On this page of StockholderLetter.com we present the latest annual shareholder letter from BANK OF AMERICA CORP /DE/ — ticker symbol BAC. Reading current and past BAC letters to shareholders can bring important insights into the investment thesis.

 •  3/10/2025 Letter Continued (Full PDF)
 •  3/7/2023 BAC Stockholder Letter
 •  3/11/2024 BAC Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  BAC Benford's Law Stock Score = 100

BAC Shareholder/Stockholder Letter Transcript:

A N N UA L R E P ORT 2024

annual report 2024
Table of Contents
14
Serving
Our Clients
02
Company
Performance
2
A letter from Chair and   
CEO Brian Moynihan
11 A letter from Lead
Independent Director
12 Board of Directors and
Executive Management
Team
14 Our eight lines of
business
16 Retail Banking
18 Preferred Banking
20 Merrill
22 Private Bank
24 Business Banking
32
Delivering
Growth
26 Global Commercial
Banking
32 Local Markets
Organization
28 Global Corporate &
Investment Banking
34 International presence
30 Global Markets
37 Sustainable finance
36 Digital capabilities

54
38
Supporting Local
Communities
38 Aiding communities
impacted by crisis
40 Student Leaders and   
Neighborhood Builders
41 Workforce development
42
Human Capital
Management
Update
Additional Company
Information
54 Financial Highlights
55 Accolades
56 Stakeholder Capitalism
Metrics
67 2024 Financial Review
BANK OF AMERICA 2024      |      1

COMPANY
PERFORMANCE
A letter from
Chair and CEO
Brian Moynihan
2      |      BANK OF AMERICA 2024

To our shareholders,
Within the pages of this year   s Annual Report, you   ll find detail of
how Bank of America has continued to deliver for our clients, our
teammates, our communities, and for you, our shareholders.
2024 BAC stock performance vs. S&P 500
30.5%
23.3%
Thanks to the work of our 213,000 teammates around the world
driving Responsible Growth, 2024 was another good year for
your company. We continued to make investments that will help
position Bank of America for success in 2025 and for long-term
growth for years to come.
Delivering consistent, long-term results
for shareholders
For the full year, we earned $27.1 billion in net income, or $3.21
per diluted share, as our diversified business model continued to
deliver earnings across a variety of uncertainties in 2024.
We surpassed more than $100 billion in revenue in 2024. Our
revenue mix was well-balanced with 55% from net interest
income and 45% from fees. Our income mix also was wellbalanced across our four business segments: Consumer Banking,
Global Wealth & Investment Management, Global Banking, and
Global Markets.
$27.1B
net income in 2024
$3.21
per diluted share
in 2024
$100B+
in revenue in 2024
Net interest income reached a low in the second quarter before
beginning a trend of growth in the third quarter. Increasing this
important source of revenue was key to ending the year with
momentum. In fact, we generated higher revenues across every
fee category with continued organic growth across our eight lines
of business as teammates worked companywide to grow and win
in the market.
By year-end, Bank of America   s share price increased 30.5% yearover-year, outperforming the S&P 500, which rose 23.3%.
In addition to the capital reinvested into our long-term growth,
we returned capital to shareholders, including increasing our
quarterly common stock dividend by 8% to $0.26 per share in
the third quarter.
These results     and others you   ll see throughout the report     are
driven by our continued focus on Operational Excellence (OpEx).
S&P 500
BAC
At Bank of America, it is every employee   s responsibility to find
ways to simplify how we operate, apply technology to simplify
or eliminate work, and enable us to invest in our company while
carefully managing expenses. Over the past 10 years, we have
implemented more than 17,000 employee-sourced ideas to help
us do this.
In addition to making it easier to serve our clients, these ideas
have resulted in $6 billion in expense savings and 14.4 million
hours of capacity saved through 2024. We operated the company
in 2024 with a total of $66.8 billion in expense. In the past decade,
our revenue has increased by more than 18%, and our expenses
are more than 11% lower nominally, without adjustment for
inflation. We have a higher-producing company with fewer people
and lower costs. During 2024, we reduced headcount from a peak
of 218,000 in 2023 to the 213,000 we are at today. This work is
terrific, but is never finished.
Bank of America     Creating opportunity for those
we serve
As we begin 2025, we are operating against a global backdrop
that has its share of challenges. Armed conflicts in Europe and
the Middle East, uncertainty and concerns about trade and tariffs,
and election outcomes across the world promise to bring policy
changes to the markets and economies everywhere.
There is optimism for growth in the United States and in many
other economies, reflecting an evolving policy and regulatory
environment. Our U.S. business clients tell us they anticipate
regulatory burdens to be eased. They also see unprecedented
proposals being considered and they await greater certainty
about the end-game. As we start to see more clarity with the
implementation of the new policies and as legislative action
solidifies, we would expect these concerns would ease. That being
said, our BofA Global Research team expects growth in gross
domestic product across the world and in the U.S. in 2025.
Despite these uncertainties     and lingering impacts of elevated
inflation and a corresponding elevated rate structure due to the
global pandemic and response just a few years ago     the American
economy has experienced a growth cycle of extended duration
(aside from the very short recession caused by the pandemic).
The U.S. remains the preferred economy and market in the world
for businesses to grow and invest. Businesses based in the U.S.,
and businesses based overseas that choose to invest in the U.S.,
continue to find the capital, the innovation, the capacity, and
talent to be successful.
BANK OF AMERICA 2024      |      3



 3/10/2025 Letter Continued (Full PDF)