Bank of America (BAC)
Combines U.S. consumer banking, Merrill wealth management, corporate banking and global markets.
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Bank of America is a giant money supermarket: household deposits fund loans and investments, while advisers, dealmakers and traders collect fees. Everyday banking is still the largest single engine, but wealth, corporate banking and markets together make the business broader than its branch network suggests. Digital tools are becoming the front door, while interest rates, credit losses and regulation still govern how hard the whole machine can run.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 16 more below
Global Banking
Lends to companies, moves their cash and helps them raise money or buy businesses. It averaged $385.4B of loans in FY2025; watch business confidence, deal completions and borrower defaults.
Competes with Commercial & Investment Bank (JPMorgan Chase) · Banking and Services (Citi)
In plain English
Picture the bank counter built for companies rather than families. A business can keep its spare cash there, borrow for a factory or acquisition, send payments, or hire Bank of America to arrange a bond sale or takeover.
The bank earns the gap between what borrowers pay and what funding costs, plus charges for moving money and completing deals. It serves companies ranging from smaller commercial clients to nearly all of the largest US corporations, so loan demand, completed transactions and defaults decide how much this engine produces.
Global Markets
Buys, sells, finances and finishes investment trades for large clients. Sales and trading brought in $20.9B in FY2025; watch client activity, market swings and how much of the bank's own resources each trade ties up.
Competes with Institutional Securities (Morgan Stanley) · Markets (Citi)
In plain English
This is the wholesale trading counter. Companies and large investors come to buy or sell shares, bonds, currencies and contracts whose value follows another asset; Bank of America stands ready to take the other side or find one.
Money comes from the small spread between buying and selling, fees for holding and completing positions, and financing clients' investments. A livelier market can bring more orders, but the bank must commit its own money and protect against failed trades, so busy does not automatically mean easy profit.
CashPro
A single control panel for companies to approve payments, manage cash and connect their own systems to the bank. It helps keep deposits and fee-paying activity close; reliability and financial-crime controls are the watchpoints.
Competes with CitiDirect (Citi) · Treasury (Kyriba)
In plain English
For the person who manages a company's money, CashPro is the bank branch squeezed into one screen. It shows where company money sits, lets staff approve payments and borrowing, and connects the bank to the company's own bookkeeping systems.
More than thirty-five thousand companies use it. They do not mainly pay for software access; their balances, payments and borrowing create the interest and service income counted in Global Banking. Daily reliance makes the platform hard to replace, but any outage or security failure lands at the heart of a client's operations.
Consumer Banking
The largest single business takes deposits, moves everyday payments and lends to people and small businesses. Average deposits were $948.1B in FY2025; watch what the bank pays for money, employment and unpaid loans.
Competes with Consumer & Community Banking (JPMorgan Chase) · Consumer Banking and Lending (Wells Fargo)
In plain English
The unglamorous part that keeps the rest of the bank supplied. People and small businesses leave paychecks and savings with Bank of America, swipe its cards and borrow for homes, cars or other needs.
Those deposits are both a service and raw material. The bank pays depositors, then earns more by lending or investing the money; card and account charges add another stream. Roughly sixty-nine million clients spread the risk widely, but the engine still depends on customers keeping money there and continuing to repay what they borrow.
Erica
The mobile helper answers account questions, finds transactions and guides routine tasks across banking and Merrill. Its value is cheaper service and stronger customer habits, not a subscription; accuracy, privacy and availability matter most.
Competes with Eno (Capital One) · Fargo (Wells Fargo)
In plain English
Instead of searching menus or calling a service desk, a customer can ask Erica to find a charge, check a card or show spending. It also reaches into Merrill accounts, giving the bank one familiar helper across everyday money and investments.
Erica uses language-reading and pattern-finding software rather than a chatbot that invents fresh prose. Customers pay nothing extra. Bank of America benefits when people solve problems inside the app, buy another product there or simply find the relationship convenient enough to stay.
BofA Rewards
Launched in May 2026, the free program links card perks and merchant offers to a customer's combined banking and Merrill relationship. Fast early enrollment is promising; reward cost and lasting changes in balances or spending are still unknown.
