — Developing Best-in-Class Talent to Serve the Next Generation 1. 2021 and 2025E represent cumulative program participants since 2018. 2. 2025E represents cumulative program participants since 2021. 3. 2025E represents annualized external hires based on YTD 2025 actuals through September. 2025 hires include hired, pending starts, and offers in process / client team members estimated to start in 2025. Slide 5 — Expanding Our Presence in Key Strategic Markets Note: Wealth opportunity data based on IXI Network data from Equifax as of December 2024. Represents total investable assets in market presented. Client balance growth by market represents September 30, 2025, vs. September 30, 2023. 1. YTD 2025 as of September 2025. 2. Top Markets defined as the top six Private Bank markets with the highest YTD 2025 revenue (as of September). Related wealth opportunity and household data based on IXI Network data from Equifax as of December 2024. Slide 6 — We Have Invested in Best-in-Class, Comprehensive Products and Solutions 1. Bank of America Private Bank was ranked largest U.S. outsourced CIO provider for endowments and foundations in terms of AUM by Pensions & Investments in 2023, 2024, and 2025. 2. Per FDIC 2Q25 managed personal trust asset rankings. 3. Based on Bank of America Private Bank’s share of the art lending market as estimated in Deloitte’s “Art and Finance Report 2023” (total market size between $29B and $34B – Private Bank market share is nearly one-third based on balances as of 3Q25) and November 2024 ARTnews article titled “Amid Art Market Slowdown and High Interest Rates, Specialist Art Lends Claim Business is Booming” citing Bank of America as the largest big bank art lender. 4. Growth calculations based on publicly reported average loans from 1Q23 through 3Q25. Peer set includes J.P. Morgan, Goldman Sachs, Northern Trust, and Citi. Slide 7 — Executing Our Outsourced CIO Model at Scale 1. Bank of America Private Bank was ranked largest U.S. outsourced CIO provider for endowments and foundations in terms of AUM by Pensions & Investments in 2023, 2024, and 2025. 2. YTD as of October 2025. Awards include: #1 U.S. OCIO by Endowment Assets and #1 U.S. OCIO by Foundation Assets (Pensions & Investments); Best Private Bank for Philanthropic Services (Wealth Briefing, Wealth for Good Awards); 2025 Excellence in Philanthropy Services by a Private Bank (Global Private Banking Innovation); 2025 Best Private Bank for Philanthropic Services (Global Finance Magazine); and 2025 Best for Philanthropic Advisory (EUROMONEY). 3. Per ai-cio.com 2024 Outsourced Chief Investment Officer Survey. 4. Per Chestnut Solutions Institute: OCIO Marketplace Research, 2025. 5. Per ai-cio.com 2024 Outsourced Chief Investment Officer Survey. 6. Per ai-cio.com 2025 Outsourced Investment Manager Survey. 7. Per Guidestar and IRS data as of December 2024 (or latest available financials). Includes non-profit and private foundation universe with $10MM - $1B in assets.
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Bank of America Investor Day November 5, 2025 14 Notes Slide 8 — Grow and Strengthen Our Family Office Solutions 1. Per Deloitte’s “Defining the Family Office Landscape” report as of 2024. 2. All stats per Private Bank 2025 Family Office Study and survey data unless otherwise noted. 3. Bank of America was recently recognized as the “World’s Best Bank for Small and Medium-Sized Enterprises” and for the 10th year in a row “North America’s Best Bank for Small and Medium-Sized Enterprises” by Euromoney. Slide 9 — Leading with Specialty Credit and Treasury Management Solutions 1. Loan and deposit balances are EOP. 2. Includes mortgages, Private Client Lines, HELOCs, and credit card. Slide 10 — Leveraging Our Strong Partnerships to Drive Growth 1. Includes inbound and outbound referrals from 2020 – 2025E. 2. Represents balances and new relationships acquired over the 2020 to August 2025 time period. 3. Average client size based on 2024 to YTD 2025 (as of September) inflows resulting from 2024 introductions. Slide 11 — Investing in Technology and AI to Improve Client Experience and Team Productivity 1. Includes Private Bank clients with $3MM+ in investable assets only. Excludes Irrevocable Trust-only, Institutional Philanthropic, and exiting relationships. 2. Includes Private Bank clients with $3MM+ in investable assets only. 3. Calculations based on EOP 2019 and 2025E results. 4. Includes mobile check deposits, Zelle®, Digital Wallet, CashPro, and online banking wires.
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Global Banking November 5, 2025Bank of America Investor Day 1
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Global Banking Consumer Banking Retail Mass market U.S. consumer Preferred & Small Business Mass affluent U.S. consumers and small businesses Global Wealth & Investment Management Merrill High-net-worth individuals, businesses, and institutions Private Bank Ultra-high-net-worth individuals, businesses, and institutions Global Banking Business Banking U.S.-domiciled mid-sized businesses Global Commercial Banking U.S.-domiciled middle-market companies and international subsidiaries Global Corporate & Investment Banking Multinational / large companies, financial institutions, and governments Global Markets Global Markets Institutional investor, commercial, and corporate clients Payments | Technology | Operations | Digital & Marketing November 5, 2025Bank of America Investor Day 2
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For additional information and footnotes, refer to Notes beginning on slide 36. YTD Performance FY 2024 as of 3Q25 YoY Δ% Financials Revenue $24.0B $17.9B – Noninterest Expense 11.9 9.3 +4% Provision 0.9 0.7 +1% Net Income 8.1 5.7 (4%) Efficiency Ratio 49% 52% +209 bps Return on Avg. Allocated Capital 17% 15% (100 bps) 2024 BofA Segment Revenue1 Business Banking | Global Commercial Banking | Global Corporate & Investment Banking as of 3Q25 YoY Δ% Key Business Metrics Deposits2 $641B +15% Loans2 387B +3% Total Investment Banking Fees3 5.0B +10% 22% Global Banking Global Banking November 5, 2025Bank of America Investor Day 3
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Global Banking Foundational Beliefs We believe… …our clients belong at the center of the decisions we make …enduring client partnerships are built on trust, the power of our people and coverage model, strategic advice, and consistent delivery …our clients value our ability to deliver broad U.S. and global capabilities, locally …flawless execution and operational excellence must remain firmly embedded in our culture …an innovative digital experience is both a competitive advantage and growth enabler November 5, 2025Bank of America Investor Day 4
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Global Corporate & Investment Banking November 5, 2025Bank of America Investor Day 5
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GCIB Global Positioning Note: FX stands for foreign exchange. New Economy targets early-stage companies in emerging technology, emerging healthcare, and green economy sectors. For additional information and footnotes, refer to Notes beginning on slide 36. Best-in-Class Corporate Bank Financing, Deposit, and Other Treasury Services Top 3 Investment Banking Franchise1 Investment Banking Advisory, Underwriting and Distribution Services, FX, and Risk Management Opportunity for further growth We are a market leader in the U.S.2 and there is opportunity to • Deepen relationships by offering the full spectrum of our products and services to existing clients and their subsidiaries • Broaden our client base by serving more international clients and their U.S. and global subsidiaries We are a top 3 bank1 and opportunity remains to • Improve positioning in Mergers & Acquisitions and Equity Capital Markets • Broaden and deepen our Middle Market coverage • Capitalize on opportunities with the New Economy • Deliver holistic solutions, including Private Capital November 5, 2025Bank of America Investor Day 6 Corporate Banking Investment Banking
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Diversified, Client-Driven Global Franchise Note: GCIB stands for Global Corporate & Investment Banking. For additional information and footnotes, refer to Notes beginning on slide 36. Significant Revenue, Profitability, and Returns 35 Markets with Employee Presence1 ~5K Teammates2 Global Presence ~12K GCIB Clients3 ~2K Corporate Banking Clients3 Broad Client Coverage $358B GCIB Average Deposits4 $176B GCIB Average Loans4 Leading Corporate Bank Top 3 Investment Bank5 ~5.4K Investment Banking Transactions6 Leading Investment Bank $13.3B 2024 Revenue +17% vs. 2019 $3.9B 2024 Net Income +2% vs. 2019 November 5, 2025Bank of America Investor Day 7
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Globally Integrated Platform Serving a Wide Range of Clients For additional information and footnotes, refer to Notes beginning on slide 36. We believe the most enduring way to build meaningful client relationships is by delivering holistic, integrated advice globally and locally, offering differentiated insights and ideas, and executing flawlessly Coverage Across Client Spectrum • Early Stage • Middle Market • Large Corporates • Government Entities • Financial Institutions • Financial Sponsors Robust, Integrated Platform • Global Presence • World-Class Capabilities • Broad Client Coverage • Deep Industry Expertise • Exceptional Team • Tightly Integrated Across the Firm 96% Coverage of U.S. Fortune 1,0001 78% Coverage of Global Fortune 500 1 November 5, 2025Bank of America Investor Day 8 New York Chicago San Francisco London Paris Tokyo Hong Kong Singapore Houston Sao Paulo Palo Alto Sydney Frankfurt All U.S. Offices Major Offices2 Charlotte Name only
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Investing in a Strong Foundation for Growth Adding New Clients Scaling for GrowthDeepening Our Business 2019 3Q25 2019 3Q252019 2025 YTD Annualized 2019 3Q25 2019 3Q25 For additional information and footnotes, refer to Notes beginning on slide 36. 2019 3Q252019 3Q25 66% GCIB Client Count1 2019 3Q25 86% U.S. Middle Market Investment Banking Client Count1 2019 3Q25 35% Corporate Banking International Client Count1 2x GCIB Average Deposits 600%+ CashPro® App Payments Approvals ($ Value)2 26% Emerging Growth & Regional Coverage Locations2 22% GCIB Teammates2,3 22% Investment Banking Officers2,4 35% Investment Banking Analysts & Associates2,5 November 5, 2025Bank of America Investor Day 9
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Global Corporate Banking November 5, 2025Bank of America Investor Day 10
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Scaled, Top-Tier Global Corporate Banking Platform • Global Reach, Local Delivery • Experienced, Coordinated Coverage Team • Full-Service Platform and Comprehensive Solutions • Fortress Balance Sheet • Leading Digital Platform in CashPro® For additional information and footnotes, refer to Notes beginning on slide 36. $9.6B +20% vs. 2019 2024 Revenue $176B GCIB Average Loans2 $358B GCIB Average Deposits2 78% Coverage of Global Fortune 5001 Global Footprint 31 Markets Corporate Banking Presence3 71 Jurisdictions Client Domicile4 Market-Leading Solutions Loans & Revolvers Leasing Liquidity Management Deposits Risk Management Trade Finance Advisory Business Highlights Payments November 5, 2025Bank of America Investor Day 11
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Note: CAGR stands for compound annual growth rate. For additional information and footnotes, refer to Notes beginning on slide 36. Robust Growth in Deposit Balances and Resilient Loan Balances 52 127 301 93 58 57 $145 $186 $358 4Q15 4Q19 3Q25 Medium-Term Target $145 $180 $176 4Q15 4Q19 3Q25 Medium-Term Target Average Loans ($B)Average Deposits ($B) Mid-Single-Digit CAGR(2%)Growth in Excess of Nominal GDP 0.9% 47% Interest Bearing Noninterest Bearing % of Avg Fed Funds RateTotal Rate Paid1 3.0% 68% November 5, 2025Bank of America Investor Day 12 0.1% 43% +29% 2x +24%
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For additional information and footnotes, refer to Notes beginning on slide 36. Best-in-Class Recognition in Corporate Banking and Global Payments Solutions November 5, 2025Bank of America Investor Day 13 Best Bank – Corporate Banking in the U.S. Best Bank – Coverage for Corporates in the U.S. Best Bank – Innovation for Corporates in the U.S. Share Leader – Corporate Banking Market Penetration in the U.S. Best Bank – Ease of Doing Business for Corporates in the U.S. and Europe Best Global Cash Management Bank in Asia Pacific Best Global Corporate Payments Bank in Asia Pacific Best Supply Chain Finance Bank in Asia Pacific Best Bank for Cash & Liquidity Management in North America Bank of the Year for Best Customer Experience Best Mobile Technology Solution for Treasury Best Solution Innovation in Data Analytics Best Digital Bank for Large Corporates in the UK and Ireland Model Bank: An Edge on Actionable Analytics (CashPro® Data intelligence) North America’s Most Innovative Bank Global Corporate Banking Global Payments Solutions Best Bank – Corporate Cash Management in the U.S. and UK Best Bank – Digital and Innovation for Corporates in the U.S. Best Global Bank for Cash Management Best Global Bank for Collections Best North America Bank for Transaction Banking Best U.S. Bank for Trade Finance (2025)
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Global Corporate Banking Strategic Priorities For additional information and footnotes, refer to Notes beginning on slide 36. 2025 Medium-Term Target Corporate Banking Revenue Growth Target Mid-Single-Digit CAGR1. Deepen and globalize client relationships 2. Expand international client base 3. Enable Global Clients’ Expansion in the U.S. to Support International Growth 4. Integrate with Investment Banking to enhance market share November 5, 2025Bank of America Investor Day 14
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4.74 5.03 2022 R12 2025 Note: R12 2025 stands for rolling twelve months as of August 31, 2025. Amounts may not total due to rounding. For additional information and footnotes, refer to Notes beginning on slide 36. 1. Deepen and Globalize Client Relationships Average Solutions Per Relationship (SPR)1 Client Distribution by SPR1 Average Countries Per Relationship (CPR)1 Client Distribution by CPR1 +6% +11% 16x More revenue generated by clients with 7+ SPR vs. clients with 1 SPR1 17% 22% 30% 32% <2 2-3 4-6 7+ 39% 19% 17% 25% <2 2 3-4 5+ 3.18 3.52 2022 R12 2025 3x More revenue generated by clients with 5+ CPR vs. clients with 1 CPR1 November 5, 2025Bank of America Investor Day 15
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2. Expand International Client Base Note: International excludes Canada. For additional information and footnotes, refer to Notes beginning on slide 36. Global Corporate Banking Client Base International Client Growth Outlook Incremental Deposit Balances Funded Loan Balances Revenue GrowthClient Count Key Metrics for International Growth Plan 2019 Aug '25 2019 Aug '25 +36% U.S. / Canada International 2019-Aug ‘25 Client Growth Medium-Term Growth Target +37% +40% +39% +30% +29% +20% Europe, Middle East & Africa Asia Pacific Latin America +9% November 5, 2025Bank of America Investor Day 16
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3. Enable Global Clients’ Expansion in the U.S. to Support International Growth ~$800MM Annual Long-Term Revenue Opportunity in U.S. Corporate Banking-Subsidiary2 Strong Foundation 1. Deepen with existing Corporate Banking-Subsidiary relationships 2. Onboard U.S. subsidiaries of existing Corporate Banking international clients 3. Convert U.S. subsidiaries of new Corporate Banking international clients Strong position in U.S. Corporate and Commercial Banking BofA consistently recognized as Top Corporate Bank in U.S.1 Significant global presence Scaled Corporate Banking presence in 31 markets Targeted Approach Driving Growth Success with U.S. subsidiaries of global clients requires: November 5, 2025Bank of America Investor Day 17For additional information and footnotes, refer to Notes beginning on slide 36.
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4. Integrate with Investment Banking to Enhance Market Share Note: IB stands for Investment Banking. GCB stands for Global Commercial Banking. BB stands for Business Banking. For additional information and footnotes, refer to Notes beginning on slide 36. 9.3% 12-14% 2025 YTD Medium-Term Target Overall Total Corporation IB Fee Market Share 2025 YTD: 6.2%1 IB Market Share with Corporate Banking Clients1 IB Product Rank with Corporate Banking Clients (2025 YTD)1 #1 Investment Grade #1 Leveraged Finance #3 Equity Capital Markets #4 Mergers & Acquisitions #2 All Products November 5, 2025Bank of America Investor Day 18 Corporate Clients Drive ~75% of FX Volume for Global Banking (which includes GCB and BB volumes)
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Global Investment Banking November 5, 2025Bank of America Investor Day 19
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Scaled, Top-Tier Investment Banking Platform For additional information and footnotes, refer to Notes beginning on slide 36. 11K+ Clients4 ~3.1K Bankers6 ~5.4K Investment Banking Transactions5 Global Footprint Market-Leading Solutions Strategic Advisory Activism & Defense Equity Capital Markets Mergers & Acquisitions Rates & Currencies Leveraged Finance 87 Jurisdictions Client Domicile8 60 Global Offices7 25 U.S. Offices7 • Top 3 Global Investment Bank1 • Full-service platform with comprehensive suite of capabilities • Senior talent with deep industry and product expertise • Expanding client footprint with focus on middle market and Global Commercial Banking • Growth opportunities across products, sectors and regions ~$6.2B 2024 Total Corporation Investment Banking Fees2 Business Highlights ~$1.7B Advisory Fees3 ~$1.4B Equity Issuance Fees3 ~$3.3B Debt Issuance Fees3 Industry Coverage Investment Grade Debt November 5, 2025Bank of America Investor Day 20
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Deep and Wide Reach For additional information and footnotes, refer to Notes beginning on slide 36. Investment Grade Leveraged Finance Equity Capital Markets Rates & CurrenciesMergers & Acquisitions • 2nd Most Capital Raised Since 20222 • #2 Bank for Investment Grade Mergers & Acquisitions Financing Over the Last 10 Years 2 • The Leading Dealer in U.S. Commercial Paper on ~700 Programs 2 • Perennial Leader in Private Placements, #1 for 28 Consecutive Years 6 • Most Capital Raised Since 2020 2 • #1 Bank for Leveraged Finance Mergers & Acquisitions Financing Over the Last 10 Years 2 • #2 Left Lead Arranger Over the Last 10 Years 2 • #1 Pro-Rata Volumes Since 20092 • #1 Loan Volumes Over the Last 10 Years 2 • ~$4T Notional Volume Transacted Annually • ~4M Transactions Processed Annually with over 10K clients • Industry Leader in Mergers & Acquisitions Hedging and Structured Transactions • Best Bank in U.S. Corporate Foreign Exchange Service, Trading, and Sales 8 • Foreign Exchange Transactions and Payment Services in 140+ Currencies • Top U.S. Activism & Defense Advisory Franchise 1 • Exclusive Sellside Advisor on the Largest Deal This Year 2,3,4 • Lead Sellside Advisor on the 2nd Largest Strategic Deal in Europe This Year2,4,5 • Advisor on 3 of the top 7 Largest Deals This Year 2,4 • 3rd Highest Number of Equity Capital Markets Deals in U.S. / CAN 2025 YTD 2 • Bookrunner on 8 of the top 10 Largest Global Equity Capital Markets Offerings Since 2023 2,7 • Bookrunner on 9 of the top 10 Largest Global Initial Public Offerings Since 2023 2,7 • Highest Number of Convertible Deals in AMRS 2025 YTD 2 #1 Global Investment Grade Bond Volumes (2025 YTD)2 #1 Global Leveraged Loan Volumes (2025 YTD)2 #3 U.S. / CAN Equity Capital Markets Volumes (2025 YTD)2 #1 Best Bank for FX Payments9 #4 Global Mergers & Acquisitions Announced Volumes (2025 YTD)2 November 5, 2025Bank of America Investor Day 21
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Note: GFC stands for Global Financial Crisis. For additional information and footnotes, refer to Notes beginning on slide 36. Global IB Market Fees ($B)1 Supportive Environment for Continued Investment Banking Market Fee Recovery Despite Volatility, Market Fee Pools Have Exceeded Forecasts, Tracking to be ~$99B1 for 2025 and are Expected to Continue to Grow in the Near Term Post GFC Current EnvironmentCovid Era $76 $92 $133 $79 $69 $89 $99 2011-2019 Average 2020 2021 2022 2023 2024 2025E Historically low volatility Low inflation Higher growth in Emerging Markets Lower growth rates in Developed Markets Highly regulated environment Demand for holistic, integrated solutions Stabilizing rate environment U.S. economic strength Improving regulatory environment (primarily in the U.S.) Broad-based recovery across banking products 0% Rates Mergers & Acquisitions Debt Capital Markets2 Equity Capital Markets November 5, 2025Bank of America Investor Day 22
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Note: Market share and rankings based on fees. For additional information and footnotes, refer to Notes beginning on slide 36. Significant Share and Opportunity Across Key Regions, Products and Sectors Market Share by Region (2025 YTD)1 Market Share by Product (2025 YTD)1 6.2% 7.4% 4.5% 5.7% 11.0% Global U.S. / Canada Europe, Middle East & Africa Asia Pacific Latin America 5.0% 6.1% 6.3% 8.6% Mergers & Acquisitions Equity Capital Markets Investment Grade Leveraged Finance BofA Rank BofA Rank#3 #3 #5 #3 #2 #2#2#4#4 Market Share by Sector (2025 YTD)1 BofA Rank 8.7% 5.7% 6.1% 5.4% 5.3% 6.8% 6.8% 5.8% 6.8% Consumer & Retail Financial Institutions Global Industrials Healthcare Natural Resources & Energy Transition Real Estate, Gaming & Lodging Technology, Media & Telecom Financial Sponsors U.S. Middle Market #2 #4 #3 #6 #3 #3#4#4#3 November 5, 2025Bank of America Investor Day 23
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For additional information and footnotes, refer to Notes beginning on slide 36. Investment Banking Strategic Priorities 2025 Medium-Term Target Investment Banking Revenue Growth Target 1. Further Integrate with Corporate Banking to enhance market share 2. Leading position in Debt Capital Markets with opportunity to grow 3. Grow share in the U.S. Middle Market 4. Focus on Mergers & Acquisitions 5. Capitalize on Equity Capital Markets momentum 6. Lead in Rates and Currencies solutions 7. Focus on holistic capital solutions (including Private Capital) Mid-Single-Digit CAGR November 5, 2025Bank of America Investor Day 24
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2. Leading Position in Debt Capital Markets With Opportunity to Grow For additional information and footnotes, refer to Notes beginning on slide 36. Investor Day 2025 Key Initiatives to Drive Success • Deliver proprietary, data-driven insights, and advanced analytics to clients • Deliver innovative credit structures across Investment Grade and Leveraged Finance • Deliver bespoke acquisition financing solutions across syndicated loans, bridge facilities, and bonds Equity Capital Markets Highlights (2025 YTD) 1 Maintain momentum and up-tier rolesInvestment Grade Highlights 2025 YTD1 Global Investment Grade Fee Rank1 Global Leveraged Finance Fee Rank1 Leveraged Finance Highlights 2025 YTD1 #2 2025 YTD Opportunity to gain market share Opportunity to gain market share 1,600+ # of Investment Grade Deals (#2 Rank) Rank / Market Share 1,300+ # of Leveraged Finance Deals (#2 Rank) Rank / Market Share #1 13.1% Global Investment Grade Loan Fees #2 5.6% Global Investment Grade Bond Fees #2 10.2% Global Leveraged Finance Corporate Fees #3 7.1% Global Leveraged Finance Sponsor Fees #2 2025 YTD November 5, 2025Bank of America Investor Day 25
