Introduction
Bank of America (BofA) stands today as one of the world’s largest financial institutions, serving clients in over 35 countries and operating across eight distinct lines of business. In 2024, the company once again delivered on its “Responsible Growth” framework—balancing sustainable returns for shareholders with investments in digital innovation, environmental stewardship, and community impact.
Company Profile
| Attribute | Details |
|---|---|
| Name | Bank of America Corporation |
| Ticker Symbol | BAC (NYSE) |
| Headquarters | Charlotte, North Carolina, United States |
| Founded | 1904 (earliest predecessor 1784) |
| CEO | Brian Moynihan |
| Chairman | Brian Moynihan |
| Lead Independent Director | Lionel L. Nowell III |
| Employees | 213,000 (2024) |
| Revenue (2024) | $101.9 billion |
| Net Income (2024) | $27.1 billion |
| Total Assets (2024) | $3.26 trillion |
| Market Capitalization | ~$275 billion (Dec 31, 2024) |
| Website | www.bankofamerica.com |
Board of Directors
| Director Name | Role & Background |
|---|---|
| Brian T. Moynihan | Chair of the Board & CEO, Bank of America Corporation |
| Lionel L. Nowell III | Lead Independent Director; former SVP & Treasurer, PepsiCo, Inc. |
| Sharon L. Allen | Independent Director; former Chairman, Deloitte LLP |
| José (Joe) E. Almeida | Independent Director; Chairman & CEO, Baxter International Inc. |
| Pierre J.P. de Weck | Independent Director; former Global Head of Private Wealth Management, Deutsche Bank AG |
| Arnold W. Donald | Independent Director; former CEO, Carnival Corporation |
| Linda P. Hudson | Independent Director; former CEO, BAE Systems, Inc. |
| Monica C. Lozano | Independent Director; former CEO, College Futures Foundation |
| Maria N. Martinez | Independent Director; former COO, Cisco Systems, Inc. |
| Denise L. Ramos | Independent Director; former CEO, ITT Inc. |
| Clayton S. Rose | Independent Director; Professor, Harvard Business School |
| Michael D. White | Independent Director; former CEO, DIRECTV |
| Thomas D. Woods | Independent Director; former Vice Chairman, Canadian Imperial Bank of Commerce |
| Maria T. Zuber | Independent Director; Presidential Science Advisor; Professor of Geophysics, MIT |
Subsidiaries
| Subsidiary Name | Description |
|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | Wealth management and investment advisory services |
| Bank of America, N.A. | U.S. consumer and commercial banking |
| BofA Securities, Inc. | Investment banking and trading operations |
| Bank of America Private Bank | High-net-worth trust, estate, and financial planning services |
| FIA Card Services, N.A. | Credit card issuance and servicing |
| BofA Merrill Lynch International Ltd. | Investment banking services in EMEA |
| BofA Global Research | Research and market analysis across asset classes |
| Bank of America Europe DAC | European banking subsidiary registered in Ireland |
Financial Statements
Consolidated Balance Sheet (December 31, 2024 vs. December 31, 2023) (in millions USD)
| Category | 2024 | 2023 |
|---|---|---|
| Total Assets | $3,261,519 | $3,180,151 |
| Cash & Equivalents | $290,114 | $333,073 |
| Debt Securities (Fair Value) | $358,607 | $276,852 |
| Loans & Leases, Net | $1,082,595 | $1,040,390 |
| Goodwill | $69,021 | $69,021 |
| Total Liabilities | $3,036,360 | $2,958,909 |
| Deposits | $1,836,575 | $1,804,523 |
| Short-Term Borrowings | $48,116 | $35,543 |
| Long-Term Debt | $225,667 | $249,541 |
| Total Shareholders’ Equity | $225,159 | $221,242 |
Consolidated Income Statement (2024 vs. 2023) (in millions USD)
| Item | 2024 | 2023 |
|---|---|---|
| Net Interest Income | $56,060 | $56,931 |
| Noninterest Income | $45,827 | $41,650 |
| Total Revenue (Net of Interest) | $101,887 | $98,581 |
| Provision for Credit Losses | $5,821 | $4,394 |
| Noninterest Expense | $66,812 | $65,845 |
| Income Before Taxes | $29,254 | $28,342 |
| Income Tax Expense | $2,122 | $1,827 |
| Net Income | $27,132 | $26,515 |
Consolidated Cash Flow Statement (2024 vs. 2023) (in millions USD)
| Activity | 2024 | 2023 |
|---|---|---|
| Net Cash from Operating Activities | $(42,959) | $102,870 |
| Net Cash from Investing Activities | $(90,693) | $(35,387) |
| Net Cash from Financing Activities | $60,369 | $93,345 |
| Net Change in Cash & Equivalents | $(42,959) | $102,870 |
Company Overview
Mission & Purpose
Bank of America’s mission is to help make financial lives better through the power of every connection. It aims to deliver this through responsible growth, digital innovation, inclusive finance, and community engagement.
Global Footprint
BofA operates in more than 35 countries and across all 50 U.S. states. It is one of the world’s largest financial institutions with leadership positions in consumer banking, corporate and investment banking, wealth management, and global markets.