Competes with Chase Ultimate Rewards (JPMorgan Chase) · Credit card rewards (Capital One)
In plain English
A bigger relationship earns a fuller perk box. BofA Rewards looks across eligible Bank of America and Merrill balances, then adds card bonuses, shopping offers and other benefits without charging a membership fee.
The aim is not to sell the program itself. It is to persuade customers to keep more savings and investments with the company and reach for the bank's cards more often. Merchants help supply offers and gain purchases in return; the bank wins only if the extra balances, spending and loyalty outweigh what the rewards cost.
Atmos Rewards Credit Cards
Airline cards built with Alaska and Hawaiian are Bank of America's largest named card partnership. The partners want one bank running cards for both airlines; watch the customer transfer, travel spending, reward costs and unpaid balances.
Competes with Delta SkyMiles cards (American Express) · United cards (JPMorgan Chase)
In plain English
Here the credit card doubles as an airline loyalty key. Travelers use an Atmos card for ordinary purchases and collect benefits tied to Alaska and Hawaiian, while the airlines contribute the travel perks that make the card worth choosing.
Bank of America earns interest, purchase fees and card fees, then pays for funding, missed repayments and the airlines' share. The relationship was extended for multiple years, but its financial terms are private. Bringing both airlines under one issuer could deepen the program, though moving customers cleanly is part of the work.
Global Wealth & Investment Management
Merrill and the Private Bank manage, trade and safeguard money for affluent clients and institutions. Client assets under management ended FY2025 at $2.178T; markets, new client money and adviser retention set the pace.
Competes with Wealth Management (Morgan Stanley) · Asset & Wealth Management (JPMorgan Chase)
In plain English
Wealth management is a paid guide for people and institutions with more money than they want to manage alone. Merrill advisers help choose and trade investments; the Private Bank adds lending, trusts and tailored care for complex fortunes.
Fees generally rise as the investments being looked after gain value, while the bank can earn more from client loans than it pays on client deposits. That produces repeat income when relationships last. Rising markets and fresh client money help; falling markets, withdrawals or departing advisers hurt.
Global BankingLends to companies, moves their cash and helps them raise money or buy businesses. It averaged $385.4B of loans in FY2025; watch business confidence, deal completions and borrower defaults.Lends to companies, moves their cash and helps them raise money or buy businesses. It averaged $385.4B of loans in FY2025; watch business confidence, deal completions and borrower defaults.
In plain English
Picture the bank counter built for companies rather than families. A business can keep its spare cash there, borrow for a factory or acquisition, send payments, or hire Bank of America to arrange a bond sale or takeover.
The bank earns the gap between what borrowers pay and what funding costs, plus charges for moving money and completing deals. It serves companies ranging from smaller commercial clients to nearly all of the largest US corporations, so loan demand, completed transactions and defaults decide how much this engine produces.
Competes with Commercial & Investment Bank (JPMorgan Chase) · Banking and Services (Citi)
Global MarketsBuys, sells, finances and finishes investment trades for large clients. Sales and trading brought in $20.9B in FY2025; watch client activity, market swings and how much of the bank's own resources each trade ties up.Buys, sells, finances and finishes investment trades for large clients. Sales and trading brought in $20.9B in FY2025; watch client activity, market swings and how much of the bank's own resources each trade ties up.
In plain English
This is the wholesale trading counter. Companies and large investors come to buy or sell shares, bonds, currencies and contracts whose value follows another asset; Bank of America stands ready to take the other side or find one.
Money comes from the small spread between buying and selling, fees for holding and completing positions, and financing clients' investments. A livelier market can bring more orders, but the bank must commit its own money and protect against failed trades, so busy does not automatically mean easy profit.
Competes with Institutional Securities (Morgan Stanley) · Markets (Citi)
CashProA single control panel for companies to approve payments, manage cash and connect their own systems to the bank. It helps keep deposits and fee-paying activity close; reliability and financial-crime controls are the watchpoints.A single control panel for companies to approve payments, manage cash and connect their own systems to the bank. It helps keep deposits and fee-paying activity close; reliability and financial-crime controls are the watchpoints.
In plain English
For the person who manages a company's money, CashPro is the bank branch squeezed into one screen. It shows where company money sits, lets staff approve payments and borrowing, and connects the bank to the company's own bookkeeping systems.
