Bank of America (BAC) CEO Brian Moynihan pledged that the nation's second-largest bank will deliver higher profits in the years ahead during its first investor day in nearly 15 years. “There’s no cap to our ambition,” Moynihan said during a Q&A with analysts in Boston. Bank of America laid out those ambitions in a presentation on Wednesday morning and forecast its earnings per share would grow 12% annually over the next three to five years. The 66-year-old Moynihan, who has been BofA CEO since 2010, has ...

Core Insights - Bank of America is investing $13 billion in technology this year, with $4 billion allocated to core innovation projects, emphasizing technology as a strategic enabler for competitive advantage [4][10] - The bank's CEO highlighted that AI is embedded in daily operations, enhancing efficiency across various functions, including underwriting and compliance [5][8] - The bank's technology strategy is driven by client demand for seamless and integrated services, aiming to deepen customer relationships and reduce service costs [7][12] Technology Investment - Over the past decade, Bank of America has invested more than $100 billion in technology, focusing on creating new capabilities and improving customer experiences [4] - The bank's technology agenda includes building for scale and intelligence, allowing AI and automation to expand across all organizational areas [2][10] AI Implementation - AI is not experimental at Bank of America; it is actively used to personalize client experiences and streamline operations, contributing to efficiency gains [5][8] - The bank's AI initiatives are already benefiting back-office functions, allowing for productivity improvements without increasing headcount [9][10] Customer Engagement - Bank of America operates 3,600 financial centers, averaging $500 million in deposits, while digital platforms like the virtual assistant Erica enhance customer service availability [6] - The bank aims to provide holistic and integrated services to clients, whether individuals or corporations, fostering deeper relationships and low attrition rates [8][12] Business Performance - Consumer spending in Bank of America accounts rose 6% year-over-year in October, indicating strong deposit growth among retail and business clients [12] - The bank's position as a core part of customers' daily lives allows it to gain insights and serve them more effectively over time [12]

Transportation Secretary Duffy to Cut Flight Capacity 10% As Government Shutdown Becomes Longest Ever Last Updated: 6 hours ago Bank of America CEO Moynihan Will Give Mayor- Elect Mamdani 'Our Best Advice' CONCLUDED Customer Service By Rebecca Ungarino Brian Moynihan, the CEO of Bank of America, appeared at an investor day in Boston on Wednesday. (Anna Moneymaker/Getty Images) Bank of America CEO Brian Moynihan said he has not yet met with New York City Mayor-elect Zohran Mamdani but his firm will aim to "g ...

Bank of America held its first investor day in more than a decade to sell Wall Street on a story of higher profit and faster growth.The stock fell nearly 2%. https://t.co/iSBrbBRGyp ...

Market Overview - There is ongoing discussion about a potential market bubble and whether the peak of the bull market has been reached, with strategists suggesting a pullback is imminent [1][2] - A pullback is considered normal and could be constructive, allowing markets to reset after significant gains [3][4] Earnings and Fundamentals - Despite market fluctuations, underlying fundamentals remain strong, with two-thirds of S&P companies reporting double-digit earnings growth [2][5] - The concentration of gains among a few stocks raises concerns, as six stocks have driven half of the S&P's record highs [4][5] Debt and Funding - Companies are increasingly funding their growth through debt markets rather than cash flow, which is a point of concern [6][8] - There is a need to monitor the intertwining of companies and their funders to avoid creating a "too big to fail" scenario [9] Investment Strategy - Investors are advised to consider portfolio hygiene and global diversification, as U.S. markets have underperformed compared to global markets [11][12] - A pullback may present opportunities for clients to deploy cash or rebalance portfolios, especially for those with significant year-to-date gains [12][13] Economic Disparities - The stock market and economy are exhibiting a K-shaped recovery, with higher-income consumers driving resilience, while lower-income consumers face challenges [13][15] - The disparity in consumer spending patterns is notable, with higher-income consumers more tied to asset values, while lower-income consumers remain value-conscious [17] Federal Reserve Outlook - The Federal Reserve's medium-term outlook includes a target for interest rates around 3%, with expectations for rate cuts being moderated [18][20] - The credibility of the Fed is under scrutiny, as inflation expectations have shifted, indicating a potential long-term impact on its policies [26][27]

Skip to Main Content Skip to Search This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Merrill Lynch's Growth Plans Draw Heavily From Bank of America Foundation The wealth manager looks to grab more market share and improve its margins through a combination of building its ...

Core Insights - Bank of America has significantly increased its annual spending on strategic technology initiatives, reaching $4 billion in 2025, a 44% increase over the past decade [1] - The company has made a total of $118 billion in technology investments over the last ten years, with a focus on leveraging technology across all business lines [2][3] - The banking sector is rapidly adopting generative AI, with projections indicating it could create up to $340 billion in annual value for the industry [6] Investment Strategy - Hari Gopalkrishnan, the newly appointed chief technology and information officer, is leading the strategic technology investments at Bank of America [1] - The company’s total technology spending has reached $13 billion annually, with $4 billion specifically allocated for strategic growth initiatives [3] AI Implementation - The AI virtual assistant, Erica, has achieved over three billion client interactions since its launch in 2018, averaging more than 58 million interactions per month [4] - An internal version of Erica for employees has been adopted by over 90% of Bank of America's 213,000 global workforce, resulting in a 50% reduction in IT service desk calls [5] Industry Trends - The banking sector is embracing generative AI technologies more rapidly than other sectors, focusing on applications such as AI-enabled chatbots and fraud monitoring [6]

At the bank's first investor day since 2011, it sought to show it can be as profitable as peers such as JPMorgan Chase ...

Core Viewpoint - Bank of America is considering the acquisition of more payment businesses within the United States, while it is not pursuing deals in international markets [1] Group 1 - The CEO of Bank of America, Brian Moynihan, indicated a focus on domestic payment business acquisitions [1]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Merrill Wealth Management plans to double its organic growth rate in the next several years, with Merrill Co-Head Eric Schimpf arguing the firm has the “power and scale to be outpacing the industry” during Bank of America’s Investor Day. According to Bloomberg, today’s Investor Day in Boston is Bank of America’s first in nearly 15 years. Several weeks ago, the bank reported a 10% and 12% year-over ...