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3. Grow Share in the U.S. Middle Market For additional information and footnotes, refer to Notes beginning on slide 36. Key Initiatives to Grow Share • Investing in Emerging Growth & Regional Coverage group to cover clients locally • Leverage sector expertise to deliver for our clients • Intensify investment banking coverage to grow share with existing Global Commercial Banking clients • Drive close partnership between investment banking and commercial banking teams • Systematically review additional commercial banking clients that may warrant investment banking coverage We anticipate adding Emerging Growth & Regional Coverage headcount and locations across the U.S. in 2026 and beyond Increase Presence 25 U.S. Locations ~200 Emerging Growth & Regional Coverage Bankers2 5.9% 6.8% 2019 2025 YTD +87bps +86% Middle Market Investment Banking Client Count Since 20191 #1 Rank with Our Global Commercial Banking Relationship Clients3,4 BofA Rank U.S. Locations U.S. Middle Market IB Market Share3 November 5, 2025Bank of America Investor Day 26 #4 #3
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4. Strong Focus on Mergers & Acquisitions For additional information and footnotes, refer to Notes beginning on slide 36. Investor Day 2025 Key Initiatives to Grow Share • Retain top talent and strategically hire where there are gaps • Leverage the firm to cover all constituencies with a focus on C-suite and board decision makers • Drive continuous creative idea generation in a rapidly changing industrial and geopolitical environment • Expand our capabilities – activism & raid defense, continuation funds, emerging sectors • Participate in more mega deals – strong focus on M&A deals over $5B • Accelerate focus on middle market / sell-side deals of all sizes • Up-tier economics and roles – exclusive / sole advisor and increasing fees per deal #4 2025 YTD Global Mergers & Acquisitions (M&A) Fee Rank1 Opportunity to Grow Share1 2025 YTD Fee Rank % Share Bank #1 11.1% Peer #1 #2 8.4% Peer #2 #3 6.6% Peer #3 #4 5.0% #5 4.5% Peer #5 BofA Average Core Peers2 BofA Average Core Peers2 Global Announced M&A Deal Count (2025 YTD) Average Fees per Deal (2025 YTD) Larger Deals Account for ~43% of Total Deal Opportunity96 314 55 213 Deal Value >$2B All Deals $8.6MM $6.6MM Fees Per Deal Focus on gaining market share and improving positioning November 5, 2025Bank of America Investor Day 27 32% Deal Count Opportunity 24% Fees per Deal Opportunity
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5. Capitalize on Equity Capital Markets Momentum Note: AMRS stands for Americas. For additional information and footnotes, refer to Notes beginning on slide 36. Key Initiatives to Drive Success • Focus on New Economy / Tech and Supporting Infrastructure Opportunity • Establishment of dedicated financing pools for New Economy • Prioritize sponsor engagement and Help Portfolio Companies Prepare for Initial Public Offering readiness • Improve positioning in convertibles • Focus on Client Journey with tech enhancements Equity Capital Markets Highlights (2025 YTD)1 #4 Global Equity Capital Markets Rank #2 AMRS Equity-Linked Volumes ~75% of BofA Global Initial Public Offering Deals as Lead Left Or Active Bookrunner #2 AMRS Equity Capital Markets Volumes Maintain momentum and up-tier roles Upside Across All Equity Capital Markets Products (2025 YTD)1 Deal Type BofA Rank BofA % Share All Initial Public Offerings #6 3.5% Follow-Ons #4 6.8% Block Trades #4 6.6% Equity-Linked #4 9.1% Total #4 6.1% Opportunity to grow our Equity Capital Markets franchise across deal types November 5, 2025Bank of America Investor Day 28
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6. Lead in Rates and Currencies Solutions For additional information and footnotes, refer to Notes beginning on slide 36. A Truly Global Integrated Business… ~25%+ Average Return on Regulatory Capital1 ~4M Annual Transaction Count +9% CAGR ~140 Currencies ~$4T Annual Transaction Volume …Supporting Strong Rates and Currencies Client Values Growth3 …With Industry Leading Product Offering… • Award Winning Franchise: Best Bank in Foreign Exchange Services, Sales, and Trading for Corporates in the U.S.2 • Solutions-Based Business: From 1Y Guaranteed Rate on transactional Foreign Exchange, to leading M&A risk management practice 2019 2024 Key Initiatives to Drive Growth • Foreign Exchange Payments: Accelerate innovation in payment solutions • International: Increase rates and currencies solutions penetration with our clients globally • Event Risk Management: Deliver best-in-class risk management advice paired with bespoke derivative solutions November 5, 2025Bank of America Investor Day 29
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7. Focus on Holistic Capital Solutions, Tailored to Growth in Private Markets Key Initiatives to Meet Growing Market Opportunity • Delivering holistic, non-traditional financing and advisory for our corporate and sponsor clients • Provision of flexible, customized financing alternatives • Dedicated pools of debt capital to support the growth of private, New Economy clients • Establishment of a Continuation Fund advisory business to help companies raise new capital, while remaining private longer • Enhanced access to our Merrill platform to provide our High-Net-Worth clients access to private equity, private credit, infrastructure and other private capital investment opportunities Demand for Integrated Solutions Across Debt, Equity, Derivatives Evolution in Size and Focus of Private Capital Providers Financial sponsors increasingly focused on non-traditional, creative financing structures Ecosystem of private AI platforms, Hyperscalers, Energy Providers, Builders, and Public / Private partnerships Global Datacenter spend estimated to grow from $500B in 2025 to $900B in 2028 3 Large scale financing in private context now feasible, commonplace and attractive Massive Financing Required to Scale the Private New Economy $9.8T in Private Equity Assets Under Management, with the biggest firms getting bigger1 Private Credit now a major asset class, with $1.7T in Assets Under Management1 Infrastructure and energy transition fueled by $1.5T in dedicated funds 1 # of Private Equity-owned companies now more than 2x public companies2 Lines blurring between bank and non-bank providers of capital solutions Note: AI stands for Artificial Intelligence. For additional information and footnotes, refer to Notes beginning on slide 36. November 5, 2025Bank of America Investor Day 30
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Key Levers to Drive Results Across GCIB November 5, 2025Bank of America Investor Day 31
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For additional information and footnotes, refer to Notes beginning on slide 36. Partner Closely Across Lines of Business to Deliver the Firm We partner across the firm to deliver leading products and services for our clients, leading to tangible results that positively impact our clients and multiple lines of business • Leverage relationships to increase market connectivity • Increase creative dialogue around opportunities • Deliver complex, cross-product solutions • Drive loan growth responsibly • Enhance client coverage • Provide meaningful and unique perspectives and insights November 5, 2025Bank of America Investor Day 32 Global Markets Business Banking Global Commercial Banking Retail / Preferred Banking Private Bank / Merrill Global Payments Solutions Global Research / BofA Institute Market Presidents / Senior Leaders International Country Executives Cross Enterprise Initiatives Enterprise Credit Global Corporate & Investment Banking
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For additional information and footnotes, refer to Notes beginning on slide 36. Junior Bankers Junior talent is the foundation of our business, and while key initiatives are in place, our immediate focus is to evolve the culture, enhance their experience and better leverage their potential Continue to Invest in Talent and in Our Culture Training & Development Drive world-class onboarding, upskilling, and operational excellence through client-focused training, while refining and expanding engagement programs Talent Planning & Performance Management Establish strong talent pipelines and succession planning, enhance mobility for niche skills, and refine performance and promotion processes with focus on risk, conduct and culture Driving Change Going Forward Act on employee feedback with concrete strategies, working sessions, and transparent progress measures to make GCIB a great place to work November 5, 2025Bank of America Investor Day 33
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For additional information and footnotes, refer to Notes beginning on slide 36. Better Client Insights Competitive Advantage Improved Risk Management Improved Accuracy Cost Reduction Efficiency Leveraging Technology to Digitize Investment Banking and Capital Markets 4MM+ Page Hits Since 2023 on GCIB Launch (GCIB’s award-winning collaborative knowledge exchange platform)2 $6T+ Global Capital Markets Transactions Processed Through Deal Central in Last 12 Months1 Global Corporate & Investment Banking Banker Efficiency SuiteGenAI Suite Digitalization Supports BofA Orchestra AI Proprietary chatbot connected to BofA research and market commentary Microsoft Copilot 250K+ prompts in 1st month of usage Automation & Bots Company Overview Bot and Working Group List Bot for improved deal origination and execution Pitchbook Page Generators Automated pages in BofA’s proprietary “Pitchbook” PowerPoint ribbon November 5, 2025Bank of America Investor Day 34 Deal Central
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Note: ROAC stands for return on average allocated capital. GDP stands for gross domestic product. For additional information and footnotes, refer to Notes beginning on slide 36. Global Corporate Banking Global Investment BankingGlobal Banking GCIB High-40% Range Efficiency Ratio (FY24: 49%) 17%+ ROAC (FY24: 17%) Growth in Excess of Nominal GDP Deposit Growth Mid-Single-Digit CAGR Revenue Growth • Be a Scaled Platform Globally • Deliver Innovative Advice and Demonstrate Thought Leadership • Align and Collaborate Across the Firm to Harness the Power of BofA • Invest in Our Team and Our Culture • Leverage Technology and Process Excellence Our Vision: Become the Leading, Most Trusted, and Respected Financial Advisory Firm Globally Medium-Term Targets +50-100bps Market Share Gain Investment Banking Fees Mid-Single-Digit CAGR Loan Growth Mid-50% Range Efficiency Ratio (FY24: 58%) November 5, 2025Bank of America Investor Day 35
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Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward- Looking Statements” in these Investor Day materials. 2. Revenue, net of interest expense. 3. “E” stands for estimate. Slide 3 — Global Banking 1. Business Segment revenue excludes All Other. Business Segment revenue is on a fully taxable-equivalent (FTE) basis. 2. End of period. 3. Total Corporation Investment Banking Fees. Slide 6 — GCIB Global Positioning 1. Dealogic 2025 YTD as of September 30, 2025. 2. As recognized by Coalition Greenwich; Best Bank – Corporate Banking in the U.S. per Coalition Greenwich Awards, 2025. Slide 7 — Diversified, Client-Driven Global Franchise 1. As of September 30, 2025. 2. As of September 30, 2025. Teammates includes all employees and excludes Temps & Interns. 3. As of August 31, 2025. 4. As of 3Q25. 5. Dealogic 2025 YTD as of September 30, 2025. 6. Dealogic as of FY 2024. Slide 8 — Globally Integrated Platform Serving a Wide Range of Clients 1. 2025 U.S. Fortune 1,000 and Global Fortune 500. Represents total Global Banking relationships. 2. Major Offices represent offices with more than 65 employees across Corporate Banking, Investment Banking, and Global Capital Markets. Slide 9 — Investing in a Strong Foundation for Growth 1. As of August 31, 2025. 2. As of September 30, 2025. 3. Teammates includes all employees and excludes Temps & Interns. 4. Includes client-facing Officers in Investment Banking and Global Capital Markets. Officers are comprised of Managing Directors, Directors, and Vice Presidents. 5. Includes client-facing Analysts and Associates in Investment Banking and Global Capital Markets. Slide 11 — Scaled, Top-Tier Global Corporate Banking Platform 1. 2025 Global Fortune 500. Represents total Global Banking relationships. 2. As of 3Q25. 3. As of September 30, 2025. 4. As of August 31, 2025. Slide 12 — Robust Growth in Deposit Balances and Resilient Loan Balances 1. Total Rate Paid represents annualized interest expenses on deposits divided by average total deposit balances. Notes November 5, 2025Bank of America Investor Day 36
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Slide 15 — Deepen and Globalize Client Relationships 1. As of August 31, 2025. Solutions per Relationship (SPR) represents average total revenue per client. Countries per Relationship (CPR) represents average core revenue per client. Slide 17 — Enable Global Clients’ Expansion in the U.S. to Support International Growth 1. As recognized by Coalition Greenwich; Best Bank – Corporate Banking in the U.S. per Coalition Greenwich Awards, 2025. 2. U.S. Corporate Banking-Subsidiary serves U.S.-based subsidiaries of multinational corporations headquartered outside of the U.S. Slide 18 – Integrate with Investment Banking to Enhance Market Share 1. Dealogic as of September 30, 2025. Slide 20 — Scaled, Top-Tier Investment Banking Platform 1. Dealogic as of September 30, 2025. 2. Excluding self-led deals. 3. Gross fees inclusive of self-led deals. 4. As of August 31, 2025. 5. Dealogic as of FY 2024. 6. As of September 30, 2025. Includes client-facing bankers in Investment Banking and Global Capital Markets as of September 30, 2025. 7. As of September 30, 2025. 8. As of August 31, 2025. Slide 21 — Deep and Wide Reach 1. Bloomberg 2024 U.S. Activism Defense League Tables. 2. Dealogic as of September 30, 2025. 3. Exclusive financial advisor to Norfolk Southern in sale to Union Pacific, announced July 2025. 4. Largest as determined by deal value. 5. Exclusive financial advisor to JDE Peets in sale to Keurig Dr Pepper, announced August 2025. 6. Dealogic and Thomson Reuters as of December 31, 2024. 7. Largest as determined by fees. 8. Coalition Greenwich Awards, 2025. 9. Euromoney Foreign Exchange Awards, 2024. Slide 22 — Supportive Environment for Continued Investment Banking Market Fee Recovery 1. Dealogic as of September 30, 2025. 2025E represents annualized YTD IB market fees as of September 30, 2025. 2. Debt Capital Markets includes Investment Grade and Leveraged Finance. Slide 23 — Significant Share and Opportunity Across Key Regions, Products and Sectors 1. Dealogic as of September 30, 2025. 2. U.S. Middle Market represents Middle Market figures: a) companies with annual revenue between $50MM and $2B, b) private companies involved in Mergers & Acquisitions deals between $100MM-$2B, c) private companies involved in Equity Capital Markets deals between $50MM-$500MM, d) private companies involved in Debt Capital Markets deals between $50MM-$1B. Notes November 5, 2025Bank of America Investor Day 37
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Slide 25 — Leading Position in Debt Capital Markets With Opportunity to Grow 1. Dealogic as of September 30, 2025. Slide 26 — Grow Share in the U.S. Middle Market 1. As of August 31, 2025. 2. Client-facing bankers as of September 30, 2025. 3. Dealogic as of September 30, 2025. 4. Global Commercial Banking Relationship Clients are Global Commercial Banking covered clients with >$50K fees in the last twelve months. Slide 27 — Strong Focus on Mergers & Acquisitions 1. Dealogic as of September 30, 2025. 2. Core peers refer to GS, JPM, and MS. Slide 28 — Capitalize on Equity Capital Markets Momentum 1. Dealogic as of September 30, 2025. Slide 29 — Lead in Rates and Currencies Solutions 1. 1H25; based on Basel 3 Standardized metrics. 2. Coalition Greenwich Best Banks 2025. 3. Client Values growth not to scale. Client Value is an internal metric used to reflect the revenue attributed to coverage teams based on client activity. Slide 30 — Focus on Holistic Capital Solutions, Tailored to Growth in Private Markets 1. Preqin as of December 31, 2024. 2. U.S.-based companies per Pitchbook as of September 30, 2025. 3. BofA Global Research as of September 15, 2025. Slide 34 — Leveraging Technology to Digitize Investment Banking and Capital Markets 1. Rolling twelve months as of September 30, 2025. Deal Central is BofA's proprietary platform designed to streamline and digitize capital markets book building workflow. 2. As of September 30, 2025. Notes November 5, 2025Bank of America Investor Day 38
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Global Commercial Banking November 5, 2025Bank of America Investor Day 1
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Bank of America Investor Day November 5, 2025 2 Note: C&I stands for Commercial and Industrial. For additional information and footnotes, refer to Notes beginning on slide 18. Leading Franchise with #1 or #2 Position Where We Choose to Serve – By Design $9B Revenue1 $197B Loans1 $194B Deposits1 #1 Overall Client Satisfaction2 What it takes to win Relationship primacy Strategic advisory Local coverage Global capabilities Specialized solutions Seamless enterprise delivery Best-in-class digital #1 C&I lender in the U.S.3 #1 Investment Banking Fee Share with GCB clients4 #1 Cash Management Satisfaction5 #1 Digital Channels6
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Global Capabilities, Delivered Locally at Scale – Built Deliberately, Over Time For additional information and footnotes, refer to Notes beginning on slide 18. Global footprint aligned to where our clients do business 1 in 5 U.S. middle market companies served1 ~100 BofA integrated markets with local GCB coverage2 25 Local U.S. investment banking coverage markets2 96% U.S. Fortune 1,000 companies3 100% Top 20 U.S. hospitals4 96% Top 50 U.S. colleges5 82% Top 50 U.S. gov’t contractors6 Bank of America Investor Day November 5, 2025 3
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Delivered Durable, High-Margin Results – Through Every Cycle Loans and Leases ($B, Avg.) Deposits ($B, Avg.) Enterprise Revenue per Banker ($MM)1 FinancialOperational Note: Amounts may not total due to rounding. For additional information and footnotes, refer to Notes beginning on slide 18. Revenue ($B) 4.1 5.0 3.1 3.5 3.9 3.5 2019 2024 3Q25 YTD $8.9 $7.6 $6.5 2019 2024 3Q25 YTD $197$181 2019 2024 3Q25 YTD $194 $145 $210 2019 2024 3Q25 YTD $19 $16 $15$198 Noninterest Income ($B) Highly efficient with solid returns 3Q25 YTD 15% 35% 2019 2024 3Q25 YTD $2.8 $2.3 $2.1 ROACEfficiency ratio 3Q25 YTD Bank of America Investor Day November 5, 2025 4 Business Lending Global Transaction Services +17% +18% +8% +34% +19%
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For additional information and footnotes, refer to Notes beginning on slide 18. Recognized by Third Parties as a Top Commercial Bank November 5, 2025Bank of America Investor Day 5 #1 Middle Market Bank in the U.S.1 World’s Best Bank for Small and Medium Enterprises2 Model Bank for An Edge in Actionable Analytics3 Best Bank for Cash Management4 Best Mobile Technology Solution for Treasury5
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Deep Core Relationships, Scalable Foundation Deliver core operating capabilities as foundation Invest for organic growth and efficiency Accelerate with differentiated capabilities Treasury and Cash Management Credit and Lending Solutions Global Payment Solutions Integrated digital capabilities More Bankers Expanded geographical coverage Increased Banker effectiveness Optimized client experience Enterprise go-to-market approach Proprietary data ecosystem Strategic client insights Enhanced client experience with human expertise + digital innovation For additional information and footnotes, refer to Notes beginning on slide 18. Bank of America Investor Day November 5, 2025 6
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Ample Room For Growth – With Strategic Clarity and Reliable Execution 2024 Medium-term target 23% 20% 2024 Medium-term target 15-17% 13% 2024 Medium-term target $2.2 $1.2 2024 Medium-term target $1.7 $1.1 2024 Medium-term target $1.5 $0.9 2024 Medium-term target 14% 12% Note: New Economy targets early-stage companies in emerging technology, emerging healthcare and green economy sectors. For additional information and footnotes, refer to Notes beginning on slide 18. 5. Rates and Currencies ($B)4. Investment Banking 6. Workplace Benefits 2. New Economy ($B)1. Market Share 3. International ($B) Bank of America Investor Day November 5, 2025 7 +3pts Market Share1 +50% Revenue2 +80% Revenue2 +2-4pts Fee Share3 +70% Revenue2 +2pts Client Penetration4
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Command expansive footprint… And integrated wealth ecosystem… Decades of investment Ahead of competition Trusted founder and C-suite access Warm introductions at scale To deliver unified go-to-market model… And unlock proprietary insights… Differentiated engagement Higher win rates Deep information pools Predictive Banker insights For targeted growth opportunity capture Refine growth strategies by market Impactful deepening strategies by segment, client, product 1. Market Share: Expand Lead Bank Relationships with Middle-Market and Industry Clients Note: MM stands for middle market. For additional information and footnotes, refer to Notes beginning on slide 18. 20% Current Market share, serving 1 in 5 U.S. MM companies1 #1 Current Rank in Overall Client Satisfaction1 23% Medium-term target Market share Bank of America Investor Day November 5, 2025 8
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Harness scalable platform… And growth-focused coverage team… Startup to IPO Supports rising complexity Direct founder experience Startup + growth fluency To deliver evolving capital solutions… Leveraging cross-segment connectivity… Purpose-built growth capital Early-stage market access Unified relationship model Capital + advisory + wealth To enable global finance across client lifecycles Early to global Emerging tech + emerging healthcare + green economy 2. New Economy: Drive Growth in Rapidly-Expanding Industries ~800 Current New Economy Clients since 2022 team inception +$20B Medium-term target New Economy Deposit Growth +$0.6B Medium-term target New Economy Revenue Growth Bank of America Investor Day November 5, 2025 9 Note: New Economy targets early-stage companies in emerging technology, emerging healthcare and green economy sectors. For additional information and footnotes, refer to Notes beginning on slide 18.