More than thirty-five thousand companies use it. They do not mainly pay for software access; their balances, payments and borrowing create the interest and service income counted in Global Banking. Daily reliance makes the platform hard to replace, but any outage or security failure lands at the heart of a client's operations.
Competes with CitiDirect (Citi) · Treasury (Kyriba)
Consumer BankingThe largest single business takes deposits, moves everyday payments and lends to people and small businesses. Average deposits were $948.1B in FY2025; watch what the bank pays for money, employment and unpaid loans.The largest single business takes deposits, moves everyday payments and lends to people and small businesses. Average deposits were $948.1B in FY2025; watch what the bank pays for money, employment and unpaid loans.
In plain English
The unglamorous part that keeps the rest of the bank supplied. People and small businesses leave paychecks and savings with Bank of America, swipe its cards and borrow for homes, cars or other needs.
Those deposits are both a service and raw material. The bank pays depositors, then earns more by lending or investing the money; card and account charges add another stream. Roughly sixty-nine million clients spread the risk widely, but the engine still depends on customers keeping money there and continuing to repay what they borrow.
Competes with Consumer & Community Banking (JPMorgan Chase) · Consumer Banking and Lending (Wells Fargo)
EricaThe mobile helper answers account questions, finds transactions and guides routine tasks across banking and Merrill. Its value is cheaper service and stronger customer habits, not a subscription; accuracy, privacy and availability matter most.The mobile helper answers account questions, finds transactions and guides routine tasks across banking and Merrill. Its value is cheaper service and stronger customer habits, not a subscription; accuracy, privacy and availability matter most.
In plain English
Instead of searching menus or calling a service desk, a customer can ask Erica to find a charge, check a card or show spending. It also reaches into Merrill accounts, giving the bank one familiar helper across everyday money and investments.
Erica uses language-reading and pattern-finding software rather than a chatbot that invents fresh prose. Customers pay nothing extra. Bank of America benefits when people solve problems inside the app, buy another product there or simply find the relationship convenient enough to stay.
Competes with Eno (Capital One) · Fargo (Wells Fargo)
BofA RewardsLaunched in May 2026, the free program links card perks and merchant offers to a customer's combined banking and Merrill relationship. Fast early enrollment is promising; reward cost and lasting changes in balances or spending are still unknown.Launched in May 2026, the free program links card perks and merchant offers to a customer's combined banking and Merrill relationship. Fast early enrollment is promising; reward cost and lasting changes in balances or spending are still unknown.
In plain English
A bigger relationship earns a fuller perk box. BofA Rewards looks across eligible Bank of America and Merrill balances, then adds card bonuses, shopping offers and other benefits without charging a membership fee.
The aim is not to sell the program itself. It is to persuade customers to keep more savings and investments with the company and reach for the bank's cards more often. Merchants help supply offers and gain purchases in return; the bank wins only if the extra balances, spending and loyalty outweigh what the rewards cost.
Competes with Chase Ultimate Rewards (JPMorgan Chase) · Credit card rewards (Capital One)
Atmos Rewards Credit CardsAirline cards built with Alaska and Hawaiian are Bank of America's largest named card partnership. The partners want one bank running cards for both airlines; watch the customer transfer, travel spending, reward costs and unpaid balances.Airline cards built with Alaska and Hawaiian are Bank of America's largest named card partnership. The partners want one bank running cards for both airlines; watch the customer transfer, travel spending, reward costs and unpaid balances.
In plain English
Here the credit card doubles as an airline loyalty key. Travelers use an Atmos card for ordinary purchases and collect benefits tied to Alaska and Hawaiian, while the airlines contribute the travel perks that make the card worth choosing.
Bank of America earns interest, purchase fees and card fees, then pays for funding, missed repayments and the airlines' share. The relationship was extended for multiple years, but its financial terms are private. Bringing both airlines under one issuer could deepen the program, though moving customers cleanly is part of the work.
Competes with Delta SkyMiles cards (American Express) · United cards (JPMorgan Chase)
Global Wealth & Investment ManagementMerrill and the Private Bank manage, trade and safeguard money for affluent clients and institutions. Client assets under management ended FY2025 at $2.178T; markets, new client money and adviser retention set the pace.Merrill and the Private Bank manage, trade and safeguard money for affluent clients and institutions. Client assets under management ended FY2025 at $2.178T; markets, new client money and adviser retention set the pace.