Business Segments
- Consumer Banking
- Global Wealth and Investment Management
- Global Banking
- Global Markets
Strategic Priorities for 2025
- Invest $12 billion in technology to enhance customer experience and operational resilience
- Continue progress toward $1.5 trillion sustainable finance commitment by 2030
- Focus on workforce development, aiming for a minimum wage of $25/hour by 2025
- Maintain strong capital return through dividends and buybacks
- Expand advisory and global research services to strengthen market leadership
Community Impact
- $7.4 billion in loans to low-to-moderate-income small business clients
- Over 680,000 teammate support cases through the Life Event Services program
- More than $340 million in Neighborhood Builders® grants
- Active disaster relief and recovery programs in hurricane and wildfire-affected regions
Technology & Digital Banking
- 58 million verified digital users
- 14.3 billion digital logins and 55% of sales now digital
- Zelle: 1.6 billion transactions totaling $470 billion
- CashPro app: $1 trillion+ in payments processed
- Launch of AI-powered platforms for bond trading and wealth management
Bank of America’s diversified structure, commitment to responsible growth, digital innovation, and impactful community engagement all combine to solidify its place among the world’s most trusted and comprehensive financial institutions.
Sustainability and Environmental Initiatives
Bank of America remains committed to supporting the global transition to a low-carbon economy. In 2024, the company continued its progress toward a $1.5 trillion sustainable finance goal set for 2030. So far, BofA has deployed over $741 billion in sustainable finance, including $404 billion specifically focused on environmental transition investments.
Key Environmental Initiatives
- Financed over $200 million in carbon capture projects in the U.S.
- Issued and underwrote green bonds and ESG-linked loans globally
- Engaged clients through transition advisory services focused on renewables and low-emissions technologies
Partnerships and Impact
- Collaborated with The Nature Conservancy and Ecuador’s government to refinance over $1 billion in sovereign debt, unlocking $400 million for Amazon conservation
- Supported renewable energy developments across North America, Europe, and Asia
Metrics and Progress
- Achieved 100% renewable electricity use for global operations
- Reduced Scope 1 and 2 emissions by 68% since 2010
- Environmental Business Initiative surpassed $450 billion in low-carbon activity support since inception
Employee Experience and Workforce Development
Bank of America’s people are a key part of its success. The company continues to invest in talent development, wellness, diversity, and inclusion.
Highlights
- Raised minimum U.S. wage to $24/hour, with a target of $25/hour by 2025
- Awarded $5.8 billion in equity to teammates through the Sharing Success program since 2017
- 97% of employees participated in professional development or learning programs
- 87,000+ training enrollments through The Academy
- Expanded parental leave, mental health programs, and physical wellness support
- Sabbatical program supported over 21,000 employees since inception
Inclusion, Diversity, and Equity
Bank of America embeds inclusive practices in hiring, promotion, community investment, and procurement.
- Over 50% of global workforce are women
- Nearly 50% of U.S. workforce are people of color
- 11 employee networks support 180,000+ teammates
- Invested $1.25 billion in racial equality and economic opportunity initiatives
- Partnered with minority- and women-owned businesses for procurement
- 60% of global managers are diverse in gender or ethnicity
Risk Management and Governance
The company employs a comprehensive risk framework to identify, measure, and manage risk. This includes:
- Independent risk and audit functions reporting to the Board
- Daily stress testing, liquidity analysis, and credit exposure reviews
- Environmental and social risk assessments in lending and investment decisions
- Cybersecurity protocols updated continuously with AI-powered threat monitoring
- Board oversight of key risks including operational, reputational, regulatory, and climate-related financial risks
Awards and Recognition in 2024
Bank of America received numerous accolades:
- Fortune’s World’s Most Admired Companies
- Ranked in the Top 3 for Global Investment Banking Fees
- Euromoney’s Best Digital Bank in North America
- Bloomberg Gender-Equality Index honoree
- J.D. Power certified for customer satisfaction in retail banking
- Best Private Bank in the U.S. (Global Finance)
- #1 in U.S. Consumer Deposits and Online Banking Satisfaction (JD Power)
Global Presence and Country Highlights
Germany
- Over 70 years of presence
- Local operations in Frankfurt
- Focus on corporate banking, FX, and ESG finance
- 160+ employees and high local volunteering participation
India
- Centers of excellence for tech and operations
- 25,000+ employees in Hyderabad, Mumbai, and Gurgaon
- Major contributor to global digital transformation efforts
Latin America
- Major offices in Mexico, Brazil, and Chile
- Priority on trade finance, corporate banking, and sustainability-linked lending
- Expanded infrastructure financing for key public-private partnerships
Middle East
- 50+ year presence in the UAE
- Supporting infrastructure finance and sovereign advisory
- Strategic expansion in Gulf Cooperation Council (GCC) region
Other Regions
- Japan: Partnering on transition finance and digital banking
- UK: Large-scale investment banking and wealth advisory operations
- Africa: Select engagements in sovereign advisory and ESG finance
Bank of America’s scale, stability, and focus on responsible growth allow it to navigate complex global challenges while driving innovation and inclusive prosperity. With ambitious goals in sustainability, technology, and social impact, the bank is prepared to lead in the evolving global financial ecosystem.
It continues to invest in the people, platforms, and partnerships that will shape the financial future, and its 2024 performance reflects an institution that is not only prepared for what’s next—but committed to making it better for all stakeholders.