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3. International: Capture Increased Share of Clients’ Global Banking Wallets Activate global talent… Embed local market intelligence… International Banker depth Cross-border deal fluency In-country Bankers Local + regulatory fluency And deliver frictionless network… To drive measurable international growth In-country delivery teams No third-party networks Wallet + revenue growth High client retention 2.6 Current Countries per GCB International Relationship1 +40% Medium-term target GCB In-Country Banker Headcount Growth +$1B Medium-term target GCB International Revenue Growth For additional information and footnotes, refer to Notes beginning on slide 18. Bank of America Investor Day November 5, 2025 10
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4. Investment Banking: Expand #1 Spot with GCB Clients Foster multi-generational relationships... Embed Bankers in 25 local markets… Trusted repeat mandates Early strategic access Local IB presence Where clients need us And leverage our client network… To attract best talent and win in capital markets Strategic Family Network Private investments Senior Banker depth Sector expert coverage Top-tier league tables Note: IB stands for Investment Banking. For additional information and footnotes, refer to Notes beginning on slide 18. ~200 Current Emerging Growth and Regional Coverage Investment Bankers 1 #1 Current Rank in IB Market Share with GCB Clients2 15-17% Medium-term target GCB Client IB Fee Market Share from 13% in 2024 3 Bank of America Investor Day November 5, 2025 11
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5. Rates & Currencies: Add More Clients to Platform and Accelerate Fee Growth Deliver guaranteed 1-year FX rates... By leveraging our integrated ecosystem… Fixed FX across 200+ pairs Volatility + cash flow control End-to-end – Trade, pay, net, API Simplified reconciliation Powered by global strategic advisory… And embedded risk management for clients Global FX specialists Tailored hedging strategies TMS + ERP visibility Proactive hedging enablement Note: API stands for Application Programming Interface. TMS stands for Treasury Management System. ERP stands for Enterprise Resource Planning. For additional information and footnotes, refer to Notes beginning on slide 18. 27% Current GCB Clients using BofA FX Solutions1 +10pts Medium-term target GCB Clients using BofA FX Solutions +$0.6B Medium-term target GCB Client FX and Rates Revenue Growth Bank of America Investor Day November 5, 2025 12
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6. Workplace Benefits: Deliver More Solutions to GCB Clients’ Employees Extend platform to clients’ employees… To deliver segment- specific solutions… Employee banking access Investing + wellness tools 401(k) + HSA + deferred compensation Supports all income levels That integrate exclusive benefits… Strengthening our clients’ brand as employers Preferred Rewards Exclusive employee perks Credit + rate boosters Employer-of-choice positioning Boosts brand + retention Note: HSA stands for Health Savings Account. For additional information and footnotes, refer to Notes beginning on slide 18. 2.8MM Current Employees of GCB Clients covered by Employee Banking & Investment Solutions 1 12% Current GCB Clients covered by Workplace Benefits Solutions +40% Medium-term target GCB Clients covered by Workplace Benefits and / or Employee Banking & Investment Solutions Bank of America Investor Day November 5, 2025 13
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Sustainable Competitive Advantage from Long-Term Strategic Choices Unique enterprise delivery model… … competitive differentiator Integrated platform capabilities… … evolving continuously Innovation with purpose… … solving client business problems, at scale For additional information and footnotes, refer to Notes beginning on slide 18. Bank of America Investor Day November 5, 2025 14
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Innovation with Purpose – Solving Client Business Problems, at Scale For additional information and footnotes, refer to Notes beginning on slide 18. Award-winning platform transforming the client experience CashPro Insights for personalized, actionable, timely client prompts CashPro Forecasting for precise predictions and control over global cash positions CashPro® Proven consumer AI-driven chat for business client engagement Virtual service advisor for CashPro platform, for fast, secure account access More flexibility for client access to account detail, transactions and more CashPro Chat with Erica® Strategic Client Insights Transforming data into opportunities, to help clients focus on what’s next Connected data + Client360 for seamless experience across the business client continuum Real-time, predictive analytics for helping our clients anticipate what’s to come 80%+ Digitally Active GCB Clients1 285K+ Client Requests Supported2 #1 Model Bank for Actionable Analytics3 Bank of America Investor Day November 5, 2025 15
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AI-Driven Prep = Smarter Bankers, Happier Clients For additional information and footnotes, refer to Notes beginning on slide 18. +5pts Current Overall Client Satisfaction vs. 20241 93% Current Banker Satisfaction All-time high 20251 +10% Current Clients and Prospects covered per Banker vs. 2024 +20% Medium-term target Clients and Prospects covered per Banker Employ AI-generated meeting preparation… To deliver timely, actionable insights… Automated client briefings Opportunity scoring Dynamic client and market insights Accelerated strategic decision-making …And empower Bankers While improving client experience Unlocked existing Banker capacity Value-driven client interaction Deeper advisory relationships Leading client satisfaction scores Bank of America Investor Day November 5, 2025 16 Increase revenue generation Improve client satisfaction Enhance client insights Increase operational efficiency
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Strategic Priorities for Our Next Phase of Growth Expand market share Continue core operating relationship growth Accelerate strategic growth opportunities Leverage innovation, AI, and differentiated client insights Elevate the client experience and Banker delivery efficiency Deliver profitably and efficiently For additional information and footnotes, refer to Notes beginning on slide 18. Bank of America Investor Day November 5, 2025 17 Medium-Term Targets #1 U.S. Market Share 6%+ Deposit Growth CAGR 5%+ Loan Growth CAGR 30% Efficiency Ratio
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 2024 year-end, unless otherwise noted. 3. Revenue, net of interest expense. Slide 2 – Leading Franchise with #1 or #2 Position Where We Choose to Serve – By Design 1. Represents FY 2024 revenue and average balances. 2. Coalition Greenwich Voice of Client – 2024 U.S. Commercial Banking Study (BofA-National - $50MM - $2B – FY 2024 – Banking), among 3 largest U.S. commercial banks by domestic assets. 3. Based on FRY9C-C via S&P Capital IQ as of June 2025. 4. Dealogic results as of September 2025. 5. Coalition Greenwich Voice of Client – 2024 Commercial Banking Study (BofA – National - $50MM-$2B – FY 2024 – Cash Management), among 3 largest U.S. commercial banks by domestic assets. 6. Coalition Greenwich 2024 Digital Transformation Benchmarking Study, tied for #1. Slide 3 – Global Capabilities, Delivered Locally at Scale – Built Deliberately, Over Time 1. Coalition Greenwich Voice of Client – 2024 U.S. Commercial Banking Study (BofA-National - $50MM - $2B – FY 2024 – Banking), based on 20% market penetration. 2. As of September 2025. 3. Fortune, U.S. Fortune 1000 2025, client analysis as of September 2025. 4. U.S. News and World Report Best Hospitals Honor Roll 2024, client analysis as of December 2024. 5. Forbes, America’s Top Colleges 2024, client analysis as of December 2024. 6. Washington Technology, Washington Technology Top 100 2025, client analysis as of September 2025. Slide 4 – Delivered Durable, High-Margin Results – Through Every Cycle 1. Total revenue generated by GCB clients across BofA divided by coverage Banker headcount. Slide 5 – Recognized by Third Parties as a Top Commercial Bank 1. Coalition Greenwich Voice of Client - 2024 U.S. Commercial Banking Study; Coalition Greenwich Money in Motion: Explorer, tied for #1 as Share Leader Middle Market Banking Market Share in the U.S. 2. Euromoney, Awards for Excellence, The World’s Best Bank for SMEs (small and medium-sized enterprises), 2025. 3. Celent, Model Bank Awards, An Edge in Actionable Analytics, 2025. 4. Global Finance, World’s Best Treasury and Cash Management Providers, Best Bank for Cash Management, 2025. 5. Treasury Management International, Awards for Innovation and Excellence, Best Mobile Technology Solution for Treasury, 2025. Bank of America Investor Day November 5, 2025 18
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Notes Slide 7 – Ample Room for Growth – With Strategic Clarity and Reliable Execution 1. Coalition Greenwich Voice of Client – 2024 U.S. Commercial Banking Study (BofA-National - $50MM - $2B – FY 2024 – Banking), based on 20% market penetration. 2. Includes revenue generated by GCB clients that is reported in other lines of business. 3. Percent GCB Client Investment Banking Fee Market Share, Dealogic results as of 2024 year-end. 4. Percent of GCB Clients covered by Workplace Benefits Solutions. Slide 8 – Market Share: Expand Lead Bank Relationships with Middle-Market and industry Clients 1. Coalition Greenwich Voice of Client – 2024 U.S. Commercial Banking Study (BofA-National - $50MM - $2B – FY 2024 – Banking), based on 20% market penetration, among 3 largest U.S. commercial banks by domestic assets. Slide 10 – International: Capture Increased Share of Clients’ Global Banking Wallets 1. As of August 2025. Slide 11 – Investment Banking: Expand #1 Spot with GCB Clients 1. As of September 2025. 2. Dealogic results as of September 2025. 3. Dealogic results as of 2024 year-end. Slide 12 – Rates & Currencies: Add More Clients to Platform to Accelerate Fee Growth 1. As of August 2025. Slide 13 – Workplace Benefits: Deliver More Solutions to GCB Clients’ Employees 1. As of August 2025. Slide 15 – Innovation with Purpose – Solving Client Business Problems, at Scale 1. Percentage of relationship clients digitally active. Digital active clients represents 90-day active clients across CashPro and BA360 platforms as of July 2025. Relationship clients defined as clients meeting revenue threshold for Global Commercial Banking. 2. As of September 2025, interactions with Erica technology in CashPro Chat since launch in August 2023. 3. Celent, Model Bank Awards, An Edge in Actionable Analytics, 2025. Slide 16 – AI-driven prep = Smarter Bankers, Happier Clients 1. Annual Decision Maker survey, as of October 2025. Satisfaction scores represent top 2 box scores on 10-point scale. Bank of America Investor Day November 5, 2025 19
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Business Banking November 5, 2025Bank of America Investor Day 1
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For additional information and footnotes, refer to Notes beginning on slide 14. Small Business Growth Engine Businesses up to $5MM annual revenue Reported as a component of Consumer Banking Business Banking Full Client Advisory Businesses $5MM – $50MM annual revenue Reported as a component of Global Banking November 5, 2025Bank of America Investor Day 2 $54B Average Deposits $100k Revenue per Relationship3 95% Satisfaction with Banker2 2.6 Digital Solutions per Relationship5 $12B Average Loans 3.6 Banking Solutions per Relationship4 $145B Average Deposits +45% since 2019 $28B Average Loans +38% since 2019 92% Digitally Active1 +13pts since 2019 ~775 Business Solution Advisors ~700 Relationship Managers ~650 Sr. Relationship Managers
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Our Core Strengths – Lending, Digital, and Advice – Are Recognized as Industry-Leading PR Newswire – Sept 16, 2025, 11:00 ET BofA Ranked No. 1 Small Business Lender for 17th Consecutive Quarter1 CHARLOTTE, N.C. -- Bank of America today announced that the company has been ranked the number one small business lender across the U.S. for the 17th consecutive quarter, according to the Federal Deposit Insurance Corporation (FDIC). The FDIC publishes quarterly data on U.S.-based business loan balances for original loan amounts up to $1 million. Based on which, Bank of America has maintained this industry leadership position for more than 4 years (2Q21 through 2Q25). #1 in Cash Management Product Capability Among Top 5 Banks 10 #1 Small Business Banker 4 Consecutive Years8 #1 Practice platform for medical professionals 12 Consecutive Years5 Best Results of a learning program for RMs 6 #1 North America Small Medium Enterprise Bank 6 Consecutive Years2 #1 North America Small Medium Enterprise Bank 4 Consecutive Years3 Best Bank for Small Business Resources 20254 #1 Overall Digital Experience Among Top 5 Banks 10 Model Bank Award - Edge in Actionable Analytics11 #1 Small Business Lender in the U.S. 4 Consecutive Years1 #1 Bank in Satisfaction with Merchant Services 4 Consecutive Years7 Outstanding Customer Service Experience 5 Consecutive Years9 For additional information and footnotes, refer to Notes beginning on slide 14. November 5, 2025Bank of America Investor Day 3
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Bank of America Investor Day 4November 5, 2025For additional information and footnotes, refer to Notes beginning on slide 14. Together, We are Poised to Grow with Mid-sized Businesses One Connected Continuum that Grows with Our Clients Leading Digital Tools – Always On, Always Insightful Expert Advice for Each Client Solutions for Entrepreneurs – Business, Wealth, Workforce Technology Enabled for Scale and Efficiency On Location 950k+ client contacts annually $200B Average Deposits $40B Average Loans Business Highlights Scaling the Mid-Sized Opportunity 3.47MM Relationships 27% Mid-Sized Client Share1 $2.4B Net Income $8.2B Revenue Our Advantage 400k+ mid-sized companies with access to customized expertise 150MM monthly BA360 / CashPro® logins2 Local Advisory 24/7 Digital
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Executing with a Differentiated Set of Solutions and Coverage Model 1,350 Bankers4 across Local Markets National, Local, IntegratedSolutions that Grow with the Business Growing Mid-Sized Relationships 27% Client Share1 +7% YTD 3Q Growth2 95%+ Satisfaction3 + For additional information and footnotes, refer to Notes beginning on slide 14. Voice of the Client5 November 5, 2025Bank of America Investor Day 5 Core Operating Account Digital Platform Payments & Receipts Personal Wealth Employee 401(k) & Benefits Business Loans “…I find the mobile and online banking tools to be ahead of the curve. These innovations save me time.” “[BofA] gives me confidence in managing my accounts. A clear commitment to staying ahead in the financial industry.” “I want my banker to know who I am and know my business. John is doing that and I want him to continue it.” • Local and National Marketing • Digital Integration: CashPro®, BA360 • Platforms and AI Investments
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COVID-19 + Economic Stimulus Profitable, Stable Deposit Base Small Business & Business Banking Average Deposits1 ($B) 110 141 181 195 169 147 145 30 33 34 36 42 50 54 $140 $174 $215 $231 $210 $197 $200 2019 2020 2021 2022 2023 2024 3Q25 +6% CAGR 0.41% 0.09% 0.03% 0.03% 0.32% 0.69% 0.66% November 5, 2025Bank of America Investor Day 6 Interest Bearing Noninterest Bearing Total Rate Paid Disciplined and Profitable 0.66% Total rate paid Consistent Growth Over 9 Years Positive full year net operating account growth National Scale ~$200B Equivalent in size to a top 15 stand-alone U.S. bank2 For additional information and footnotes, refer to Notes beginning on slide 14.
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COVID-19 + Economic Stimulus #1 Small Business Lender for 17 Consecutive Quarters1 Small Business & Business Banking Average Loans ($B)2 28 27 25 25 26 28 29 8 7 7 8 10 11 11 10 9 1 $35 $44 $41 $35 $36 $38 $40 2019 2020 2021 2022 2024 3Q252023 +5% CAGR For additional information and footnotes, refer to Notes beginning on slide 14. November 5, 2025Bank of America Investor Day 7 Conventional Card PPP3 Spotlight on Business Card 9.7% Card risk-adjusted margin4 +11% Balance CAGR since 2022 1.4MM Active card accounts
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27% 30% 2Q25 Medium-term target Client Share1 ($1MM - $50MM) Deposits ($B, Avg) Loans ($B, Avg) $200 $235 3Q25 Medium-term target $40 $47 3Q25 Medium-term target +300 bps +5-6% CAGR +5-6% CAGR Bank of America Investor Day November 5, 2025 8 Pillars of Growth Moving Forward For additional information and footnotes, refer to Notes beginning on slide 14. Advice and solutions through each stage of the business owner journey Extend digital leadership — serving more clients, more efficiently Deliver the enterprise — business, personal, wealth, and workforce Strong local presence to grow and defend client share, targeting 30%+
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~$50B revenue pool ~$90B revenue pool ~$10B revenue pool Emerging Businesses <$1MM annual revenue Sole proprietor, single location Growth Businesses $1-20MM annual revenue Multi-employee, multi-locations Relationship Businesses $20-50MM annual revenue Full-scale operations BAC Relationships Our Business Advantage ~394,000 Seek convenient access to advice + have established Digital platforms Digital + 3.6K Financial Centers + ~775 Business Solution Advisors ~700 Local Bankers + Digital ~650 Sr. Bankers + Specialists Clients Using Digital %1 Top 2-Box Satisfaction with Banker2 Top 2-Box Satisfaction with Sr. Banker3 Our Growth Opportunity 5 79% 92% 2019 Current 92% 95% 2019 Current 92% 95% 2019 Current ~21,000 Require holistic solutions, industry expertise, local connections ~3,050,000 Shifting rapidly to Digital, but also want some local ‘on the ground’ support For additional information and footnotes, refer to Notes beginning on slide 14. Bank of America Investor Day November 5, 2025 9 Providing a Fully-Connected Continuum with Advice and Solutions Tailored to Each Client 444
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Strong Local Presence to Grow, Defend, and Deepen Client Share $1MM-$50MM local client share, targeting 30%+ in every market over the long term1 Omaha, 3% In market since 2023 Los Angeles, 47% Boston, 36% New Jersey, 34% Houston, 27% New York City, 25% Chicago, 19% Austin, 23% Miami, 48% In market since ~1877 Oklahoma City, 14% Seattle, 43% Silicon Valley, 39% Target Client Share, 30%+ Grow client share, targeting 30%+ in every market Deepen revenue share for every client People • Marketing • Technology • Partnership For additional information and footnotes, refer to Notes beginning on slide 14. +36k In $1MM+ client relationships, acquired though efforts to penetrate growth markets +5-6% Deposit and Loan growth CAGR through partnership and innovation Strategic Investments by Market Medium-Term Targets November 5, 2025Bank of America Investor Day 10
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32% without Consumer Deliver the Enterprise — Business, Personal, Wealth, and Workforce Deepening with business clients across the franchise Consumer Wealth Management Workplace Benefits Strategic Advantages 1.8MM High-net-worth business owners Local Approach Formal pairings of Bankers and Wealth Advisors 220k+ Clients converted annually 12MM+ Employees of BofA business clients Improved Solution set for businesses Large, Accessible Balance Pool $1T+ Personal and wealth balances held by BofA business owners1 31% Business clients use Financial Centers monthly Annual PotentialAs of 3Q25 90% without Workplace Annual Potential 85% without Wealth Management November 5, 2025Bank of America Investor Day 11 +$420MM Revenue +$1B Wealth Balances +1MM New Relationships For additional information and footnotes, refer to Notes beginning on slide 14.
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2.5 4.3 5.5 2019 3Q25 Medium-term target 11% 35% 50% 2019 3Q25 Medium-term target Bank of America Investor Day November 5, 2025 12 Extend Digital Leadership — Serving More Clients, More Efficiently For additional information and footnotes, refer to Notes beginning on slide 14. Digital Sales as % of Total2Digital Users (MM)1 Digital Engagement Serve, Transact, and Engage with Clients 24/7 Digital Investments Simplify Client Experience & Drive Banker Efficiency Redesigned bankofamerica.com /business Connected Customer Relationship Management System for All Bankers Integrated CashPro® and BA360 Portal +2x +5x
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Bank of America Investor Day November 5, 2025 13 Providing clients advice and solutions via a fully- connected continuum Strong local presence, growing, deepening, and defending client share Holistic relationships – business, personal, wealth, and workforce Reinvestment in digital and technology leadership to serve more clients Strategic Priorities for Our Next Phase of Growth +5-6% Deposit CAGR +5-6% Loan CAGR 30%+ Local Client Share Medium-Term Targets For additional information and footnotes, refer to Notes beginning on slide 14.
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All financial and operational results represent Small Business and Business Banking collectively, with the exception of slide 2 where results are stated individually. Small Business and Business Banking are reported separately under Consumer Banking and Global Banking, respectively. Small Business includes businesses with revenues up to $5MM. Business Banking includes businesses with revenues from $5MM - $50MM. 3. All data presented as of 3Q25, unless otherwise noted. 4. Revenue, net of interest expense. Slide 2 1. Number of Small Business households who are digitally active with a login divided by total Small Business households; as of August 2025. 2. Per 2024 Annual Decision Maker Satisfaction Survey – internally conducted survey completed annually in the 4th quarter for eligible clients with at least $1 in YTD revenue. 3. Revenue per relationship is average rolling 12-month revenue to BofA per Business Banking relationship; as of August 2025. 4. Banking Solutions per Relationship metric measures the number of banking products per Business Banking client; as of August 2025. 5. Digital Solutions per Relationship metric measures the number of digital solutions a Business Banking client actively used at least once in the last 90 days; as of August 2025. Slide 3 — Our Core Strengths — Lending, Digital, and Advice — Are Recognized as Industry-Leading 1. FDIC loans for All Purposes (B) balances of original amounts up to $1MM adjusted to include M&A. 2. Per Euromoney Awards for Excellence (2020-2025). 3. Per Global Finance – SME Best Banks (Press Releases) (2022-2025). 4. Per Forbes Advisor, 2025. 5. Per Townie Choice (2013-2024). 6. Per Brandon Hall Group, 2025. 7. Per J.D Power (2020-2024). 8. Per Keynova Scorecard Reviews (2022-2025). 9. Per J.D. Power (2022-2025). 10. Per Coalition Greenwich Voice of Client – 2025 U.S. Commercial Banking Study (Mid Year Results – Rolling 4 Quarters); Companies with sales ($10MM-$50MM). 11. Per Celent, 2025. Slide 4 — Together, We are Poised to Grow with Mid-sized Businesses 1. Represents BofA’s average client share across all local markets where BofA has a presence, as of 2Q25. Total businesses in the local market with $1MM-$50MM in sales per Dun & Bradstreet. 2. As of August 2025. November 5, 2025Bank of America Investor Day 14
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Notes Slide 5 — Executing with a Differentiated Set of Solutions and Coverage Model 1. Represents BofA’s average client share across all local markets where BofA has a presence, as of 2Q25. Total businesses in the local market with $1MM-$50MM in sales per Dun & Bradstreet. 2. $1MM-$50MM businesses per Dun & Bradstreet. 3. Per 2024 Annual Decision Maker Satisfaction Survey – internally conducted survey completed annually in the 4th quarter for eligible clients with at least $1 in YTD revenue. Satisfaction scores represent top 2 box scores on 10-point scale. 4. Bankers include Sr. Relationship Managers + Relationship Managers. 5. Collected from Voices an ongoing interaction-based survey with internal metrics tracked monthly (data on 3 months rolling basis). Slide 6 — Profitable, Stable Deposit Base 1. Total average deposits may not equal sum of the components due to rounding. 2. Deposits per FDIC Summary of Deposits, Top 50 Commercial Banks and Savings Institutions by Domestic Deposits, 6/30/25. Slide 7 — #1 Small Business Lender for 17 Consecutive Quarters 1. FDIC Loans for All Purposes ($B) balances of original amounts up to $1MM adjusted to include M&A. 2. Total average loans may not equal sum of the components due to rounding. 3. PPP stands for Paycheck Protection Program (established under the CARES Act in 2020). 4. Card risk-adjusted margin is net interest income and fees less net charge-offs as a percent of average outstanding loans. Slide 8 — Pillars of Growth Moving Forward 1. Represents BofA’s average client share across all local markets where BofA has a presence, as of 2Q25. Total businesses in the local market with $1MM-$50MM in sales per Dun & Bradstreet. Slide 9 — Providing a Fully-Connected Continuum with Advice and Solutions Tailored to Each Client 1. Number of Small Business households who are digitally active with a login divided by total Small Business households; as of August 2025. 2. As of September 2025; collected from Voices an ongoing interaction-based survey with internal metrics tracked monthly (data on 3 months rolling basis). Satisfaction scores represent top 2 box scores on 10-point scale. 3. Per 2024 Annual Decision Maker Satisfaction Survey – internally conducted survey completed annually in the 4th quarter for eligible clients with at least $1 in YTD revenue. Satisfaction scores represent top 2 box scores on 10-point scale. 4. August 2025 for Clients using digital; September 2025 for Top 2 Box Satisfaction with Banker; and 2024 for Top 2 Box Satisfaction with Sr. Banker. 5. Implied revenue pool based on the number of Dunn & Bradstreet companies within each revenue size and existing BofA revenue per client performance for similar businesses. Slide 10 — Strong Local Presence to Grow, Defend, and Deepen Client Share 1. Represents BofA’s average client share by local market where BofA has a presence, as of 2Q25. Total businesses in the local market with $1MM-$50MM in sales per Dun & Bradstreet. Slide 11 — Deliver the Enterprise – Business, Personal, Wealth, and Workforce 1. Internal estimate based on total identified BofA businesses and individuals in scope and associated average balances. Slide 12 — Extend Digital Leadership – Serving More Clients, More Efficiently 1. Any individual who actively engages with our digital platform to access services, perform transactions, or interact with our offerings within the past 90 days; as of August 2025. 2. Digital Sales as % of Total is Total Small Business Digital Sales as a percentage of Total Small Business Sales; as of August 2025. November 5, 2025Bank of America Investor Day 15
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Global Markets November 5, 2025Bank of America Investor Day 1
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Global Markets Consumer Banking Retail Mass market U.S. consumer Preferred & Small Business Mass affluent U.S. consumers and small businesses Global Wealth & Investment Management Merrill High-net-worth individuals, businesses, and institutions Private Bank Ultra-high-net-worth individuals, businesses, and institutions Global Banking Business Banking U.S.-domiciled mid-sized businesses Global Commercial Banking U.S.-domiciled middle-market companies and international subsidiaries Global Corporate & Investment Banking Multinational / large companies, financial institutions, and governments Global Markets Global Markets Institutional investor, commercial, and corporate clients Payments | Technology | Operations | Digital & Marketing November 5, 2025Bank of America Investor Day 2
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Global Markets YTD Performance FY 2024 as of 3Q25 YoY Δ% Financials Segment Revenue $21.8B $18.8B +11% Noninterest Expense 13.9 11.5 +10% Provision (0.0) 0.1 N/M Net Income 5.6 5.1 +9% Efficiency Ratio 64% 61% (13bps) Return on Avg. Allocated Capital 12% 14% – 2024 BofA Segment Revenue1 Global Markets 20% Global Markets as of 3Q25 YoY Δ% Key Business Metrics Average Trading-Related Assets $682B +7% Average Loans 176B +29% Sales & Trading (S&T) Revenue 16.4B +11% November 5, 2025Bank of America Investor Day 3 For additional information and footnotes, refer to Notes beginning on slide 32.