In plain English
Wealth management is a paid guide for people and institutions with more money than they want to manage alone. Merrill advisers help choose and trade investments; the Private Bank adds lending, trusts and tailored care for complex fortunes.
Fees generally rise as the investments being looked after gain value, while the bank can earn more from client loans than it pays on client deposits. That produces repeat income when relationships last. Rising markets and fresh client money help; falling markets, withdrawals or departing advisers hurt.
Competes with Wealth Management (Morgan Stanley) · Asset & Wealth Management (JPMorgan Chase)
Named in filings, launches and programs
- RetailServiceEveryday accounts, payments and borrowing for consumers inside Consumer Banking.
- PreferredServiceHigher-balance consumer relationships inside Consumer Banking, with service aimed at customers holding more with the bank.
- Merrill Wealth ManagementServiceAdviser-led investing and brokerage within the wealth business.
- Bank of America Private BankServicePrivate banking, trusts and tailored wealth services for clients with complex finances.
- Business BankingServiceCredit, cash management and advice for smaller commercial clients.
- Global Commercial BankingServiceBanking and cash-management services for middle-market and larger companies.
- Global Corporate & Investment BankingServiceCorporate banking, takeover advice and help issuing shares or bonds.
- Bank of America, N.A.BrandThe main insured bank that holds deposits and provides loans.
- BofA Securities, Inc.BrandThe securities arm used for trading, fundraising and related services.
- Critical Infrastructure Finance InitiativeCustomer programA temporary drive to finance, invest in and advise digital, energy and core infrastructure projects; it is an activity goal, not booked work.
- Jio Credit Limited joint ventureEcosystem · AnnouncedA proposed Indian lending partnership with Jio Financial, still subject to approvals.
- MDSec Consulting LimitedBrand · AnnouncedA small cybersecurity consultancy acquisition expected to close late in 2026, if approved.
- Cross-Border Real-Time PaymentsService · AnnouncedA planned CashPro service for sending many smaller overseas payments into local instant-payment systems.
- Proposed Dollar Stablecoin ConsortiumEcosystem · AnnouncedA reported group project for digital dollars designed to hold a fixed value; it is not yet a live product.
- Life PlanPlatformA mobile tool that helps clients set and follow personal money goals.
- ZelleEcosystemThe person-to-person payment network used inside Bank of America's consumer service.
RetailService
Everyday accounts, payments and borrowing for consumers inside Consumer Banking.
PreferredService
Higher-balance consumer relationships inside Consumer Banking, with service aimed at customers holding more with the bank.
Merrill Wealth ManagementService
Adviser-led investing and brokerage within the wealth business.
Bank of America Private BankService
Private banking, trusts and tailored wealth services for clients with complex finances.
Business BankingService
Credit, cash management and advice for smaller commercial clients.
Global Commercial BankingService
Banking and cash-management services for middle-market and larger companies.
Global Corporate & Investment BankingService
Corporate banking, takeover advice and help issuing shares or bonds.
Bank of America, N.A.Brand
The main insured bank that holds deposits and provides loans.
BofA Securities, Inc.Brand
The securities arm used for trading, fundraising and related services.
Critical Infrastructure Finance InitiativeCustomer program
A temporary drive to finance, invest in and advise digital, energy and core infrastructure projects; it is an activity goal, not booked work.
Jio Credit Limited joint ventureEcosystem · Announced
A proposed Indian lending partnership with Jio Financial, still subject to approvals.
MDSec Consulting LimitedBrand · Announced
A small cybersecurity consultancy acquisition expected to close late in 2026, if approved.
Cross-Border Real-Time PaymentsService · Announced
A planned CashPro service for sending many smaller overseas payments into local instant-payment systems.
Proposed Dollar Stablecoin ConsortiumEcosystem · Announced
A reported group project for digital dollars designed to hold a fixed value; it is not yet a live product.
Life PlanPlatform
A mobile tool that helps clients set and follow personal money goals.
ZelleEcosystem
The person-to-person payment network used inside Bank of America's consumer service.