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Bank of America Investor Day November 5, 2025 4 Global Markets Foundational Beliefs We believe… …the scale, diversification, and connectivity of our platform delivers differentiated value for clients and shareholders …our research and institute’s actionable insights are crucial to giving our clients a strategic edge …that talent, ownership mentality, and focus on execution drives our market leadership …that continuous resource optimization and disciplined risk management, embedded into everything we do, is how we deliver responsible growth
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Agenda Historical Performance Focus Topic: Global Markets Lending Our Franchise Continuing Our Growth November 5, 2025Bank of America Investor Day 5
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6 Our Franchise November 5, 2025Bank of America Investor Day
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30 Countries & Jurisdictions With employee presence, covering ~85% of global GDP7 7Bank of America Investor Day November 5, 2025 70+ Markets & 100+ Exchanges and Clearing Houses Access available to our clients Top 5 in 9 of 10 Markets products globally 2 95%+ Of institutional client wallet covered3 ~29 Billion Client interactions 2025 YTD 4 ~1 Billion Monthly U.S. Equity Trades 5 >1.7 Million U.S. Treasury securities settled monthly5 >4 Million Monthly FX trades6 The Scale of Our Platform Serves Clients in All Major Markets Note: FX stands for foreign exchange. For additional information and footnotes, refer to Notes beginning on slide 32. Sales & Trading Hub Employee Presence & Market Access Market Access $1 Trillion Balance Sheet1 Full suite of trading and financing capabilities across global fixed income, currencies, commodities, and equity markets
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Bank of America Investor Day November 5, 2025 8 Diversification Across Products, Clients, and Regions Drives Earnings Resiliency Diverse client base across the globe pursuing different opportunities every day Note: FICC stands for fixed income, currencies, and commodities. For additional information and footnotes, refer to Notes beginning on slide 32. BofA Revenue Composition1 BofA Client Composition BofA Regional Composition Industry Revenue by Product Industry Wallet by Client Type Industry Revenue by Region Equities FICC Micro FICC Macro Traditional Asset Managers Corporates and Sovereigns Hedge Funds Other Financial Institutions United States International FY 2024 Sale & Trading Revenue FY 2024 Client Values4 FY 2024 Segment Revenue FY 20245 FY 20246 FY 20245 3 2 Business mix broadly balanced with the industry… with opportunities to grow FICC Macro and International
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Corporate & Institutional Clients Bank of America Investor Day 9November 5, 2025 Note: GM stands for Global Markets. For additional information and footnotes, refer to Notes beginning on slide 32. Connectivity: Markets Transacts With Clients and Customers Across BofA Consumer Banking Merrill Private Bank Delivering Markets capabilities to all client types Wealth SpectrumCorporate Banking Commercial Banking Business Banking Investment Banking Hedging Risk Intermediation FX conversions for payments Distribution of primary issuance Research & Market Insights Trade Execution Access to Liquidity Financing Markets Capabilities ~$290B Transactional FX conversions for Consumer and Corporate clients1 (FY 2024) ~40% Corporate & Commercial Banking clients hedging interest rate risk, FX risk, or trading other products with GM2 (August 2025 Last 12 Months) >$1.2T Wealth management client trades executed through our platform3 (FY 2024) >$650B Equity, Bond, and Loan originations distributed4 (YTD 2025) 5,300 Corporate access events connecting investors and issuers (FY 2024)
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Bank of America Investor Day November 5, 2025 10 Exceptional Research Teams Creating a Competitive Advantage for Our Clients For additional information and footnotes, refer to Notes beginning on slide 32. Our research teams deliver actionable insights and thought leadership, helping clients anticipate trends and make confident decisions BofA GLOBAL RESEARCH Proprietary dataset allowing contributors to deliver insights to government & corporate leaders, small business owners, and investors Consumer and wealth management deposits3 $1.2 Trillion Total consumer payment spend4 (2024) $4.3 Trillion Consumer and small business clients3 69 Million Verified digital users5 59 MillionTop 2 Global Research Firm2 ~650 Analysts covering ~3,500 Companies and 1,300+ Issuers across 55+ Economies, 46 Currencies, and 80+ Proprietary Indicators Institutional Investors Corporations Individual Investors ~30% of Research readership comes from non-GM clients1 I N S T I TUT E
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Our Talent & Culture: The Engine Driving Our Success For additional information and footnotes, refer to Notes beginning on slide 32. Bank of America Investor Day November 5, 2025 The strength of our team is reflected in the industry recognition we continue to receive for our market leadership World’s Best Bank for Markets1 Best Non-Traditional Index Provider3 Global Derivatives House of the Year4 World’s Best Bank for FX Payments2 • Intensity in Everything We Do • Collaboration Across Markets and Across the Firm • Accountability for Results at All Levels • Recognition for All the Above Culture Pillars • Attract Top Talent • Continuous Development • Retain and Reward Performance Talent Pillars • Relentless Client Focus • Disciplined Risk Management • Innovation Front to Back • Execution is Everything Performance Pillars 11
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12 Historical Performance November 5, 2025Bank of America Investor Day
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+250bps Bank of America Investor Day November 5, 2025 13 We Have the Growth Momentum Note: ROAC stands for return on average allocated capital; AMRS stands for Americas; EMEA stands for Europe, Middle East, & Africa; APAC stands for Asia Pacific. For additional information and footnotes, refer to Notes beginning on slide 32. Record high $22B Sales & Trading $19B 7.6% $5.6B 12.4% FY 2024 Segment RevenueShare of Client Wallet1 Share of Industry Revenue Pool2 Net Income ROAC +40% Sales & Trading +48% +110bps Since 2020 +61% +240bps Since 2019 Growth Across Regions3 +230bps Share of Institutional FICC Wallet +290bps Share of Institutional Equities Wallet +50bps Share of Corporate Wallet +250bps Share of APAC Institutional Client Wallet +200bps Share of EMEA Institutional Client Wallet +250bps Share of AMRS Institutional Client Wallet Growth Across Products3
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Our Performance-Driven Culture and Targeted Investments Have Been the Keys to Growth We have driven a culture and strategy focused on a cross-Markets approach to: 13.1 13.0 13.6 13.2 13.3 12.9 15.2 15.2 16.5 17.6 18.9 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales & Trading Revenue ($B, excl. net DVA) <1% 2014 – 2018 CAGR +8% 2019 – 2024 CAGR Bank of America Investor Day November 5, 2025 14 Sales & Trading Revenue excluding net DVA represents a non-GAAP financial measure. For more information and a reconciliation to the most directly comparable GAAP financial measure, see slide 31. Note: CAGR stands for compound annual growth rate. DVA stands for debit valuation adjustment. For additional information and footnotes, refer to Notes beginning on slide 32. …while making targeted investments in people, financial resources, and technology… …to accelerate our growth Global Markets CAGR 2014 to 2018 CAGR 2019 to 2024 Avg Assets +2% +6% Avg Allocated Capital +1% +5% Headcount (3%) +3% Technology Investments +18% 2019 – 2024 avg vs. 2014 – 2018 avg Client coverage Resource deployment Technology
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Our Diversification Drives Top Line Growth Across Market Environments… 1 3 4 5 5 5 6 6 7 8 8 14 BofA Consecutive Quarters of YoY S&T Revenue Growth2 Active Streak 6.5% 6.5% 6.8% 7.4% 7.6% 2020 2021 2022 2023 2024 BofA Share of Industry Revenue Pool3 +110bps Peer Banks …Resulting in a Sustained Increase in Market Share Bank of America Investor Day November 5, 2025 15 Sales & Trading Revenue excluding net DVA represents a non-GAAP financial measure. For more information and a reconciliation to the most directly comparable GAAP financial measure, see slide 31. For additional information and footnotes, refer to Notes beginning on slide 32. Longest growth streak of any peer since the Global Financial Crisis (GFC) 12.9 15.2 15.2 16.5 17.6 18.9 2019 2020 2021 2022 2023 2024 Sales & Trading Revenue1 ($B excl. net DVA) Equities FICC Macro FICC Micro +17% +1% +8% +7% +7% + – + + + – + – + – + ~ + + + Product performance varied with different market backdrops, but total revenue higher every year since 2019
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November 5, 2025 16Bank of America Investor DayFor additional information and footnotes, refer to Notes beginning on slide 32. We Have Delivered Consistent Operating Leverage and Improved Margins… 2019 2024 $14B Technology Base Operating Costs Revenue & Volume Related 31%Pretax Margin 36% Segment Revenue $16B $22B 7% CAGR +2% 5% CAGR Growing “good” expenses essential to supporting clients and growth and maintaining discipline on base operating costs Revenue & Volume Related 7% CAGR Trading costs, pay for performance: winning flow, winning market share, growing the business Technology 10% CAGR Platform investments: driving operating leverage, delivering new capabilities for clients Base Operating Costs 2% CAGR Running the store +5pts annually …Driving Bottom Line Growth While Improving Capital Efficiency to Increase Returns 10.0% 12.4% ROAC, 2019 Pretax Income per $ of RWA3 …and improved productivity of capital resources… We’ve grown net income twice as fast as capital… …delivering an incremental 240bps return on capital Pretax Income per GSIB Point4 ROAC, 2024 +240bps Operating Leverage1 Expenses Assets (avg) +34% B3S RWA2 +20% +35% +16% +61% +30%>2x Net Income Allocated Capital (avg) …through efficient balance sheet growth… Δ 2024 vs. 2019 Δ 2024 vs. 2019 Δ 2024 vs. 2019 vs. & $11B
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17 Focus Topic: Global Markets Lending November 5, 2025Bank of America Investor Day
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Focus Topic: Global Markets Lending We’ve grown our lending business with client demand where we have product expertise while maintaining excellent credit quality…. 71 73 91 117 130 141 176 2019 2020 2021 2022 2023 2024 2025YTD Loans ($B avg) Net Charge-Off Ratio 0.01% 0.07% 0.01% 0.01% 0.02% 0.00% 0.02% +17% CAGR November 5, 2025Bank of America Investor Day 18For additional information and footnotes, refer to Notes beginning on slide 32. • Disciplined Client Selection • Consistent Risk Appetite • Stable and Diversified Business Mix • Sustained Low Net Charge-Offs 1
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Funded Loans by Client Type Focus Topic: Global Markets Lending …driven by disciplined client selection, diversified, high quality collateral… Collateral securing NDFI loans is high quality and diversified across collateral types November 5, 2025Bank of America Investor Day 19 Note: NDFI stands for non-depository financial institution. For additional information and footnotes, refer to Notes beginning on slide 32. $197BTotal Loans (3Q25, EOP) Asset Managers & Funds Finance Companies Public Sector & Other ~85% Large, Established NDFI Counterparties Funded Loans to NDFI Counterparties by Collateral Type Fund Assets & Capital Commitments 17% Primarily subscription financing and lending secured by diversified pools of public equities Real Estate 22% Primarily lending secured by residential mortgages Corporate Credit 30% Primarily lending secured by corporate loans Consumer & Commercial Credit 31% Primarily lending secured by auto loans made by large auto manufacturers
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Focus Topic: Global Markets Lending …and structural protections across our lending book November 5, 2025Bank of America Investor Day 20 Note: CRE stands for Commercial Real Estate; LP stands for limited partner; EBITDA stands for Earnings Before Taxes Interest Depreciation & Amortization. For additional information and footnotes, refer to Notes beginning on slide 32. All facilities benefit from conservative advance rates and contractual protections against deterioration of underlying collateral Funded Loans to NDFI Counterparties by Collateral Type Capital Commitments to Funds • Subscription financing facilities with ~60% average maximum advance rate secured by first priority-perfected security interest in a diverse pool of underlying LP capital commitments • Loans secured by diversified pools of public equities with~35% average maximum advance rate with first lien on collateral with valuation discretion and operational protections on transfer of collateralFund Assets Residential Mortgages • Residential mortgage collateral is primarily agency eligible and jumbo loans with advanced rates based on mark-to-market collateral value with collateral performance triggers and borrower recourse • Commercial real estate facilities have collateral performance triggers, partial recourse, and cross-collateralization structures; loan collateral predominantly backed by strong, in-place cashflows CRE Broadly Syndicated Loans • ~65% average maximum advanced rate for facilities secured by par value of broadly syndicated and private credit loans to companies whose average EBITDA is >$100MM • Facilities are structured to include asset approval rights or triggers that reduce borrowing base in event of credit deterioration of underlying loans • Collateral is senior and highly diversified: >98% is senior first lien, average industry concentration is <5%, and largest single obligor is <1%Private Credit Loans Auto Loans • ~80% average maximum advance rate of auto loans and other consumer and commercial credit based on par value of collateral • Facilities are structured with customized performance triggers relating to delinquency, losses, and borrower compliance • ~98% of facilities are secured by collateral pools which are 90%+ prime rated. Remaining 2% of facilities 80%+ prime rated Other Consumer & Commercial Credit
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21 Continuing Our Growth November 5, 2025Bank of America Investor Day
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Market Size 2025 vs. 2014 Sovereign Debt >1.5x U.S. Treasuries >2x Corporate Bonds ~1.5x Agency MBS >1.5x Equity ~2.5x Revenue Pool Expected to Remain Elevated Relative to Post-GFC, Pre-COVID Period Quantitative easing, ultra-low rates Flat curves, low vol, no inflation, increased regulatory capital requirements Post GFC Policy and geopolitical uncertainty Steeper curves, vol spikes, inflationary pressures Post COVID Markets have grown2… …are more active3… Trading Volumes 2025 vs. 2014 U.S. Treasuries >2x Corporate Bonds >2x Agency MBS ~2.5x Equity >2.5x • Elevated government borrowing • Rebalancing of trade & capital flows • Broad industry regulatory reform • Increased number of financial products • Tokenization & crypto adoption Industry Revenue Pool1 2014 – 2019 average 174B 220B Industry Revenue Pool1 2021 – 2024 average …and the backdrop is in place for continued elevated activity beyond 2025 November 5, 2025Bank of America Investor Day 22For additional information and footnotes, refer to Notes beginning on slide 32. +26%
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November 5, 2025Bank of America Investor Day 23For additional information and footnotes, refer to Notes beginning on slide 32. What’s Next? How we will continue to grow revenue, income, and returns Capture identified sales & trading revenue opportunities with our clients across regions and products Continue to optimize financial resource deployment with disciplined risk management to grow with our clients and maximize returns Make our platform Cleaner, Simpler, Better to drive operating leverage and deliver innovative capabilities for us and our clients Reimagine core business operations through Artificial Intelligence and Distributed Ledger, while actively engaging in other emerging financial industry innovations Medium-Term Targets ~$27B Segment Revenue ~$8B Net Income 15% ROAC ~9% Share of Industry Revenue Pool1 ~40% Pretax Margin
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Bank of America Investor Day November 5, 2025 24For additional information and footnotes, refer to Notes beginning on slide 32. Capturing the Additional Wallet Opportunity With Our Clients ~$3B to $4B Short- to medium-term sales & trading revenue opportunities identified and targeted Significant opportunities For growth, particularly international markets ~95% Of the institutional opportunity is doing more with our current clients BofA Share of Industry Revenue Pool1 EMEA FICC Macro Equities APAC FICC MacroEquities US/Can FICC Macro FICC Micro Equities Illustrative Distribution of Opportunities Size indicative of relative size of opportunity Deeper with Current Clients New ClientsBroader with Current Clients Institutional Corporates Deeper Broader New Clients Traditional Asset Managers & Hedge Funds Sovereigns, Other Financial Institutions Sovereigns, Other Financial Institutions Current Clients: ~95% of Opportunity Traditional Asset Managers & Hedge Funds AMRS EMEA APAC FICC Macro FICC Micro Equities >8% Market Share <6% Market Share 6% - 8% Market Share FICC Micro
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Optimizing Financial Resources to Grow With Clients and Improve Returns November 5, 2025Bank of America Investor Day 25 Rates FX Commodities Fixed Income FinancingCredit Securitized Products Munis Lending Equities Trading Equities Financing Our full global product set allows us to meet client demand across products and regions Continuous improvement of resource productivity is embedded into how we do business: Systematic Routines Constant discipline of reviewing product and client level return profiles to meet return targets Ownership mindset Accountability for resource optimization and returns across all levels of the organization Dynamic allocation Ongoing calibration of resource allocation based on client demand, market conditions, and strategic direction Optimizing financial resource usage is crucial to continue growing with clients and maximizing returns For additional information and footnotes, refer to Notes beginning on slide 32. Disciplined Risk Mgmt. Embedded risk discipline into all routines to drive strong returns through the cycle
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Operational Excellence Continuing to Make our Business Cleaner, Simpler, Better to Drive Efficiency and Productivity November 5, 2025Bank of America Investor Day 26For additional information and footnotes, refer to Notes beginning on slide 32. ~80% Increase in structured notes trades 3Q25 vs. 3Q24 Automating processes Eliminating pain points Improving data quality Reducing number of systems Building common, scalable infrastructure Delivering new, innovative capabilities for us and our clients Cleaner Simpler Better >60 Applications Retired FY 2024 – September 2025 YTD >70% Increase in municipal bond eTrading volume1 3Q25 YTD vs. 3Q24 YTD Recent Example: Recent Example: Recent Example:
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Reimagine: Leveraging New Technologies Across Every Aspect of Our Business Reduced Manual Processes Reduced Expense Post-TradeTradePre-Trade Reduced Risk Expected Benefits Across the Trade Lifecycle: November 5, 2025Bank of America Investor Day 27 Distributed Ledger Technology Content Summarization Search and synthesize market commentary, research, news, transcripts, and more Artificial Intelligence Term Sheets Retrieve information from lengthy financial documents Client Intelligence Synthesize client notes, touchpoints, and client activity for deep insights Collateral Mobility Improve capital efficiency and optimize settlement Digital Cash Optimize margin & automate cash management Tokenization of Assets Unlock programmable assets and liquidity For additional information and footnotes, refer to Notes beginning on slide 32. Everyday Tasks Access the information and support that trading, sales, and operations teammates need to effectively do their jobs Higher Revenue
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Bank of America Investor Day 28November 5, 2025 Note: BCE stands for brokerage, clearing, and exchange expense. For additional information and footnotes, refer to Notes beginning on slide 32. Our Business is Highly Scalable: Top line growth drives income and return growth Segment Revenue Pretax Margin ROAC $22B ~$27B 36% ~40% 12.4% 15% 2024 Medium-Term Target 2024 Medium-Term Target 2024 Medium-Term Target +25% +4pts +2.6pts2024 Expenses ~65% Fixed ~35% Variable Platform Overhead Support Functions Revenue-related (e.g., BCE, pay for performance) • Fixed cost growth carefully managed through Cleaner, Simpler, Better focus • Variable costs are result of growth in client activity, trading volumes, and market share
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29 Closing Messages November 5, 2025Bank of America Investor Day
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Bank of America Investor Day November 5, 2025 30 Growth Momentum Highly Scalable Higher Returns Diversified Business Investor Takeaways
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Reconciliations of Non-GAAP Financial Measures ($MM) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales & Trading Revenue (GAAP) 12,889 12,204 13,390 12,777 13,171 12,682 15,017 15,189 16,489 17,376 18,807 Net Debit Valuation Adjustment (DVA) (240) (786) (238) (428) (162) (222) (133) (54) 20 (236) (113) Sales & Trading Revenue excl net DVA 13,129 12,990 13,628 13,205 13,333 12,904 15,150 15,243 16,469 17,612 18,920 November 5, 2025Bank of America Investor Day 31
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Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. Revenue, net of interest expense. Slide 3 – Global Markets 1. Business Segment revenue excludes All Other. Business Segment revenue is on a fully taxable-equivalent (FTE) basis. Slide 7 – The Scale of Our Platform Serves Clients in All Major Markets 1. Average Assets as of 3Q25. 2. Coalition Greenwich Competitor Analytic FY 2024. Results are based on BofA’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, Munis. Peer group includes BofA, BARC, BNPP, Citi, DB, GS, HSBC, JPM, MS, SG, UBS, WFC. 3. Coalition Greenwich Client Analytics 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 Institutional Clients. 4. 2025 year-to-date through August 2025. 5. 2025 year-to-date through September 2025. 6. Average monthly trading volume for August 2025 and September 2025. 7. International Monetary Fund based on 2024 nominal GDP. Slide 8 – Diversification Across Products, Clients, and Regions Drives Earnings Resiliency 1. Business composition based on reported sales & trading revenue excluding certain admin revenue not aligned to specific lines of business. 2. FICC Macro includes currencies, interest rates, and commodities products. 3. FICC Micro includes credit and other spread products. 4. Client Value is an internal metric used to reflect the revenue attributed to coverage teams based on client activity. 5. Coalition Greenwich Competitor Analytics 2024 - Industry revenue pools. 6. Coalition Greenwich Client Analytics 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 Institutional Clients and 5,400 Corporate Clients for FICC ex Futures. Slide 9 – Connectivity: Markets Transacts With Clients and Customers Across The Firm 1. Total notional of Transactional FX volumes for Consumer and Corporate clients for 2024. 2. Represents percentage of Corporate and Commercial clients which have produced revenue with Global Markets. 3. Total notional of GWIM trades executed via BofAS Securities for 2024. 4. Total BofA apportioned volume for bonds, loans, and Equity Capital Markets; YTD through September 2025. Slide 10 – Exceptional Research Teams Creating a Competitive Advantage for Our Clients 1. As of September 2025, Last 12 Months. 2. Based on Extel ranking; Global Research ranked #1 for 2011 – 2016 & 2019, #2 for 2017, 2018, & 2020 – 2024. 3. As of September 30, 2025. 4. Total consumer payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks. 5. As of September 30, 2025. Verified users represents Consumer and Merrill users with a digital identification and password. Bank of America Investor Day November 5, 2025 32 Notes
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Notes Slide 11 – Our Talent and Culture: The Engine Driving Our Success 1. Euromoney 2023 & 2024. 2. Euromoney 2024. 3. Spi, 2024. 4. GlobalCapital, 2024. Slide 13 – We Have the Growth Momentum 1. Coalition Greenwich Client Analytics 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 Institutional Clients. ‘Record High’ refers to Bank of America’s own share of client wallet. 2. Coalition Greenwich Competitor Analytics 2020-2024. Results are based on BofA internal business structure, footprint, and own revenue. Share is calculated using Coalition Greenwich’s Industry revenue pools. 3. Coalition Greenwich Client Analytics 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 Institutional Clients for Global Markets and 2,000 Corporate Clients for FICC ex Futures. Slide 15 – Our Diversification Drives Top Line Growth Across Market Environments… 1. Business composition based on reported sales & trading revenue. Product splits exclude certain admin revenue not aligned to specific lines of business which are included in total. 2. Based on reported sales and trading revenue for top 12 banks. Data through 3Q25 for banks that have reported as of October 20, 2025 and as of 2Q25 for those that have not yet released. 3. Coalition Greenwich Competitor Analytics 2020-2024. Results are based on BofA internal business structure, footprint, and own revenue. Share is calculated using Coalition Greenwich’s Industry revenue pools. Slide 16 – We Have Delivered Consistent Operating Leverage and Improved Margins… 1. Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 2. Represents EOP Basel III standardized risk-weighted assets. 3. Represents GM Pretax Income divided by GM EOP Basel III standardized risk-weighted assets. 4. Represents GM pretax income divided by EOP Global Systemically Important Bank (GSIB) Method 2 score attributable to Global Markets activities. Slide 18 – Focus Topic: Global Markets Lending 1. As of September 30, 2025. Slide 22 – Revenue Pool Expected to Remain Elevated Relative to Post-GFC, Pre-COVID Period 1. Coalition Greenwich Competitor Analytics 2024 - Global Markets industry revenue pools. 2. Sovereign Debt = Combined outstanding general government and corporate debt of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Switzerland, and the U.S., 1Q25 vs. 4Q14, source: BIS; Corporate Bonds = Book value of debt obligations of U.S. financial and nonfinancial corporations including bonds, notes, debentures, mandatory convertible securities, long-term debt, private mortgage-backed securities, and unsecured debt. Includes bonds issued both in the United States and in foreign countries, 2Q25 vs. FY 2014 Source: SIFMA and the Federal Reserve; U.S. Treasuries = U.S. federal debt held by the public, 2Q25 vs. 4Q14 source: Federal Reserve Economic Data; Agency MBS = FNMA, FHLMC, and GNMA MBS outstanding September 2025 vs. December 2014, source: Bloomberg; Equity = MSCI World Index Market Capitalization, September 30, 2025 vs. December 31, 2014. 3. U.S. Treasuries = Average daily trading volume notional, September 2025 YTD vs. FY 2014, source: SIFMA & FINRA TRACE; Corporate Bonds = daily average notional traded of U.S. corporate bonds September 2025 vs. FY 2014, source: SIFMA & FINRA TRACE; Agency MBS = daily average notional traded of Agency To-Be-Announced securities, specified pools, collateralized mortgage obligations, and commercial mortgage backed securities September 2025 vs. FY 2014, source: SIFMA & FINRA TRACE; Equities = shares traded on U.S. exchanges, September 2025 YTD vs. FY 2014, source: SIFMA and CBOE Exchange Inc. Slide 23 – What’s Next? 1. Share target is based on BofA revenue as a percent of Coalition Greenwich’s Industry revenue pools. Slide 24 – Capturing the Additional Wallet Opportunity With Our Clients 1. Coalition Greenwich Competitor Analytics 2024. Results are based on BofA’s footprint, product taxonomy, and own revenue. Share is calculated using BofA internal revenue and Coalition Greenwich’s Industry revenue pools. Slide 26 – Continuing to Make our Business Cleaner, Simpler, Better to Drive Efficiency and Productivity 1. Represents increase in institutional municipal bond trade execution via electronic channels measured in number of trades. November 5, 2025Bank of America Investor Day 33
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Delivering One Company November 5, 2025Bank of America Investor Day 1
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33% of all U.S. households have a relationship with us 96% of U.S. Fortune 1000 companies have a relationship with us 95%+ of institutional wallet covered 8 69 m illion clients7 46,000 business clients • World-class Digital Bank – 1 billion logins, monthly • 18,600 Wealth Advisors9 • 16,000 Relationship Bankers, 3,650 Financial Centers, 15,000 ATMs • World-class Digital Bank – CashPro – 70 million logins, annually • 4,300+ Corporate Relationship Managers10 • 3,400+ Specialists11 Leadership Position in Every Business – Developed Over Decades Retail Preferred & Small Business Merrill Private Bank Business Banking Global Commercial Banking Global Corporate & Investment Banking Global Markets Top 2 traditional wealth manager in the U.S. 2 #1 in managed personal trust assets in the U.S. 3 #1 small to mid- sized business lender 3 #1 U.S. commercial and industrial lender 4 Top 3 in global investment banking 5 Top 5 in 9 of 10 Markets products, globally 6 November 5, 2025Bank of America Investor Day 2 #1 U.S. consumer deposits1 For additional information and footnotes, refer to Notes beginning on slide 15.
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Winning locally, growing nationally November 5, 2025Bank of America Investor Day 3
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Note: GDP stands for Gross Domestic Product. For additional information and footnotes, refer to Notes beginning on slide 15. California GDP: $4.1T1 (size of Japan, the world’s fourth-largest economy) WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD Washington D.C. MA CT RI Texas GDP: $2.7T1 (size of Italy) Florida GDP: $1.7T1 (size of Spain) NY GDP: $2.3T1 (size of Canada) The Opportunity in the U.S. is Significant – Requires Local Approach to Fully Capture November 5, 2025Bank of America Investor Day 4 Legend Comparable Countries1 Highest GDP States Italy, Canada Upper-Mid GDP States Singapore, Norway Lower-Mid GDP States Chile, Finland Lowest GDP States Slovakia, Dominican Republic
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5 Expanding our Footprint to Capture the Opportunity Bank of America Private Bank, Business Bank, and Commercial Bank office locations 1400+ Financial Centers (FCs) in markets pre 2014 expansion 3400+ Merrill offices (100+ in states with no FCs prior to 2014 expansion) 2 500+ New Financial Centers in post 2014 expansion markets 3200+ State with Consumer FC coverage Private Bank, Business Bank, Commercial Bank November 5, 2025Bank of America Investor Day Note: Office locations on map are approximate and may represent multiple offices near the location. For additional information and footnotes, refer to Notes beginning on slide 15.
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6 Bank of America Private Bank, Business Bank, and Commercial Bank office locations 1400+ Financial Centers (FCs) in markets pre 2014 expansion 3400+ Merrill offices (100+ in states with no FCs prior to 2014 expansion) 2 500+ New Financial Centers in post 2014 expansion markets 3200+ Merrill office in states with no FCs prior to 2014 expansion Expanding our Footprint to Capture the Opportunity State with Consumer FC coverage Private Bank, Business Bank, Commercial Bank November 5, 2025Bank of America Investor Day Note: Office locations on map are approximate and may represent multiple offices near the location. For additional information and footnotes, refer to Notes beginning on slide 15.
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7 Bank of America Private Bank, Business Bank, and Commercial Bank office locations 1400+ Financial Centers (FCs) in markets pre 2014 expansion 3400+ Merrill offices (100+ in states with no FCs prior to 2014 expansion) 2 500+ New Financial Centers in post 2014 expansion markets 3200+ Expanding our Footprint to Capture the Opportunity Merrill office in states with no FCs prior to 2014 expansion State with Consumer FC coverage Private Bank, Business Bank, Commercial Bank November 5, 2025Bank of America Investor Day Note: Office locations on map are approximate and may represent multiple offices near the location. For additional information and footnotes, refer to Notes beginning on slide 15.
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Resources Geared by Market Opportunity1 Financial Centers Wealth Branches Client Professionals2 1,840 210 8,400 Market Presidents network covers3 96% of U.S. GDP 95% of Population 95% of Businesses 20 Major Markets e.g., NYC, Los Angeles, Chicago 33 Metro Markets e.g., Tampa Bay, Austin, Denver 44 Suburban Markets e.g., Charleston, Tucson, Knoxville Financial Centers Wealth Branches Client Professionals2 1,150 200 4,800 Financial Centers Wealth Branches Client Professionals 2 500 130 2,100 Established Local Business Teams across 97 Markets to Unlock Growth 97 Market Presidents serve as the CEO of the local market and act as an extension of the lines of business to execute locally on their strategic priorities 8Bank of America Investor Day November 5, 2025 For additional information and footnotes, refer to Notes beginning on slide 15.
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Note: CRM stands for customer relationship management platform. For additional information and footnotes, refer to Notes beginning on slide 15. Business Council every market 24 Years average Market President length of service 8 Lines of Business engaged in partnerships and collaborations ~90,000 users connected via primary CRM 26 defined partnerships1 with tracking and goals 1 Local Market Portal tracking business and market performance Market Presidents Coordinate Business Activities, Measure, and Deliver Results Private Bank Business Bank Commercial Bank GCIB Consumer Merrill Market President Business Partnerships daily / weekly / monthly activity November 5, 2025Bank of America Investor Day 9 Consumer Merrill Merrill Business Banking Business Banking Commercial Commercial GCIB GCIB Consumer
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Client Share Benchmark1 BofA Business and Individual client share by market Resources proportional to market opportunity Each Market is Evaluated for its Opportunity 46% Leverage to grow Los Angeles Tampa Bay Hartford Nashville Austin Miami Chicago St. Louis Denver 10% 25% Average1 Invest to grow November 5, 2025Bank of America Investor Day 10For additional information and footnotes, refer to Notes beginning on slide 15.
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Each Market Has a Detailed Plan to Grow Client Share Los Angeles Denver Consumer Commercial Bank >50% households ($1MM+) Business Owners +0.8pts YoY +2,700 YTD Financial Centers (since 2020) +19 (+80%) Recent Investments Marketing Spend (since 2022) Client Professionals Volunteer Hours (over 2 years) +$17MM ~200 Merrill Eligible Clients +80,000 Leverage our leading position to grow Merrill Investing in a new market to grow Consumer 233,000 70,000 client introductions to Merrill 1 to a 12% client share 3 #12 #7 +$1 Billion FDIC deposits since 2021 4 by FDIC deposits since 2021 4 client share 2 ~50% client share 2 November 5, 2025Bank of America Investor Day 11For additional information and footnotes, refer to Notes beginning on slide 15.
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Los Angeles Tampa Bay Charleston Local Partnerships 12 150+ Years serving market 35+ Years MP service 250+ local boards w/ BofA employees 140+ local partners Deep Community Engagement and Commitment to Fuel Continued Growth Market Client Share Benchmark 200+ Financial Centers 37% 1,000+ ATMs 16 Wealth Offices 800+ Client Professionals Local Partnerships Market Client Share Benchmark 33% 60+ Financial Centers 225+ ATMs 7 Wealth Offices 185+ Client Professionals Local Partnerships Hospitality 140+ Years serving market 30+ Years MP service 80+ local boards w/ BofA employees 50+ local partners Market Client Share Benchmark 31% 15+ Financial Centers 60+ ATMs 5 Wealth Offices 75+ Client Professionals 150+ Years serving market 40+ Years MP service 30+ local boards w/ BofA employees 40+ local partners Medical University of South Carolina College of Charleston Medical University of South Carolina November 5, 2025Bank of America Investor Day Note: MP stands for Market President. For additional information and footnotes, refer to Notes beginning on slide 15.
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Enterprise Client Introductions1 6.7MM 7.6MM 8.6MM 9.5MM 2021 2022 2023 2024 2025E Medium- Term Target ~10.0MM 40+ million introductions over five years 30-40% close rate, steadily rising from 20-30% historic CAGR ~30% of all new GCB clients expected to come from Merrill / Private Bank 2 1.2MM client introductions between Consumer and Merrill / Private Bank 3 6.6MM Consumer eligible employees from 834 Workplace Benefits clients 4 98% of client professionals generated client introductions 5 Our Client Introductions Program Has Generated Strong Client Acquisition Across All Businesses +10-12% November 5, 2025Bank of America Investor Day 13 +11% Note: GCB stands for Global Commercial Bank. CAGR stands for compound annual growth rate. For additional information and footnotes, refer to Notes beginning on slide 15.
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What’s Next? New market entries for Consumer Leverage the enterprise to grow Wealth Management Leverage increased coverage for Small-and Mid-sized businesses Scale up Workplace Benefits Grow client introductions and close rates Strategies fueling the next phase of client acquisition Medium-Term Targets new markets6+ $100B+ incremental net new assets, annually 30%+ local client share 1.5 – 2.0x Workplace Benefits clients 10-12% introductions growth 30-40% close rate November 5, 2025Bank of America Investor Day 14For additional information and footnotes, refer to Notes beginning on slide 15.
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Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 2Q25, unless otherwise noted. 3. “E” stands for estimated. Slide 2 – Leadership Position in Every Business – Developed Over Decades 1. Retail deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 2. Total client assets (bank earnings public disclosures). 3. FDIC, 2Q25. 4. GCB: Based on FRY9C-C via S&P Capital IQ as of June 2025. 5. Dealogic 2025 YTD as of September 30, 2025. 6. Coalition Greenwich Competitor Analytic FY 2024. Results are based on BofA’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, Munis. Peer group includes BofA, BARC, BNPP, Citi, DB, GS, HSBC, JPM, MS, SG, UBS, WFC. 7. Number of Consumer and Small Business clients. 8. Percentage of total institutional wallet where BofA has a relationship; based on Coalition institutional wallet study for FY 2024. 9. Includes Merrill financial advisors, investment associates and team roles, Private Bank Private Client Associates (PCAs), Private Client Managers (PCMs), portfolio managers and trust offices, and Consumer Investment FSAs. 10. Includes BB, GCB, GCIB relationship managers, and Global Markets client facing sales roles. 11. Includes BB, GCB, GCIB credit, treasury, merchant, practice solutions, investment grade, leveraged finance, rates and currencies, equity capital markets, and Global Markets trading specialists. Slide 4 – The Opportunity in the U.S. is Significant – Requires Local Approach to Fully Capture 1. Per Visual Capitalist, Bureau of Economic Affairs (2024 U.S. States GDP), and International Monetary Fund (2024 Country GDP). State to Country comparison based on closest nominal GDP equivalent. Slides 5-7 – Expanding Our Footprint to Capture the Opportunity 1. Office locations that may be shared by Private Bank, Business Bank, and Commercial Bank are counted separately for each of the three businesses present in that location. 2. Merrill offices on map represent a sub-set of all Merrill offices that are in states that are part of Consumer post 2014 expansion initiative. 3. Includes FCs that are planned, but not yet operational, as part of previously announced expansion plans. Slide 8 – Established Local Business Teams across 97 Markets to Unlock Growth 1. Figures by market category have been rounded. Financial Centers, Wealth Branches, and Client Professionals not aligned to Market Presidents network are excluded. 2. Client professionals are client facing roles in local market geography only. Figures exclude GCIB and Global Markets. 3. GDP, Population, and Businesses covered by Market Presidents network are based on state-level statistics for each state where we have Market President coverage, as of year-end 2024. Sources: GDP (U.S. Bureau of Economic Analysis), Population (World Population Review), Businesses (NAISC Association). Slide 9 – Market Presidents Coordinate Business Activities, Measure, and Deliver results 1. Partnership is defined as an agreement between two lines of business whereby they introduce a client based on the client’s need. Slide 10 – Each Market is Evaluated for its Opportunity 1. Client Share Benchmark is a proprietary metric using weighted average of line of business client share for each market. November 5, 2025Bank of America Investor Day 15 Notes
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Slide 11 – Each Market Has a Detailed Plan to Grow Client Share 1. As of September 19, 2025. 2. Based on number of BofA clients vs. total market opportunity, which is estimated based on IXI Network data from Equifax, and Dun and Bradstreet data. 3. Merrill $1MM+ household share change calculated YoY as of 2Q25 and based on Market President geography. Market share is the total number of Merrill households with $1MM+ investable assets in Los Angeles, divided by the number of total households in the market with $1MM+ investable assets. Client share based on IXI Network data from Equifax. 4. Based on June 2024 data, adjusted to include BANA CA and Merrill Edge deposits aligned to the Denver market. Slide 13 – Our Client Introductions Program has Generated Strong Client Acquisition Across All Businesses 1. A client introduction is a mutual agreement between a Customer and a Bank of America employee where financial services are available and of interest from a line of business outside the customer’s current banking relationship, including digital channels. 2. Medium-Term Target. 3. Since 2020, including 2025 annualized estimate. 4. As of 3Q25. 5. Year to date as of September 2025. November 5, 2025Bank of America Investor Day 16 Notes
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Delivering across the World November 5, 2025Bank of America Investor Day 1
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International Platform – An Engine of Growth November 5, 2025Bank of America Investor Day 2
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Our International Platform – an Engine of Growth For additional information and footnotes, refer to Notes beginning on slide 20. We are global, because our clients are global We are at scale Internationally — both in size and footprint We have served clients in some markets for >100 years We have invested in a platform with which few can compete We have a proven track record of strong, sustainable, profitable growth We expect to grow significantly November 5, 2025Bank of America Investor Day 3
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Globally Integrated, across 3 Core Lines of Business Represents % contribution of International to revenues Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Retail Preferred & Small Business Merrill Private Bank Business Banking Global Commercial Banking Market-Leading U.S. Focused Business Lines INTERNATIONAL1 Payments | Technology | Operations | Digital & Marketing Our International Business partners with Corporate and Institutional Clients across the globe Global Corporate & Investment Banking FICC, Equities & Research November 5, 2025Bank of America Investor Day 4For additional information and footnotes, refer to Notes beginning on slide 20.
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Serving Our Global Clients for 100+ Years, Now in 37 Countries and Jurisdictions Size of bubble represents 2024 client revenue Argentina 1917 1919 Italy UK 1931 Japan Canada Brazil Philippines 1947 Thailand 1949 1920 1940 1960 1980 2000 2020 Singapore 1955 1959 Hong Kong Malaysia Netherlands Spain Belgium 1961 Luxembourg 2023 2015 Qatar Sweden 2013 2008 Saudi Arabia Türkiye 2007 Israel 2000 1951 Germany Switzerland Mexico 1982 South Africa China 1981 1972 UAE 1964 Australia India Taiwan 1965 1966 Peru Korea Chile Colombia 1967 1968 Ireland Indonesia Greece 1969 BofA Entry1 France 1953 November 5, 2025Bank of America Investor Day 5For additional information and footnotes, refer to Notes beginning on slide 20.
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Global Reach, with the Scale to Deliver for Global Clients Global Solutions, Capital and Expertise, Delivered Locally, to Companies, Investors, and Commercial Subsidiaries Solution-Driven, Leveraging our Network Effect Broadening & Deepening Relationships • Globally-integrated and internationally coordinated • Leveraging ‘network effect’ to broaden and deepen relationships • Delivering solutions for clients, across all products & services • Systematically growing our client and subsidiary base • An ‘Engine of Growth’ for Bank of America Countries per Relationship (CPR) and Solutions per Relationship (SPR) Multipliers Average Revenue per Client, indexed to 1001 Delivering on Client’s International financial needs Growing high-quality large corporate base and subsidiary coverage Banking International subsidiaries of leading U.S. Commercial franchise clients Expanding into international middle market – in build-out mode Globally integrated coverage of global investor clients Global Client Spectrum, by Headquarters Global Large Corporates U.S. Mid-Size Corporates International Mid-Size Corporates Global Investor Clients Number of Countries per Client Relationship Number of Solutions per Client Relationship 1 5+ 3x 1 7+ Broadening 16x Deepening November 5, 2025Bank of America Investor Day 6For additional information and footnotes, refer to Notes beginning on slide 20.
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World-Class Capabilities – Built over Years 7 Holistic, Globally-Integrated Solution Delivery to Global and Local Clients Global Derivatives House of the Year1 FX Derivatives House of the Year1 Clearing Bank of the Year1 Equity Derivatives House of the Year2 Best Asia FX Options House3 #2 International Broker in KSA4 25 Primary Dealerships #1 EMEA Research (’23, ’24, ’25)5 #1 All-Asia Research5 Access to 100+ Exchanges & Clearing Houses 2,205 Company Stocks Covered Investment Banking Strategic Advisory Global Capital Markets Lending Leasing Fixed Income Commodities Research Card and Digital Trade Finance Liquidity Management Payments Equities Foreign Exchange Best M&A House in Europe6 Best Bond House in Europe6 Best Equity House in Europe6 $180B Capital Raised (’25 YTD)7 $186B M&A Volumes (’25 YTD)7 #5 International Investment Banking Fees7 #2 International Investment Grade Fees7 #4 International M&A Fees7 #2 LatAm Investment Banking Fees7 #3 APAC Investment Banking Fees7 #1 LatAm Investment Grade Fees7 $108T Payments Value11 375K+ Corporate Cards12 114K+ CashPro App Users10 Best Global Bank for Cash Management8 Best Global Corporate Payments Bank in APAC9 800+ FX Currency Pairs Traded10 Global Clients Risk Management November 5, 2025Bank of America Investor Day Note: KSA stands for Kingdom of Saudi Arabia. EMEA stands for Europe, Middle East, & Africa. APAC stands for Asia Pacific. LatAm stands for Latin America. GCIB stands for Global Corporate & Investment Banking. GCB stands for Global Commercial Banking. For additional information and footnotes, refer to Notes beginning on slide 20.
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For additional information and footnotes, refer to Notes beginning on slide 20. Thought Leadership & Intellectual Capital Deep International Research Coverage3 N. America International4 Total Companies 1.3K 2.2K 3.5K Issuers 0.6K 0.8K 1.3K Economies 2 57 59 Currencies 2 44 46 Convening the world’s most influential CEOs, top technology pioneers, academics, founders, innovators, and investors Uniting International leaders from business, politics, and academia to develop joint solutions for the most pressing challenges impacting the global economy ’23, ’24, ’25 Example client conferences • Japan Conference • India Conference • MENA Conference • Transforming World Conference • European Credit Conference • Asia Tech Conference • China Conference • Africa Conference • Macro Year Ahead Conference • Commodity Conference • Future Mobility / Autos Conference • Global Industrials Conference Breakthrough Technology Dialogue ’22, ’23, ’24, ’25 UK & Singapore Global Thought Leadership Events • Global Institute • Global Thematic Research • Global Data Analytics • Global Corporate Access • Global Research Unlocked Podcast Thought Leadership #2 2024 Global Research Firm1 2024 FICC Research Firm1 2024 Equity Research Firm1 November 5, 2025Bank of America Investor Day 8 #1 2025 Developed Europe Research Firm2 2025 All-Asia Research Firm2 2024 LatAm ESG Research Firm2
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World-Class Franchise: at Scale, Profitable & Growing Note: GDP stands for gross domestic product. ROAC stands for return on average allocated capital. IB stands for Investment Banking. For additional information and footnotes, refer to Notes beginning on slide 20. • Operations in 37 countries and jurisdictions, with 56 offices1 • Clients in 87 markets, with businesses supported by 18,000 employees • Providing globally-integrated client solutions across 3 business lines: Global Markets, Global Corporate & Investment Banking, Global Commercial Banking • World-class product and service capabilities, underpinned by scale of financial power and intellectual capital • Requires a talented, coordinated team front-to-back to deliver at scale in a complex operating environment • Consistent investment in the platform and technology to enhance client experience and continue to drive sustainable growth • Contributing ~40%2 of all Global Markets and GCIB revenues, with significant ongoing growth opportunity $14.3B International Revenues3 $4.1B International Pre-Tax Profit3 $124B International Loans & Leases4 $171B International Deposits4 13% International ROAC3 $108T Payment Value3 #1 Top 5 International IB Franchise6 60 Primary Regulators ~12MM Global Markets Trades per Day5 272MM Payments Processed3 Research Ranking: Across Developed Europe, Emerging EMEA, All-Asia, LatAm ESG7 Canada Mexico Colombia Peru Chile Argentina Brazil SwedenLuxembourg Belgium UK Ireland France Spain Italy Netherlands Germany Switzerland Greece Israel Türkiye Qatar U.A.E Saudi Arabia South Africa Indonesia Singapore China Australia India Japan South Korea Taiwan Hong Kong Malaysia Thailand Philippines November 5, 2025Bank of America Investor Day 9 37 countries and jurisdictions covering >80% of International GDP8
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World-Class Franchise: Strong, Sustained, Profitable Growth We have invested across the Franchise Steadily Growing Revenues Driving Profits and Returns 10.5 10.6 11.8 12.9 13.8 14.3 11.0 12.4 2019 2020 2021 2022 2023 2024 YTD24 YTD25 Global Markets Global Banking 2.4 1.1 3.0 3.3 4.3 4.1 3.4 3.9 2019 2020 2021 2022 2023 2024 YTD24 YTD25 We have made strategic investments across the platform We have grown revenues, sustainably, across all business lines Driving growth through expense discipline and balance sheet management +35% +13% International Revenues ($B)2 +73% +17% International Income Before Taxes ($B)2 9% 4% 11% 11% 14% 13% 15% 16% Return on Average Allocated Capital 2019 20241 Total Revenues $10.5B $14.3B Total Expenses $8.1B $10.2B Total Assets $356B $469B (YTD25) Loan & Leases $106B $124B (YTD25) Deposits $99B $171B (YTD25) Front Line Headcount 5.3K 6.7K (YTD25) November 5, 2025Bank of America Investor Day 10For additional information and footnotes, refer to Notes beginning on slide 20. +35% +26% +32% +17% +72% +26%
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World-Class Franchise: Substantial Market Opportunity Size & Scale of International Market International U.S. 362 138 $86.9T $58.2T $43B $46B $388B $279B $7.0T $3.1T $1.8T $0.7T Shifting Global Trade Flows6 Change in Trade of Goods, Major Corridors (2033 vs. 2023, Constant 2010 USD $B) $14T Sovereign Wealth Fund AuM8 $20T Pension Fund Assets9 $911B Hedge Fund AuM In EMEA and APAC10 $31T Foreign Holdings of U.S. Securities4 Example Country Growth Opportunities Significant International Capital Pools India 5th largest global economy11 with >50% of Global Capability Centres, employing nearly 2MM people12 Germany 3rd largest global economy11 with defence budget to more than double through 202913 Middle East $5.4T SWF AuM8 and $790B active infrastructure projects across the GCC14 GDP1 $83.3T $30.5T Fortune Global 500 Companies2 Payments Market Revenue 3 Equity Market Capitalization 4 $64.5T $62.2T Fixed Income Mkt Outstanding 4 IBK Fee Pool5 ECM Capital Raised 5 DCM Capital Raised 5 November 5, 2025Bank of America Investor Day 11 Note: SWF stands for Sovereign Wealth Fund. For additional information and footnotes, refer to Notes beginning on slide 20. South America7
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We Expect to Grow Significantly We believe sustainable, outsized returns will accrue to those with financial power, thought leadership, leading product capabilities, and fully-integrated platforms to seamlessly deliver for global clients across-the-cycle +$4B +$2B Growth in Revenues Growth in Pre-Tax Profits ~18% Return on Average Allocated Capital …to ~$18B …to ~$6B …from ~13% Grow core client base, across the size spectrum Grow subsidiary & middle market businesses Invest in GPS in high priority markets Win share in high return Global Markets products Maintain best-in-class expense and risk discipline Medium-Term Targets for International November 5, 2025Bank of America Investor Day 12 For additional information and footnotes, refer to Notes beginning on slide 20.
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Growing Our Client Base: Onboarding Large Corporates & Subsidiaries Systematically broadening and deepening corporate client coverage International Large Corporate Client Growth1 International Large Corporate Subsidiary Client Growth2 2023 2024 2025 Medium-Term Target 2023 2024 2025 Medium-Term Target Adding large International clients Driving new subsidiary relationships Driving loan, deposit, CPR, and SPR growth Converting clients & adding country relationships +19% +33% +15% +16% November 5, 2025Bank of America Investor Day 13For additional information and footnotes, refer to Notes beginning on slide 20.
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Growing Our Client Base: Driving North American GCB Client Penetration Deepening relationships with GCB clients that already bank with us internationally Increasing penetration of GCB’s overall client base that bank with us internationally Driving measurable growth in revenues, clients, and countries per relationship 2, 000 4, 000 6, 000 8, 000 10,000 12,000 14,000 16,000 18,000 20,000 2019 2020 2021 2022 2023 2024 2025 GCB International Subsidiary Client Growth1 Aligning resources to international locations where our GCB clients have operations Significant Growth Opportunity +$1B Medium-Term Revenue Growth Medium- Term Target International coverage of leading North American GCB client base, providing integrated products and solutions to international subsidiaries +18% +38% November 5, 2025Bank of America Investor Day 14For additional information and footnotes, refer to Notes beginning on slide 20.
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Growing Our Client Base: International Middle Market Expansion Partnering with international middle market companies as they grow and achieve their global ambitions, building our business pipeline Comprehensive financing, treasury, trade, and FX solutions, leveraging our existing, award-winning global platform Amplifying BofA’s brand and local presence in target countries Strategy Live in 4 Core Markets, with further Expansion Opportunity Liquidity Management Trade / Supply Chain Finance Local Cash Management Term Loans Lines of Credit Asset Backed Lending Leasing Foreign Exchange Risk Management • Our international middle market strategy replicates our U.S. home market Commercial Banking success • Expansion is underway in key markets, leveraging well-established local footprint • Integrated solutions across foundational, high-margin banking products: Payments, Lending, FX • Providing world-class platform and capabilities, and unique access across global network, including into the U.S. • Developing relationships earlier in the corporate lifecycle, building a pipeline across the franchise for future growth November 5, 2025Bank of America Investor Day 15 For additional information and footnotes, refer to Notes beginning on slide 20.
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Investing in Our Platform: Growing Global Payments Solutions International GPS Technology Investment (indexed to 100) 2023 2024 2025E International Global Banking Deposits ($B, Avg)4 96 169 2019 2020 2021 2022 2023 2024 YTD25 World’s Best Bank for Trade Finance (2024) World’s Best Bank for FX Payments (2024) Western Europe’s Best Digital Bank (2024) #1 Cash Mgmt Provider for Middle Market Corporates, Global (2024) Best Bank for Cash Management, Global (2025) Best Bank for Collections in APAC (2025) Best Bank for Payments & Collections in Western Europe (2024) Best Bank for Transaction Banking & Collections in LatAm (2024) Best International Transaction Bank in APAC (2022-24) Best Global Cash Management Bank in APAC (2020-25) Best Global Supply Chain Finance Bank in APAC (2025) Best Global Corporate Payments Bank in APAC (2025) +76% 2.3x November 5, 2025Bank of America Investor Day 16 Foundational product for developing high-quality global and international corporate relationships where we can deliver the whole firm Consistently high-margin, high-return business, driving ~40% of International Profits before Tax1 Supporting clients wherever they do business: 75+ clearing memberships,2 88% of Global GDP covered3 3-year International Deepening program to expand and deepen coverage in strategically important countries, driving scale and growth For additional information and footnotes, refer to Notes beginning on slide 20.
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Winning Market Share: Delivering on Global Markets Growth Opportunities Leading International Capabilities Proven Delivery on Investments 2% 8% 11% 15% 2019 2024 YTD24 YTD25 International GM ROAC (%)2 +4pts+6pts 0.3 1.6 1.5 2.3 2019 2024 YTD24 YTD25 International GM Pre-Tax Earnings ($B)2 +55%+353% 5.6 8.3 6.5 7.9 2019 2024 YTD24 YTD25 International GM Revenues ($B)2 +22%+49% Growth Opportunity ~$2-3B of revenue opportunities identified 6.9% 7.5% 2019 2024 International Revenue Pool Share4 +3pts = $2.2B revenue +4pts = $3B revenue +64bps November 5, 2025Bank of America Investor Day 17 Note: GM stands for Global Markets. For additional information and footnotes, refer to Notes beginning on slide 20. +200bps share of EMEA Institutional Client Wallet3 +250bps share of APAC Institutional Client Wallet3 Institutional Client Wallet Share – 2024 vs. 2019 • $0.4T balance sheet1 • 30 countries & jurisdictions outside of the U.S. • 12M average trades per day • 25 primary dealerships • Access to 100+ exchanges and clearing houses Latin America’s Equity House of the Year (2024) Global Derivatives House of the Year (2025) FX Derivatives House of the Year: Europe & Asia (2025) Clearing Bank of the Year: Europe & Asia (2025) Best Asia FX Options House (2025) Credit Derivatives House of the Year (2024)
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Leveraging Country Leadership, Relationships and Expertise Rodrigo Demaria Argentina, Chile, Colombia, Peru Johan Lustig Belgium, Netherlands, Luxembourg & Nordics Eduardo Alcalay Brazil Joseph Fayyad Australia Drew McDonald Canada Wei Wang China Vanessa Holtz France Armin von Falkenhayn Germany Jin Su Hong Kong Iossif Kiouroukoglou Greece Joaquin Arenas Iberia Vikram Sahu India Mira Arifin Indonesia Antony Jancic Ireland Yoram Inbar Israel Antonino Maria Mattarella Italy Tamao Sasada Japan Jin Wook Shin Korea Gautam Puntambekar Malaysia Emilio Romano Mexico Arshad Ghafur Middle East & North Africa Vince Valdepenas Philippines Martin Siah Singapore Anthony Knox South Africa Yvonne Ike Sub Saharan Africa Thorsten Pauli Switzerland Wayne Liaw Taiwan Mook Pibuldham Thailand Banu Basar Türkiye Fernando Vicario United Kingdom • Country Executives deliver global capabilities locally • Leveraging deep understanding of local markets and local connections to deepen client relationships • Country framework globally integrated to deploy resources against highest return opportunities • Managing increasing complexity November 5, 2025Bank of America Investor Day 18 For additional information and footnotes, refer to Notes beginning on slide 20.
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Our International Platform – an Engine of Growth We are global, because our clients are global We are at scale Internationally – both in size and footprint We have served clients in some markets for >100 years We have a platform with which few can compete We have a proven track record of strong, profitable growth We expect to grow significantly Key Messages Adding More Clients Delivering Holistically Continued Investment Harnessing Technology ENGINE of GROWTH Strong Risk Management November 5, 2025Bank of America Investor Day 19For additional information and footnotes, refer to Notes beginning on slide 20.
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Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward- Looking Statements” in these Investor Day materials. 2. Revenue, net of interest expense. 3. “E” stands for estimate. Slide 4 — Globally Integrated, across 3 Core Lines of Business 1. The international activities do not constitute a segment of the Corporation. Instead, its activities are integrated into the financial results of the applicable lines of business and segments for management and financial reporting and capital allocation. Slide 5 — Serving Our Global Clients for 100+ Years in 37 Countries and Jurisdictions 1. Entry year represents when physical presence was established in country / jurisdiction; earliest date of entry regardless of predecessor (Bank of America or Merrill Lynch). Slide 6 — Global Reach, with the Scale to Deliver for Global Clients 1. Data as of August 2025. CPR represents average core revenue per client; SPR represents average total revenue per client. Slide 7— World-Class Capabilities – Built over Years 1. GlobalCapital, 2025. FX Derivatives and Clearing Bank of the Year for Europe and Asia. 2. Risk Awards, 2025. 3. FX Markets Asia Awards, 2025. 4. Tadawul exchange data, September 2025. 5. Extel, 2025. EMEA ranking reflects ranking as #1 Developed Europe and #1 Emerging EMEA Research Provider. 6. EMEA Finance Achievement Awards, 2024. 7. Dealogic, all year-to-date as of September 30, 2025. International includes EMEA, APAC, LatAm, and Canada. 8. Global Finance, 2025. 9. The Asian Banker Global Transaction Finance Awards, 2025. 10. Data as of Full Year 2024. Reported figures represent global capabilities. 11. Data as of Full Year 2024. Reported figures include sent and received payments for GCIB and GCB client accounts held in EMEA, APAC, LatAm, and Canada. 12. Data as of October 2025. Slide 8 — Thought Leadership & Intellectual Capital 1. Extel, 2024. 2. Extel 2025. Latam ESG ranking based on 2024 results. 3. Totals may not add up due to rounding. Data as of July 2025. 4. International represents EMEA, APAC, and LatAm. Canada included in North American coverage data. Notes November 5, 2025Bank of America Investor Day 20
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Slide 9 — World-Class Franchise: at Scale, Profitable, & Growing 1. Represents total number of offices in EMEA, APAC, LatAm, and Canada as of October 2025. 2. Data is year-to-date as of September 30, 2025. International generates ~40% of total revenues for Global Markets and Global Corporate and Investment Banking (GCIB). 3. Data as of Full Year 2024. Reported figures include sent and received payments for GCIB and GCB client accounts held in EMEA, APAC, LatAm, and Canada. 4. Data is year-to-date as of September 30, 2025. Reported figures include EMEA, APAC, LatAm, and Canada. Loans and leases and deposits represent average balances. 5. Equities, Fixed Income, Currencies and Commodities trade volumes, International, first half 2025 daily average. 6. Dealogic, year-to-date as of September 30, 2025. IB = Investment Banking. 7. Extel, 2025. LatAm ESG ranking from Extel, 2024. 8. IMF World Economic Outlook data; >80% reflects GDP of countries and jurisdictions where BofA has a presence as a percentage of 2025 forecast GDP outside of the U.S. Slide 10 — World-Class Franchise: Strong, Sustained, Profitable Growth 1. Reported figures include EMEA, APAC, LatAm, and Canada. All data as of full year 2024 unless otherwise noted. Year-to-date figures are as of September 30, 2025. 2. Reported figures include EMEA, APAC, LatAm, and Canada. Year-to-date figures are as of September 30, 2025. Slide 11 — World-Class Franchise: Substantial Market Opportunity 1. 2025 forecast. IMF World Economic Outlook, April 2025. 2. Fortune Global 500, 2025. 3. The 2024 McKinsey Global Payments Report. Global payments in 2024: Simpler interfaces, complex reality. October 2024. 4. The SIFMA Research Capital Markets Fact Book, July 2025. 5. Dealogic, 2024. IBK = Investment Banking; ECM = Equity Capital Markets; DCM = Debt Capital Markets. 6. Great Powers, Geopolitics, and the Future of Trade, Boston Consulting Group, January 2025. Sources: BCG Global Trade Model 2024; UN Comtrade; Oxford Economics; IHS Markit; World Trade Organization; BCG analysis. Floating foreign-exchange rates are used for the entire period; residual EU–Russia trade is for 2023 due to staggered sanction schedules. Corridors in the map represent ~45% of global trade. 7. South America represents Mercosur / Southern Common market. 8. Global SWF, September 2025. 9. OECD Pension Markets in Focus – preliminary 2024 data, June 2025. 10. Preqin 2025 Global Report: Hedge Funds. 11. 2024. IMF World Economic Outlook, April 2025. 12. “India houses more than half of the world’s GCCs: Report”, The Economic Times, 21 July 2025. Vestian Global Capability Centers Playbook, 12 September 2025. 13. German Federal Ministry of Finance, 24 June 2025. 14. “Project spending in the GCC”, Emirates NBD Research, 27 January 2025. GCC = Gulf Cooperation Council. Slide 13 — Growing Our Client Base: Onboarding Large Corporates & Subsidiaries 1. Represents number of Corporate Banking clients domiciled in EMEA, APAC, and LatAm. 2. Represents number of country relationships with Corporate Banking subsidiary clients. Slide 14 — Growing Our Client Base: Driving North American GCB Client Penetration 1. Represents unique family count at total portfolio level; 2019-2024 represent actuals as-stated for each time period. 2025 represents actuals as of July 2025. Notes November 5, 2025Bank of America Investor Day 21
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Slide 16 — Investing in Our Platform: Growing Global Payments Solutions 1. Data as of full year 2024. 2. Includes direct and indirect access; EURO1, TARGET2 and Target2/Euro1 are counted as unique clearing systems. 3. World Bank data; 88% reflects GDP of countries where GPS has full capabilities as a percentage of 2024 global GDP. 4. Year-to-date figures are as of September 30, 2025. Slide 17 — Winning Market Share: Delivering on Global Markets Growth Opportunities 1. Year-to-date average balances as of September 30, 2025. Reported figures include EMEA, APAC, LatAm, and Canada. 2. Reported figures include EMEA, APAC, LatAm, and Canada. Year-to-date figures are as of September 30, 2025. 3. Coalition Greenwich Client Analytics Full Year 2024. Analysis is based on the Coalition Greenwich standard taxonomy and the leading 2,189 Institutional Clients. 4. Coalition Greenwich Competitor Analytics, revenue benchmarking. International represents EMEA and APAC only. Notes November 5, 2025Bank of America Investor Day 22
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Enterprise Platforms: Payments, Technology, Operations, and Digital & Marketing Bank of America Investor Day November 5, 2025
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Payments Bank of America Investor Day November 5, 2025 1
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2Bank of America Investor Day November 5, 2025For additional information and footnotes, refer to Notes beginning on slide 7. Global Payments Solutions Enables Client Activity Across All Lines of Business $11B 2024 GPS Revenue1 $2T Total BofA Average Deposits2 GPS Mission Develop and deliver a robust set of payment solutions so that individuals, companies and institutions choose us for their financial transaction and cash management needs 12% CAGR 2021-20241
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Note: GDP stands for gross domestic product. For additional information and footnotes, refer to Notes beginning on slide 7. The Scale and Scope of Our Payments Business are a Competitive Advantage Global Reach 44 Countries and Jurisdictions1 140+ Currencies 88% Global GDP Coverage2 70% Global Fortune 500 Served3 75+ Global Clearing Memberships4 Individuals >$4T Payment Value5 20B Transactions5 49MM Digital Active Users6 25MM Zelle® Active Users7 95MM Debit and Credit Cards8 Companies & Institutions >$450T Payment Value9 9B Transactions9 33K+ Clients10 87% U.S. Fortune 1,000 Served3 $1T+ CashPro® App Payment Approvals11 Powerful Franchise #1 Share Leader, Corporate Cash Mgmt.12 #1 Digital Channels13 #1 Debit Spend14 #1 Transactional FX15 #1 U.S. ACH Receiver16 November 5, 2025Bank of America Investor Day 3
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BofA Has a Long History of Payments Innovation1 Bank of America Investor Day November 5, 2025 4 Biometric Identity Solutions Cross-border RTP Global Account Validation Stablecoins Artificial Intelligence Expansion ~$1B Annual Tech Investment2 Product innovation drives revenue growth Increases client deposit balances Drives product margin expansion Creates new product revenue streams Supports relationship deepening Attracts new clients Healthcare Payment Solutions InsightsCash Management Account Consumer Mobile Banking AutoFX 1976 1977 1999 2007 2010 2019 20212016 20242017 2025+20141958 Integrated Payables 2022 2023 App Guaranteed FX in Search Note: RTP stands for real-time payments. All trademarks are the trademarks of their respective owners. For additional information and footnotes, refer to Notes beginning on slide 7. APIs 2020 QR Sign-In Capital Markets Insights Forecasting Virtual Payables Direct 2018 What’s next BankAmericard ® Erica ® Chat for Consumers BofA Commercial Cards in Mobile Wallet Visa Spin Out BofA Consumer Cards in Apple Pay Chat with Erica ®
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CashPro is Our Premier Digital Platform and a Key Differentiator CashPro is designed to optimize, protect, and enable the performance of our clients’ global business with payments visibility, data-based insights, and proactive industry benchmarks Enabling AI-Driven Client Efficiencies Generating Software-as-a-Service Revenue CashPro Platform Revenue Generation3 Driving Market Share Growth Global Banking Deposits Market Share5 Deposits6 Note: TMS stands for treasury management system. ERP stands for enterprise resource planning. AI stands for artificial intelligence. For additional information and footnotes, refer to Notes beginning on slide 7. Bank of America Investor Day November 5, 2025 5 AI-driven CashPro capabilities: • Chat with Erica • Forecasting • Capital Markets Insights • AskGPS 40%+ CashPro Chat with Erica Interactions 34% 42% App API Online Connect 30K 39K 1Q24 3Q25 $781MM $1B+ 2019 2024 $363B $603B 15% 18% 2Q19 2Q25 of client inquiries handled directly through our virtual assistant2 revenue growth 3 of clients using CashPro for 10+years 4 145+ Global Jurisdictions with Access1 117 Client-Facing APIs1 185 Robust Capabilities1 74 TMS and ERP Integrations1 11 Languages1 6 Lines of Business1
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Global Payments Solutions is a Growth Driver for BofA Grow deposits – drive deposit growth and maintain primacy of operating accounts Provide global access – offer scale, reach, and capabilities (our unique value proposition) Deliver client-centric innovation – deepen client relationships and improve experiences Invest in technology – enhance growth and strengthen our competitive advantage Enable digital platforms – power client engagement, recurring revenue, and market share growth For additional information and footnotes, refer to Notes beginning on slide 7. November 5, 2025Bank of America Investor Day 6
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November 5, 2025Bank of America Investor Day 7 Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward- Looking Statements” in these Investor Day materials. 2. Revenue, net of interest expense. Slide 2 — Global Payments Solutions Enables Client Activity Across All Lines of Business 1. Global Transaction Services 2024 revenue, net of interest expense which is included in Global Banking segment results. 2. BofA total deposits end of period as of September 30, 2025. Slide 3 — The Scale and Scope of Our Payments Business are a Competitive Advantage 1. Includes branch, partner bank (IPB), and rep offices. 2. World Bank data; reflects GDP of countries where GPS has branches, partner bank relationships (IPB), and rep offices as a percentage of 2024 global GDP as of September 30, 2025. 3. Fortune 2025; client data as of July 2025. 4. Includes direct and indirect access; EURO1, TARGET2, and Target2/Euro1 are counted as unique clearing systems. 5. 2024 sent payments. 6. Represents customers that have logged on in the last three months as of September 30, 2025. 7. Represents customers that have transacted (sent or received) in the last three months as of September 30, 2025. 8. Total cards outstanding as of June 30, 2025. 9. 2024 sent and received payments. 10. As of June 30, 2025. 11. Full year 2024. 12. Share leader – corporate cash management market penetration in the U.S. (tied); 2025 Coalition Greenwich: Leaders U.S. Corporate Banking, Cash Management and FX, 1Q25. 13. Greenwich Coalition 2024 Digital Transformation Benchmarking Study, #1 (tied) score for overall leadership in Digital Channels. 14. Nilson Report issue 1284, April 2025; U.S. debit card (PIN) 2024 purchase volume. 15. Greenwich Coalition 2024 Digital Transformation Benchmarking Study, #1 (tied) score for Transactional Foreign Exchange. 16. NACHA 2024 top ACH receivers by volume. Slide 4 — BofA Has a Long History of Payments Innovation 1. BankofAmericard, 1958; Visa spin out, 1976; Merrill Lynch launched Cash Management Account (CMA), 1977; CashPro launch, 1999; Consumer mobile banking app, 2007; AutoFX, 2010; Bank of America consumer cards launched in Apple Pay, 2014; Guaranteed FX in CashPro, 2016; Zelle® functionality with BofA Mobile Banking App, mid 2017; Real time payments (RTP) launch, November 2017; CashPro APIs, January 2018; CashPro App, March 2018; Erica Chat for Consumers, June 2018; Bank of America commercial cards enabled in mobile wallet, September 2018; Card payments added to Integrated Payables, 2020; Healthcare Payment Solutions, 2021; CashPro Forecasting, January 2022; CashPro QR Sign-In, September 2022; CashPro Search, February 2023; CashPro Chat with Erica, August 2023, CashPro Insights, January 2024; Paze full rollout, December 2024; Virtual Payables Direct rollout, 2025; CashPro Capital Market Insights, September 2025. 2. 2024 technology investment for Global Payments Solutions. Slide 5 — CashPro is Our Premier Digital Platform and a Key Differentiator 1. As of September 30, 2025. 2. Monthly average from August 2023 through September 2025. 3. CashPro direct and enabled revenue; enabled revenue refers to additional treasury services revenue generated through client use of the CashPro platform. 4. As of September 1, 2025. 5. Share of total commercial deposits based on 2Q YTD ending balances; U.S. banks with $1T+ assets, reflects non-retail from FFIEC Call Reports, consolidated by McKinsey & Company. 6. Bank of America Global Banking quarterly average deposits.
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Technology Bank of America Investor Day November 5, 2025 1
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$118B+ of Tech Spending in Past Decade to Enable Growth, Innovate, and Drive Efficiency For additional information and footnotes, refer to Notes beginning on slide 8. 7.5 8.7 2.8 4.0$10.3B $12.7B 2015 2025E Technology Spend ($B) Core as % of Total Investment in New Capabilities (Up 44%) Core Expenses (Up 16%) 68%73% $1.2B+ Increase in annual investment in new capabilities vs. a decade ago Bank of America Investor Day November 5, 2025 $180 $268 $359 $337 $338 2021 2022 2023 2024 2025E +88% • Unified customer, transaction, and behavioral data across lines of business, accounting for 918+ petabytes of storage • Analytics to drive personalization at scale • Resilient and scalable data foundation • Repeatable execution capability across complex operating environments (e.g., ability to manage country-specific data requirements across 37 countries and jurisdictions) Bank of America Investor Day November 5, 2025 2 Investments into Data ($MM)1 $1.5B+ Invested into our data capabilities since 2021 Data Investment
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Note: GWIM stands for Global Wealth & Investment Management. For additional information and footnotes, refer to Notes beginning on slide 8. Enabling Scalable Growth across the Enterprise Customer Banking Consumer Banking 59.1B Total Client Interactions1,2 Up 33% 446MM Zelle® Payments Sent & Received3 Up 47% – 3.4x more Zelle® Sent transactions than checks written (3Q25) 49MM Digital Active Users4 Up 4% 121MM Total Client Interactions1, 2 Up 7% 4.7MM Zelle® Payments Sent & Received3 Up 57% 761K Digital Households Up 6% GWIM 3.9B Total Client Interactions2 Up 10% 4.6MM CashPro App Payments Up 31% 2.3MM Mobile App Sign-ins5 Up 46% Global Banking Global Markets 11.4B Total Client Interactions2 Up 30% 336MM Forwards, Futures, & Options Orders Up 119% 131MM Equity Linked Trading Transactions Up 40% Digital Growth (2Q25 and % Change vs. 2Q23) Bank of America Investor Day November 5, 2025 3 Tech Growth (2Q25 and % Change vs. 2Q23) 918+ Petabytes of Total Storage Up 38% 101K Total Production Deployments6 Up 50% ~940K Grid CPU Cores7 Up 28% ~109B Grid Compute Tasks8 Up 12%
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Established Culture of Innovation Driving Award-Winning Technology Solutions FY24 Bank of America Patents Granted Patents Granted 418 444 512 608 644 688 550 2019 2020 2021 2022 2023 2024 2025 YTD Information Security 27% AI and Machine Learning for Financial Services 17% Programming Technology 14% Technology Categories for Patents Granted (688) Blockchain 12% Augmented Reality / Virtual Reality for Financial Services 6% Data Analytics Payment Technology Online / Mobile / Consumer Banking 8% 8% 8% Total patents granted in 2024 increased 7% (vs. 2023) #1 In blockchain patents among financial services competitors6 121% increase In AI / Machine Learning patent portfolio since 2022 8,200+ Total inventors across the enterprise 3,800+ patents granted over the last 7 years Note: AI stands for Artificial Intelligence. For additional information and footnotes, refer to Notes beginning on slide 8 • Most Innovative Digital Bank1 • Best Consumer Digital Bank1 • Data & AI Impact Award2Enterprise • No. 1 in 2025 U.S. Banking Mobile App Satisfaction3 • Erica® awarded the best chatbot / virtual assistant in North America1 Consumer & Wealth • No. 1 ranked mobile app for Corporate and Commercial Banking4 • 2025 Model Bank Award for developing an Edge in Actionable Analytics awarded to CashPro® Data Intelligence5 Global Banking Select Technology Awards 7 Bank of America Investor Day November 5, 2025 4
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Bank of America Investor Day November 5, 2025 5 Building Enterprise Solutions that are Leverageable across Businesses Note: GCIB stands for Global Corporate & Investment Banking. For additional information and footnotes, refer to Notes beginning on slide 8. Customer Relationship Management (CRM) Platform Enable full adoption of strategic platform across Consumer Banking, Global Banking, and Global Wealth & Investment Management Document Intelligence Deliver a scalable, secure, and intelligent document processing platform to automate manual processes and create actionable insights using AI In-house Generative AI solution in production: 10x time reduction in processing Death Certificates 50% annual time saves projected for Private Bank invoice and statements processing 97%+ data classification accuracy ~90K Teammates across Retail, Preferred & Small Business, Merrill, Private Bank, Business Banking, Global Commercial Banking, and GCIB are using primary CRM Outbound Correspondence ~2.5B Statements / Correspondence Generated Annually 2 Inbound Correspondence ~3B Records Received Annually2 Store ~48B Electronic Documents (Total) 2 Document Delivery ~5.6B Records Searched & Retrieved Annually2 ~10MM Client Introductions Expected across the company with ~38% close rate in 2025 Erica Enable better, more efficient client experience across lines of business with self-service and associate-assisted capabilities Erica for Consumer Erica for Employees Erica for Global Banking – CashPro® Chat 3B+ Client interactions since launch in 2018 35% Increase in quarterly client interactions 98% Of clients find what they need without call or chat 1 42% Decrease in live chat volume since Erica integration in CashPro in Aug 2023 90% of employees use Erica for Employees 50%+ Reduction in calls to help desk
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Bank of America Investor Day November 5, 2025 6 Enabling AI across BofA – Agents to Summarization to Generation For additional information and footnotes, refer to Notes beginning on slide 8. • Erica® helps drive efficiencies through self-service across the firm • 50MM total consumer Erica users with 3B+ interactions since launch in 2018 • CashPro® Chat used by 65% of business, commercial, and corporate clients, with Erica handling >40% of interactions • Erica for Employees used by >90% of teammates, helping to reduce calls to service desk by ~50% • Generative-AI platform used by Global Markets and Global Corporate and Investment Banking to search, summarize, and synthesize internal research and market commentary • askGPS enables rapid access to proprietary enterprise payments product and process knowledge to all 2,400 GPS associates • ask MERRILL and ask PRIVATE BANK tools designed to efficiently find resources and curate information for advisors, with ~23MM interactions per year • Generative AI tools being made broadly accessible to employees across the firm; over 110K associates enabled and more than 3MM prompts generated • AI tools help to standardize and streamline banker preparation for client meetings • AI tools provide guided assistance to customer service specialists • AI-powered assistant available to software developers, helping to drive 20%+ efficiency gains • Al-powered chatbot used across Global Markets, Operations, and Technology to automate previously manual tasks • >50 AI-enabled fraud detection models designed to help detect fraudulent activity more quickly, accurately, and at scale Continuous Innovation1 ~8,000 total patents granted & pending ~1,500 AI / machine learning patents granted & pending >270 AI & machine learning models AI Agent Search & Summarization Content Generation Operations & Code Generation 18,000 software developers
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Bank of America Investor Day November 5, 2025 7 Already Deployed AI Solutions at Scale – Better Client Experience, More Efficient For additional information and footnotes, refer to Notes beginning on slide 8. Erica for Consumer (MM) 0 500 1,000 1,500 2,000 2,500 3,000 0 5 10 15 20 25 30 35 40 45 50 Jun- 18 Jun- 19 Jun- 20 Jun- 21 Jun- 22 Jun- 23 Jun- 24 Jun- 25 12,000 16,234 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 0 2,000 4,000 6,000 0 200 400 600 May-25 Jun-25 Jul-25 Aug-25 Erica for Global Banking – CashPro® Chat Global Markets – Orchestra From zero to 50 million total users From zero to 3.0 billion+ total cumulative interactions in just 7 years Cumulative Interactions GitHub Copilot 18K Software Developers using GitHub Copilot Enables users to search and summarize research reports, market commentary, and external financial content Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 # of users (LHS) # of questions (RHS) Developer GitHub users Non-developer GitHub users 0 10,000 20,000 30,000 40,000 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Quarterly client interactions
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward- Looking Statements” in these Investor Day materials. 2. “E” stands for estimate. Slide 2 — $118B+ of Tech Spending in Past Decade to Enable Growth, Innovate, and Drive Efficiency 1. Represents both Enterprise Strategic Data and Data Management Technology. Slide 3 — Enabling Scalable Growth across the Enterprise 1. Includes financial aggregator traffic. 2. Represents tracked customer interactions with technology to conduct daily financial activity either directly or indirectly. Includes tracked transactions / interactions such as: customer logins, payments & transfers, trades, account / card / loan opening and maintenance, withdrawals & deposits, and merchant authorizations. 3. Includes person-to-person payments sent and received through e-mail or mobile identification. 4. Active digital users represents Consumer and Merrill mobile and / or online 90-day active users. 5. Includes CashPro, BA360, and Global Card Access. 6. Total Deployments measures successful deployments of software updates or releases made to our live systems. 7. Represents dedicated hardware assigned to distributed computing and High-Performance Computing (HPC) technology at BofA. 8. Represents a unit of computation that executes on a grid to leverage parallel processing of jobs to complete processing more quickly than a single server could on its own. Slide 4 — Established Culture of Innovation Driving Award-Winning Technology Solutions 1. Global Finance, 2025. 2. Forrester, 2025. 3. J.D. Power, 2025. 4. Coalition Greenwich’s annual Digital Transformation Benchmarking Study, 2025. 5. Celent, 2025. 6. Innography, June 20, 2025. 7. Year-to-date as of September 30, 2025. Slide 5 — Building Enterprise Solutions that are Leverageable across Businesses 1. % of clients that are able to self-serve and get the answer they need through Erica without having to transfer to a call or chat, as of September 2025. 2. As of March 2025. Slide 6 — Enabling “AI Everywhere” – Agents to Summarization to Generation 1. As of September 30, 2025. Bank of America Investor Day November 5, 2025 8
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Operations November 5, 2025Bank of America Investor Day 1
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Global Operations and What We Enable Everyday for Clients Bank of America Investor Day November 5, 2025 2 A check ✓ We process it A credit card A prepaid card ✓ We produce it ✓ We service it A home, auto, or securities loan ✓ We service it ✓ We help clients in need A small business ✓ We support it A client / Financial Center / Brokerage Branch employee need ✓ We support it A futures trade ✓ We clear it The loss of a loved one ✓ We are there for it A commodity price risk ✓ We mitigate it A legal order ✓ We fulfill it A stock trade ✓ We settle it Foreign currency ✓ We trade it ✓ We fulfill it A derivative ✓ We maintain it A digital banking experience for a business ✓ We set it up A service request for a global banking client ✓ We take care of it A credit need for a company ✓ We book it and fund it A healthcare payment ✓ We process it An ACH payroll file (Automated Clearing House) ✓ We pay it A sanctioned transaction ✓ We screen it A bill ✓ We pay it A wire ✓ We process it A brokerage, retirement, or 529 account ✓ We service it A client document ✓ We produce it Client due diligence ✓ We complete it A cash need ✓ We service it ✓ We provide it For additional information and footnotes, refer to Notes beginning on slide 5.
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Bank of America Investor Day November 5, 2025 3For additional information and footnotes, refer to Notes beginning on slide 5. Our Operations are Expansive and Scalable $4.8B in annual expenses4 $5.5T servicing corporate and commercial loans and leases5 $3.8T in Wealth Management trades supported annually6 $1.9T in wire payments processed daily (~680,000 transactions)7 $3T or greater in daily securities settlement activity8 $473B in cash transported annually (Financial Centers, ATMs, vaults)9 $191B fulfilling letters of credit, supply chain and trade finance loans10 $131B Treasury Funding support across 31 currencies daily11 $29B Global Banking & Global Market client revenue cases refreshed annually12 $21B in 401(k) contributions supported annually13 $15B fees processed annually for Wealth Management14 $10.5B in international ACH payments processed daily (~954,000 transactions)15 $5.6B in tax withholding payments remitted to IRS and states annually16 1.6B checks and items processed annually17 1.1B statements delivered annually18 72.6MM Consumer, Global Banking, & Global Market clients monitored daily19 79.8MM in Global Markets transactions supported daily20 30MM ACH payments valued at $105 billion daily21 91MM servicing emails delivered annually22 4MM home and vehicle loan payments processed each month23 34,000 people1 | 32 countries and jurisdictions2 | 6,564 metrics3 | 447 processes3
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Our Enterprise Single Process Inventory is a Strategic Enabler Bank of America Investor Day November 5, 2025 4 SUSTAINABLE INNOVATION happens when deep knowledge of the work meets technology expertise Data Transformation • Optical character recognition • Speech / text • Sentiment analysis ~55,000 Activities within the processes All ~3,700 Processes documented and mapped ~2,200 Process owners manage their processes 55 Data elements for each process Information Retrieval • Search / semantic search • Info interaction • Conversational / Q&A Data Processing • Data extraction • Reconciliation • Contextual data validation Decision Support • Prediction / forecasting • Recommendation systems • Workflow optimization 1 Process Owner Portal + 44 connected systems Our Single Process Inventory gives us a deep understanding of the work Our understanding of new technologies identifies strategic opportunities to streamline work For additional information and footnotes, refer to Notes beginning on slide 5.
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Notes Bank of America Investor Day November 5, 2025 5 Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. Slide 3 - Our Operations are Expansive and Scalable 1. As of September 30, 2025. 2. As of April 2025. 3. Global Operations processes within the Enterprise Single Process Inventory as of October 7, 2025. 4. Annual expense based on nine months of actuals and forecasted results for remaining three months of 2025. 5. Total commitment of Loan Syndicates where BofA is the agent bank as of October 8, 2025. 6. Reflects annual trading during 2024. 7. Value of average daily global wires processed year to date through August 2025. 8. Average daily securities settlement activity year to date through September 2025. 9. Value of cash transported across the BofA footprint during 2024. 10. Fulfilling letters of credit reflects the transaction value aligned with transactions processed over a 12-month period (Mar ‘24 – Feb ‘25). 11. Daily Average Gross Funding Value year-to-date through September 30, 2025. 12. Revenue from clients that had a refresh performed during 2024. 13. Based on 401k contributions supported during 2024. 14. Fees processed annually for Wealth Management based on 2024 fees disclosed in 2024 10-K. 15. Based on the value of average daily international ACHs processed year-to-date through August 2025. 16. Tax payments withheld in 2024 and remitted to taxing authorities. 17. Number of checks and items processed during 2024. 18. Statements delivered from October 2024 – September 2025. 19. Client monitoring queue as of October 14, 2025. 20. Average number of daily markets transactions year-to-date through September 30, 2025. 21. Based on the average daily amount and value of U.S. ACHs processed year to date through August 2025. 22. Number of servicing emails delivered over the course of 2024. 23. Based on number of home and vehicle loan payments processed as of September 30, 2025.
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Digital & Marketing November 5, 2025Bank of America Investor Day 1
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Bank of America Investor Day November 5, 2025 2 Digital & Marketing Platform Amplify the growth potential of every line of business – delivering effectiveness and efficiency, utilizing our vast data, driving digital engagement even deeper, and leveraging one of the strongest brands in the world.
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How We Do It… For additional information and footnotes, refer to Notes beginning on slide 7. November 5, 2025Bank of America Investor Day 3 Loyalty and growth Smarter decisions Engagement, commerce, efficiency Differentiates us with our priority audiences Personalization and effectiveness Data Capabilities Digital Experiences AI and Marketing Global Brand Strategy Partnerships $4T+ client payment volume per year3 918+ PB data storage5 ~69MM consumer & small business clients 1 ~49B transactions & payments annually 2 1.8T client data points4 3MM+ hours of client engagement with Erica, YTD through Sept. ‘25 12 98% of clients find what they need in Erica without call or chat 14 Global and Local 12B client digital alerts annually 15 Museums on Us® 79% household digital adoption 6 $2T in Preferred Rewards client on-us assets 9 85% digital client satisfaction10 66% digital sales in Consumer & Small Business 7 81% consumer self-service 8 20MM Erica active users as of 3Q2511 2B Erica insights delivered since launch, through 3Q25 13
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Our Leadership with our AI-powered Erica Platform Sets Us Apart and Drives Growth Note: Graph is illustrative of growth in Erica interactions. For additional information and footnotes, refer to Notes beginning on slide 7. 98% Of clients find what they need without call or chat 4 20MM Active users as of 3Q251 2B Insights delivered since launch, through 3Q253 3MM+ Hours of engagement with Erica by clients, YTD through Sept. 20252 2018-2019 Core features & launch 2020-2021 Drive adoption & engagement 2022-2025+ Gateway to digital sales & service November 5, 2025Bank of America Investor Day 4
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Strategic Partnerships Help Differentiate Us with Our Priority Audiences For additional information and footnotes, refer to Notes beginning on slide 7. Global reach1 3B people National reach2 125MM people Museums on Us® FIFA World Cup The equivalent of 104 Super Bowls in one month. 6B global and 180MM U.S. viewers. 83% of all U.S. viewers are Bank of America prospects.3 November 5, 2025Bank of America Investor Day 5
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Brand Strength Drives Lasting Loyalty and Sustainable Growth Our simulators allow us to optimize our investment across message, product, channel, and geography to drive favorability For additional information and footnotes, refer to Notes beginning on slide 7. Message Product Channel Geography Favorability = Increased sales and revenue, faster sales time, and decreased attrition November 5, 2025Bank of America Investor Day 6 15% 15% 21% 32% 17% 67% 4% 22% 6%4% 19% 2% 4% 18% 7% 8% 10% 25% 17% 34% 9% 18% 20% 7% 2% 16% 19%14% 33% 18% 1% 6% 14% 1% 10% 36% 20% 18% 0.3% 12% 14% 18% 6% 26% 8% 6% 6% 31% 19% 15% 4% 16% 28% 18% 21% 9% 53% 17% 9% 5% 15% 3% 8% 9% Local Brand Favorability1 Gains Driving National Highs Local market gains examples2 Past 2 years of brand favorability 1 • Client +16% • Prospect +34%
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain operational and financial targets and expectations. These statements are based on management’s current expectations and assumptions and are not guarantees of future results or performance and involve known and unknown risks and uncertainties. Actual results may vary from those set forth in the forward-looking statements. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. All data presented as of 3Q25, unless otherwise noted. Slide 3 – How We Do It… 1. Number of Consumer and Small Business clients. 2. Transactions & payments represents client interactions (logins, visits, calls) and associated transactions occurring in channels during engagement activities initiated by the client in 2024. 3. Total client payment volume in 2024. 4. Includes data points from Epsilon TotalSourcePlus database, as well as additional third-party databases. 5. Amount of data stored across firm as of 3Q25. 6. Household adoption represents households with consumer bank login activities in a 90-day period, as of August 2025. 7. % of Digitally-enabled sales initiated and / or booked via our digital platforms out of total sales in 3Q25. Includes Consumer and Small Business. 8. Consumer Self-Servicing % is defined as the number of clients who exclusively interacted with Digital, Interactive Voice Response (IVR) and ATM channels over the total number clients that had an interaction with us, includes Retail & Preferred, excludes Wealth, as of September 2025. 9. Preferred Rewards client on-us assets includes in Consumer, Small Business, and GWIM, as of August 2025. 10. Digital Consumer Composite comprised of both online and mobile satisfaction scores, as of September 2025. Satisfaction scores represent top 2 box scores on 10-point scale. 11. Represents 90-day active Erica users. 12. Number of hours clients have chatted within an Erica session year-to-date through September, 2025. 13. Insights represents proactive personalized messages delivered to clients through Erica since launch in 2018, through 3Q25. 14. % of clients that are able to self-serve and get the answer they need through Erica without having to transfer to a call or chat, as of September 2025. 15. Annual Alerts are digital communications sent to clients via SMS, push, and email notifications in 2024. Slide 4 – Our Leadership with Our AI-Powered Erica Platform Sets Us Apart and Drives Growth 1. Represents 90-day active Erica users. 2. Number of hours clients have chatted within an Erica session year-to-date through September 2025. 3. Insights represents proactive personalized messages delivered to clients through Erica since launch in 2018, through 3Q25. 4. % of clients that are able to self-serve and get the answer they need through Erica without having to transfer to a call or chat, as of September 2025. Slide 5 – Strategic Partnerships Help Differentiate Us with Our Priority Audiences 1. Global Reach: GWI Events and Team Fandom, 3Q24-2Q25; MRI-Simmons Sports Interest, Summer 2025; FIFA Media Release 9/9/2025; Golf NIL Central (ANWA), Chicago Tribune (Shamrock Shuffle), FIFA, Nielsen, American Alliance of Museums. 2. National Reach: GWI Events and Team Fandom, 3Q24-2Q25; Museums on Us map & locator web visitors 2025 YTD. 3. WC26 Estimated Global Viewership 6B and 104 Super Bowls: FIFA interview 4/1/2025; WC26 Estimated U.S. Viewership 180M: Nielsen NPower and Publicis Sports; 83% prospects: MRI 2025 July Sports Fan Study. Slide 6 – Brand Strength Drives Lasting Loyalty and Sustainable Growth 1. Brand Tracker - Customer Brand Favorability since 3Q23 (3-month rolling period), as of September 2025. 2. Brand Tracker - Customer Brand Favorability since 3Q23 (3-month rolling period). Map examples as of June 2025. November 5, 2025Bank of America Investor Day 7
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Financial Overview November 5, 2025Bank of America Investor Day 1
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The Bank of America Value $10.8B 2024 net income 25% 2024 ROAC #1 U.S. consumer deposits1 $4.3B 2024 net income 23% 2024 ROAC #1 in managed personal trust assets 2 $8.1B 2024 net income 17% 2024 ROAC #1 U.S. commercial & industrial lender 1 $5.6B 2024 net income 12% 2024 ROAC #1 World’s Best Bank for Markets 3 Consumer Banking GWIM Global Banking Global Markets Note: ROAC stands for return on average allocated capital. GWIM stands for Global Wealth & Investment Management. For additional information and footnotes, refer to Notes beginning on slide 24. 2 Four world-class franchises, delivered through eight lines of business Differentiated capabilities; distinct competitive advantages Highly profitable Substantial growth opportunities in and across major segments Sizeable opportunity to drive higher returns for shareholders November 5, 2025Bank of America Investor Day 2
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Bank of America Investor Day November 5, 2025 3 Strong 3Q25 Results 2024 Segment Revenue1 Note: FTE stands for fully-taxable equivalent. ROA stands for return on average assets. ROE stands for return on equity. ROTCE stands for return on average tangible common equity. For additional information and footnotes, refer to Notes beginning on slide 24. 3Q25 3Q24 YoY ∆ Earnings per Share1 $1.06 $0.81 +31% Revenue (FTE)2 $28.2B $25.5B +11% Noninterest Expense $17.3B $16.5B +5% Provision $1.3B $1.5B (16%) Net income $8.5B $6.9B +23% Diversified Revenue Growth 0.98% ROA 11.5% ROE 15.4% ROTCE3 Consumer Banking $11.2B +7% YoY GWIM $6.3B +10% YoY Global Banking $6.2B +7% YoY Global Markets $6.2B +11% YoY Healthy Returns
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Historical Shareholder Model: 2015-2024 Revenue growth: Expense growth: Operating leverage: 1 Manage risk well EPS growth: Strong capital and liquidity positions Return on tangible common equity 12%-15% 2 Note: GDP stands for gross domestic product. CPI stands for consumer price index. For additional information and footnotes, refer to Notes beginning on slide 24. GDP+ CPI- 200bps+ 10%-12%+ November 5, 2025Bank of America Investor Day 4
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Scaled, Growing, Diversified Revenues Total Corporation Revenue 2024 Segment Revenue1 2024 Revenue Split $95B $99B $102B 2022 2023 2024 Consumer Banking $41.4B 37% GWIM $22.9B 21% Global Banking $24.0B 22% Global Markets $21.8B 20% For additional information and footnotes, refer to Notes beginning on slide 24. 58% Individuals, small businesses2 42% Companies, institutions 3 55% Net interest income 45% Noninterest income November 5, 2025Bank of America Investor Day 5
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Historical Deposit and Loan Growth $1,156$1,223$1,270$1,315$1,380 $1,633 $1,914$1,986 $1,888$1,924$1,975 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD $732 $792 $836 $872 $915 $954 $902 $1,004$1,037$1,051 $1,117 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Average Deposits ($B) Average Loans in Business Segments ($B)1 +6% CAGR +4% CAGR Note: CAGR stands for compound annual growth rate. For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 6
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Historical Net Interest Income Performance (FTE)1 39.0 41.5 45.2 48.2 48.9 43.4 42.9 52.5 56.9 56.1 $39.8B $42.4B $46.2B $48.8B $49.5B $43.9B $43.4B $52.9B $57.5B $56.7B 2.19% 2.27% 2.40% 2.45% 2.43% 1.90% 1.66% 1.96% 2.08% 1.95% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NII (GAAP) FTE Adjustment Net Interest Yield (NIY) +4% CAGR Note: NII stands for net interest income. For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 7 1 $44.8B 2025 YTD +6% YoY
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2025 Net Interest Income Momentum (FTE)1 ~4%-5% ~2% $56.7B ~$60.4B 2024 2025E Prior Year NII NII Growth ex. Fixed-Rate Asset Repricing Fixed-Rate Asset Repricing +6%-7% For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 8
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Future Net Interest Income Tailwind Fixed-Rate Asset Repricing (FRAR)1 Paydowns / Maturities ($B) Weighted Avg. Yield Balance ($B) 2026 2027-2031 Total On-Balance Sheet HTM Mortgage-backed Securities2 1.9% $410 $30-$35 $115-$130 ~$145-$165 HTM U.S. Treasuries 1.4% 121 - 121 121 Residential Mortgages3 3.5% 226 20-25 70-80 ~90-105 Total $50-$60 $305-$330 ~$355-$390 2026 2027 Total Off-Balance Sheet Cash Flow Hedges4 2.2% ~$40 ~$60 ~$100 Note: HTM stands for held-to-maturity. For additional information and footnotes, refer to Notes beginning on slide 24. Avg. Receive Fixed Rate November 5, 2025Bank of America Investor Day 9
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$56.7B ~$60.4B 2024 2025E 2026E 2027E 2028E 2029E 2030E Prior Year NII NII Growth ex. FRAR FRAR +5%-7% CAGR Assumptions • Sep 30, 2025, forward curve: 25bp interest rate cuts in Oct and Dec 2025; Mar and Jul 2026; upward sloping yield curve • Modest U.S. GDP growth • Modest U.S. CPI growth • No recession For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 10 +6%-7% Future Net Interest Income Growth Organic growth + FRAR tailwind (FTE)1
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Banking Book Asset Sensitivity1 We have reduced interest rate risk over time ($2.2B) 1.75% 3.25% 4.50% 5.00% 5.25% 5.50% 5.50% 5.50% 5.50% 5.00% 4.50% 4.50% 4.50% 4.25% ($6.0B) $5.5B 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 +100bps Parallel Shift -100bps Parallel Shift $0.0B November 5, 2025Bank of America Investor Day 11 Estimated change in NII over next 12 months with shift in forward rate curve +$1.0B Fed Funds Target For additional information and footnotes, refer to Notes beginning on slide 24.
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For additional information and footnotes, refer to Notes beginning on slide 24. Future Net Interest Yield Expansion (FTE)1 Net Interest Yield Net Interest Yield Sensitivity +/- 1bp2 Quarterly Net Interest Income ~$75MM Avg. Earning Assets ~$15B 2.01% ~2.30% 2.40%+ 3Q25 Medium-Term Target Long-Term Target November 5, 2025Bank of America Investor Day 12
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Note: Amounts may not total due to rounding. NSFOD stands for nonsufficient funds and overdraft. For additional information and footnotes, refer to Notes beginning on slide 24. Historical Noninterest Income Growth Understates organic growth Noninterest Income 2024 vs. 2019 November 5, 2025Bank of America Investor Day 13 +8% +2% CAGR +44% +10% +28% (8%)13.5 12.3 13.9 17.8 5.6 6.2 9.0 13.0$42.4B $45.8B 2019 2024 Card Income & Service Charges Investment & Brokerage Services Investment Banking Market Making & Similar Activities Other Income (Loss) ($B) 2019 2024 NSFOD fees $1.9 $0.2 ($1.7) Partnership losses1 ($2.0) ($4.9) ($2.9) Adj. noninterest income2 $42.5 $50.5 +$8.1 +19% +4% CAGR
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$13.1 $10.5 $4.5 $9.2 ($2.4) $14.7 $9.9 $5.0 $9.6 ($1.6) Investment & Brokerage Services (I&BS) Market Making & Similar Activities (MMSA) Investment Banking Card Income & Service Charges Other Income (Loss) 3Q24 YTD 3Q25 YTD 2025 YTD Noninterest Income Momentum +8% YoY Noninterest Income ($B) 3Q25 YTD vs. 3Q24 YTD For additional information and footnotes, refer to Notes beginning on slide 24. +12% (5%) +10% +5% November 5, 2025Bank of America Investor Day 14 Key Drivers Investment & Brokerage Services • Provide leading fee-based capabilities • Grow net new assets Sales & Trading (S&T) • Improve capabilities for clients • Capture additional wallet with current clients Investment Banking • Provide holistic capital solutions • Grow market share across products Card Income & Service Charges • Gather and deepen core operating accounts +11% S&T Revenue1 NII ↑ I&BS ↑ MMSA ↓
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21.8 26.5 12.4 15.0 9.2 12.38.7 11.0$54.9B $66.8B ~$69.6B 2019 2024 2025E Investments in People Business Enablement Investments in Technology Volume & Revenue-Related Other Noninterest Expense Maintaining our discipline and investing in growth For additional information and footnotes, refer to Notes beginning on slide 24. Capital Markets-Related Revenues ($B) 2019 2024 ∆ ($) CAGR (%) Sales & Trading Revenue $12.7 $18.8 +$6.1 +8% Asset Management Fees 10.2 13.9 +3.6 +6% Investment Banking Fees 5.6 6.2 +0.5 +2% Total $28.6 $38.9 +$10.3 +6% +6% +4% +4% CAGR +5% November 5, 2025Bank of America Investor Day 15 Headcount 208.1K 213.2K ~213K BofA Expense CAGR 4.0% U.S. CPI CAGR 4.2%
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Note: IB stands for investment banking. AI stands for artificial intelligence. ML stands for machine learning. For additional information and footnotes, refer to Notes beginning on slide 24. We Have Increased Investments to Drive Growth New Technology Initiative Spend ($B) Middle Market IB Coverage Patent Portfolio (K)1 Wealth Management Professionals Financial Center Market Expansion Global Markets >500 Headcount added since 2019 ~$800MM Annual investment in new capabilities 2010 2025E >$50B 18 24 2014 2028E Cumulative Markets Entered 2025 2.5 8.0 2012 3Q25 1.5K AI & ML patents >300 Merrill Wealth Management Bankers added since 2019 2.5K Advisor trainees in enhanced training program 25 U.S. cities with middle market IB presence +200 Emerging growth & regional coverage investment bankers Since 2019 November 5, 2025Bank of America Investor Day 16
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Consumer 41% Commercial 59% Managed Credit Risk Well Balanced and high-quality loan portfolio 6.9% 5.2% 7.7% 6.6% 9.2% 7.5%7.1% 5.5% '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 BAC Peer 1 Peer 2 Peer 3 Balanced Loan Mix As of September 30, 2025 Federal Reserve Stress Test Total Loan Losses3 Quality Loan Portfolio Statistics as of September 30, 2025 • Consumer loans 79% secured and 36% from GWIM clients • Average consumer credit card line-weighted FICO score 778; 12% FICO less than 660 • Commercial loans 91% investment grade or secured • Lowest total loss rate among peers in 13 of past 14 Federal Reserve stress tests Note: CRE stands for commercial real estate. For additional information and footnotes, refer to Notes beginning on slide 24. Home lending $262B1 Consumer credit card $102B Other consumer $112B U.S. commercial $454B2 Non-U.S. commercial $153B CRE $67B November 5, 2025Bank of America Investor Day 17
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Managed Credit Risk Well Net charge-offs 0.47% 0.23% 0.82% 0.00% 2.00% 4.00% 6.00% 8.00% 1Q07 3Q25 Total Corporation Commercial Consumer Financial Crisis Average Consumer 3.58% Commercial 1.28% Total 2.82% Pre-pandemic Average Consumer 0.82% Commercial 0.13% Total 0.50% Average since Pandemic Consumer 0.64% Commercial 0.18% Total 0.38% Through-the-Cycle Net Charge-Off Rates1 Consumer 1.00%-1.10% Credit card 3.75%-4.25% Commercial 0.25%-0.35% Commercial ex. small business & CRE 0.10%-0.15% Total 0.50%-0.55% 1Q08 4Q12 1Q20 2 2 For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 18
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Capital Management Supported business growth while returning significant capital 25% Invested in growth and capital requirements For additional information and footnotes, refer to Notes beginning on slide 24. November 5, 2025Bank of America Investor Day 19 75% Returned to shareholders1 $239B Net Income (2015-2024)
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For additional information and footnotes, refer to Notes beginning on slide 24. Capital Management Priorities We have significant flexibility $139B $0B $50B $100B $150B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 $0.20 $1.08 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Cumulative Common Share Repurchases3 Dividends per Share Support clients and invest in business Pay sustainable & increasing dividend Return excess to shareholders 18% CAGR 11.6% CET1 Ratio1 $203B CET1 Capital1 November 5, 2025Bank of America Investor Day 20 6.2% Tangible Common Equity Ratio2 $2.2T $3.4T 2015 2025 YTD Average Assets +58%
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For additional information and footnotes, refer to Notes beginning on slide 24. Delivering Improved Returns Medium-Term ROTCE Target1 13% 14% 15% 16%-18% 2024 YTD 2025 3Q25 Medium- Term Operating leverageBusiness growth Capital deployment • New client acquisition • Existing client deepening • Market share gains • Revenue growth • Expense management • Fixed-rate asset repricing drops to bottom line • Business investments • ~30% dividend payout ratio • CET1 ratio target = reg. min. req. + 50bps buffer (currently 10.5%) • Quarterly common share repurchases Key Growth Drivers November 5, 2025Bank of America Investor Day 21
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Medium-Term Targets Note: Growth rates represent YoY growth unless otherwise noted. For additional information and footnotes, refer to Notes beginning on slide 24. • Revenue growth: GDP+ • Operating leverage: 200bps-300bps+ • Efficiency ratio: 55%-59% • Manage risk well • EPS growth: 12%+ • ROTCE: 1 15% near-term 16%-18% medium-term Deposit growth 4%+ Loan growth 5%+ NII (FTE) 1 growth: 5%-7% CAGR =organic growth + FRAR Key assumptions:2 Moderate U.S. GDP and CPI growth | No recession | Current forward curve • Strong capital and liquidity positions • Dividend growing • Share count decreasing • CET1 ratio: 10.5% Target 10.0% minimum requirement + 0.5% management buffer November 5, 2025Bank of America Investor Day 22
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Takeaways Four world-class franchises, delivered through eight lines of business Differentiated capabilities; distinct competitive advantages Highly profitable Substantial growth opportunities in and across major segments Sizeable opportunity to drive higher returns for shareholders November 5, 2025Bank of America Investor Day 23For additional information and footnotes, refer to Notes beginning on slide 24.
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Notes Global Notes 1. Forward-Looking Statements: Investor Day presentations contain forward-looking statements, including certain targets that are a composite of expected results over time. These statements are not guarantees of future results or performance and involve known and unknown risks, uncertainties, and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual performance in any given period may vary from those expectations. For additional information, please refer to Bank of America’s “Cautionary Note on Forward-Looking Statements” in these Investor Day materials. 2. YTD 2025 is as of 3Q25. 3. Revenue, net of interest expense. 4. “E” stands for estimate. Slide 2 – The Bank of America Value Note: Total corporation 2024 net income also included All Other net loss of ($1.6B). 1. Retail deposits based on 2Q25 FFIEC Call Report data on deposit products intended primarily for individuals for personal, household, or family use and time deposits less than $100,000. 2. FDIC, 2Q25. 3. Euromoney, 2024. Slide 3 – Strong 3Q25 Results 1. Diluted earnings per share. 2. Revenue when calculated on an FTE basis is a non-GAAP financial measure and is calculated by adding the FTE adjustment to the reported Revenue. Revenue on an FTE basis for 3Q25 was $28.2B and is calculated as reported revenue of $28.1B plus the FTE adjustment of $0.2B. 3. ROTCE is a non-GAAP financial measure and is calculated as net income applicable to common shareholders divided by average tangible common shareholders' equity. Average tangible common shareholders' equity was $206.7B for 3Q25 and represents a non-GAAP financial measure. Net income applicable to common shareholders was $8.0B for 3Q25. Average tangible common shareholders' equity is calculated as average common shareholders' equity of $276.7B less goodwill of $69.0B and intangible assets (excluding mortgage servicing rights) of $1.9B, net of related deferred tax liabilities of $0.8B for 3Q25. Return on average common shareholders’ equity was 12% for 3Q25. Slide 4 – Historical Shareholder Model: 2015-2024 1. Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 2. ROTCE is a non-GAAP financial measure and is calculated as net income applicable to common shareholders divided by average tangible common shareholders' equity. Slide 5 – Scaled, Growing, Diversified Revenues 1. Total corporation 2024 revenue also included All Other revenue of ($8B). Business segment revenue is on an FTE basis. 2. Represents Consumer Banking and GWIM revenue as a percent of total segment revenue. 3. Represents Global Banking and Global Markets revenue as a percent of total segment revenue. Slide 6 – Historical Deposit and Loan Growth 1. Excludes loans and leases in All Other of $145B, $109B, $82B, $61B, $43B, $28B, $18B, $13B, $10B, $9B, and $8B in 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 YTD, respectively. Slide 7 – Historical Net Interest Income Performance 1. NII when calculated on an FTE basis is a non-GAAP financial measure and is calculated by adding the FTE adjustment to the reported NII. The FTE adjustments were $0.9B for 2015, 2016, and 2017, $0.6B for 2018 and 2019, $0.5B for 2020, $0.4B for 2021 and 2022, and $0.6B for 2023 and 2024. Slide 8 – 2025 Net Interest Income Momentum 1. NII when calculated on an FTE basis is a non-GAAP financial measure. NII on an FTE basis for 2024 was $56.7B and is calculated as reported NII of $56.1B plus the FTE adjustment of $0.6B. For 2025E, a reconciliation of NII on an FTE basis to the most directly comparable GAAP measure is not included as it cannot be prepared without unreasonable effort. For 2025E NII assumptions, see slide 10. November 5, 2025Bank of America Investor Day 24
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Notes Slide 9 – Future Net Interest Income Tailwind 1. Fixed-rate asset repricing expectations, weighted-average yield, and balances as of September 30, 2025. 2. Includes agency mortgage-backed securities and other taxable securities. 3. Excludes Global Markets and All Other. 4. Includes only cash flow hedge maturities in 2026-2027. Slide 10 – Future Net Interest Income Growth 1. NII when calculated on an FTE basis is a non-GAAP financial measure. NII on an FTE basis for 2024 was $56.7B and is calculated as reported NII of $56.1B plus the FTE adjustment of $0.6B. For 2025E through 2030E, a reconciliation of NII on an FTE basis to the most directly comparable GAAP measure is not included as it cannot be prepared without unreasonable effort. Slide 11 – Banking Book Asset Sensitivity 1. Interest rate sensitivity at each date reflects the potential pretax impact to forecasted net interest income over the next 12 months, resulting from an instantaneous parallel shock to the market-based forward curve. As part of our asset and liability management activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The sensitivity analysis assumes that we take no action in response to this rate shock and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. Prior to June 30, 2024, The sensitivity analysis assumes no change in deposit portfolio size or mix from our baseline forecast in alternate rate environments. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios. Beginning June 30, 2024, the sensitivity analysis incorporates potential movements in customer behavior that could result in changes in both total customer deposit balances and balance mix in various interest rate scenarios. In lower rate scenarios, the analysis assumes that a portion of higher-yielding deposits or market-based funding are replaced with low-cost or noninterest-bearing deposits. Slide 12 – Future Net Interest Yield Expansion 1. Net interest yield reported on FTE basis. Net interest yield measures the basis points we earn over the cost of funds and utilizes NII on an FTE basis. 2. Total Corporation NIY sensitivity as of 3Q25. Slide 13 – Historical Noninterest Income Growth 1. Represent pretax losses recognized in other income related to the Corporation’s equity investments in unconsolidated limited partnerships and similar entities that construct, own, and operate affordable housing, renewable energy, and certain other projects. As an investor, tax credits associated with the investments in these entities are allocated to the Corporation, as provided by the U.S. Internal Revenue Code and related regulations, and are recognized as income tax benefits in the Corporation’s Consolidated Statement of Income in the year they are earned, which varies based on the type of investments. 2. Adjusted noninterest income of $42.5B and $50.5B for 2019 and 2024 are non-GAAP financial measures and are calculated as reported noninterest income of $42.4B and $45.8B less NSFOD fees of $1.9B and $0.2B and partnership losses of ($2.0B) and ($4.9B) for the same periods, respectively. Slide 14 – 2025 YTD Noninterest Income Momentum +8% YoY 1. Sales and trading revenues are included in net interest income, I&BS, MMSA, and other income. Slide 16 – We Have Increased Investments to Drive Growth Note: All data presented as of 3Q25, unless otherwise noted. 1. Patents granted and pending. Slide 17 – Managed Credit Risk Well: balanced and high-quality loan portfolio 1. Includes residential mortgage and home equity. 2. Includes U.S. commercial and U.S. small business. 3. Nine-quarter loss rate from Federal Reserve Board’s Comprehensive Capital Analysis and Review severely adverse scenario. Slide 18 – Managed Credit Risk Well: net charge-offs 1. Through-the-cycle loss rate is range of expected credit performance over medium term with potential for period of moderate stress. 2. For comparative presentation, periods prior to 2010 include net charge-offs on loans and leases held for investment and realized credit losses related to securitized loan portfolios that were consolidated on January 1, 2010, upon adoption of FAS 166/167. November 5, 2025Bank of America Investor Day 25
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Notes Slide 19 – Capital Management 1. Dividends include common and preferred dividends. Net share repurchases. Slide 20 – Capital Management Priorities 1. Common Equity Tier 1 Capital (CET1) and CET1 ratio as of September 30, 2025. 2. Tangible common equity ratio as of September 30, 2025. Tangible common equity ratio is a non-GAAP financial measure and is calculated as period-end tangible common shareholders' equity divided by period-end tangible assets, which are also non-GAAP financial measures. Tangible common shareholders' equity of $208.1B is calculated as period-end common shareholders' equity of $278.2B less goodwill of $69.0B and intangible assets (excluding mortgage servicing rights) of $1.9B, net of deferred tax liabilities of $0.8B. Tangible assets of $3.33T is calculated as period-end assets of $3.40T less goodwill of $69.0B and intangible assets (excluding mortgage servicing rights) of $1.9B net of deferred tax liabilities of $0.8B. Common equity ratio was 8.2% as of September 30, 2025. 3. Represents gross common share repurchases. Slide 21 – Delivering Improved Returns 1. ROTCE is a non-GAAP financial measure and is calculated as net income applicable to common shareholders divided by average tangible common shareholders' equity. Average tangible common shareholders' equity was $197.4B, $204.8B, and $206.7B for 2024, YTD 2025, and 3Q25 and represents a non-GAAP financial measure. Net income applicable to common shareholders was $25.5B, $21.9B, and $8.0B for 2024, YTD 2025, and 3Q25, respectively. Average tangible common shareholders' equity is calculated as average common shareholders' equity of $267.5B, $274.9B, and $276.7B less goodwill of $69.0B, $69.0B, and $69.0B and intangible assets (excluding mortgage servicing rights) of $2.0B, $1.9B, and $1.9B, net of related deferred tax liabilities of $0.9B, $0.8B, and $0.8B for 2024, YTD 2025, and 3Q25, respectively. Return on average common shareholders’ equity was 10%, 11%, and 12% for 2024, YTD 2025, and 3Q25. Reconciliations of ROTCE for the medium-term are not included as they cannot be prepared without unreasonable effort. Slide 22 – Medium-Term Targets 1. ROTCE and NII on an FTE basis are non-GAAP financial measures. Reconciliations of ROTCE for the near-term, and ROTCE and NII for the medium-term are not included as they cannot be prepared without unreasonable effort. 2. Low-to-mid-single digit U.S. GDP growth. Low-single digit U.S. CPI growth. Forward curve as of September 30, 2025. November 5, 2025Bank of America Investor Day 26